<SEC-DOCUMENT>0001672764-17-000046.txt : 20170428
<SEC-HEADER>0001672764-17-000046.hdr.sgml : 20170428
<ACCEPTANCE-DATETIME>20170427213430
ACCESSION NUMBER:		0001672764-17-000046
CONFORMED SUBMISSION TYPE:	20-F
PUBLIC DOCUMENT COUNT:		23
CONFORMED PERIOD OF REPORT:	20161231
FILED AS OF DATE:		20170428
DATE AS OF CHANGE:		20170427

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:		17791411

	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>t1701194_20f.htm
<DESCRIPTION>20-F
<TEXT>
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<P STYLE="margin: 0">&nbsp;</P>

<!-- Field: Rule-Page --><DIV ALIGN="LEFT" STYLE="margin-top: 0; margin-bottom: 0"><DIV STYLE="font-size: 1pt; border-top: Black 2pt solid; border-bottom: Black 1pt solid; width: 100%">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

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

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

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

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

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

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR>
    <TD STYLE="vertical-align: top; padding-left: 5.05pt; text-indent: -5.05pt; line-height: 115%"><FONT STYLE="font-family: Wingdings; font-size: 10pt">&uml;</FONT></TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><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: 3%; line-height: 115%">&nbsp;</TD>
    <TD STYLE="width: 79%; text-align: center; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>OR</B></FONT></TD>
    <TD STYLE="width: 18%; line-height: 115%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="line-height: 115%"><FONT STYLE="font-family: Wingdings; font-size: 10pt">&thorn;</FONT></TD>
    <TD COLSPAN="2" STYLE="line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><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, 2016</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="line-height: 115%">&nbsp;</TD>
    <TD STYLE="text-align: center; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>OR</B></FONT></TD>
    <TD STYLE="line-height: 115%">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; line-height: 115%"><FONT STYLE="font-family: Wingdings; font-size: 10pt">&uml;</FONT></TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><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; padding-left: 7.75pt; text-indent: -5.05pt; line-height: 115%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; line-height: 115%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; line-height: 115%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="line-height: 115%">&nbsp;</TD>
    <TD STYLE="line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>FOR THE TRANSITION PERIOD FROM <U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U>TO</B> ________________</FONT></TD>
    <TD STYLE="line-height: 115%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="line-height: 115%">&nbsp;</TD>
    <TD STYLE="text-align: center; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>OR</B></FONT></TD>
    <TD STYLE="line-height: 115%">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; line-height: 115%"><FONT STYLE="font-family: Wingdings; font-size: 10pt">&uml;</FONT></TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><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 STYLE="line-height: 115%">&nbsp;</TD>
    <TD STYLE="line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Date of event requiring this shell company report</B></FONT></TD>
    <TD STYLE="line-height: 115%">&nbsp;</TD></TR>
</TABLE>


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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 0.2in">as of December 31, 2016:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: center; text-indent: -0.5in">121,143,497 Common
Shares, par value $1.50 per share</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: center; text-indent: -0.5in"></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center">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="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">Yes
</FONT><FONT STYLE="font-family: Wingdings">&thorn;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> &nbsp;&nbsp;No
</FONT><FONT STYLE="font-family: Wingdings">&uml;</FONT></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center">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="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">Yes
</FONT><FONT STYLE="font-family: Wingdings">&uml;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> &nbsp;&nbsp;No
</FONT><FONT STYLE="font-family: Wingdings">&thorn;</FONT></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">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="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">Yes
</FONT><FONT STYLE="font-family: Wingdings">&thorn;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> &nbsp;&nbsp;No
</FONT><FONT STYLE="font-family: Wingdings">&uml;</FONT></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">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). (*)</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">Yes
</FONT><FONT STYLE="font-family: Wingdings">&uml;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> &nbsp;&nbsp;No
</FONT><FONT STYLE="font-family: Wingdings">&uml;</FONT></P>

<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0 0 10pt">(*) This requirement does not apply to the registrant
in respect of this filing.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; color: #231F20">Indicate by check mark whether the registrant is
a large accelerated filer, an accelerated filer, a non-accelerated filer, or an emerging growth company. See
definition of &ldquo;large accelerated filer," accelerated filer,&rdquo; and "emerging growth company"
in Rule 12b-2 of the Exchange Act. (Check one):</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.15pt 0 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.15pt 0 0"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 90%; border-collapse: collapse">
<TR>
    <TD STYLE="vertical-align: top; width: 39%; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Large accelerated filer </FONT><FONT STYLE="font-family: Wingdings; font-size: 10pt">&thorn;</FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 26%; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Accelerated filer </FONT><FONT STYLE="font-family: Wingdings; font-size: 10pt">&uml;</FONT></TD>
    <TD STYLE="vertical-align: top; width: 35%; text-align: right; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Non-accelerated filer </FONT><FONT STYLE="font-family: Wingdings; font-size: 10pt">&uml;</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; line-height: 115%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; line-height: 115%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: right; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #231F20">Emerging growth company </FONT><FONT STYLE="font-family: Wingdings; font-size: 10pt">&uml;</FONT></TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.15pt 0 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.15pt 0 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.15pt 0 0"></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0.5pt 0 0; color: #231F20"><FONT STYLE="font-family: Times New Roman, Times, Serif">If
an emerging growth company that prepares its financial statements in accordance with U.S. GAAP, indicate by check mark if the registrant
has elected not to use the extended transition period for complying with any new or revised financial accounting standards
provided pursuant to Section 13(a) of the Exchange Act. </FONT><FONT STYLE="font-family: Wingdings">&uml;</FONT></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

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

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">U.S.
GAAP </FONT><FONT STYLE="font-family: Wingdings">&uml;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> International
Financial Reporting Standards as issued by the International Accounting Standards Board </FONT><FONT STYLE="font-family: Wingdings">&thorn;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif">
Other </FONT><FONT STYLE="font-family: Wingdings">&uml;</FONT></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0">If &ldquo;Other&rdquo; 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="font: 10pt/normal Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">Item
17 </FONT><FONT STYLE="font-family: Wingdings">&uml;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> Item 18 </FONT><FONT STYLE="font-family: Wingdings">&uml;</FONT></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0 0 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). Yes </FONT><FONT STYLE="font-family: Wingdings">&uml;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> No
</FONT><FONT STYLE="font-family: Wingdings">&thorn;</FONT></P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.15pt 0 0"></P>

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

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    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 2pt solid"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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    <!-- Field: /Page -->

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

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

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD COLSPAN="3" STYLE="text-indent: 0in; font-weight: bold"><A HREF="#a_001">FORWARD-LOOKING STATEMENTS</A></TD>
    <TD STYLE="text-indent: 0in; font-weight: bold; text-align: right">iv</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD COLSPAN="3" STYLE="text-indent: 0in; font-weight: bold">&nbsp;</TD>
    <TD STYLE="text-indent: 0in; font-weight: bold; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD COLSPAN="3" STYLE="text-indent: 0in; font-weight: bold"><A HREF="#a_002">PRESENTATION OF FINANCIAL AND OTHER INFORMATION</A></TD>
    <TD STYLE="text-indent: 0in; font-weight: bold; text-align: right">v</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD COLSPAN="3" STYLE="padding-right: 0.25in; text-indent: 0in; font-weight: bold">&nbsp;</TD>
    <TD STYLE="padding-right: 0.25in; text-indent: 0in; font-weight: bold; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="font-weight: bold"><A HREF="#a_003">PART I</A></TD>
    <TD COLSPAN="2" STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: right">1</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="text-indent: 0in; font-weight: bold"><A HREF="#a_004"><FONT STYLE="font-family: Times New Roman, Times, Serif">Item 1.</FONT></A></TD>
    <TD COLSPAN="2" STYLE="text-indent: 0in; font-weight: bold"><A HREF="#a_004">Identity of Directors, Senior Management and Advisers</A></TD>
    <TD STYLE="text-indent: 0in; font-weight: bold; text-align: right">1</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="text-indent: 0in; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-indent: 0in; font-weight: bold">&nbsp;</TD>
    <TD STYLE="text-indent: 0in; font-weight: bold; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="text-indent: 0in; font-weight: bold"><A HREF="#a_005"><FONT STYLE="font-family: Times New Roman, Times, Serif">Item 2.</FONT></A></TD>
    <TD COLSPAN="2" STYLE="text-indent: 0in; font-weight: bold"><A HREF="#a_005">Offer Statistics and Expected Timetable</A></TD>
    <TD STYLE="text-indent: 0in; font-weight: bold; text-align: right">1</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="text-indent: 0in; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-indent: 0in; font-weight: bold">&nbsp;</TD>
    <TD STYLE="text-indent: 0in; font-weight: bold; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="text-indent: 0in; font-weight: bold"><A HREF="#a_006"><FONT STYLE="font-family: Times New Roman, Times, Serif">Item 3.</FONT></A></TD>
    <TD COLSPAN="2" STYLE="text-indent: 0in; font-weight: bold"><A HREF="#a_006">Key Information</A></TD>
    <TD STYLE="text-indent: 0in; font-weight: bold; text-align: right">1</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="text-indent: 0in; font-weight: bold">&nbsp;</TD>
    <TD STYLE="text-indent: 0in; font-weight: bold"><A HREF="#a_007">A.</A></TD>
    <TD STYLE="text-indent: 0in; font-weight: bold"><A HREF="#a_007">SELECTED FINANCIAL DATA</A></TD>
    <TD STYLE="text-indent: 0in; font-weight: bold; text-align: right">1</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="text-indent: 0in; font-weight: bold">&nbsp;</TD>
    <TD STYLE="text-indent: 0in; font-weight: bold"><A HREF="#a_008">B.</A></TD>
    <TD STYLE="text-indent: 0in; font-weight: bold"><A HREF="#a_008">CAPITALIZATION AND INDEBTEDNESS</A></TD>
    <TD STYLE="text-indent: 0in; font-weight: bold; text-align: right">10</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="text-indent: 0in; font-weight: bold">&nbsp;</TD>
    <TD STYLE="text-indent: 0in; font-weight: bold"><A HREF="#a_009">C.</A></TD>
    <TD STYLE="text-indent: 0in; font-weight: bold"><A HREF="#a_009">REASONS FOR THE OFFER AND USE OF PROCEEDS</A></TD>
    <TD STYLE="text-indent: 0in; font-weight: bold; text-align: right">10</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="text-indent: 0in; font-weight: bold">&nbsp;</TD>
    <TD STYLE="text-indent: 0in; font-weight: bold"><A HREF="#a_010">D.</A></TD>
    <TD STYLE="text-indent: 0in; font-weight: bold"><A HREF="#a_010">RISK FACTORS</A></TD>
    <TD STYLE="text-indent: 0in; font-weight: bold; text-align: right">10</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="width: 10%; text-indent: 0in; font-weight: bold">&nbsp;</TD>
    <TD STYLE="width: 7%; text-indent: 0in; font-weight: bold">&nbsp;</TD>
    <TD STYLE="width: 73%; text-indent: 0in; font-weight: bold">&nbsp;</TD>
    <TD STYLE="width: 10%; text-indent: 0in; font-weight: bold; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="text-indent: 0in; font-weight: bold"><A HREF="#a_011"><FONT STYLE="font-family: Times New Roman, Times, Serif">Item 4.</FONT></A></TD>
    <TD COLSPAN="2" STYLE="text-indent: 0in; font-weight: bold"><A HREF="#a_011">Information on the Company</A></TD>
    <TD STYLE="text-indent: 0in; font-weight: bold; text-align: right">43</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold"><A HREF="#a_012">A.</A></TD>
    <TD STYLE="font-weight: bold"><A HREF="#a_012">HISTORY AND DEVELOPMENT OF THE COMPANY</A></TD>
    <TD STYLE="font-weight: bold; text-align: right">43</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold"><A HREF="#a_013">B.</A></TD>
    <TD STYLE="font-weight: bold"><A HREF="#a_013">BUSINESS OVERVIEW</A></TD>
    <TD STYLE="font-weight: bold; text-align: right">47</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold"><A HREF="#a_014">C.</A></TD>
    <TD STYLE="font-weight: bold"><A HREF="#a_014">ORGANIZATIONAL STRUCTURE</A></TD>
    <TD STYLE="font-weight: bold; text-align: right">86</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold"><A HREF="#a_015">D.</A></TD>
    <TD STYLE="font-weight: bold"><A HREF="#a_015">PROPERTY, PLANTS AND EQUIPMENT</A></TD>
    <TD STYLE="font-weight: bold; text-align: right">86</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: justify; text-indent: 0in; font-weight: bold"><A HREF="#a_016">Item 4B.</A></TD>
    <TD COLSPAN="2" STYLE="text-align: justify; text-indent: 0in; font-weight: bold"><A HREF="#a_016">Unresolved Staff Comments</A></TD>
    <TD STYLE="text-align: right; text-indent: 0in; font-weight: bold">86</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="text-indent: 0in; font-weight: bold">&nbsp;</TD>
    <TD STYLE="text-indent: 0in; font-weight: bold">&nbsp;</TD>
    <TD STYLE="text-indent: 0in; font-weight: bold">&nbsp;</TD>
    <TD STYLE="text-indent: 0in; font-weight: bold; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="text-indent: 0in; font-weight: bold"><A HREF="#a_017"><FONT STYLE="font-family: Times New Roman, Times, Serif">Item 5.</FONT></A></TD>
    <TD COLSPAN="2" STYLE="text-indent: 0in; font-weight: bold"><A HREF="#a_017">Operating and Financial Review and Prospects</A></TD>
    <TD STYLE="text-indent: 0in; font-weight: bold; text-align: right">86</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold"><A HREF="#a_018">A.</A></TD>
    <TD STYLE="font-weight: bold"><A HREF="#a_018">OPERATING RESULTS</A></TD>
    <TD STYLE="font-weight: bold; text-align: right">88</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold"><A HREF="#a_019">B.</A></TD>
    <TD STYLE="font-weight: bold"><A HREF="#a_019">LIQUIDITY AND CAPITAL RESOURCES</A></TD>
    <TD STYLE="font-weight: bold; text-align: right">117</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold"><A HREF="#a_020">C.</A></TD>
    <TD STYLE="font-weight: bold"><A HREF="#a_020">RESEARCH AND DEVELOPMENT, PATENTS AND LICENSES, ETC.</A></TD>
    <TD STYLE="font-weight: bold; text-align: right">122</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold"><A HREF="#a_021">D.</A></TD>
    <TD STYLE="font-weight: bold"><A HREF="#a_021">TREND INFORMATION</A></TD>
    <TD STYLE="font-weight: bold; text-align: right">123</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold"><A HREF="#a_022">E.</A></TD>
    <TD STYLE="font-weight: bold"><A HREF="#a_022">OFF-BALANCE SHEET ARRANGEMENTS</A></TD>
    <TD STYLE="font-weight: bold; text-align: right">123</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold"><A HREF="#a_023">F.</A></TD>
    <TD STYLE="font-weight: bold"><A HREF="#a_023">TABULAR DISCLOSURE OF CONTRACTUAL OBLIGATIONS</A></TD>
    <TD STYLE="font-weight: bold; text-align: right">123</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold"><A HREF="#a_024">G.</A></TD>
    <TD STYLE="font-weight: bold"><A HREF="#a_024">SAFE HARBOR</A></TD>
    <TD STYLE="font-weight: bold; text-align: right">124</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="text-indent: 0in; font-weight: bold">&nbsp;</TD>
    <TD STYLE="text-indent: 0in; font-weight: bold">&nbsp;</TD>
    <TD STYLE="text-indent: 0in; font-weight: bold">&nbsp;</TD>
    <TD STYLE="text-indent: 0in; font-weight: bold; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="text-indent: 0in; font-weight: bold"><A HREF="#a_025"><FONT STYLE="font-family: Times New Roman, Times, Serif">Item 6.</FONT></A></TD>
    <TD COLSPAN="2" STYLE="text-indent: 0in; font-weight: bold"><A HREF="#a_025">Directors, Senior Management and Employees</A></TD>
    <TD STYLE="text-indent: 0in; font-weight: bold; text-align: right">124</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold"><A HREF="#a_026">A.</A></TD>
    <TD STYLE="font-weight: bold"><A HREF="#a_026">DIRECTORS AND SENIOR MANAGEMENT (traer de Annual Report)</A></TD>
    <TD STYLE="font-weight: bold; text-align: right">124</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold"><A HREF="#a_027">B.</A></TD>
    <TD STYLE="font-weight: bold"><A HREF="#a_027">COMPENSATION</A></TD>
    <TD STYLE="font-weight: bold; text-align: right">128</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold"><A HREF="#a_028">C.</A></TD>
    <TD STYLE="font-weight: bold"><A HREF="#a_028">BOARD PRACTICES</A></TD>
    <TD STYLE="font-weight: bold; text-align: right">128</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold"><A HREF="#a_029">D.</A></TD>
    <TD STYLE="font-weight: bold"><A HREF="#a_029">EMPLOYEES</A></TD>
    <TD STYLE="font-weight: bold; text-align: right">131</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold"><A HREF="#a_030">E.</A></TD>
    <TD STYLE="font-weight: bold"><A HREF="#a_030">SHARE OWNERSHIP</A></TD>
    <TD STYLE="font-weight: bold; text-align: right">132</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="text-indent: 0in; font-weight: bold">&nbsp;</TD>
    <TD STYLE="text-indent: 0in; font-weight: bold">&nbsp;</TD>
    <TD STYLE="text-indent: 0in; font-weight: bold">&nbsp;</TD>
    <TD STYLE="text-indent: 0in; font-weight: bold; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="text-indent: 0in; font-weight: bold"><A HREF="#a_031"><FONT STYLE="font-family: Times New Roman, Times, Serif">Item 7.</FONT></A></TD>
    <TD COLSPAN="2" STYLE="text-indent: 0in; font-weight: bold"><A HREF="#a_031">Major Shareholders and Related Party Transactions</A></TD>
    <TD STYLE="text-indent: 0in; font-weight: bold; text-align: right">135</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold"><A HREF="#a_032">A.</A></TD>
    <TD STYLE="font-weight: bold"><A HREF="#a_032">MAJOR SHAREHOLDERS</A></TD>
    <TD STYLE="font-weight: bold; text-align: right">135</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold"><A HREF="#a_033">B.</A></TD>
    <TD STYLE="font-weight: bold"><A HREF="#a_033">RELATED PARTY TRANSACTIONS</A></TD>
    <TD STYLE="font-weight: bold; text-align: right">136</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold"><A HREF="#a_034">C.</A></TD>
    <TD STYLE="font-weight: bold"><A HREF="#a_034">INTERESTS OF EXPERTS AND COUNSEL</A></TD>
    <TD STYLE="font-weight: bold; text-align: right">137</TD></TR>
</TABLE>
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<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD><A HREF="#a_035"><B>Item 8.</B></A></TD>
    <TD COLSPAN="2"><B><A HREF="#a_035">Financial Information</A></B></TD>
    <TD STYLE="text-align: right; vertical-align: bottom"><B>137</B></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="width: 10%">&nbsp;</TD>
    <TD STYLE="width: 6%"><A HREF="#a_036"><B>A.</B></A></TD>
    <TD STYLE="width: 74%"><B><A HREF="#a_036">CONSOLIDATED STATEMENTS AND OTHER FINANCIAL INFORMATION</A></B></TD>
    <TD STYLE="width: 10%; text-align: right; vertical-align: bottom"><B>137</B></TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD>&nbsp;</TD>
    <TD><B><A HREF="#a_037">B.</A></B></TD>
    <TD><A HREF="#a_037"><B>SIGNIFICANT CHANGES</B></A></TD>
    <TD STYLE="text-align: right; vertical-align: bottom"><B>138</B></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right; vertical-align: bottom">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD><A HREF="#a_038"><B>Item 9.</B></A></TD>
    <TD COLSPAN="2"><B><A HREF="#a_038">The Offer and Listing</A></B></TD>
    <TD STYLE="text-align: right; vertical-align: bottom"><B>139</B></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD>&nbsp;</TD>
    <TD><A HREF="#a_039"><B>A.</B></A></TD>
    <TD><B><A HREF="#a_039">OFFER AND LISTING DETAILS</A></B></TD>
    <TD STYLE="text-align: right; vertical-align: bottom"><B>139</B></TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD>&nbsp;</TD>
    <TD><B><A HREF="#a_040">B.</A></B></TD>
    <TD><A HREF="#a_040"><B>PLAN OF DISTRIBUTION</B></A></TD>
    <TD STYLE="text-align: right; vertical-align: bottom"><B>139</B></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD>&nbsp;</TD>
    <TD><A HREF="#a_041"><B>C.</B></A></TD>
    <TD><A HREF="#a_041"><B>MARKETS</B></A></TD>
    <TD STYLE="text-align: right; vertical-align: bottom"><B>140</B></TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD>&nbsp;</TD>
    <TD><B><A HREF="#a_042">D.</A></B></TD>
    <TD><A HREF="#a_042"><B>SELLING SHAREHOLDERS</B></A></TD>
    <TD STYLE="text-align: right; vertical-align: bottom"><B>140</B></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD>&nbsp;</TD>
    <TD><A HREF="#a_043"><B>E.</B></A></TD>
    <TD><A HREF="#a_043"><B>DILUTION</B></A></TD>
    <TD STYLE="text-align: right; vertical-align: bottom"><B>140</B></TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD>&nbsp;</TD>
    <TD><B><A HREF="#a_044">F.</A></B></TD>
    <TD><A HREF="#a_044"><B>EXPENSES OF THE ISSUE</B></A></TD>
    <TD STYLE="text-align: right; vertical-align: bottom"><B>140</B></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right; vertical-align: bottom">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD><A HREF="#a_045"><B>Item 10.</B></A></TD>
    <TD COLSPAN="2"><B><A HREF="#a_045">Additional Information</A></B></TD>
    <TD STYLE="text-align: right; vertical-align: bottom"><B>140</B></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD>&nbsp;</TD>
    <TD><A HREF="#a_046"><B>A.</B></A></TD>
    <TD><A HREF="#a_046"><B>SHARE CAPITAL</B></A></TD>
    <TD STYLE="text-align: right; vertical-align: bottom"><B>140</B></TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD>&nbsp;</TD>
    <TD><A HREF="#a_047"><B>B.</B></A></TD>
    <TD><A HREF="#a_047"><B>MEMORANDUM AND ARTICLES OF ASSOCIATION</B></A></TD>
    <TD STYLE="text-align: right; vertical-align: bottom"><B>140</B></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD>&nbsp;</TD>
    <TD><B><A HREF="#a_048">C.</A></B></TD>
    <TD><A HREF="#a_048"><B>MATERIAL CONTRACTS</B></A></TD>
    <TD STYLE="text-align: right; vertical-align: bottom"><B>149</B></TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD>&nbsp;</TD>
    <TD><A HREF="#a_049"><B>D.</B></A></TD>
    <TD><A HREF="#a_049"><B>EXCHANGE CONTROLS</B></A></TD>
    <TD STYLE="text-align: right; vertical-align: bottom"><B>149</B></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD>&nbsp;</TD>
    <TD><A HREF="#a_050"><B>E.</B></A></TD>
    <TD><B><A HREF="#a_050">TAXATION</A></B></TD>
    <TD STYLE="text-align: right; vertical-align: bottom"><B>151</B></TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD>&nbsp;</TD>
    <TD><A HREF="#a_051"><B>F.</B></A></TD>
    <TD><B><A HREF="#a_051">DIVIDENDS AND PAYING AGENTS</A></B></TD>
    <TD STYLE="text-align: right; vertical-align: bottom"><B>156</B></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD>&nbsp;</TD>
    <TD><A HREF="#a_052"><B>G.</B></A></TD>
    <TD><A HREF="#a_052"><B>STATEMENT BY EXPERTS</B></A></TD>
    <TD STYLE="text-align: right; vertical-align: bottom"><B>156</B></TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD>&nbsp;</TD>
    <TD><A HREF="#a_053"><B>H.</B></A></TD>
    <TD><B><A HREF="#a_053">DOCUMENTS ON DISPLAY</A></B></TD>
    <TD STYLE="text-align: right; vertical-align: bottom"><B>157</B></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD>&nbsp;</TD>
    <TD><A HREF="#a_054"><B>I.</B></A></TD>
    <TD><B><A HREF="#a_054">SUBSIDIARY INFORMATION</A></B></TD>
    <TD STYLE="text-align: right; vertical-align: bottom"><B>157</B></TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right; vertical-align: bottom">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD><A HREF="#a_055"><B>Item 11.</B></A></TD>
    <TD COLSPAN="2"><A HREF="#a_055"><B>Quantitative and Qualitative Disclosures About Market Risk</B></A></TD>
    <TD STYLE="text-align: right; vertical-align: bottom"><B>157</B></TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD>
    <TD STYLE="text-align: right; vertical-align: bottom">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD><B><A HREF="#a_056">Item 12.</A></B></TD>
    <TD COLSPAN="2"><A HREF="#a_056"><B>Description of Securities Other than Equity Securities</B></A></TD>
    <TD STYLE="text-align: right; vertical-align: bottom"><B>157</B></TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD>&nbsp;</TD>
    <TD><A HREF="#a_057"><B>A.</B></A></TD>
    <TD><A HREF="#a_057"><B>DEBT SECURITIES</B></A></TD>
    <TD STYLE="text-align: right; vertical-align: bottom"><B>157</B></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD>&nbsp;</TD>
    <TD><B><A HREF="#a_058">B.</A></B></TD>
    <TD><A HREF="#a_058"><B>WARRANTS AND RIGHTS</B></A></TD>
    <TD STYLE="text-align: right; vertical-align: bottom"><B>157</B></TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD>&nbsp;</TD>
    <TD><A HREF="#a_059"><B>C.</B></A></TD>
    <TD><A HREF="#a_059"><B>OTHER SECURITIES</B></A></TD>
    <TD STYLE="text-align: right; vertical-align: bottom"><B>157</B></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD>&nbsp;</TD>
    <TD><B><A HREF="#a_060">D.</A></B></TD>
    <TD><A HREF="#a_060"><B>AMERICAN DEPOSITORY SHARES</B></A></TD>
    <TD STYLE="text-align: right; vertical-align: bottom"><B>157</B></TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right; vertical-align: bottom">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD><B><A HREF="#a_061">PART II</A></B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right; vertical-align: bottom"><B>157</B></TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right; vertical-align: bottom">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD><B><A HREF="#a_062">Item 13.</A></B></TD>
    <TD COLSPAN="2"><A HREF="#a_062"><B>Defaults, Dividend Arrearages and Delinquencies</B></A></TD>
    <TD STYLE="text-align: right; vertical-align: bottom"><B>157</B></TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD>
    <TD STYLE="text-align: right; vertical-align: bottom">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD><B><A HREF="#a_063">Item 14.</A></B></TD>
    <TD COLSPAN="2"><A HREF="#a_063"><B>Material Modifications to the Rights of Security Holders and Use of Proceeds</B></A></TD>
    <TD STYLE="text-align: right; vertical-align: bottom"><B>157</B></TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD>
    <TD STYLE="text-align: right; vertical-align: bottom">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD><B><A HREF="#a_064">Item 15.</A></B></TD>
    <TD COLSPAN="2"><A HREF="#a_064"><B>Controls and Procedures</B></A></TD>
    <TD STYLE="text-align: right; vertical-align: bottom"><B>158</B></TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right; vertical-align: bottom">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD><B><A HREF="#a_065">Item 16.</A></B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right; vertical-align: bottom"><B>158</B></TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right; vertical-align: bottom">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD>&nbsp;</TD>
    <TD><A HREF="#a_066"><B>A.</B></A></TD>
    <TD><B><A HREF="#a_066">Audit Committee Financial Expert</A></B></TD>
    <TD STYLE="text-align: right; vertical-align: bottom"><B>158</B></TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD>&nbsp;</TD>
    <TD><B><A HREF="#a_067">B.</A></B></TD>
    <TD><A HREF="#a_067"><B>Code of Ethics</B></A></TD>
    <TD STYLE="text-align: right; vertical-align: bottom"><B>159</B></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD>&nbsp;</TD>
    <TD><A HREF="#a_068"><B>C.</B></A></TD>
    <TD><A HREF="#a_068"><B>Principal Accountant Fees and Services</B></A></TD>
    <TD STYLE="text-align: right; vertical-align: bottom"><B>159</B></TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD>&nbsp;</TD>
    <TD><B><A HREF="#a_069">D.</A></B></TD>
    <TD><A HREF="#a_069"><B>Exemptions from the Listing Standards for Audit Committees</B></A></TD>
    <TD STYLE="text-align: right; vertical-align: bottom"><B>160</B></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD>&nbsp;</TD>
    <TD><A HREF="#a_070"><B>E.</B></A></TD>
    <TD><A HREF="#a_070"><B>Purchases of Equity Securities by the Issuer and Affiliated Purchasers</B></A></TD>
    <TD STYLE="text-align: right; vertical-align: bottom"><B>160</B></TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD>&nbsp;</TD>
    <TD><A HREF="#a_071"><B>F.</B></A></TD>
    <TD><A HREF="#a_071"><B>Change in Registrant&rsquo;s Certifying Accountant</B></A></TD>
    <TD STYLE="text-align: right; vertical-align: bottom"><B>161</B></TD></TR>
</TABLE>


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

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

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


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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="width: 10%">&nbsp;</TD>
    <TD STYLE="width: 7%"><A HREF="#a_072"><B>G.</B></A></TD>
    <TD STYLE="width: 73%"><B><A HREF="#a_072">Corporate Governance</A></B></TD>
    <TD STYLE="width: 10%; text-align: right; vertical-align: bottom"><B>161</B></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD>&nbsp;</TD>
    <TD><B><A HREF="#a_073">H.</A></B></TD>
    <TD><A HREF="#a_073"><B>Mine Safety Disclosure</B></A></TD>
    <TD STYLE="text-align: right; vertical-align: bottom"><B>163</B></TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right; vertical-align: bottom">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD><B><A HREF="#a_074">PART III</A></B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right; vertical-align: bottom"><B>163</B></TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right; vertical-align: bottom">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD><A HREF="#a_075"><B>Item 17.</B></A></TD>
    <TD COLSPAN="2"><B><A HREF="#a_075">Financial Statements</A></B></TD>
    <TD STYLE="text-align: right; vertical-align: bottom"><B>163</B></TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD>
    <TD STYLE="text-align: right; vertical-align: bottom">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD><B><A HREF="#a_076">Item 18.</A></B></TD>
    <TD COLSPAN="2"><B><A HREF="#a_076">Financial Statements</A></B></TD>
    <TD STYLE="text-align: right; vertical-align: bottom"><B>163</B></TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD>
    <TD STYLE="text-align: right; vertical-align: bottom">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD><A HREF="#a_077"><B>Item 19.</B></A></TD>
    <TD COLSPAN="2"><B><A HREF="#a_077">Exhibits</A></B></TD>
    <TD STYLE="text-align: right; vertical-align: bottom"><B>163</B></TD></TR>
</TABLE>


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


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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><A NAME="a_001"></A>FORWARD-LOOKING STATEMENTS</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.5pt">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 &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. The forward-looking statements included
in this annual report relate to, among others:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.4in"></TD><TD STYLE="width: 0.2in"><B>&bull;</B></TD><TD STYLE="text-align: justify">our business prospects and future results of operations;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.6in; text-indent: -0.2in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.4in"></TD><TD STYLE="width: 0.2in"><B>&bull;</B></TD><TD STYLE="text-align: justify">weather and other natural phenomena;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.6in; text-indent: -0.2in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.4in"></TD><TD STYLE="width: 0.2in"><B>&bull;</B></TD><TD STYLE="text-align: justify">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;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.6in; text-indent: -0.2in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.4in"></TD><TD STYLE="width: 0.2in"><B>&bull;</B></TD><TD STYLE="text-align: justify">the implementation of our business strategy;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.6in; text-indent: -0.2in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.4in"></TD><TD STYLE="width: 0.2in"><B>&bull;</B></TD><TD STYLE="text-align: justify">our plans relating to acquisitions, joint ventures, strategic alliances or divestitures;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.6in; text-indent: -0.2in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.4in"></TD><TD STYLE="width: 0.2in"><B>&bull;</B></TD><TD STYLE="text-align: justify">the implementation of our financing strategy and capital expenditure plan;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.6in; text-indent: -0.2in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.4in"></TD><TD STYLE="width: 0.2in"><B>&bull;</B></TD><TD STYLE="text-align: justify">the maintenance of our relationships with customers;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.6in; text-indent: -0.2in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.4in"></TD><TD STYLE="width: 0.2in"><B>&bull;</B></TD><TD STYLE="text-align: justify">the competitive nature of the industries in which we operate;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.6in; text-indent: -0.2in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.4in"></TD><TD STYLE="width: 0.2in"><B>&bull;</B></TD><TD STYLE="text-align: justify">the cost and availability of financing;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.6in; text-indent: -0.2in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.4in"></TD><TD STYLE="width: 0.2in"><B>&bull;</B></TD><TD STYLE="text-align: justify">future demand for the commodities we produce;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.6in; text-indent: -0.2in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.4in"></TD><TD STYLE="width: 0.2in"><B>&bull;</B></TD><TD STYLE="text-align: justify">international prices for commodities;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.6in; text-indent: -0.2in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.4in"></TD><TD STYLE="width: 0.2in"><B>&bull;</B></TD><TD STYLE="text-align: justify">the condition of our land holdings;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.6in; text-indent: -0.2in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.4in"></TD><TD STYLE="width: 0.2in"><B>&bull;</B></TD><TD STYLE="text-align: justify">the development of the logistics and infrastructure for transportation of our products in the countries
where we operate;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.6in; text-indent: -0.2in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.4in"></TD><TD STYLE="width: 0.2in"><B>&bull;</B></TD><TD STYLE="text-align: justify">the performance of the South American and world economies;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.6in; text-indent: -0.2in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.4in"></TD><TD STYLE="width: 0.2in"><B>&bull;</B></TD><TD STYLE="text-align: justify">the relative value of the Brazilian Real, the Argentine Peso, and the Uruguayan Peso compared to
other currencies; and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.6in; text-indent: -0.2in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.4in"></TD><TD STYLE="width: 0.2in"><B>&bull;</B></TD><TD STYLE="text-align: justify">the factors discussed under the section entitled &ldquo;Risk Factors&rdquo; in this annual report.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.6in; text-align: justify; text-indent: -0.2in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.4pt">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="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.4pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.4pt">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="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>


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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><A NAME="a_002"></A>PRESENTATION OF FINANCIAL AND OTHER INFORMATION</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.4pt">In this annual report,
unless otherwise specified or if the context so requires:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.4in"></TD><TD STYLE="width: 0.2in"><B>&bull;</B></TD><TD STYLE="text-align: justify">References to the terms &ldquo;Adecoagro S.A.,&rdquo; &ldquo;Adecoagro,&rdquo; &ldquo;we,&rdquo;
&ldquo;us,&rdquo; &ldquo;our,&rdquo; &ldquo;Company&rdquo; and &ldquo;our company&rdquo; 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.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.6in; text-indent: -0.2in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.4in"></TD><TD STYLE="width: 0.2in"><B>&bull;</B></TD><TD STYLE="text-align: justify">References to &ldquo;IFH&rdquo; and &ldquo;IFH LP&rdquo; mean the former International Farmland
Holdings, LP, a limited partnership (previously IFH LP and International Farmland Holdings, LLC, or IFH LLC).</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.6in; text-indent: -0.2in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.4in"></TD><TD STYLE="width: 0.2in"><B>&bull;</B></TD><TD STYLE="text-align: justify">References to &ldquo;Adecoagro LP&rdquo; 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
LP and Adecoagro, LLC).</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.6in; text-indent: -0.2in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.4in"></TD><TD STYLE="width: 0.2in"><B>&bull;</B></TD><TD STYLE="text-align: justify">References to &ldquo;$,&rdquo; &ldquo;US$,&rdquo; &ldquo;U.S. dollars&rdquo; and &ldquo;dollars&rdquo;
are to U.S. dollars.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.6in; text-indent: -0.2in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.4in"></TD><TD STYLE="width: 0.2in"><B>&bull;</B></TD><TD STYLE="text-align: justify">References to &ldquo;Argentine Pesos,&rdquo; &ldquo;Pesos&rdquo; or &ldquo;Ps.&rdquo; are to Argentine
Pesos, the official currency of Argentina.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.6in; text-indent: -0.2in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.4in"></TD><TD STYLE="width: 0.2in"><B>&bull;</B></TD><TD STYLE="text-align: justify">References to &ldquo;Brazilian Real,&rdquo; &ldquo;Real,&rdquo; &ldquo;Reais&rdquo; or &ldquo;R$&rdquo;
are to the Brazilian Real, the official currency of Brazil.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.6in; text-indent: -0.2in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.4in"></TD><TD STYLE="width: 0.2in"><B>&bull;</B></TD><TD STYLE="text-align: justify">Unless stated otherwise, references to &ldquo;sales&rdquo; are to the consolidated sales of manufactured
products and services rendered plus sales of agricultural produce and biological assets.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.6in; text-align: justify; text-indent: -0.2in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.4in"></TD><TD STYLE="width: 0.2in"><B>&bull;</B></TD><TD STYLE="text-align: justify">References to &ldquo;IFRS&rdquo; are International Financial Reporting Standards issued by the
International Accounting Standards Board (&ldquo;IASB&rdquo;) and the interpretations of the International Financial Reporting
Interpretations Committee (&ldquo;IFRIC&rdquo;), together &ldquo;IFRS.&rdquo;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.6in; text-align: justify; text-indent: -0.2in">&nbsp;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.4pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.4pt">As part of a corporate
reorganization (the &ldquo;Reorganization&rdquo;), 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 &ldquo;IPO&rdquo;) 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 &ldquo;Item 4. Information on the Company&mdash;A. History and Development of the Company&mdash;History.&rdquo;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.4pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.4pt">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="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.4pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.4pt">The consolidated financial
statements as of December 31, 2016, 2015 and 2014, and for the years then ended (hereinafter, the &ldquo;Consolidated Financial
Statements&rdquo;) included in this annual report have been prepared in accordance with IFRS. All IFRS effective at the time of
preparing the Consolidated Financial Statements have been applied.</P>

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


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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.4pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.4pt">To supplement our Consolidated
Financial Statements, which are prepared and presented in accordance with IFRS, we use the following non-IFRS financial measures
in this annual report:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.4pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.2in; text-align: left"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">Adjusted Consolidated EBITDA</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.2in; text-align: left"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">Adjusted Segment EBITDA</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.2in; text-align: left"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">Adjusted Consolidated EBIT</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.2in; text-align: left"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">Adjusted Segment EBIT</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.2in; text-align: left"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">Adjusted Free Cash Flow</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.2in; text-align: left"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">Adjusted Free Cash Flow from Operations</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.2in; text-align: left"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">Net Debt</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.2in; text-align: left"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">Net Debt to Adjusted Consolidated EBITDA</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 14.2pt; text-indent: -11.35pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.4pt">In this section, we provide
an explanation and a reconciliation of each of our non-IFRS financial measures to their most directly comparable IFRS measures
of each non-IFRS measure. The presentation of these financial measures is not intended to be considered in isolation or as a substitute
for, or superior to, financial information prepared and presented in accordance with IFRS.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.4pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.4pt">We use non-IFRS measures
to internally evaluate and analyze financial results. We believe these non-IFRS financial measures provide investors with useful
supplemental information about the liquidity and financial performance of our business, enable comparison of financial results
between periods where certain items may vary independent of business performance, and enable comparison of our financial results
with other public companies, many of which present similar non-IFRS financial measures.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.4pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.4pt">There are limitations
associated with the use of non-IFRS financial measures as an analytical tool. In particular, many of the adjustments to our IFRS
financial measures reflect the exclusion of items, such as depreciation and amortization, changes in fair value and the related
income tax effects of the aforementioned exclusions, that are recurring and will be reflected in our financial results for the
foreseeable future. In addition, these measures may be different from non-IFRS financial measures used by other companies, limiting
their usefulness for comparison purposes.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>Adjusted Consolidated EBITDA, Adjusted Segment
EBITDA, Adjusted Consolidated EBIT and Adjusted Segment EBIT</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.4pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.4pt">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 &ldquo;Adjusted Consolidated EBITDA&rdquo; 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 (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&rdquo;: &rdquo;Reserve from the sale of non-controlling interests in subsidiaries.&rdquo; We define &ldquo;Adjusted Segment
EBITDA&rdquo; for each of our operating segments as (i) the segment&rsquo;s share of consolidated profit (loss) from operations
before financing and taxation for the year, as applicable, before depreciation and amortization; 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: &ldquo;Reserve from
the sale of non-controlling interests in subsidiaries.&rdquo;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.4pt"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.4pt">&nbsp;</P>


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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.4pt">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), 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&rsquo;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&rsquo;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="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.4pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.4pt">Our Adjusted Consolidated
EBIT equals the sum of our Adjusted Segment EBITs for each of our operating segments. We define &ldquo;Adjusted Consolidated EBIT&rdquo;
as (i) consolidated net profit (loss) for the year, as applicable, before interest expense, income taxes, foreign exchange gains
or losses and other net financial expenses; 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 farmland. We define
&ldquo;Adjusted Segment EBIT&rdquo; for each of our operating segments as the segment&rsquo;s share of (i) consolidated profit
(loss) from operations before financing and taxation for the year, as applicable; 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: &ldquo;Reserve from the sale of non-controlling
interests in subsidiaries.&rdquo; 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), 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&rsquo;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="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>Adjusted Free Cash Flow and Adjusted Free Cash Flow from Operations</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.4pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.4pt">We define Adjusted Free
Cash Flow as (i) net cash generated from operating activities, less (ii) net cash used in investing activities, less (iii) interest
paid, plus (iv) proceeds from the sale of non-controlling interest in subsidiaries. We define Adjusted Free Cash Flow from Operations
as (i) net cash generated from operating activities less (ii) net cash used in investing activities, less (iii) interest paid,
plus (iv) proceeds from the sale of non-controlling interest in subsidiaries; plus (v) expansion capital expenditures.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.4pt">&nbsp;</P>


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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.4pt">Expansion capital expenditures
is defined as the required investment to expand current production capacity. We define maintenance capital expenditures as the
necessary investments in order to maintain the current level of productivity both at an agricultural and industrial level.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.4pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.4pt">We believe Adjusted Free
Cash Flow is an important liquidity measure for the Company because it allows investors and others to evaluate and compare the
amount of cash generated by the Company to undertake growth investments, to fund acquisitions, to reduce outstanding financial
debt, and to provide a return to shareholders in the form of dividends and/or share repurchases, among other things.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.4pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.4pt">We believe Adjusted Free
Cash Flow from Operations is an important liquidity metric for the Company because it allows investors and others to evaluate and
compare the amount of cash generated by the Company&rsquo;s operations after paying for interests, taxes and maintenance capital
expenses. We believe this metric is relevant in evaluating the overall performance of our business.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.4pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.4pt">Other companies may calculate
Adjusted Free Cash Flow and Adjusted Free Cash Flow from Operations differently, and therefore our formulation may not be comparable
to similarly titled measures used by other companies. Adjusted Free Cash Flow and Adjusted Free Cash Flow from Operations are not
measures of liquidity under IFRS, and should not be considered in isolation or as an alternative to consolidated, cash flows from
operating activities, net increase, (decrease) in cash and cash equivalents and other measures determined in accordance with IFRS</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.4pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.4pt"><B>Net Debt and Net Debt
to Adjusted Consolidated EBITDA</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.4pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.4pt">Net debt is defined as
the sum of non-current and current borrowings less cash and cash equivalents. This measure is widely used by management.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.4pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.4pt">Management is consistently
tracking our leverage position and our ability to repay and service our debt obligations over time. We have therefore set a leverage
ratio target that is measured by net debt divided by Adjusted Consolidated EBITDA.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.4pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.4pt">We believe that the ratio
net debt to Adjusted Consolidated EBITDA provides useful information to investors because management uses it to manage our debt-equity
ratio in order to promote access to capital markets and our ability to meet scheduled debt service obligations.</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.4pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.4pt">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="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-indent: -0.5in">&nbsp;</P>


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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"><IMG SRC="t1701194_20fpg13.jpg" ALT=""></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.4pt">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="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.4pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.4pt">The financial results
for all of our products are presented on a fiscal year basis.</P>

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

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

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

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

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


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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 36%"><FONT STYLE="font-size: 10pt"><B>Agricultural weight units and measures</B></FONT></TD>
    <TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 30%">&nbsp;</TD>
    <TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 30%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">1 metric ton</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">1,000 kg</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">1.102 U.S. (short) tons</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">1 cubic meter</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">1,000 liters</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">1 kilogram (kg)</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">2.20462 pounds</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">1 pound</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">0.45359 kg</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">1 acre</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">0.40469 hectares</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">1 hectare (ha)</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">2.47105 acres</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt"><B>Soybean and Wheat</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">1 bushel of soybean</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">60 pounds</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">27.2155 kg</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">1 bag of soybean</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">60 kg</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">2.20462 bushels</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">1 bushel/acre</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">67.25 kg/ha</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 10pt">1.00 U.S. dollar/bushel</FONT></TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-size: 10pt">2.2046 U.S. dollar/bag</FONT></TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt"><B>Corn</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">1 bushel of corn</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">56 pounds</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">25.4012 kg</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">1 bag of corn</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">60 kg</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">2.36210 bushels</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">1 bushel/acre</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">62.77 kg/ha</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 10pt">1.00 U.S. dollar/bushel</FONT></TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-size: 10pt">2.3621 U.S. dollar/bag</FONT></TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt"><B>Cotton</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">1 bale</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">480 pounds</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">217.72 kg</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">1 arroba</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">14.68 kg</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt"><B>Coffee</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">1 bag of coffee</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">60 kg</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">132.28 pounds</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">1.00 US$ cents/pound</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">1.3228 U.S. dollar/bag</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt"><B>Dairy</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">1 liter</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">0.264 gallons</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">2.273 pounds</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">1 gallon</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">3.785 liters</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">8.604 pounds</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">1 lbs</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">0.440 liters</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">0.116 gallons</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-size: 10pt">1.00 U.S. dollar/liter</FONT></TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-size: 10pt">43.995 U.S. dollar/cwt</FONT></TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 10pt">3.785 U.S. dollar/gallon</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-size: 10pt">1.00 U.S. dollar/cwt</FONT></TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 10pt">0.023 U.S. dollar/liter</FONT></TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 10pt">0.086 U.S. dollar/gallon</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">1.00 U.S. dollar/gallon</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">0.264 U.S. dollar/liter</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">11.622 U.S. dollar/cwt</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt"><B>Sugar &amp; Ethanol</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">1 kg of TRS equivalent</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">0.95 kg of VHP Sugar</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">0.59 liters of Hydrated Ethanol</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">1.00 US$ cents/pound</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">22.04 U.S. dollar/ton</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.4pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.4pt">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="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.4pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.4pt">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="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.4pt">&nbsp;</P>


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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><A NAME="a_003"></A>PART I</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.8in; text-align: justify; text-indent: -0.8in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.75in"><FONT STYLE="color: windowtext">Item 1.</FONT></TD><TD STYLE="text-align: justify"><A NAME="a_004"></A>Identity of Directors, Senior Management and Advisers</TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Not applicable.</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.75in"><FONT STYLE="color: windowtext">Item 2.</FONT></TD><TD STYLE="text-align: justify"><A NAME="a_005"></A>Offer Statistics and Expected Timetable</TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Not applicable.</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.75in"><FONT STYLE="color: windowtext">Item 3.</FONT></TD><TD STYLE="text-align: justify"><A NAME="a_006"></A>Key Information</TD></TR></TABLE>

<P STYLE="color: #010000; font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 0 1.5in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="color: #010000">A.</FONT></TD><TD STYLE="text-align: justify"><A NAME="a_007"></A>SELECTED FINANCIAL DATA</TD></TR></TABLE>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 0 1.5in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.4pt">The following selected
financial data as of December 31, 2016, 2015 and 2014 and for the three years in the period ended December 31, 2016 have been derived
from our Consolidated Financial Statements appearing elsewhere in this annual report on Form 20-F. The selected financial data
as of December 31, 2013 and 2012 and for the years ended December 31, 2013 and 2012 have been derived from our annual consolidated
financial statements as of December 31, 2014, 2013 and 2012 and for the three years in the period ended December 31, 2014, which
are not included herein. The Consolidated 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="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.4pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.4pt">The Consolidated 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="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.4pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.4pt">You should read the information
contained in the following tables in conjunction with &ldquo;Item 5. Operating and Financial Review and Prospects&rdquo;, &ldquo;Item
8. Financial Information&rdquo;, &ldquo;Item 18. Financial Statements&rdquo; and the Consolidated Financial Statements and the
accompanying notes included elsewhere in this annual report.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.4pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 31.65pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Wingdings">&sect;</FONT></TD><TD STYLE="text-align: justify"><B>Effects of the adoption of the amendments to IAS 41 and IAS 16</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 49.65pt; text-align: justify; text-indent: -0.25in"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.4pt">IASB amended IAS 16 &ldquo;Property,
Plant and Equipment&rdquo; and IAS 41 &ldquo;Agriculture,&rdquo; which distinguish bearer plants from other biological assets.
Bearer plants are used solely to grow produce over their productive lives and are considered to bear more resemblance to machinery
and equipment (IAS 16) than other biological assets (under IAS 41). Accordingly, they are now accounted for under IAS 16. However,
the agricultural produce growing on bearer plants remains within the scope of IAS 41 and is measured at fair value less cost to
sell. The amendments were applicable for our fiscal year ended December 31, 2016.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.4pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.4pt">&#9;Our sugarcane and
coffee plantations qualify as bearer plants under the new definition in IAS 41. As required under IAS 8, &ldquo;Accounting Policies,
Changes in Accounting Estimates and Errors&rdquo;, we effected the change in accounting policy retrospectively. Consequently,
effective January 1, 2016, our sugarcane and coffee plantations were reclassified to property, plant and equipment, measured at
amortized cost and depreciated over their useful life on a straight-line basis. We adopted the transitional rule provided for
in the amendment, which allowed us to apply the fair value of bearer plants as their deemed cost as of January 1, 2014. Accordingly,
we revised the comparative amounts financial data for the years ended December 31, 2015 and 2014. Financial data for the years
ended December 31, 2013 and 2012 have not been revised, and are not comparable to financial data for the years 2016, 2015
and 2014.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.4pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.4pt">For further information,
and an analysis of the impact of the adoption of IAS 41 and IAS 16 to our Consolidated Financial Statements please see Note 32.1
to our Consolidated Financial Statements.</P>

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


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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="font-weight: bold; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="18" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">As
    of December 31,</FONT></TD><TD NOWRAP STYLE="border-bottom: Black 1pt solid; font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">2016</FONT></TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">2015</FONT></TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">2014</FONT></TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">2013(*)</FONT></TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">2012(*)</FONT></TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="18" NOWRAP STYLE="font-weight: bold; text-align: center"><FONT STYLE="font-size: 8pt">(In thousands of $)</FONT></TD><TD NOWRAP STYLE="font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-weight: bold; text-align: left; text-indent: -5.05pt; padding-left: 5.05pt">Statements of Income Data:</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="width: 50%; text-align: left; text-indent: -5.05pt; padding-left: 5.05pt">Sale of goods and services rendered</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 7%; text-align: right">869,235</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 7%; text-align: right">674,314</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 7%; text-align: right">722,966</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 7%; text-align: right">644,624</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 7%; text-align: right">604,700</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; text-indent: -5.05pt; padding-left: 5.05pt">Cost of goods sold and services rendered</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(678,581</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(557,786</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(605,325</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(491,578</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(489,152</TD><TD STYLE="text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: -5.05pt; padding-left: 5.05pt">Initial recognition and changes in fair value of biological assets and agricultural produce</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">125,456</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">54,528</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">100,216</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(39,123</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">16,643</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-bottom: 1pt; text-indent: -5.05pt; padding-left: 5.05pt">Changes in net realizable value of agricultural produce after harvest</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(5,841</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">)</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">14,691</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">3,401</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">12,875</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">16,004</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; text-align: left; text-indent: -5.05pt; padding-left: 5.05pt">Margin on manufacturing and agricultural activities before operating expenses</TD><TD STYLE="font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">310,269</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">185,747</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">221,258</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">126,798</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">148,195</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; text-indent: -5.05pt; padding-left: 5.05pt">General and administrative expenses</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(50,750</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(48,425</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(52,695</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(53,352</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(57,691</TD><TD STYLE="text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: -5.05pt; padding-left: 5.05pt">Selling expenses</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(80,673</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(70,268</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(78,864</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(68,069</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(58,602</TD><TD STYLE="text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; text-indent: -5.05pt; padding-left: 5.05pt">Other operating income, net</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(8,297</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">31,066</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">11,977</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">49,650</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">31,097</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-bottom: 1pt; text-indent: -5.05pt; padding-left: 5.05pt">Share of loss of joint ventures</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">-</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(2,685</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">)</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(924</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">)</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(219</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">)</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">-</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-weight: bold; text-align: left; padding-bottom: 1pt; text-indent: -5.05pt; padding-left: 5.05pt">Profit from operations before financing and taxation</TD><TD STYLE="font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">170,549</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">95,435</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">100,752</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">54,808</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">62,999</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: -5.05pt; padding-left: 5.05pt">Finance income</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">7,957</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">9,150</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">7,291</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">7,234</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">11,538</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-bottom: 1pt; text-indent: -5.05pt; padding-left: 5.05pt">Finance costs</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(165,380</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">)</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(116,890</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">)</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(86,472</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">)</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(98,916</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">)</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(66,654</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; text-align: left; padding-bottom: 1pt; text-indent: -5.05pt; padding-left: 5.05pt">Financial results, net</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(157,423</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">)</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(107,740</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">)</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(79,181</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">)</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(91,682</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">)</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(55,116</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-weight: bold; text-align: left; padding-bottom: 1pt; text-indent: -5.05pt; padding-left: 5.05pt">Profit / (Loss) before income tax</TD><TD STYLE="font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">13,126</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">(12,305</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">)</TD><TD STYLE="font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">21,571</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">(36,874</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">)</TD><TD STYLE="font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">7,883</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1pt; text-indent: -5.05pt; padding-left: 5.05pt">Income tax (expense) / benefit</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(9,387</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">)</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">7,954</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(10,535</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">)</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">9,277</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">5,436</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-weight: bold; text-align: left; text-indent: -5.05pt; padding-left: 5.05pt">Profit / (Loss) for the year from continuing operations</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">3,739</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">(4,351</TD><TD STYLE="font-weight: bold; text-align: left">)</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">11,036</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">(27,597</TD><TD STYLE="font-weight: bold; text-align: left">)</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">13,319</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; text-align: left; padding-bottom: 1pt; text-indent: -5.05pt; padding-left: 5.05pt">Profit / (Loss) for the year from discontinued operations (1)</TD><TD STYLE="font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">-</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">-</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">-</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">1,767</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(4,040</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-weight: bold; text-align: left; padding-bottom: 2.5pt; text-indent: -5.05pt; padding-left: 5.05pt">Profit / (Loss) for the year</TD><TD STYLE="font-weight: bold; border-bottom: Black 2.5pt double">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">3,739</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; border-bottom: Black 2.5pt double">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">(4,351</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">)</TD><TD STYLE="font-weight: bold; border-bottom: Black 2.5pt double">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">11,036</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; border-bottom: Black 2.5pt double">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">(25,830</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">)</TD><TD STYLE="font-weight: bold; border-bottom: Black 2.5pt double">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">9,279</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-indent: -5.05pt; padding-left: 5.05pt">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD 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: -5.05pt; padding-left: 5.05pt">Attributable to:</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: -5.05pt; padding-left: 5.05pt">Equity holders of the parent</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2,039</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(5,593</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">11,116</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(25,828</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">9,397</TD><TD 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: -5.05pt; padding-left: 5.05pt">Non-controlling interest</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,700</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,242</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(80</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(2</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(118</TD><TD STYLE="text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; text-align: left; text-indent: -5.05pt; padding-left: 5.05pt">Earnings/(Loss) per share from continuing and discontinued operations attributable to the equity holders of the parent during the year:</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-weight: bold; text-indent: -269.95pt; padding-left: 269.95pt">Basic earnings/(loss) per share</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: -5.05pt; padding-left: 5.05pt">From continuing operations</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">0.017</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(0.046</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">0.092</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(0.226</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">0.111</TD><TD 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: -5.05pt; padding-left: 5.05pt">From discontinued operations</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">0.014</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">0.034</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; text-indent: -5.05pt; padding-left: 5.05pt">Diluted earnings/(loss) per share</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD 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: -5.05pt; padding-left: 5.05pt">From continuing operations</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">0.017</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(0.046</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">0.091</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(0.226</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">0.111</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: -5.05pt; padding-left: 5.05pt">From discontinued operations</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">0.014</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">0.034</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
</TABLE>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in"><FONT STYLE="font-size: 8pt">(*)
2013 and 2012 figures have not been revised (to give effect to the adoption of the amendments of IAS 41 and IAS 16 See &ldquo;Effects
of the adoption of the amendments to IAS 41 and IAS 16.&rdquo;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in"><FONT STYLE="font-size: 8pt">&nbsp;</FONT><BR CLEAR="ALL"></P>

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


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<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="font-weight: bold; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="18" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">For
    the Year Ended December 31,</FONT></TD><TD NOWRAP STYLE="border-bottom: Black 1pt solid; font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">2016</FONT></TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">2015</FONT></TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">2014</FONT></TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">2013(*)</FONT></TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">2012(*)</FONT></TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-weight: bold; text-align: left; text-indent: -5.05pt; padding-left: 5.05pt">Cash Flow Data:</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="width: 50%; text-align: left; text-indent: -5.05pt; padding-left: 5.05pt">Net cash generated from operating activities</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 7%; text-align: right">255,401</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 7%; text-align: right">145,186</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 7%; text-align: right">120,151</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 7%; text-align: right">102,080</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 7%; text-align: right">67,823</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; text-indent: -5.05pt; padding-left: 5.05pt">Net cash used in investing activities</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(122,014</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(125,051</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(300,472</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(161,536</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(300,215</TD><TD STYLE="text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: -5.05pt; padding-left: 5.05pt">Net cash generated from financing activities</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(181,682</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">92,413</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">73,289</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">104,671</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">133,508</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-weight: bold; text-align: left; text-indent: -5.05pt; padding-left: 5.05pt">Other Financial Data:</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; text-align: left; text-indent: -5.05pt; padding-left: 15.25pt">Adjusted Segment EBITDA (unaudited)(1)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-indent: -5.05pt; padding-left: 25.45pt">Crops</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">27,462</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">33,211</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">36,671</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">36,720</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">34,313</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-indent: -5.05pt; padding-left: 25.45pt">Rice</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">11,698</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">6,274</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">14,198</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">12,902</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">4,943</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-indent: -5.05pt; padding-left: 25.45pt">Dairy</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">5,717</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">6,356</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">9,663</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">9,801</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(2,402</TD><TD STYLE="text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: -5.05pt; padding-left: 25.45pt">All Other segments</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">9,085</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">677</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">686</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,347</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">4,280</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-weight: bold; text-align: left; text-indent: -5.05pt; padding-left: 25.45pt">Farming subtotal</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">53,962</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">46,518</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">61,218</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">60,770</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">41,134</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; text-align: left; text-indent: -5.05pt; padding-left: 25.45pt">Ethanol, sugar and energy</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">265,044</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">167,180</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">200,441</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">115,239</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">97,505</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-weight: bold; text-align: left; text-indent: -5.05pt; padding-left: 25.45pt">Land transformation</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">-</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">23,980</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">25,508</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">28,172</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">27,513</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; text-indent: -5.05pt; padding-left: 25.45pt">Corporate</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">(20,957</TD><TD STYLE="font-weight: bold; text-align: left">)</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">(21,776</TD><TD STYLE="font-weight: bold; text-align: left">)</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">(23,233</TD><TD STYLE="font-weight: bold; text-align: left">)</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">(23,478</TD><TD STYLE="font-weight: bold; text-align: left">)</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">(25,442</TD><TD STYLE="font-weight: bold; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-weight: bold; text-align: left; text-indent: -5.05pt; padding-left: 5.05pt">Adjusted Consolidated EBITDA (unaudited)(1)</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">298,049</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">215,902</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">263,934</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">180,703</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">140,710</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD></TR>
</TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"></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: 25%">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 15.95pt"><FONT STYLE="font-size: 8pt">(1)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 8pt">See
                                         &ldquo;Presentation of Financial and Other Information&rdquo; for the definitions of
                                         Adjusted Segment EBITDA and Adjusted Consolidated EBITDA and the reconciliation in the
                                         table below.</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="18" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">As
    of December 31,</FONT></TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">2016</FONT></TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">2015</FONT></TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">2014</FONT></TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">2013
    (*)</FONT></TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">2012(*)</FONT></TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="18" NOWRAP STYLE="font-weight: bold; text-align: center"><FONT STYLE="font-size: 8pt">(In thousands of $)</FONT></TD><TD NOWRAP STYLE="font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-weight: bold; text-align: left; text-indent: -5.05pt; padding-left: 5.05pt">Statement of Financial Position Data:</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="width: 45%; text-align: left; text-indent: -5.05pt; padding-left: 5.05pt">Biological assets</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 8%; text-align: right">145,404</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 8%; text-align: right">111,818</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 8%; text-align: right">124,736</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 8%; text-align: right">292,144</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 8%; text-align: right">298,136</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-indent: -5.05pt; padding-left: 5.05pt">Inventories</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">111,754</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">85,286</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">117,106</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">108,389</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">95,321</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: -5.05pt; padding-left: 5.05pt">Property, plant and equipment, net</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">802,608</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">696,889</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">991,581</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">790,520</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">880,897</TD><TD 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: -5.05pt; padding-left: 5.05pt">Total assets</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,455,766</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,355,394</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,646,164</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,711,476</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,777,955</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: -5.05pt; padding-left: 5.05pt">Non-current borrowings</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">430,304</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">483,651</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">491,324</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">512,164</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">354,249</TD><TD 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: -5.05pt; padding-left: 5.05pt">Total borrowings</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">635,396</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">723,339</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">698,506</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">660,131</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">539,133</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-indent: -5.05pt; padding-left: 5.05pt">Share Capital</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">183,573</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">183,573</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">183,573</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">183,573</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">183,331</TD><TD 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: -5.05pt; padding-left: 5.05pt">Equity attributable to equity holders of the parent</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">664,091</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">520,084</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">769,638</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">854,304</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,025,978</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: -5.05pt; padding-left: 5.05pt">Non-controlling interest</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">7,582</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">7,335</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">7,589</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">45</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">65</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-indent: -5.05pt; padding-left: 5.05pt">Number of shares</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">122,382</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">122,382</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">122,382</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">122,382</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">122,221</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.2in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-size: 8pt">(*) 2013 and 2012 figures have not
been revised to give effect to the adoption of the amendments of IAS 41 and IAS 16 See&rdquo;Effects of the adoption of the amendments
to IAS 41 and IAS 16.&rdquo;</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.2in">The following tables show
a reconciliation of Adjusted Segment EBITDA to our segments&rsquo; 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="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.2in">&nbsp;</P>


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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="34" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">As&nbsp;of&nbsp;December&nbsp;31,&nbsp;2016</FONT></TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">Crops</FONT></TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">Rice</FONT></TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">Dairy</FONT></TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt"><B>All&nbsp;other</B><BR>
    <B>segments</B></FONT></TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt"><B>Farming</B><BR>
    <B>Subtotal</B></FONT></TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt"><B>Sugar,</B><BR>
    <B>Ethanol</B><BR> <B>and</B><BR> <B>Energy</B></FONT></TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt"><B>Land</B><BR>
    <B>Trans-</B><BR> <B>formation</B></FONT></TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">Corporate</FONT></TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">Total</FONT></TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="34" NOWRAP STYLE="font-weight: bold; text-align: center"><FONT STYLE="font-size: 8pt">(In&nbsp;thousands&nbsp;of&nbsp;$)</FONT></TD><TD NOWRAP STYLE="font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-weight: bold; text-align: left; text-indent: -5.05pt; padding-left: 5.05pt">Adjusted Segment EBITDA<BR> (unaudited)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: -5.05pt; padding-left: 5.05pt">Profit/(Loss) from</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 28%; text-align: left; text-indent: -5.05pt; padding-left: 5.05pt">Operations Before Financing and Taxation</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 5%; text-align: right">26,093</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 5%; text-align: right">8,932</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 5%; text-align: right">4,753</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 5%; text-align: right">8,893</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 5%; text-align: right">48,671</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 5%; text-align: right">142,835</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 5%; text-align: right">-</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 5%; text-align: right">(20,957</TD><TD STYLE="width: 1%; text-align: left">)</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 5%; text-align: right">170,549</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; text-align: left; text-indent: -5.05pt; padding-left: 5.05pt">Adjusted Segment EBIT (unaudited)(1)</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">26,093</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">8,932</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">4,753</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">8,893</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">48,671</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">142,835</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">-</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">(20,957</TD><TD STYLE="font-weight: bold; text-align: left">)</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">170,549</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; text-indent: -5.05pt; padding-left: 5.05pt">Depreciation and amortization</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,369</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2,766</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">964</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">192</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">5,291</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">122,209</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">127,500</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; text-align: left; text-indent: -5.05pt; padding-left: 5.05pt">Adjusted Segment EBITDA (unaudited)(1)</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">27,462</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">11,698</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">5,717</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">9,085</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">53,962</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">265,044</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">-</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">(20,957</TD><TD STYLE="font-weight: bold; text-align: left">)</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">298,049</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-weight: bold; text-align: left; text-indent: -5.05pt; padding-left: 5.05pt">Reconciliation to Profit</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right"></TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: -5.05pt; padding-left: 5.05pt">Profit for the year</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">3,739</TD><TD 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: -5.05pt; padding-left: 5.05pt">Income tax expense</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">9,387</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: -5.05pt; padding-left: 5.05pt">Interest expense, net</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">40,527</TD><TD 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: -5.05pt; padding-left: 5.05pt">Foreign exchange, net</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">19,062</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: -5.05pt; padding-left: 5.05pt">Other financial results, net</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">97,834</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-weight: bold; text-align: left; text-indent: -5.05pt; padding-left: 5.05pt">Adjusted Consolidated EBIT (unaudited)(1)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">170,549</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: -5.05pt; padding-left: 5.05pt">Depreciation and amortization</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">127,500</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-weight: bold; text-align: left; text-indent: -5.05pt; padding-left: 5.05pt">Adjusted Consolidated EBITDA (unaudited)(1)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">298,049</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD></TR>
</TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 15.95pt"><FONT STYLE="font-size: 8pt">(1)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 8pt">See
                                         &ldquo;Presentation of Financial and Other Information&rdquo; for the definitions of
                                         Adjusted Segment EBIT, Adjusted Consolidated EBIT, Adjusted Segment EBITDA and Adjusted
                                         Consolidated EBITDA.</FONT></TD></TR></TABLE>

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


<!-- Field: Page; Sequence: 15; Value: 1 -->
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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="34" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">As&nbsp;of&nbsp;December&nbsp;31,&nbsp;2015</FONT></TD><TD STYLE="padding-bottom: 1pt; font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">Crops</FONT></TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">Rice</FONT></TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">Dairy</FONT></TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt"><B>All&nbsp;other</B><BR>
    <B>segments</B></FONT></TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt"><B>Farming</B><BR>
    <B>&#9;Subtotal</B></FONT></TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt"><B>Sugar,</B><BR>
    <B>&#9;Ethanol</B><BR> <B>&#9;and</B><BR> <B>&#9;Energy</B></FONT></TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt"><B>Land</B><BR>
    <B>&#9;Trans-</B><BR> <B>&#9;formation</B></FONT></TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">Corporate</FONT></TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">Total</FONT></TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="34" NOWRAP STYLE="font-weight: bold; text-align: center"><FONT STYLE="font-size: 8pt">(In&nbsp;thousands&nbsp;of&nbsp;$)</FONT></TD><TD NOWRAP STYLE="font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-weight: bold; text-align: left; text-indent: -5.05pt; padding-left: 5.05pt">Adjusted Segment EBITDA<BR> (unaudited)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: -5.05pt; padding-left: 5.05pt">Profit/(Loss) from</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 28%; text-align: left; text-indent: -5.05pt; padding-left: 5.05pt">Operations Before Financing and Taxation</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 5%; text-align: right">30,784</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 5%; text-align: right">3,287</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 5%; text-align: right">4,900</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 5%; text-align: right">401</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 5%; text-align: right">39,372</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 5%; text-align: right">69,925</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 5%; text-align: right">7,914</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 5%; text-align: right">(21,776</TD><TD STYLE="width: 1%; text-align: left">)</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 5%; text-align: right">95,435</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; text-align: left; text-indent: -5.05pt; padding-left: 5.05pt">Adjusted Segment EBIT (unaudited)(1)</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">30,784</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">3,287</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">4,900</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">401</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">39,372</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">69,925</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">7,914</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">(21,776</TD><TD STYLE="font-weight: bold; text-align: left">)</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">95,435</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; text-indent: -5.05pt; padding-left: 5.05pt">Depreciation and amortization</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">2,427</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">2,987</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">1,456</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">276</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">7,146</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">97,255</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">-</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">-</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">104,401</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: -5.05pt; padding-left: 5.05pt">Reserve from the sale of non-controlling interests in subsidiaries (2)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">16,066</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">16,066</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-weight: bold; text-align: left; text-indent: -5.05pt; padding-left: 5.05pt">Adjusted Segment EBITDA (unaudited)(1)</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">33,211</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">6,274</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">6,356</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">677</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">46,518</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">167,180</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">23,980</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">(21,776</TD><TD STYLE="font-weight: bold; text-align: left">)</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">215,902</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; text-align: left; text-indent: -5.05pt; padding-left: 5.05pt">Reconciliation to Profit</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right"></TD><TD STYLE="text-align: left"></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; text-indent: -5.05pt; padding-left: 5.05pt">Loss for the year</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(4,351</TD><TD STYLE="text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: -5.05pt; padding-left: 5.05pt">Income tax (benefit)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(7,954</TD><TD STYLE="text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; text-indent: -5.05pt; padding-left: 5.05pt">Interest expense, net</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">49,491</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: -5.05pt; padding-left: 5.05pt">Foreign exchange, net</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">23,423</TD><TD 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: -5.05pt; padding-left: 5.05pt">Other financial results, net</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">34,826</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: -5.05pt; padding-left: 5.05pt">Reserve from the sale of non-controlling interests in subsidiaries (2)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">16,066</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-weight: bold; text-align: left; text-indent: -5.05pt; padding-left: 5.05pt">Adjusted Consolidated EBIT (unaudited)(1)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">111,501</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: -5.05pt; padding-left: 5.05pt">Depreciation and amortization</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">104.401</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-weight: bold; text-align: left; text-indent: -5.05pt; padding-left: 5.05pt">Adjusted Consolidated EBITDA (unaudited)(1)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">215,902</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD></TR>
</TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 15.95pt"><FONT STYLE="font-size: 8pt">(1)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 8pt">See
                                         &ldquo;Presentation of Financial and Other Information&rdquo; for the definitions of
                                         Adjusted Segment EBIT, Adjusted Consolidated EBIT, Adjusted Segment EBITDA and Adjusted
                                         Consolidated EBITDA.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 15.95pt; text-align: justify; text-indent: -15.95pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 15.95pt; text-align: left"><FONT STYLE="font-size: 8pt">(2)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 8pt">This
                                         corresponds to an equity line item in our consolidated statements of financial position.
                                         See &ldquo;Presentation of Financial and Other Information&rdquo; for the definitions
                                         of Adjusted Segment EBIT, Adjusted Consolidated EBIT, Adjusted Segment EBITDA and Adjusted
                                         Consolidated EBITDA.</FONT></TD>
</TR></TABLE>

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


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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="34" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">As&nbsp;of&nbsp;December&nbsp;31,&nbsp;2014</FONT></TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">Crops</FONT></TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">Rice</FONT></TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">Dairy</FONT></TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt"><B>All&nbsp;other</B><BR>
    <B>segments</B></FONT></TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt"><B>Farming</B><BR>
    <B>&#9;Subtotal</B></FONT></TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt"><B>Sugar,</B><BR>
    <B>&#9;Ethanol</B><BR> <B>&#9;and</B><BR> <B>&#9;Energy</B></FONT></TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt"><B>Land</B><BR>
    <B>&#9;Trans-</B><BR> <B>&#9;formation</B></FONT></TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">Corporate</FONT></TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">Total</FONT></TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="34" NOWRAP STYLE="font-weight: bold; text-align: center"><FONT STYLE="font-size: 8pt">(In&nbsp;thousands&nbsp;of&nbsp;$)</FONT></TD><TD NOWRAP STYLE="font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-weight: bold; text-align: left; text-indent: -5.05pt; padding-left: 5.05pt">Adjusted Segment EBITDA<BR> (unaudited)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: -5.05pt; padding-left: 5.05pt">Profit/(Loss) from</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 28%; text-align: left; text-indent: -5.05pt; padding-left: 5.05pt">Operations Before Financing and Taxation</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 5%; text-align: right">34,745</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 5%; text-align: right">10,937</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 5%; text-align: right">8,112</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 5%; text-align: right">288</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 5%; text-align: right">54,082</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 5%; text-align: right">69,903</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 5%; text-align: right">-</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 5%; text-align: right">(23,233</TD><TD STYLE="width: 1%; text-align: left">)</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 5%; text-align: right">100,752</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; text-align: left; text-indent: -5.05pt; padding-left: 5.05pt">Adjusted Segment EBIT (unaudited)(1)</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">34,745</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">10,937</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">8,112</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">288</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">54,082</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">69,903</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">-</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">(23,233</TD><TD STYLE="font-weight: bold; text-align: left">)</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">100,752</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; text-indent: -5.05pt; padding-left: 5.05pt">Depreciation and amortization</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,926</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">3,261</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,551</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">398</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">7,136</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">130,538</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">137,674</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: -5.05pt; padding-left: 5.05pt">Reserve from the sale of non-controlling interests in subsidiaries (2)</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">-</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">-</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">-</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">-</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">-</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">-</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">25,508</TD><TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">-</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">25,508</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-weight: bold; text-align: left; text-indent: -5.05pt; padding-left: 5.05pt">Adjusted Segment EBITDA (unaudited)(1)</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">36,671</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">14,198</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">9,663</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">686</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">61,218</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">200,441</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">25,508</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">(23,233</TD><TD STYLE="font-weight: bold; text-align: left">)</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">263,934</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; text-align: left; text-indent: -5.05pt; padding-left: 5.05pt">Reconciliation to Profit</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right"></TD><TD 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: -5.05pt; padding-left: 5.05pt">Profit for the year</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">11,036</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: -5.05pt; padding-left: 5.05pt">Income tax expense</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">10,535</TD><TD 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: -5.05pt; padding-left: 5.05pt">Interest expense, net</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">47,847</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: -5.05pt; padding-left: 5.05pt">Foreign exchange, net</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">9,246</TD><TD 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: -5.05pt; padding-left: 5.05pt">Other financial results, net</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">22,088</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: -5.05pt; padding-left: 5.05pt">Reserve from the sale of non-controlling interests in subsidiaries (2)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">25,508</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-weight: bold; text-align: left; text-indent: -5.05pt; padding-left: 5.05pt">Adjusted Consolidated EBIT (unaudited)(1)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">126,260</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: -5.05pt; padding-left: 5.05pt">Depreciation and amortization</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">137,674</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-weight: bold; text-align: left; text-indent: -5.05pt; padding-left: 5.05pt">Adjusted Consolidated EBITDA (unaudited)(1)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">263,934</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.2in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 15.95pt"><FONT STYLE="font-size: 8pt">(1)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 8pt">See
                                         &ldquo;Presentation of Financial and Other Information&rdquo; for the definitions of
                                         Adjusted Segment EBIT, Adjusted Consolidated EBIT, Adjusted Segment EBITDA and Adjusted
                                         Consolidated EBITDA.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 15.95pt; text-align: justify; text-indent: -15.95pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 15.95pt; text-align: left"><FONT STYLE="font-size: 8pt">(2)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 8pt">This
                                         corresponds to an equity line item in our consolidated statements of financial position.
                                         See &ldquo;Presentation of Financial and Other Information&rdquo; for the definitions
                                         of Adjusted Segment EBIT, Adjusted Consolidated EBIT, Adjusted Segment EBITDA and Adjusted
                                         Consolidated EBITDA.</FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 15.95pt; text-align: justify; text-indent: -15.95pt">&nbsp;</P>


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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="34" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">As&nbsp;of&nbsp;December&nbsp;31,&nbsp;2013&nbsp;(*)</FONT></TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">Crops</FONT></TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">Rice</FONT></TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">Dairy</FONT></TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt"><B>All&nbsp;other</B><BR>
    <B>segment</B></FONT></TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt"><B>Farming</B><BR>
    <B>Subtotal</B></FONT></TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt"><B>Sugar,</B><BR>
    <B>Ethanol</B><BR> <B>and</B><BR> <B>Energy</B></FONT></TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt"><B>Land</B><BR>
    <B>Trans-</B><BR> <B>formation</B></FONT></TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">Corporate</FONT></TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">Total</FONT></TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="34" NOWRAP STYLE="font-weight: bold; text-align: center"><FONT STYLE="font-size: 8pt">(In&nbsp;thousands&nbsp;of&nbsp;$)</FONT></TD><TD NOWRAP STYLE="font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-weight: bold; text-align: left; text-indent: -5.05pt; padding-left: 5.05pt">Adjusted Segment EBITDA<BR> (unaudited)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: -5.05pt; padding-left: 5.05pt">Profit/(Loss) from</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 28%; text-align: left; text-indent: -5.05pt; padding-left: 5.05pt">Operations Before Financing and Taxation</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 5%; text-align: right">34,549</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 5%; text-align: right">8,171</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 5%; text-align: right">6,714</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 5%; text-align: right">(7,238</TD><TD STYLE="width: 1%; text-align: left">)</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 5%; text-align: right">42,196</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 5%; text-align: right">7,918</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 5%; text-align: right">28,172</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 5%; text-align: right">(23,478</TD><TD STYLE="width: 1%; text-align: left">)</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 5%; text-align: right">54,808</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: -5.05pt; padding-left: 5.05pt">Profit from discontinued operations</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,767</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,767</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,767</TD><TD 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: -5.05pt; padding-left: 5.05pt">Initial recognition and changes in fair value of &ldquo;long term&rdquo; biological assets(l) (unrealized)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">234</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">8,121</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">8,355</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">47,341</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">55,696</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; text-align: left; text-indent: -5.05pt; padding-left: 5.05pt">Adjusted Segment EBIT (unaudited)(2)</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">34,549</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">8,171</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">8,715</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">883</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">52,318</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">55,259</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">28,172</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">(23,478</TD><TD STYLE="font-weight: bold; text-align: left">)</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">112,271</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; text-indent: -5.05pt; padding-left: 5.05pt">Depreciation and amortization</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2,171</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">4,731</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,086</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">464</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">8,452</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">59,980</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">68,432</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; text-align: left; text-indent: -5.05pt; padding-left: 5.05pt">Adjusted Segment EBITDA (unaudited)(2)</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">36,720</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">12,902</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">9,801</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">1,347</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">60,770</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">115,239</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">28,172</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">(23,478</TD><TD STYLE="font-weight: bold; text-align: left">)</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">180,703</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-weight: bold; text-align: left; text-indent: -5.05pt; padding-left: 5.05pt">Reconciliation to Profit</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right"></TD><TD STYLE="text-align: left"></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: -5.05pt; padding-left: 5.05pt">Loss for the year</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(25,830</TD><TD STYLE="text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; text-indent: -5.05pt; padding-left: 5.05pt">Initial recognition and changes in fair value of &ldquo;long term&rdquo; biological assets(l) (unrealized)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">55,696</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: -5.05pt; padding-left: 5.05pt">Income tax benefit</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(9,277</TD><TD STYLE="text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; text-indent: -5.05pt; padding-left: 5.05pt">Interest expense, net</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">42,367</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: -5.05pt; padding-left: 5.05pt">Foreign exchange, net</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">21,087</TD><TD 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: -5.05pt; padding-left: 5.05pt">Other financial results, net</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">28,228</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; text-align: left; text-indent: -5.05pt; padding-left: 5.05pt">Adjusted Consolidated EBIT (unaudited)(2)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">112,271</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; text-indent: -5.05pt; padding-left: 5.05pt">Depreciation and amortization</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">68,432</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; text-align: left; text-indent: -5.05pt; padding-left: 5.05pt">Adjusted Consolidated EBITDA (unaudited)(2)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">180,703</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.2in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 15.95pt"><FONT STYLE="font-size: 8pt">(1)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 8pt">Long-term
                                         biological assets are sugarcane, coffee, dairy and cattle.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 15.95pt"><FONT STYLE="font-size: 8pt">(2)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 8pt">See
                                         &ldquo;Presentation of Financial and Other Information&rdquo; for the definitions of
                                         Adjusted Segment EBIT, Adjusted Consolidated EBIT, Adjusted Segment EBITDA and Adjusted
                                         Consolidated EBITDA.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 8pt">(*)
2013 and 2012 figures have not been revised to give effect to the adoption of the amendments of IAS 41 and IAS 16 See&rdquo;Effects
of the adoption of the amendments to IAS 41 and IAS 16.&rdquo;</FONT></P>



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


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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="34" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">As&nbsp;of&nbsp;December&nbsp;31,&nbsp;2012&nbsp;(*)</FONT></TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">Crops</FONT></TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">Rice</FONT></TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">Dairy</FONT></TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt"><B>All&nbsp;other</B><BR>
    <B>segments</B></FONT></TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt"><B>Farming</B><BR>
    <B>Subtotal</B></FONT></TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt"><B>Sugar,</B><BR>
    <B>Ethanol</B><BR> <B>and</B><BR> <B>Energy</B></FONT></TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt"><B>Land</B><BR>
    <B>Trans-</B><BR> <B>formation</B></FONT></TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">Corporate</FONT></TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">Total</FONT></TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="34" NOWRAP STYLE="font-weight: bold; text-align: center"><FONT STYLE="font-size: 8pt">(In&nbsp;thousands&nbsp;of&nbsp;$)</FONT></TD><TD NOWRAP STYLE="font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-weight: bold; text-align: left; text-indent: -5.05pt; padding-left: 5.05pt">Adjusted Segment EBITDA<BR> (unaudited)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: -5.05pt; padding-left: 5.05pt">Profit/(Loss) from</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 28%; text-align: left; text-indent: -5.05pt; padding-left: 5.05pt">Operations Before Financing and Taxation</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 5%; text-align: right">32,240</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 5%; text-align: right">1,120</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 5%; text-align: right">857</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 5%; text-align: right">889</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 5%; text-align: right">35,106</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 5%; text-align: right">25,822</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 5%; text-align: right">27,513</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 5%; text-align: right">(25,442</TD><TD STYLE="width: 1%; text-align: left">)</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 5%; text-align: right">62,999</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: -5.05pt; padding-left: 5.05pt">Loss from discontinued operations</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(4,040</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(4,040</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(4,040</TD><TD STYLE="text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; text-indent: -5.05pt; padding-left: 5.05pt">Initial recognition and changes in fair value of &ldquo;long term&rdquo; biological assets(l) (unrealized)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(115</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2,615</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2,500</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">24,783</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">27,283</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; text-align: left; text-indent: -5.05pt; padding-left: 5.05pt">Adjusted Segment EBIT (unaudited)(2)</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">32,240</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">1,120</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">(3,298</TD><TD STYLE="font-weight: bold; text-align: left">)</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">3,504</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">33,566</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">50,605</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">27,513</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">(25,442</TD><TD STYLE="font-weight: bold; text-align: left">)</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">86,242</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; text-indent: -5.05pt; padding-left: 5.05pt">Depreciation and amortization</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2,073</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">3,823</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">896</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">776</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">7,568</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">46,900</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">54,468</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; text-align: left; text-indent: -5.05pt; padding-left: 5.05pt">Adjusted Segment EBITDA (unaudited)(2)</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">34,313</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">4,943</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">(2,402</TD><TD STYLE="font-weight: bold; text-align: left">)</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">4,280</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">41,134</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">97,505</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">27,513</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">(25,442</TD><TD STYLE="font-weight: bold; text-align: left">)</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">140,710</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-weight: bold; text-align: left; text-indent: -5.05pt; padding-left: 5.05pt">Reconciliation to Profit</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right"></TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: -5.05pt; padding-left: 5.05pt">Profit for the year</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">9,279</TD><TD 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: -5.05pt; padding-left: 5.05pt">Initial recognition and changes in fair value of &ldquo;long term&rdquo; biological assets(l) (unrealized)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">27,283</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: -5.05pt; padding-left: 5.05pt">Income tax benefit</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(5,436</TD><TD STYLE="text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; text-indent: -5.05pt; padding-left: 5.05pt">Interest expense, net</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">16,423</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: -5.05pt; padding-left: 5.05pt">Foreign exchange losses, net</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">26,080</TD><TD 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: -5.05pt; padding-left: 5.05pt">Other financial results, net</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">12,613</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; text-align: left; text-indent: -5.05pt; padding-left: 5.05pt">Adjusted Consolidated EBIT (unaudited)(2)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">86,242</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; text-indent: -5.05pt; padding-left: 5.05pt">Depreciation and amortization</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">54,468</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; text-align: left; text-indent: -5.05pt; padding-left: 5.05pt">Adjusted Consolidated EBITDA (unaudited)(2)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">140,710</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.2in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 15.95pt"><FONT STYLE="font-size: 8pt">(1)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 8pt">Long-term
                                         biological assets are sugarcane, coffee, dairy and cattle.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 15.95pt"><FONT STYLE="font-size: 8pt">(2)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 8pt">See
                                         &ldquo;Presentation of Financial and Other Information&rdquo; for the definitions of
                                         Adjusted Segment EBIT, Adjusted Consolidated EBIT, Adjusted Segment EBITDA and Adjusted
                                         Consolidated EBITDA.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 8pt">(*)
2013 and 2012 figures have not been revised to give effect to the adoption of the amendments of IAS 41 and IAS 16 See&rdquo;Effects
of the adoption of the amendments to IAS 41 and IAS 16.&rdquo;</FONT></P>



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


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<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">Adjusted Free Cash Flow</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">2016</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">2015</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">2014</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">2013
    (*)</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">2012(*)</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 45%; text-align: left">Net cash generated from operating activities</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 8%; text-align: right">255,401</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 8%; text-align: right">145,186</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 8%; text-align: right">120,151</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 8%; text-align: right">102,080</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 8%; text-align: right">67,823</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Net cash used in investing activities</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(122,014</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(125,051</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(300,472</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(161,536</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(300,215</TD><TD STYLE="text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">Interest paid</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(48,400</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(48,438</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(48,899</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(45,972</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(34,587</TD><TD STYLE="text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Proceeds from the sale of non-controlling interest in subsidiaries</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">21,964</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">49,343</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-bottom: 1pt">Expansion Capital expenditures reversal (unaudited)</TD><TD>&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">48,295</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">87,956</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">237,277</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">166,494</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">294,586</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; text-align: left">Adjusted Free Cash Flow from Operations (unaudited)</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">133,282</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">81,617</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">57,400</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">61,066</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">27,607</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-bottom: 1pt">Expansion Capital expenditures (unaudited)</TD><TD>&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(48,295</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">)</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(87,956</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">)</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(237,277</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">)</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(166,494</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">)</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(294,586</TD><TD STYLE="text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; text-align: left">Adjusted Free Cash Flow (unaudited)</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">84,987</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">(6,339</TD><TD STYLE="font-weight: bold; text-align: left">)</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">(179,877</TD><TD STYLE="font-weight: bold; text-align: left">)</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">(105,428</TD><TD STYLE="font-weight: bold; text-align: left">)</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">(266,979</TD><TD STYLE="font-weight: bold; text-align: left">)</TD></TR>
</TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">Indebtedness</FONT></TD><TD STYLE="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">2016</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">2015</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">2014</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">2013
    (*)</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">2012(*)</FONT></TD><TD STYLE="padding-bottom: 1pt; font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 45%; text-align: left">Net Debt (unaudited)</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 8%; text-align: right">476,828</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 8%; text-align: right">524,445</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 8%; text-align: right">584,711</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 8%; text-align: right">427,984</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 8%; text-align: right">320,324</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Net Debt / Adjusted Consolidated EBITDA (unaudited)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1.60</TD><TD STYLE="text-align: left">x</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2.43</TD><TD STYLE="text-align: left">x</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2.22</TD><TD STYLE="text-align: left">x</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2.37</TD><TD STYLE="text-align: left">x</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2.28</TD><TD STYLE="text-align: left">x</TD></TR>
</TABLE>


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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">Reconciliation - Net Debt</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">2016</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">2015</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">2014</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">2013
    (*)</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">2012(*)</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 45%; text-align: left">Net Debt (unaudited)</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 8%; text-align: right">476,828</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 8%; text-align: right">524,445</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 8%; text-align: right">584,711</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 8%; text-align: right">427,245</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 8%; text-align: right">320,324</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1pt">Cash and cash equivalents</TD><TD>&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">158,568</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">198,894</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">113,795</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">232,147</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">218,809</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-weight: bold; text-align: left">Total&nbsp;&nbsp;Borrowings</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">635,396</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">723,339</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">698,506</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">659,392</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">539,133</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD></TR>
</TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-size: 8pt">(*) 2013 and 2012 figures have not
been adjusted to give effect to the adoption of the amendments of of IAS 41 and IAS 16. Please see Note 32.1 to our Consolidated
Financial Statements.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>Reconciliation of Adjusted Free Cash Flow to Net (decrease)/increase
in Cash and Cash Equivalents</B></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">2016</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">2015</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">2014</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">2013</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">2012</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 45%; text-align: left">Adjusted Free Cash Flow (unaudited)</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 8%; text-align: right">84,987</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 8%; text-align: right">(6,339</TD><TD STYLE="width: 1%; text-align: left">)</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 8%; text-align: right">(179,877</TD><TD STYLE="width: 1%; text-align: left">)</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 8%; text-align: right">(105,428</TD><TD STYLE="width: 1%; text-align: left">)</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 8%; text-align: right">(266,979</TD><TD STYLE="width: 1%; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Net cash generated from financing activities</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(181,682</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">92,413</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">73,289</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">104,671</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">133,508</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-style: italic; text-align: left; padding-left: 9pt">Interest Paid</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">48,400</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">48,438</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">48,899</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">45,972</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">34,587</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-style: italic; text-align: left; padding-bottom: 1pt; padding-left: 9pt">Proceeds from the sale of minority interest in subsidiaries</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">-</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(21,964</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">)</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(49,343</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">)</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">-</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-weight: bold; text-align: left">Net (decrease)/increase in cash and cash equivalents</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">(48,295</TD><TD STYLE="font-weight: bold; text-align: left">)</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">112,548</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">(107,032</TD><TD STYLE="font-weight: bold; text-align: left">)</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">45,215</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">(98,884</TD><TD STYLE="font-weight: bold; text-align: left">)</TD></TR>
</TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>Reconciliation of Adjusted Free Cash Flow from operations to
Net (decrease)/increase in Cash and Cash Equivalents</B></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">2016</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">2015</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">2014</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">2013</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">2012</FONT></TD><TD STYLE="font-weight: bold; text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 45%; text-align: left">Adjusted Free Cash Flow from operations (unaudited)</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 8%; text-align: right">133,282</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 8%; text-align: right">81,617</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 8%; text-align: right">57,400</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 8%; text-align: right">61,066</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 8%; text-align: right">27,607</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Net cash generated from financing activities</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(181,682</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">92,413</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">73,289</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">104,671</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">133,508</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-style: italic; text-align: left; padding-left: 9pt">Interest Paid</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">48,400</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">48,438</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">48,899</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">45,972</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">34,587</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-style: italic; text-align: left; padding-left: 9pt">Proceeds from the sale of minority interest in subsidiaries</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(21,964</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(49,343</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-style: italic; text-align: left; padding-bottom: 1pt; padding-left: 9pt">Expansion Capital Expenditures (unaudited)</TD><TD>&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(48,295</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">)</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(87,956</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">)</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(237,277</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">)</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(166,494</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">)</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(294,586</TD><TD STYLE="text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; text-align: left">Net (decrease)/increase in cash and cash equivalents</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">(48,295</TD><TD STYLE="font-weight: bold; text-align: left">)</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">112,548</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">(107,032</TD><TD STYLE="font-weight: bold; text-align: left">)</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">45,215</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">(98,884</TD><TD STYLE="font-weight: bold; text-align: left">)</TD></TR>
</TABLE>

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


<!-- Field: Page; Sequence: 20; Value: 1 -->
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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="color: #010000">B.</FONT></TD><TD STYLE="text-align: justify"><A NAME="a_008"></A>CAPITALIZATION AND INDEBTEDNESS</TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Not Applicable.</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="color: #010000">C.</FONT></TD><TD STYLE="text-align: justify"><A NAME="a_009"></A>REASONS FOR THE OFFER AND USE OF PROCEEDS</TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Not Applicable.</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="color: #010000">D.</FONT></TD><TD STYLE="text-align: justify"><A NAME="a_010"></A>RISK FACTORS</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in"><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 and uncertainties not presently known to us or that we currently deem immaterial
may also affect our business operations.</I></P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B><I>Unpredictable weather conditions, pest
infestations and diseases may have an adverse impact on agricultural production.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.5pt">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="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.5pt">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 &ldquo;Item 5.&mdash;Operating and Financial Review and Prospects&mdash;Trends and Factors
Affecting Our Results of Operations&mdash;(i) Effects of Yield Fluctuations&rdquo;.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.5pt">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="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.5pt">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 and ethanol we can produce in any given harvest. Any reduction in production volumes could have a material
adverse effect on our operating results and financial condition.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.5pt">&nbsp;</P>


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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.5pt">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="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.2in">&nbsp;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.5pt">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>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 39.3pt; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 21.3pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">prevailing world commodity prices, which historically have been subject to significant fluctuations
over relatively short periods of time, depending on worldwide demand and supply;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 21.3pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">changes in the agricultural subsidy levels of certain important producers (mainly the U.S. and
the European Union (&ldquo;E.U.&rdquo;) and the adoption of other government policies affecting industry market conditions and
prices;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 21.3pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">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;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 21.3pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">changes in government policies for biofuels;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 21.3pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">world inventory levels, i.e., the supply of commodities carried over from year to year;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 21.3pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">climatic conditions and natural disasters in areas where agricultural products are cultivated;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 21.3pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">the production capacity of our competitors; and</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 21.3pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">demand for and supply of competing commodities and substitutes.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.5pt">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="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.5pt">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="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B><I>&nbsp;</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.5pt">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. Accordingly,
a decline in sugar prices would have an adverse effect on the financial performance of our ethanol and sugar businesses.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.5pt">Currently, gasoline prices
in Brazil are set by the Brazilian government through Petrobras. 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. Therefore, a decline in oil prices or a decision by Petrobras
to lower gasoline prices would have an adverse effect on the financial performance of our ethanol and sugar business.</P>

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


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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.5pt">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 &ldquo;&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&rdquo; and &ldquo;&mdash;Risks Related to Brazil&mdash;Recent changes in Brazilian rules concerning foreign
investment in rural properties may adversely affect our investments.&rdquo; 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="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.5pt">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="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.5pt">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="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.5pt">We may be unable to realize
synergies and efficiency gains from our recent acquisitions in the timeframe we anticipate or at all, because of integration or
other challenges. In addition, we may be unable to identify, negotiate or finance future acquisitions, particularly as part of
our international growth strategy, successfully or at favorable valuations, or to effectively integrate these acquisitions or joint
venture businesses with our current businesses. Any future joint ventures or acquisitions of businesses, technologies, services
or products might require us to obtain additional equity or debt financing, which may not be available on favorable terms, or at
all. Future acquisitions and joint ventures may also results in unforeseen operating difficulties and expenditures, as well as
strain on our organizational culture.</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.5pt">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="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.5pt">For example, we rely on
fertilizers and agrochemicals, many of which are petro-chemical based. In our Farming business, fertilizers and agrochemicals represented
approximately 30% of our total cost of production (including manufacturing and administrative expenses) for the 2015/2016 harvest
year. In our Sugar, Ethanol and Energy business, fertilizers and agrochemicals represented 11% of our cost of production (including
manufacturing and administrative expenses) for 2016. 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="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.5pt">&nbsp;</P>


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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.5pt">We require substantial
amounts of fuel oil and other resources for our harvest activities and transport of our agricultural products. During the 2015/16
harvest year, fuel represented 9% of the cost of production (including manufacturing and administrative expenses) of our Farming
business. In our Sugar, Ethanol and Energy business, fuel represented 8% of our cost of production (including manufacturing and
administrative expenses) for the 2015/16 harvest year. 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. Also, the Macri administration in Argentina has declared a state
of emergency with respect to the national energy system until December 31, 2017. The state of emergency will allow the Macri administration
to take any action to ensure the supply of energy. A revision to the current subsidy policies has also been announced by the Macri
administration. 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="font: 10pt Times New Roman, Times, Serif; margin: 0"><B><I>&nbsp;</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.5pt">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 protectionist
policies 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, for example, limits the import of genetically modified organisms, or &ldquo;GMOs.&rdquo;
See &ldquo;Some of the agricultural commodities and food products that we produce contain genetically modified organisms.&rdquo;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.5pt">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&rsquo;s export volume significantly
and, consequently, our operating results.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 24.5pt; text-align: justify">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="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.4pt">&nbsp;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.5pt">The demand for the products
we sell may be affected by international, national and local economic conditions that are beyond our control. 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 a downturn were to continue for an extended period of time or worsen, we could experience a prolonged
period of decreased demand and prices. In addition, economic downturns have and may adversely impact our suppliers, which can result
in disruptions in goods and services and financial losses.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.5pt">&nbsp;</P>


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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.5pt">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. Although, we operate under a &ldquo;non-stop&rdquo; or &ldquo;continuous&rdquo;
harvest model which allows us to crush sugarcane year round, the annual sugarcane harvesting period in the center-south region
of Brazil begins in March/April and ends in November/December. This creates price fluctuations which result in fluctuations in
our sugar and ethanol inventories, usually peaking in December to take advantage of higher prices during the traditional off-season
(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="font: 10pt Times New Roman, Times, Serif; margin: 0"><B><I>&nbsp;</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.5pt">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="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 24.4pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.5pt">Furthermore, outbreaks,
or fears of outbreaks, of any of these or other animal diseases may lead to cancellation of orders by our customers and, particularly
if the disease has the potential to affect humans, or create adverse publicity that may have a material adverse effect on consumer
demand for our products. Moreover, outbreaks of animal disease may result in foreign governmental action to close export markets
to some or all of our products, which may result in the destruction of some or all of these animals.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0in"><B><I>We face significant competition from Brazilian
and foreign producers, which could adversely affect our financial performance.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in">We face strong competition
from other producers in our domestic market and from foreign producers in our export markets. The market for commodities is highly
fragmented. Small producers can also be important competitors, some of which operate in the informal economy and are able to offer
lower prices by meeting lower quality standards. Competition from other producers is a barrier to expanding our sales in the domestic/foreign
market. With respect to exports, we compete with other large, vertically integrated producers that have the ability to produce
quality products at low cost, as well as with foreign producers.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in">The Brazilian markets,
in particular, are highly price-competitive and sensitive to product substitution. Even if we remain a low-cost producer, customers
may seek to diversify their sources of supply by purchasing a portion of the products they need from producers in other countries,
as some of our customers in key export markets have begun to do. We expect that we will continue to face strong competition in
all of our markets and anticipate that existing or new competitors may broaden their product lines and extend their geographic
scope. Any failure by us to respond to product, pricing and other moves by competitors may negatively affect our financial performance.</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.5pt">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="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.5pt">&nbsp;</P>


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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.5pt">In addition, even where
we incur losses that are ultimately covered by insurance, we may incur additional expenses to mitigate the loss, such as shifting
production to another facility. These costs may not be fully covered by our insurance.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 24.5pt">&nbsp;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.5pt">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 in March 2015, the Brazilian Government increased the required blend of anhydrous ethanol to gasoline from
25% to 27%. The increase in the ethanol blend rate is expected to create an additional demand for anhydrous ethanol in the order
of approximately 800 thousand cubic meters of anhydrous per year.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.5pt">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="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.5pt">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&rsquo; 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="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.5pt">&nbsp;</P>


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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.5pt">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="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.2in">&nbsp;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.5pt">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 $688 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 &ldquo;&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&rdquo; and &ldquo;&mdash;Risks Related to Brazil&mdash;Recent changes in Brazilian rules concerning foreign investment
in rural properties may adversely affect our investments.&rdquo; 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="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.2in">&nbsp;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.5pt">As of December 31, 2016,
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="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

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

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

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


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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 21.3pt">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="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.5pt">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 effects of our
operations on the environment and to indemnify third parties for damages.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.5pt">In addition, pursuant
to Brazilian environmental legislation, the corporate entity of a company will be disregarded (such that the owners of the company
will be liable for its debts) if necessary to guarantee the payment of costs related to the recovery of environmental damages,
whenever the legal entity is deemed by a court to be an obstacle to reimbursement of damages caused to the quality of the environment.
We have incurred, and will continue to incur, capital and operating expenditures to comply with these laws and regulations. Because
of the possibility of unanticipated regulatory measures or other developments, particularly as environmental laws become more stringent,
the amount and timing of future expenditures required to maintain compliance could increase from current levels and could adversely
affect the availability of funds for capital expenditures and other purposes. Compliance with existing or new environmental laws
and regulations, as well as obligations in agreements with public entities, could result in increased costs and expenses.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.4pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.4pt">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="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.4pt">&nbsp;</P>


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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0in"><B><I>Increased regulation of food safety could
increase our costs and adversely affect our results of operations.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">Our manufacturing facilities
and products are subject to regular local, as well as foreign, governmental inspections and extensive regulation in the food safety
area, including governmental food processing controls. We currently comply with all food safety requirements in the markets where
we conduct our business. We already incur significant costs in connection with such compliance and changes in government regulations
relating to food safety could require us to make additional investments or incur additional costs to meet the necessary specifications
for our products. Our products are often inspected by foreign food safety officials, and any failure to pass those inspections
can result in our being required to return all or part of a shipment, destroy all or part of a shipment or incur costs because
of delays in delivering products to our customers. Any tightening of food safety regulations could result in increased costs and
could have an adverse effect on our business and results of operations.</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.4pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.4pt">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="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.5pt">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="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><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="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.5pt">IAS 41 &ldquo;Biological
Assets&rdquo; requires that we measure our biological assets and agriculture produce at the point of harvest at fair value less
costs to sell. 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 generated initial recognition and changes in fair value of biological assets amounting to a $125,4 million gain
in 2016; $54.5 million gain in 2015 and a $100.2 million gain in 2014. 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 (&ldquo;U.S. GAAP&rdquo;). 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="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 5.75pt; text-indent: 97.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt">IASB amended IAS 16
&ldquo;Property, Plant and Equipment&rdquo; and IAS 41 &ldquo;Agriculture,&rdquo; which distinguish bearer plants from other biological
assets. Bearer plants are used solely to grow produce over their productive lives and are considered to bear more resemblance
to machinery and equipment (IAS 16) than other biological assets (under IAS 41). Accordingly, they are now accounted for under
IAS 16. However, the agricultural produce growing on bearer plants remains within the scope of IAS 41 and is measured at fair
value less cost to sell. The amendments were applicable for our fiscal year ended December 31, 2016.&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt">&nbsp;</P>


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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt">&#9;Our sugarcane and
coffee plantations qualify as bearer plants under the new definition in IAS 41. As required under IAS 8, &ldquo;Accounting Policies,
Changes in Accounting Estimates and Errors&rdquo;, we effected the change in accounting policy retrospectively. Consequently, effective
January 1, 2016, our sugarcane and coffee plantations were reclassified to property, plant and equipment,
measured at amortized cost and depreciated over their useful life on a straight-line basis. We adopted the transitional rule provided
for in the amendment, which allowed us to apply the fair value of bearer plants as their deemed cost as of January 1, 2014. Accordingly,
we revised the comparative amounts financial data for the years ended December 31, 2015 and 2014. Financial data for the years
ended December 31, 2013 and 2012 have not been revised, and is not comparable to financial data for the years 2016, 2015 and 2014.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt">For further information,
and an analysis of the impact of the adoption of IAS 41 and IAS 16 to our Consolidated Financial Statements please see Note 32.1
to our Consolidated Financial Statements.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt">&nbsp;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.4pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.4pt">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, 2016, we had $635.4 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&rsquo; 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="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.4pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.4pt">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.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 5.75pt">&nbsp;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.4pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.4pt">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. These
restrictions could limit our subsidiaries&rsquo; 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="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.4pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.4pt">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="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.4pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.4pt">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="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>


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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">As of December 31, 2016, approximately 33.8%
of our total debt on a consolidated basis was subject to fixed interest rates and 66.2% was subject to variable interest rates.
As of December 31, 2016, borrowings incurred by the Company&rsquo;s subsidiaries in Brazil were repayable at various dates between
January 2017 and April 2024 and bear either fixed interest rates ranging from 2.5% to 9.0% per annum or variable rates based on
LIBOR or other specific base-rates plus spreads ranging from 4.13% to 17.52% per annum. At December 31, 2016, LIBOR (six months)
was 1.32%. Borrowings incurred by the Company&acute;s subsidiaries in Argentina are repayable at various dates between January
2017 and November 2023 and bear either fixed interest rates ranging from 6.11% to 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.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.4pt">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 &ldquo;Item 11. Quantitative
and Qualitative Disclosures About Market Risk&rdquo;.</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.4pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.4pt">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="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B><I>&nbsp;</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.5pt">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 common shares. 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 common shares by reason
of the transfer of those trade or business assets (ignoring common shares 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
(&ldquo;IRS&rdquo;) 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 to holders of our common
shares who are not United States persons within the meaning of U.S. Internal Revenue Code section 7701(a)(30). See &ldquo;Item
10. Additional Information&mdash;E. Taxation&rdquo; .</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.4pt">&nbsp;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.5pt">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.&#9;Whether the Company will be a PFIC for the current or future tax year will depend on the Company&rsquo;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.&#9;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&rsquo;s common shares are urged
to consult their own tax advisors regarding the acquisition, ownership, and disposition of the Company&rsquo;s common shares. See
&ldquo;Material U.S. Federal Income Tax Considerations for U.S. Holders&mdash;Passive Foreign Investment Company (&ldquo;PFIC&rdquo;)
Rules&rdquo;.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.5pt">&nbsp;</P>


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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 5.75pt"><B><I>&nbsp;</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.4pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.4pt">All of our operations
and/or development activities are in South America. As of December 31, 2016, based on total asset value, 26.9% of our assets were
located in Argentina, 69.2% in Brazil and 3.8% in Uruguay. Adjusting our farmland book value by the market value derived from the
Cushman and Wakefield independent farmland appraisal, the allocation would result in a 50.3% value attributable to Argentina, a
47.0% value attributable to Brazil and a 2.7% value attributable to Uruguay. During the year ended December 31, 2016, 49.8% of
our consolidated sales of goods and services rendered were attributable to our Brazilian operations, 18.9% were attributable to
our Argentine operations and 31.4% 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="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.4pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.4pt">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="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.5pt">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&rsquo; 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="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.5pt">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="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>


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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.5pt">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:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.2in"></TD><TD STYLE="width: 0.2in"><B>&bull;</B></TD><TD>labor laws;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.2in"></TD><TD STYLE="width: 0.2in"><B>&bull;</B></TD><TD>economic growth;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.2in"></TD><TD STYLE="width: 0.2in"><B>&bull;</B></TD><TD>currency fluctuations;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.2in"></TD><TD STYLE="width: 0.2in"><B>&bull;</B></TD><TD>inflation;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.2in"></TD><TD STYLE="width: 0.2in"><B>&bull;</B></TD><TD>exchange and capital control policies;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.2in"></TD><TD STYLE="width: 0.2in"><B>&bull;</B></TD><TD>interest rates;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.2in"></TD><TD STYLE="width: 0.2in"><B>&bull;</B></TD><TD>liquidity of domestic capital and lending markets;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.2in"></TD><TD STYLE="width: 0.2in"><B>&bull;</B></TD><TD>monetary policy;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.2in"></TD><TD STYLE="width: 0.2in"><B>&bull;</B></TD><TD>liquidity and solvency of the financial system;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.2in"></TD><TD STYLE="width: 0.2in"><B>&bull;</B></TD><TD>limitations on ownership of rural land by foreigners;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.2in"></TD><TD STYLE="width: 0.2in"><B>&bull;</B></TD><TD>developments in trade negotiations through the World Trade Organization or other international organizations;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.2in"></TD><TD STYLE="width: 0.2in"><B>&bull;</B></TD><TD>environmental regulations;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.2in"></TD><TD STYLE="width: 0.2in"><B>&bull;</B></TD><TD>tax laws, including royalties and the effect of tax laws on distributions from our subsidiaries;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.2in"></TD><TD STYLE="width: 0.2in"><B>&bull;</B></TD><TD>restrictions on repatriation of investments and on the transfer of funds abroad;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.2in"></TD><TD STYLE="width: 0.2in"><B>&bull;</B></TD><TD>expropriation or nationalization;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.2in"></TD><TD STYLE="width: 0.2in"><B>&bull;</B></TD><TD>import/export restrictions or other laws and policies affecting foreign trade and investment;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.2in"></TD><TD STYLE="width: 0.2in"><B>&bull;</B></TD><TD>price controls or price fixing regulations;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.2in"></TD><TD STYLE="width: 0.2in"><B>&bull;</B></TD><TD>restrictions on land acquisition or use or agricultural commodity production; and</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.2in"></TD><TD STYLE="width: 0.2in"><B>&bull;</B></TD><TD>other political, social and economic developments, including political, social or economic instability, in or affecting the
country where each business is based.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 24.4pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 24.4pt">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="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.4pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.4pt">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="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.4pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.4pt">The Argentine Peso depreciated
8.08% against the U.S. dollar in 2011, 14.4% in 2012, 32.5% in 2013, 31.2% in 2014, 52.1% in 2015 and 21.9% in 2016, based on the
official exchange rates published by the Argentine Central Bank. In the past years, the Argentine government imposed restrictions
on the purchase of foreign currency (see &ldquo;&mdash;Risks Related to Argentina&mdash;Exchange controls could restrict the inflow
and outflow of funds in Argentina.&rdquo;) which measures gave rise to an unofficial market where the U.S. dollar traded at a different
market value than reflected in the official Argentine Peso &ndash; U.S. Dollar exchange rate. Following national elections in Argentina
in 2015, the newly elected Macri administration (the &ldquo;Macri
Administration&rdquo;) changed the currency policy and lifted almost all of the restrictions on the purchase of foreign currency
while at the same time officially depreciating the Argentine Peso, practically eliminating the gap between the official and unofficial
exchange rates that coexisted during the previous years. 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="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.4pt">&nbsp;</P>


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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.4pt">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 currently intervening in the market, through currency swaps and trading
in the spot market, among other measures, 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 12.37% against the U.S. dollar in 2011, 9.90% in 2012, 15.13% in 2013, 12.52%
in 2014, 49.04% in 2015, and in 2016 the Real appreciated 16,54% against U.S. dollar.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 24.4pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 24.4pt">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="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B><I>Inflation in some of the countries in
which we operate, along with governmental measures to curb 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.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.4pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.4pt">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="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.4pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.4pt">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 currency denominated obligations.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.4pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.4pt">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 Estadisticas y Censos, or &ldquo;INDEC&rdquo; (Argentine
Statistics and Census Agency), the consumer price index increased by 9.5% in 2011, 10.8% in 2012, and 10.9% 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. See &ldquo;&mdash;Risks Related to Argentina&mdash;Official
data regarding inflation may be unreliable.&rdquo;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.5pt">In February 2014 the INDEC
modified the methodology for the calculation of the consumer price index (&ldquo;CPI&rdquo;) and the gross domestic product. Under
the new calculation methodology, the CPI increased by 23.9% in 2014 and 11.9% as of October 2015 (for the first nine months of
2015). However, opposition lawmakers reported an inflation rate of 38.5% and 27.5%, respectively. In December 2015, the Macri administration
appointed a former director of a private consulting firm to manage the INDEC. The new director initially suspended the publication
of any official data prepared by INDEC and implemented certain methodological reforms and adjusted certain indices based on those
reforms. In January 25, 2016, INDEC published two alternative measures of the CPI for the year 2015, 29.6% and 31.6%, which were based on
data from the City of Buenos Aires and the Province of San Luis. After implementing these methodological reforms in June 2016,
the INDEC resumed its publication of the consumer price index. According to INDEC, Argentina&acute;s rate of inflation for May,
June, July, August, September, October, November and December 2016 was 4.2%, 3.1%, 2%, 0.2%, 1.1%, 2.4%, 1.6% and 1.2%, respectively.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.5pt">&nbsp;</P>


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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.4pt">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 7.8% 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, inflation
of 3.7% in 2014, inflation of 10.5% in 2015, and 7.2% accumulated in the year ended on December 31, 2016, 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&rsquo;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
&ldquo;SELIC&rdquo;) 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, 11.75% in 2014, 14.25% in 2015 as determined by the Comit&ecirc; de Pol&iacute;tica
Monet&aacute;ria, or COPOM. In the quarter ended on December 31, 2016, the SELIC was 13.75%.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.4pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.4pt">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="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.4pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.4pt">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 curtails 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 common shares and the U.S. Dollar or Euro equivalent of the market price of our common 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="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.4pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.4pt">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&rsquo;s income from exports. This could have a negative effect on gross domestic product
(&ldquo;GDP&rdquo;) growth and employment and could also reduce the public sector&rsquo;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="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>


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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.5pt">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="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.5pt">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&rsquo; 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="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.5pt">&nbsp;</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.5pt">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 &ldquo;Public Emergency Law&rdquo;) 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="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.5pt">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 rise in these prices
has contributed to the increase in Argentine exports since the third quarter of 2002 and to high government tax revenues from export
taxes. However, the reliance on the export of certain commodities has caused the Argentine economy to be more vulnerable to price
fluctuations. 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="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.5pt">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, the reduction of industrial growth, the recession
and the increase of the capital outflows from Argentina. The foregoing prevailing economic conditions 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 &ldquo;&mdash;Risks Related to Argentina&mdash;Changes in the Argentine tax laws may
adversely affect the results of our operations&rdquo;.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.5pt">&nbsp;</P>


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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.5pt">Since the beginning of
2015, international commodity prices for Argentina&rsquo;s primary commodity exports have declined, which has had an adverse effect
on Argentina&rsquo;s economic growth. A continued decline in the international prices for Argentina&rsquo;s main commodity exports
could have a direct negative effect on our business, results of operation and financial condition, as well as on Argentina&rsquo;s
economy.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.5pt">According to the INDEC,
Argentina&rsquo;s GDP, in real terms, grew by 9.2% in 2010, 8.9% in 2011, 1.9% in 2012, 5.6% in 2013 and 0.5% in 2014. The GDP
for the first two quarters of 2015 grew by 1.1% and 2.3%, respectively, compared to the same periods in 2014. See &ldquo;&mdash;Risks
related to Argentina&mdash;Official data regarding inflation may be unreliable&rdquo; and &ldquo;&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&rdquo;. 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% and 0.5%
for 2014. Because of the implementation of certain methodological reforms by the Macri administration and the adjustment of certain
indices based on these reforms, the INDEC also revised the GDP data from 2004 through 2015. Among other adjustments, in calculating
GDP for 2004, the INDEC made changes to the composition of GDP that resulted in a negative adjustment of approximately 12% for
that year. To calculate real GDP for subsequent years based on the revised 2004 GDP, the INDEC used deflators that are consistent
with its revised methodology to calculate inflation. By previously understating inflation, the INDEC had overstated economic growth
in real terms. The adjustments made by the INDEC lead to a determination of real GDP growth of 48.6% for the period of 2004 to
2015, as opposed to 65% growth in real terms for the same period resulting from the information used prior to June 2016. We cannot
assure you that any future official information regarding GDP will be reliable or whether the GDP will increase or remain stable
in the future.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.5pt">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 &ldquo;&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&rdquo;.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.5pt">In addition, during the
recent past the Argentine Central Bank&rsquo;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&rsquo;s reserves may weaken Argentina&rsquo;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&rsquo;s economic growth and public finances.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.5pt">Presidential, congressional
and state government elections were held during 2015 (with the majority of such elections occurring in October 2015). Presidential
elections were won by the opposing political party, led by Mauricio Macri, after conducting the first run-off in Argentine history.
The elected government, in office since December 10, 2015, has announced and adopted several significant economic and policy reforms:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 60.5pt; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 42.5pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">INDEC Reforms: On January 8, 2016, based on the determination that the INDEC has failed to produce
reliable statistical information, particularly with respect to the CPI, GDP, poverty and foreign trade data, the Macri administration
declared the national statistical system and the INDEC in a state of administrative emergency. As a result, the INDEC ceased publishing
certain key statistical data until a rearrangement of its technical and administrative structure is finalized. In June 2016, the
INDEC resumed its publication of the CPI. As of the date of this annual report, the INDEC has begun publishing certain revised
data, including GDP, foreign trade and balance of payment statistics, although it remains in a state of administrative emergency.
See &ldquo;&mdash;Risks related to Argentina&mdash;Official data regarding inflation may be unreliable&rdquo;.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 60.5pt; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 42.5pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">Foreign Exchange Reforms: The elected government has also introduced substantial changes to the
foreign exchange restrictions, reversing most of the restrictions adopted since 2011, thus providing greater flexibility and access
to the foreign exchange market. See &ldquo;&mdash;Risks related to Argentina&mdash;Exchange controls could restrict the inflow
and outflow of funds in Argentina&rdquo;.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 60.5pt; text-align: justify; text-indent: -0.25in">&nbsp;</P>


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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 42.5pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">Foreign trade reforms. The Macri administration eliminated export duties on wheat, corn, beef and
regional products, and reduced the duty on soybeans from 35% to 30%. Further, the 5% export duty on most industrial and mining
exports was eliminated.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 60.5pt; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 42.5pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">Primary Balance. The Macri administration announced its intention to reduce the primary deficit
in part by eliminating public services subsidies currently in effect.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 60.5pt; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 42.5pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">Infrastructure state of emergency and reforms. The Macri administration issued Resolution No. 6/2016
of the Ministerio de Energ&iacute;a y Miner&iacute;a de la Naci&oacute;n (National Ministry of Energy and Mining) and Resolution
No. 1/2016 of the Ente Nacional Regulador de la Electricidad (National Electricity Regulatory Agency), through which the Macri
administration announced the elimination of some energy subsidies currently in effect and a substantial increase in electricity
rates. Additionally, the government declared a state of emergency with respect to the national electrical system, which is expected
to remain effective until December 31, 2017. Under this state of emergency, the Macri administration will be permitted to take
actions designed to guarantee the supply of electricity.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 60.5pt; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 21.3pt">We cannot predict the
impact that these policies or any future polices implemented by the Macri administration or any other national government will
have on the Argentine economy as a whole or on our business, results of operation or financial condition, in particular. Moreover,
there is uncertainty as to when and if other measures announced during the presidential campaign will be implemented. Some of the
measures proposed by the Macri administration may also generate political and social opposition, which may in turn prevent the
new government from adopting such measures as proposed. In addition, political parties opposed to the new government retained a
majority of the seats in the Argentine Congress in the recent elections, which will require the new government to seek political
support from the opposition for its economic proposals and creates further uncertainty in the ability of the new government to
pass measures. Political uncertainty in Argentina relating to the measures to be taken by the Macri administration in respect of
the Argentine economy could lead to volatility in the market prices of securities of Argentine companies.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.5pt">A continued deterioration
of the economic, social and/or political conditions may adversely affect the development of the Argentine economy and force the
Macri administration to adopt future policies including forced renegotiation or modification of existing contracts, suspension
of the enforcement of creditors&rsquo; 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="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B><I>&nbsp;</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.5pt">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&rsquo;s foreign debt and multiple downgrades in Argentina&rsquo;s
foreign debt rating with attendant restrictions on Argentina&rsquo;s ability to obtain financing in the international markets.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 21.3pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 21.3pt">Argentina&rsquo;s 2001
sovereign default and its failure to fully restructure its sovereign debt and negotiate with the holdout creditors has limited
and may continue to limit Argentina&rsquo;s ability to access international financing. In 2005, Argentina completed the restructuring
of a substantial portion of its indebtedness and settled all of its debt with the IMF. Additionally, in June 2010, Argentina completed
the restructuring of a significant portion of the defaulted bonds that were not exchanged in the 2005 restructuring. As a result
of debt exchanges carried out in 2005 and 2010, Argentina restructured approximately 93% of its defaulted debt that was eligible
for restructuring. However, holdout bondholders that declined to participate in the restructuring, filed lawsuits against Argentina
in several countries, including the United States. Since late 2012, rulings from courts in the United States favorable to holdout
bondholders aggravated investors&rsquo; concerns regarding investment in the country.&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.5pt"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.5pt">&nbsp;</P>


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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 21.3pt">In November 2012, the
United States District Court for the Southern District of New York&nbsp;in re:&nbsp;&ldquo;NML Capital, Ltd. v. Republic of Argentina&rdquo;,
ratified and amended the injunction order issued in February 2012, which held that Argentina violated the&nbsp;pari
passu&nbsp;clause with respect to the bondholders that had not participated in the sovereign debt restructuring in 2005 and 2010.
Pursuant to such ruling, Argentina was required to pay 100% of the amounts due to the plaintiffs, simultaneously with the payment
of the amounts due on the next maturity date of the bonds to the bondholders who participated in the debt restructuring. In June
2014, the U.S. Supreme Court denied Argentina&rsquo;s petition for a writ of&nbsp;certiorari&nbsp;of the U.S. Second Circuit Court
of Appeals&rsquo; ruling affirming the U.S. District Court&rsquo;s judgment. Later that month, the U.S. District Court ruled that
funds deposited with the Bank of New York Mellon, the trustee which manages payments for Argentina's bonds issued in the 2005 and
2010 debt restructuring, could not be delivered to the holders of restructured debt in the absence of a prior agreement with the
holdout bondholders. In June 2015, the U.S. District Court granted partial summary judgment to a group of &ldquo;me-too&rdquo;
plaintiffs in 36 separate lawsuits, finding that, consistent with the previous ruling of such court, Argentina violated the&nbsp;pari
passu&nbsp;clause in the bonds issued to the &ldquo;me-too&rdquo; bondholders.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 21.3pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 21.3pt">In February 2016, the
Macri administration entered into settlement agreements with certain holdout bondholders to settle these claims, which were subject
to the approval of the Argentine Congress and the lifting of the&nbsp;pari passu&nbsp;injunctions. In March 2016, after the U.S.
District Court agreed to vacate the&nbsp;pari passu&nbsp;injunctions subject to certain conditions, the Argentine Congress ratified
these settlement agreements through Law No. 27,249 and repealed the provisions of the so called Lock Law No. 26,017 and the Sovereign
Payment Law No. 26,984, which prohibited Argentina from offering holdout bondholders more favorable terms than those offered in
the 2005 and 2010 debt restructuring. In recent months, the Argentine national government has reached settlement agreements with
holders of a significant portion of the defaulted bonds and has repaid the majority of the holdout creditors with the proceeds
of a US$16.5 billion international offering of 3-year, 5-year, 10-year and 30-year bonds on April 22, 2016. Although the size of
the claims involved has decreased significantly, litigation initiated by bondholders that have not accepted Argentina&rsquo;s settlement
offer continues in several jurisdictions.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 21.3pt">Additionally, foreign
shareholders of several Argentine companies have filed claims with the ICSID alleging that the emergency measures adopted by the
Argentine national government since the crisis in 2001 and 2002 differ from the just and equal treatment standards set forth in
several bilateral investment treaties to which Argentina is a party. ICSID has ruled against Argentina with respect to many of
these claims.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 21.3pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 21.3pt">Litigation involving holdout
creditors, claims with ICSID and other claims against the Argentine national government, resulted and may result in material judgments
against the government, lead to attachments of or injunctions relating to Argentina&rsquo;s assets, or could cause Argentina to
default under its other obligations, and such events may prevent Argentina from obtaining favorable terms or interest rates when
accessing international capital markets or from accessing international financing at all. Our ability to obtain U.S. dollar-denominated
financing has been adversely impacted by these factors. During 2014, 2015 and 2016, it became increasingly difficult for Argentine
companies to obtain financing in U.S. dollars, and loans in local currencies carry significantly higher interest rates. The termination
of the injunctions issued by the United States courts preventing bondholders from receiving their interest payments on the bonds
issued pursuant to the 2005 and 2010 exchange offers, and the related subsequent events, have paved the way for the Argentine national
government to regain access to the international capital markets. Nonetheless, Argentina&rsquo;s ability to obtain international
or multilateral private financing or direct foreign investment may be limited, which may in turn impair its ability to implement
reforms and public policies to foster economic growth. In addition, Argentina&rsquo;s ongoing litigation with the remaining holdout
creditors as well as ICSID and other claims against the Argentine national government, or any future defaults of its financial
obligations, may prevent us from accessing the international capital markets or cause the terms of any such transactions less favorable
than those provided to companies in other countries in the region, potentially impacting our financial condition.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.5pt">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&rsquo;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="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.4pt">&nbsp;</P>


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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.5pt">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="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.5pt">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 (<I>Administradoras de Fondos de Jubilaciones y Pensiones</I>, or &ldquo;AFJPs&rdquo;)
to the National Social Security Administrative Office (<I>Administraci&oacute;n Nacional de la Seguridad Social</I>). 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, 2016, our subsidiaries
in Argentina have relied on local Argentine financing for 28.5% 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="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><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="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.5pt">Law No. 26,737, passed
by the Argentine Congress in December 2011, and its implementing regulation Decree No. 274/2012, as amended and supplemented by
Decree No. 820/2016 dated as of February 28, 2012 and of June 30, 2016, respectively, impose limits on the ownership or possession
of rural land by foreign legal entities or certain foreign individuals.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.5pt">Law No. 26,737 and its
implementing regulation require that, &ldquo;foreign ownership&rdquo; 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, &ldquo;foreign ownership&rdquo; 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 foreign individuals or entities own, whether directly or indirectly, a number of votes
sufficient to prevail in the local entity&acute;s decision-making process. It is presumed that foreign legal entities where more
than 51% of the stock is directly or indirectly owned by foreign individuals or entities are subject to Law No. 26,737; (iii) companies
that issue bonds (a) convertible in stock representing 51% or more of the company&rsquo;s stock upon conversion and (b) whose holders
are foreign individuals or entities; (iv) trusts whose beneficiaries are foreign individuals or entities, as defined pursuant to
(i) and (ii) above; (v) joint ventures in which foreign entities or individuals hold a participating interest higher than those
set forth by the law; (vi) foreign public law-governed legal entities; and (vii) 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.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.5pt">Law No. 26,737 created
a National Registry of Rural Land (<I>Registro Nacional de Tierras Rurales</I>) in charge of the enforcement of the provisions
of the law and registry of rural land.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.5pt">Any modification to the
capital stock of companies that own or possess rural land, by public or private instrument, that implies a direct or indirect change
of control, must be reported to the National Registry of Rural Land within 30 days from the date of such modification.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.5pt">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 &ldquo;core area&rdquo;, or the &ldquo;equivalent surface&rdquo;, as determined by
the Interministerial Council of Rural Land (Consejo Interministerial de Tierras Rurales) in accordance with the provinces&rsquo;
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 &ldquo;equivalent surface&rdquo; 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, as amended and supplemented by Decree No. 820/2016 the departments that
comprise the &ldquo;core area&rdquo; 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, San Andres de Giles, Pergamino, Arrecifes and Carmen de Areco in the Province
of Buenos Aires.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.5pt">&nbsp;</P>


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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.5pt">Foreign legal entities
or individuals may not own rural land that contain or are located beside permanent and significant bodies of water to be determined
by the Federal Hydrological Council (<I>Consejo H&iacute;drico Federal</I>) and may also include hydrological works and projects
considered strategic and of public interest.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.5pt">Acquisition of rural land
will not be deemed as an &ldquo;investment&rdquo; under bilateral investment treaties signed by the Argentine Republic, since rural
land is deemed as &ldquo;a non-renewable natural resource&rdquo;.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.4pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 21.3pt">The regulatory decrees
of Law No. 26,737 provide that no previous authorization certificate is required for certain operations such as (i) the transfer
of the property or possession rights over real estate properties that were located in an &ldquo;Industrial Area&rdquo; or an &ldquo;Industrial
Park&rdquo;, independently from the acquirer&rsquo;s nationality, (ii) any modification to the capital stock of companies that
own or possess rural land, by public or private instrument, when such modification implies a direct or indirect change of control,
provided that such change of control is not made in favor of a new foreign legal entity or individual; and (iii) creation of certain
real property rights over the rural land, such as easements.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 21.3pt">Upon the issue of Decree
No. 820/2016, the effects of Law No. 26,737 have been somewhat mitigated, by setting forth a term of 90 days during which the foreign
legal entity or individual that has exceeded the allowed limit of ownership of rural land must reduce their current ownership to
the legal limit by (i) transferring or causing any of its controlled legal entities to transfer the amount of rural land that exceeds
the legal limit, or (ii) modifying or causing any of its controlled legal entities to modify the type of exploitation awarded to
rural lands owned by such foreign legal entity, or (iii) transferring its participation to legal entities that are considered compliant
pursuant to the terms of Law No. 26,737.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.5pt">Law No. 26,737 initially
stated that, even though no vested rights could be affected as a result of the application of such law, any act in violation of
its provisions would be considered null and void. Decree No. 820/2016 clarified this situation and established that the foreign
entities or individuals who owned rural land in excess to the allowed limit of ownership when the Law No. 26,737 came into effect
(i) are not obliged to transfer such rural land in excess, and (ii) in the event of transfer of rural lands acquired before Law
No. 26,737 was in force, they can acquire the equivalent to such transferred rural land, provided the legal limits established
to the type of exploitation and location. Hence, the application of laws regarding foreign ownership of rural lands does 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="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B><I>Our results of operations may be adversely
affected by high and possibly increasing inflation in Argentina.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 21.3pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 21.3pt">In the past, inflation
has materially undermined the Argentine economy and the government&rsquo;s ability to create conditions that would permit stable
growth. High inflation may also undermine Argentina&rsquo;s foreign competitiveness in international markets and adversely affect
economic activity and employment, as well as our business and results of operation. In particular, the profit margin on our services
is impacted by the increase in our costs in providing those services, which is influenced by wage inflation in Argentina, as well
as other factors.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 21.3pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 21.3pt">According to data published
by the INDEC, the CPI increased 23.9% in 2014 and 11.9% as of October 2015 (for the first nine months of year 2015). In November
2015, the INDEC suspended the publication of the CPI. According to the most recent publicly available information based on data
from the Province of San Luis, the CPI grew by 31.6% in 2015 and by 31.4% in 2016. According to the most recent publicly available
information based on data from the City of Buenos Aires, the CPI grew by 29.6% in 2015 and by 41.0% in 2016. After implementing
certain methodological reforms and adjusting certain macroeconomic statistics based on these reforms, in June 2016 the INDEC resumed
its publication of the CPI. According to the INDEC, Argentina&rsquo;s rate of inflation for May, June, July, August, September,
October, November and December 2016 was 4.2%, 3.2%, 2.2%, 0.2%, 1.3%, 2.6%, 1.8% and 1.2%, respectively. Private estimates, on
average, refer to annual rates of inflation substantially in excess of those published by the INDEC. For example,
opposition lawmakers in Argentina reported an inflation rate of 41%, 25.0% and 38.5% for the years ended December&nbsp;31, 2016,
2015 and 2014, respectively.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 21.3pt">&nbsp;</P>


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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 21.3pt">Uncertainty surrounding
future inflation rates may have an adverse impact for Argentina in the long-term credit market.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 21.3pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 21.3pt">The INDEC implemented
certain methodological reforms and adjusted certain indexes based on these reforms The lack of accuracy in the INDEC&rsquo;s indexes
could result in a further decrease in confidence in Argentina&rsquo;s economy, which could, in turn, have an adverse effect on
our ability to access the international credit markets at acceptable market rates to be able to finance our operations and growth.
See&nbsp;&ldquo;&mdash;Risks Related to Argentina&mdash;Official data regarding inflation may be unreliable&rdquo; and &mdash;
&ldquo;The economy of Argentina may be affected by its government&rsquo;s limited access to financing from international markets&rdquo;
&mdash;.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 21.3pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 21.3pt">Inflation rates could escalate, and there is
uncertainty regarding the effects that the measures taken, or that may be taken, by the Macri administration to control inflation
could have. If inflation remains high or continues to increase, Argentina&rsquo;s economy may be negatively impacted and our results
of operations could be materially adeversely affected.</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 21.3pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 21.3pt">Since 2007, the inflation
index determined by INDEC has been the subject of widespread criticism and extensive discussions in connection with analysis of
the Argentine economy. The intervention of the former Argentine government in the INDEC in 2007 and the change in the way the inflation
index was measured have resulted in disagreements between the former Argentine government and private consultants as to the actual
annual inflation rate. The former Argentine government imposed fines on private consultants reporting inflation rates higher than
the INDEC data. As a result, private consultants typically shared their data with Argentine lawmakers who opposed the previous
government, and who released such data from time to time. The widespread disagreements had the negative effect of eroding public
confidence in Argentina&rsquo;s economy.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.5pt">Reports published by the
International Monetary Fund (&ldquo;IMF&rdquo;) in the past state that their staff uses alternative measures of inflation for macroeconomic
surveillance, including data produced by private sources, which have shown considerably higher inflation rates than those published
by the INDEC since 2007. The IMF has also criticized Argentina for not taking sufficient remedial measures to address the quality
of its official data, including inflation and GDP data, as required under the Articles of Agreement of the IMF.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.2in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.2in">In February 2014, the INDEC
released a new inflation index, known as National Urban Consumer Price Index (<I>&Iacute;ndice de Precios al Consumidor Nacional
Urbano</I>) that measured the prices of goods across the country and replaced the previous index that only measured inflation in
the urban sprawl of the City of Buenos Aires. Pursuant to these calculations, such new consumer price index rose 23.9% in 2014
and 11.9% during the ten-month period ended October 31, 2015. Even though the new methodology brought inflation statistics closer
to those estimated by private sources, material differences between recent official inflation data and private estimates remained
during 2015. The lack of accuracy in the INDEC&rsquo;s indices could result in a further decrease in confidence in Argentina&rsquo;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="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B><I>&nbsp;</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.4pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.4pt">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 were also imposed on the grain and oilseed markets that essentially limited the access of traders to exports,
resulting in a disparity between domestic and world prices. In March 2012, the Undersecretary of Transport created an &ldquo;indicative
price&rdquo; 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 &ldquo;indicative price&rdquo; fixed for the applicable period. In
some cases, the imposition of this &ldquo;indicative price&rdquo; 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 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 basic
products subject to review on a quarterly basis. As of the date hereof, one of our rice products sold under the trademark &ldquo;Molinos
Ala&rdquo; 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="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.4pt">&nbsp;</P>


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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.4pt">The Argentine government
may pursue other expropriations or similar interventions such as the one relating to YPF. See &ldquo;&mdash;Risks related to Argentina&mdash;The
economy of Argentina may be affected by its government&rsquo;s limited access to financing from international markets.&rdquo; 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="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.4pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.4pt">The Capital Markets Law
modifies the applicable regime of the Capital 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>) (&ldquo;CNV&rdquo;).
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 disband 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. In November, 2016, the Argentine executive branch sent a bill to the Argentine
Congress to reform the current Capital Markets Law No. 26,831 which, among other changes, proposes the abrogation of these interventionist
powers granted to the CNV and generally seeks to modernize the entire regulatory framework applicable to the Argentine Capital
Markets, incorporating current international practices to further its development. However, as of the date of this annual report,
such bill has not yet been passed.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.5pt">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. (&ldquo;YPF&rdquo;), 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. 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.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.5pt">Furthermore, on April
1, 2014 the Argentine Tax Federal Authority (&ldquo;Administraci&oacute;n Federal de Ingresos P&uacute;blicos &ndash; AFIP&rdquo;)
issued Resolution No. 3,593/14 which established a &ldquo;Systematic Registration of Movements and Grains Stocks Regime&rdquo;
(&ldquo;R&eacute;gimen de Registraci&oacute;n Sistem&aacute;tica de Movimientos y Existencias de Granos&rdquo;) pursuant to which
all persons involved in the commercialization and manufacturing of grains and dairy products registered with the <I>Registro &Uacute;nico
de Operadores de la Cadena Agroindustrial</I> (&ldquo;RUCA&rdquo; for its acronym in Spanish) 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 or through third parties.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.5pt">On April 16, 2015, the
Argentine Congress passed a law approving the government takeover of the passenger and cargo railways, which became owned by a
State-owned company called Ferrocarriles Argentinos Sociedad del Estado. This law is another example of intervention
by the Argentine government and may result in higher transportation costs for our products and operations.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.5pt">&nbsp;</P>


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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.5pt">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&rsquo;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&rsquo;s economy and, in turn, our business, results of operations and financial condition.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.5pt">Although many of the above
measures were adopted or announced by the former Argentine government, we cannot assure you that the Macri administration will
not 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 Macri administration 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="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.2in">&nbsp;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.5pt">Argentina has experienced
significant social and political turmoil, including civil unrest, riots, looting, nationwide protests, strikes and street demonstrations.
Despite Argentina&rsquo;s economic recovery and relative stabilization, social and political tension and high levels of poverty
and unemployment continue. Currently, Argentina is facing national protests, including a general massive strike and several protests
during 2017.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.5pt">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&rsquo; 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="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.4pt">&nbsp;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">In the past, the Argentine
government has passed laws, regulations and decrees requiring companies in the private sector to increase wages and provide specified
benefits to employees, and may do so again in the future. Argentine employers, both in the public and private sectors, have experienced
significant pressure from their employees and labor organizations to increase wages and to provide additional employee benefits.
Due to the high levels of inflation, employees and labor organizations are demanding significant wage increases. In August 2012,
the Argentine government established a 25% increase in minimum monthly salary to 2,875 Argentine pesos, effective as of February
2013. The Argentine government increased the minimum salary to 3,300 Argentine pesos in August 2013, to 3,600 Argentine pesos in
January 2014, to 4,400 Argentine pesos in September 2014, to 4,716 in January 2015, to 5,588 Argentine pesos in August 2015, to
6,060 Argentine pesos in January 2016, to 6,810 Argentine pesos in June 2016 and 7,560 Argentine pesos in September 2016. Recently,
the INDEC published data regarding the evolution of salaries in the private and public sectors, which reflects approximately 32.91%
and 32.58% salary increases in the private and public sectors, respectively, for the period from November 2015 through December
2016.&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">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 2016 organized labor unions agreed with employers&rsquo; associations on salary
increases between 27% and 37%. Headcount in Argentina represents the 15.4% of the total headcount of the Company, Accordingly,
if, as a result of such measures, future salary increases in Argentine peso exceed the pace of the devaluation of the Argentine
pesos, they could have a material and adverse effect on our expenses and business, results of operations and financial condition.</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.5pt">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. As of December 2015, the Macri administration eliminated farm export duties on corn, wheat and local
products, while soy export taxes were reduced by 5% to 30% and 27% for most soybean products. Notwithstanding these measures, we
cannot provide assurances or make predictions as to the impact this measure will have on our business, results of operations and
financial condition.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.5pt">&nbsp;</P>


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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.5pt">On January 2, 2017, the
Macri administration enacted a further reduction of the export duties on soybean and soybean products, including a monthly 0.5%
cut on the export duties rate starting on January 2018 and until December 2019 has been set.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.5pt">Pursuant to a resolution
of the AFIP since February 2012, prior to the execution of any purchase order or similar document, Argentine importers were required
to file before the AFIP a &ldquo;Prior Import Statement&rdquo; (Declaraci&oacute;n Jurada Anticipada de Importaci&oacute;n) providing
information on future imports. Compliance with this requirement would be verified by the Argentine Customs upon arrival of the
goods into Argentina and it was mandatory for the authorization of the payment of the purchase price by the Argentine financial
entities. Even though this was intended merely as an information regime, it was considered to be used for purposes of restricting
imports into Argentina. The Macri administration has adopted a similar regime that replaced the former Prior Import Statement system
by the Import Monitoring System (Sistema Integral de Monitoreo de Importaciones or &ldquo;SIMI&rdquo;). Under this new system,
importers are required to submit certain information electronically through the SIMI application which, once approved, will be
valid for 180 calendar days. 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="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.5pt">The Macri administration
has also enacted an import licensing regime that includes automatic and non-automatic licensing for imports. Automatic import licensing
provides that the importer is only required to submit information through the SIMI as well as provide other certification related
to the imported goods. Non-automatic licensing provides that the authorities have a 10-day period to either approve or reasonably
reject the import license requested based on its effect on local businesses, in addition to the other import requirements that
the goods be subject to (SIMI, certifications, etc). The prior administration had imposed a similar regime regarding the &ldquo;import&rdquo;
and &ldquo;export&rdquo; of service (<I>Declaraci&oacute;n Jurada Anticipada de Servicios</I> or &ldquo;DJAS&rdquo; for its acronym
in Spanish) in order to control and restrict payments made by Argentine residents on services provided by foreign services, but
it was deregulated recently by the Macri administration.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.5pt">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 or burdensome
licensing requirements could adversely affect our financial condition or results of operations.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.5pt">&nbsp;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.5pt">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 as well as the purchase of foreign currency and
on the transfer of funds from Argentina.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.5pt">Although some of these
restrictions were subsequently eased, in June 2005, the Argentine government issued Decree No. 616/2005, which established new
controls on capital inflows that could result in reduced availability of international credit, including the requirement, subject
to certain exceptions, that 30% of all funds remitted to Argentina remain deposited in a domestic financial institution for 365
days in a non-interest bearing account. In addition, since the second half of 2011, the Argentine government increased certain
controls on the incurrence of foreign currency-denominated indebtedness, the acquisition of foreign currency and foreign assets
by local residents. For example, the Argentine Central Bank adopted regulations that (i) shortened the period for a borrower to
convert foreign currency-denominated indebtedness into Argentine pesos, (ii) shortened a borrower&rsquo;s window of access to the
local foreign exchange market in connection with a prepayment of scheduled interest payments in respect of foreign currency-denominated
indebtedness and (iii) suspended the ability of local residents to access the local exchange market for the acquisition of foreign
currency.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.5pt">&nbsp;</P>


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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.5pt">In December 2015, the
Macri administration introduced substantial changes to the foreign exchange restrictions, reversing most of the measures adopted
since 2011 and providing greater flexibility and access to the foreign exchange market. See &ldquo;&mdash;Risks related to Argentina&mdash;Argentine
economic and political conditions and perceptions of these conditions in the international market may have a direct impact on our
business and our access to international capital and debt markets, and could adversely affect our results of operations and financial
condition&rdquo; in this section.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.5pt">Notwithstanding the measures,
adopted by the Macri administration, which lifted virtually all exchange and capital controls (except for the obligation of Argentine
exporters of goods to repatriate to the FX Market foreign currency proceeds from export transactions, such as receivables relating
to the exportation of goods, which are required to be settled through the foreign exchange Market), the Argentine government may
impose or increase exchange controls or transfer restrictions in the future in response to capital flight or a significant depreciation
of the Argentine peso. These restrictions and requirements, and any additional exchange controls and transfer restrictions in the
future that may be adopted by the Argentine government, could adversely affect our financial condition and the results of our operations,
or the market price of our common shares. In addition, other exchange controls could in the future 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="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 22.7pt">On September 23, 2013,
Law No. 26,893 amending the Income Tax Law was enacted. According to the amendments the distribution of dividends became subject
to withholding income tax at a rate of 10% unless dividends were distributed to Argentine corporate entities and the income derived
from&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% provided the gains are recognized by Argentine resident individuals. The withholding
tax rate for the sale, exchange or disposition of shares and other securities when gains are recognized by a foreign beneficiary
is, at the option of the non-Argentine resident seller, 13.5% on the gross amount or 15% on the net amount derived from the transaction.
However, as of the date of this report, regulations that define the calculation methodology for the 15% rate on the net amount
have not been enacted. Accordingly, the 13.5% rate is normally applied.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">On July 22, 2016, Argentina
published Law No. 27,260 in the Argentine Official Gazette, which makes significant changes to the Argentine tax laws and establishes
new tax regimes as the &ldquo;Voluntary and extraordinary disclosure regime of national and foreign currency holding and other
assets, within Argentina and abroad&rdquo; (Tax Amnesty) and a moratorium for tax, social security and customs obligations.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">In addition, the 10% withholding
tax established by Law No. 26,893 that was applied by companies on the distribution of dividends and profits was abrogated. Therefore,
dividend distributions are not subject to income tax withholding apart from the so-called &ldquo;equalization tax&rdquo; which
applies if the dividends distributed exceed the net accumulated taxable income of the distributing corporation.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">Furthermore, compliant
taxpayers are able to obtain an exemption from Personal Assets Tax payable by Argentine resident companies as substitute taxpayers
on the participation held by their foreign shareholders and Argentine individual shareholders until fiscal year 2018 inclusive.
The applicable tax on shares and other equity participations in Argentine companies is 0.25% on the net worth value of the company.
Regarding the other tax on wealth, the Minimum Presumed Income Tax for fiscal years to be initiated as from January 1, 2019 has
been abrogated.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">On December 27, 2016 the
Argentine Official Gazette published Law No. 27,346 that introduced important amendments to the Income Tax Law. The law creates
a new tax levied on financial speculation trades (commonly known as &ldquo;USD Futures Market Trades&rdquo;) to be applied one-time
only on the profits obtained by any person. Thus, gross income derived from &ldquo;positive price differences&rdquo; arising from
the buying or selling of USD Futures Market Trades will be taxed at an additional 15% tax rate.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>


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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">In addition, Law No. 27,346
also modifies the Value Added Tax Law and creates the figure of substitute taxpayer for the payment of the tax corresponding to
foreign residents who render services in Argentina. Substitute taxpayers will assess and pay for value-added tax corresponding
to the act, even in the cases in which it is impossible to withhold that tax from the foreign resident. Also, the tax paid will
be considered as a tax credit if in favor of the substitute taxpayer.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.5pt">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&rsquo;s
GDP, in nominal terms, grew by 6.1% in 2007, 5.1% in 2008, decreased 0.1% in 2009, increased 7.5% in 2010, increased 3.9% in 2011,
increased 1.9% in 2012, increased 3.0% in 2013, increased 0.1% in 2014 and decreased 3.8% in 2015. We cannot assure you that GDP
will increase or remain stable in the future. Future developments in the Brazilian economy may affect Brazil&rsquo;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="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.5pt">Historically, Brazil&rsquo;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="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.5pt">&nbsp;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.5pt">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 Brazilian
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.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.5pt">Currently Brazil is tackling
an economic recession and the Government is adopting fiscal adjustment measures. Any fiscal adjustment is complex and involves
radical and unpopular measures. The Minister of Finance has also been raising the possibility of increasing or creating new taxes.
For example, the Brazilian government may reduce or increase at any time through a presidential decree the rates of the tax levied
on financial operations, such as credit transactions (&ldquo;IOF/Credit&rdquo;), foreign exchange transactions (&ldquo;IOF/Exchange&rdquo;),
derivative securities transactions (&ldquo;IOF/Securities&rdquo;), among other taxable events. On March, 30, 2017, a presidential
decree was published in order to introduce a 0,38% rate of the IOF/Credit on some loan transactions, such as credits provided by
cooperatives, which were previously subject to a zero percent rate.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.5pt">It is also common for
taxpayers to file suits for the declaration that a certain tax is illegal or unconstitutional. casein such cases where the final
decision is favorable to taxpayers, a situation that occurs very frequently. Accordingly, the Brazilian Government may propose
changes in the tax legislation in order to increase rates or to create new taxes..</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.5pt">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="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>


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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.5pt">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="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.5pt">As an example, the Instituto
Nacional de Coloniza&ccedil;&atilde;o e Reforma Agr&aacute;ria (&ldquo;INCRA&rdquo;) conducted an investigation to determine the
falsehood of the Certificado de Cadastro do Im&oacute;vel Rural (&ldquo;CCIR&rdquo;) delivered to us by the former owner of Rio
de Janeiro Farm (the &ldquo;Farm&rdquo;) in January 2005 when we acquired the Farm. The INCRA also conducted another investigation
related to the <I>cadeia dominial</I> 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. INCRA found no irregularity that could jeopardize the acquisition deed or affect the ownership of Rio de Janeiro Farm.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.5pt">&nbsp;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.5pt">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 Brazilian 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 Brazilian government. Under Article
184 of the Brazilian Constitution, the Brazilian government may expropriate land that is not in compliance with mandated local
&ldquo;social functions&rdquo;. A &ldquo;social function&rdquo; 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 Brazilian government may be less than the profit we could make from the sale or use of such land.
Disputing the Brazilian government&rsquo;s <B>(*)</B>expropriation of land is usually time-consuming and the outcomes 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="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.5pt">Brazilian Federal Law
No. 5,709, effective October 7, 1971 (&ldquo;Law 5709&rdquo;) 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 (i.e. land located at or near the Brazilian border) 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 (&ldquo;Law 8629&rdquo;), the restrictions mentioned in items (i) and (ii) above established by Law 5709 are
also applicable for rural lease agreements executed by foreigners. &ldquo;Parcerias Agr&iacute;colas&rdquo; (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&rsquo;s Office (&ldquo;AGU&rdquo;) on October 8, 2012 issued a legal
opinion 005/2012, pursuant to which the AGU confirmed the understanding that the &ldquo;Parcerias Rurais&rdquo; 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 &ndash; &ldquo;MEI,&rdquo; 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; &ldquo;INCRA&rdquo;) 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="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.5pt">&nbsp;</P>


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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.5pt">Since the enactment of
the Brazilian Constitution in 1988, the consensus view was 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. The Brazilian
Constitution 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. 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&rsquo;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&rsquo;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 &ldquo;Joint Normative Ruling N. 1&rdquo;); 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 &ndash; ZEE), relating to the location of the property.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.5pt">While we conduct our operations
in Brazil through local subsidiaries, we would be considered a foreign controlled entity within the meaning of the restrictions
described 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="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.5pt">&nbsp;</P>


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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.5pt">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="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B><I>The Brazilian government has exercised,
and continues to exercise, significant influence over the Brazilian economy, which, combined with Brazilian political and economic
conditions, may adversely affect us. </I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">We may be adversely affected by the following factors, as well as
the Brazilian government&rsquo;s response to these factors:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&bull;</TD><TD>economic and social instability;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&bull;</TD><TD>increase in interest rates;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&bull;</TD><TD>exchange controls and restrictions on remittances abroad;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&bull;</TD><TD>restrictions and taxes on agricultural exports;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&bull;</TD><TD>exchange rate fluctuations;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&bull;</TD><TD>inflation;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&bull;</TD><TD>volatility and liquidity in domestic capital and credit markets;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&bull;</TD><TD>expansion or contraction of the Brazilian economy, as measured by GDP growth rates;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&bull;</TD><TD>allegations of corruption against political parties, elected officials or other public officials, including allegations made
in relation to the &rdquo;Car Wash Operation&rdquo; (<FONT STYLE="text-underline-style: double"><I>Opera&ccedil;&atilde;o Lava-Jato)</I></FONT>
investigation;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&bull;</TD><TD>government policies related to our sector;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&bull;</TD><TD>fiscal or monetary policy and amendments to tax legislation; and</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&bull;</TD><TD>other political, diplomatic, social or economic developments in or affecting Brazil.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.45pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.45pt">Historically, the Brazilian
government has frequently intervened in the Brazilian economy and has occasionally made significant changes in economic policies
and regulations, including, among others, the imposition of a tax on foreign capital entering Brazil (IOF tax), changes in monetary,
fiscal and tax policies, currency devaluations, capital controls and limits on imports. The administration is currently facing
domestic pressure to retreat from the current macroeconomic policies in an attempt to achieve higher rates of economic growth.
In addition, the Brazilian government is proposing the creation of a tax on financial transactions, including wire transfers, (the
so-called &ldquo;CPMF&rdquo;) in order to improve the fiscal situation of the country. We cannot predict which policies will be
adopted by the Brazilian government and whether these policies will negatively affect the economy or our business or financial
performance.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.45pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.5pt">The Brazilian economy
has been experiencing a slowdown &ndash; GDP growth rates were 7.5%, 3.9%, 1.9%, 2.7%, and 0.1% in 2010, 2011, 2012, 2013 and 2014,
respectively and GDP decreased 3.8% in 2015. Inflation, unemployment and interest rates have increased more recently and the Brazilian
Real has weakened significantly in comparison to the U.S. dollar. The market expectations for the years 2016 and 2017 is that the
Brazilian economy will continue to slow down and GDP will decrease. Our results of operations and financial condition may be adversely
affected by the economic conditions in Brazil.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B><I>Allegations of political corruption against
the Brazilian government and the Brazilian legislative branch could create economic and political instability.</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.5pt">In the past, members of
the Brazilian government and of the Brazilian legislative branch have faced allegations of political corruption. As a result, a
number of politicians, including senior federal officials and congressmen, resigned and/or have been arrested. Currently, several
members of the Brazilian executive and legislative branches of government are being investigated as a result of allegations of
unethical and illegal conduct identified by the Car Wash Operation (<I>Opera&ccedil;&atilde;o Lava-Jato</I>) being conducted by
the Office of the Brazilian Federal Prosecutor. . On April 17th, 2016 the impeachment process of the Brazilian President was approved
by the House of Representatives and, on August 31st, 2016 the process was approved by Senate. The Brazilian President was replaced
by the Vice-President until a new election is held in 2018. The new President has been trying to implement political and economic
reforms related to labor and social security matters, and other measures targeting higher economic rates of growth and employment.
We cannot predict which policies will be adopted by the new Brazilian government and whether these policies will negatively affect
the economy and our business or results of operations.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.5pt">&nbsp;</P>


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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Additionally, the potential outcome of investigations
and proceedings related to the Car Wash Operation (<I>Opera&ccedil;&atilde;o Lava-Jato</I>) is unknown, but they have already had
an adverse impact on the general market perception of the Brazilian economy and the conclusion of these proceedings or further
allegations of illicit conduct could have additional adverse effects in the Brazilian economy. In this sense, the political crisis
could worsen the economic conditions in Brazil, which may adversely affect our results of operations and financial condition.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.5pt">Moreover, the economic
and political crisis have resulted in the downgrading of the country&rsquo;s long-term credit rating from the three major rating
companies, placing Brazil back in speculative investment grade level (&ldquo;junk&rdquo;). Standard &amp; Poor's downgraded Brazil
to BB with a negative outlook in February 2016; , Fitch Ratings downgraded to BB with a negative outlook, in May 2016 , while Moody&rsquo;s
maintained its Ba2 rating, changing its outlook from negative to stable in March 2017. According to Moody&rsquo;s, this improvement
is based on a more stabilized and predicted macroeconomic environment. However, the new Brazilian administration is still facing
domestic pressure to repair the economy and achieve higher rates of economic growth. We cannot predict which policies will be adopted
by the Brazilian government and whether these policies will negatively affect the economy or our business or financial performance..</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.5pt"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0"><B><I>Restrictions on
the movement of capital out of Brazil may impair our abilityto receive payments from our Brazilian Subsidiaries and restrict their
ability to make payments in U.S. dollars.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">In the past, the Brazilian
economy has experienced balance of payment deficits and shortages in foreign exchange reserves, and the Brazilian government has
responded by restricting the ability of Brazilian or foreign persons or entities to convert <I>reais</I> into foreign currencies.
The Brazilian government may institute a restrictive exchange control policy in the future. Any restrictive exchange control policy
could prevent or restrict our Brazilian Subsidiaires&rsquo; access to U.S. dollars, and consequently their ability to meet their
U.S. dollar obligations and may adversely affect our financial condition and results of operations.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.5pt">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="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.5pt">We are also subject to
laws and regulations imposed in Brazil and its agencies, including (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(&ldquo;ANP&rdquo;)</I>) and by
the Brazilian Electricity Regulatory Agency (<I>Ag&ecirc;ncia Nacional de Energia El&eacute;trica</I>) (&ldquo;ANEEL&rdquo;) on
account of our production of sugarcane, ethanol and electric energy (ii) the Ministry of Agriculture, Breeding Cattle and Supply
(<I>Ministerio da Agricultura</I>, <I>Pecuaria e Abastecimento(&ldquo;MAPA&rdquo;)</I>), on account of 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="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.4pt">&nbsp;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.5pt">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="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.5pt">&nbsp;</P>


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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.5pt">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 mechanized harvest can be carried out, as per the Brazilian Federal Decree.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.5pt">We currently make significant
investments to comply with these laws and regulations. Although our plans for the implementation of mechanized harvesting are underway,
with 97.7% of our sugarcane harvest mechanized during the 2015-2016 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="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.5pt">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 experts 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 provides shareholders the right to bring a derivative action on behalf of the Company only
in limited circumstances and subject to conditions only admit, shareholders&rsquo; right to bring a derivative action on behalf
of the company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.5pt">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):</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.2in"></TD><TD STYLE="width: 0.2in"><B>&bull;</B></TD><TD STYLE="text-align: justify">the judgment of the U.S. court is final and duly enforceable (<I>ex&eacute;cutoire</I>) in the
United States;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.4in; text-align: justify; text-indent: -0.2in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.2in"></TD><TD STYLE="width: 0.2in"><B>&bull;</B></TD><TD STYLE="text-align: justify">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);</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.4in; text-align: justify; text-indent: -0.2in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.2in"></TD><TD STYLE="width: 0.2in"><B>&bull;</B></TD><TD STYLE="text-align: justify">the U.S. court has applied to the dispute the substantive law which would have been applied by
Luxembourg courts;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.4in; text-align: justify; text-indent: -0.2in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.2in"></TD><TD STYLE="width: 0.2in"><B>&bull;</B></TD><TD STYLE="text-align: justify">the judgment was granted following proceedings where the counterparty had the opportunity to appear,
and if it appeared, to present a defense;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.4in; text-align: justify; text-indent: -0.2in">&nbsp;</P>


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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.2in"></TD><TD STYLE="width: 0.2in"><B>&bull;</B></TD><TD STYLE="text-align: justify">the U.S. court has acted in accordance with its own procedural laws; and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.4in; text-align: justify; text-indent: -0.2in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.2in"></TD><TD STYLE="width: 0.2in"><B>&bull;</B></TD><TD STYLE="text-align: justify">the judgment of the U.S. court does not contravene Luxembourg international public policy.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.5pt">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="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.5pt">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
was renewed by decision of the shareholder meeting held on April 20, 2016 and is valid until April 20, 2021.</P>

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


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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: bold 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0%"></TD><TD STYLE="width: 0.75in"><FONT STYLE="color: windowtext">Item 4.</FONT></TD><TD STYLE="text-align: justify"><A NAME="a_011"></A>Information on the Company</TD></TR></TABLE>

<P STYLE="color: #010000; font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 0 1.5in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="color: #010000">A.</FONT></TD><TD STYLE="text-align: justify"><A NAME="a_012"></A>HISTORY AND DEVELOPMENT OF THE COMPANY</TD></TR></TABLE>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.5pt">Adecoagro is a Luxembourg
<I>soci&eacute;t&eacute; anonyme </I>(a joint stock company). The Company&rsquo;s legal name is &ldquo;Adecoagro S.A.&rdquo; 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="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.4pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.4pt">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 (&ldquo;NYSE&rdquo;).
The shares are traded under the symbol &ldquo;AGRO.&rdquo; 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="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.4pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.4pt">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 into Adecoagro LP (Delaware) with Adecoagro LP (Delaware) as the surviving
entity and on April 1, 2015 Adecoagro GP S.&agrave; r.l., a <I>soci&eacute;t&eacute; &agrave; responsibiliti&eacute; limit&eacute;e</I>
organized under the laws of Luxembourg, became he general partner of Adecoagro LP on April 1, 2015. Also on April 1, 2015, Adecoagro
completed the redomiciliation of Adecoagro LP (Delaware) out of Delaware to Luxembourg and Adecoagro LP without dissolution or
liquidation, continued its corporate existence as Adecoagro LP S.C.S., a <I>soci&eacute;t&eacute; en commandite simple</I> organized
under Luxembourg law, effective April 2, 2015. For a detailed description of the Adecoagro LP redomiciliation please see &ldquo;Corporate
Development&rdquo; below.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.4pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.4pt">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="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.4pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.4pt">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. Totaling 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. (&ldquo;Adeco Agropecuaria&rdquo;).
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="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.4pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.4pt">In 2004, we began our
regional expansion and acquired a 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="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.4pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.4pt">In 2005, we acquired our
first sugar and ethanol mill, Usina Monte Alegre S.A. (&ldquo;UMA&rdquo;), 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="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.4pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.4pt">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., Agro Invest S.A. and Forsalta 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="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.4pt">&nbsp;</P>


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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.4pt">During 2007, we also began
the expansion of our dairy business in Argentina. After five years of research, we began the construction of a &ldquo;free-stall&rdquo;
dairy facility with a capacity to milk 3,000 cows.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.4pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.4pt">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. 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="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.4pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.4pt">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) 3,400 hectares of land for crop production in the province of San Luis,
Argentina.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.4pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.4pt">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="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.4pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.4pt">On February 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 individual capital contributions to CHS Agro of approximately US$ 4 million each.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.4pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.4pt">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 Adjusted 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 the second phase, with 3.0 million
tons of crushing capacity was completed during mid 2015.</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.4pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.4pt">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="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.4pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.4pt">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="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.4pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.4pt">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 &ldquo;AGRO.&rdquo;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.4pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.4pt">On February 2, 2011, we
also issued and sold to Al Gharrafa Investment Company (&ldquo;Al Gharrafa&rdquo;), 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="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.4pt">&nbsp;</P>


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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.4pt">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&rsquo;s interest in IFH to approximately 100%.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.4pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.4pt">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. 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 the underwriter in the secondary offering.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.4pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.4pt">On March 27, 2015, Adecoagro
commenced a series of transactions for the purpose of transferring the domicile of Adecoagro LP to Luxembourg. In connection with
the Adecoagro LP redomiciliation, Adecoagro merged IFH LP into Adecoagro LP with Adecoagro LP (Delaware) as the surviving entity.
In connection with this merger, all of the assets and liabilities of IFH L.P. vested in Adecoagro LP (Delaware), Ona Ltd became
its general partner and Toba Ltd became a wholly owned subsidiary of Adecoagro LP (Delaware). 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 (Delaware) 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. Since that date the affairs of Adecoagro LP S.C.S. have been governed by its by-laws and Luxembourg
law.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.4pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.4pt">On March 21, 2016, we
completed an underwritten secondary offering of 12.0 million shares of Adecoagro offered by our shareholders, Quantum Partner LP
and Geosor Corporation, at a price per share to the public of $11.7 pursuant to an effective shelf registration statement on Form
F-3 filed with the SEC. In connection with this offering, the selling shareholders granted the underwriter the right to purchase
up to 1,800,000 additional common shares exercisable once at any time within 30 days after March 21,2016. On April 20, 2016, the
underwriter elected to purchase an additional 350,000 common shares at a price of 11.40 per common share.</P>

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


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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.4pt">Set forth below is a corporate
structure as of April 20, 2017.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.2in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.2in"><IMG SRC="t1701194_20fpg60.jpg" ALT=""></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.2in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.2in"><B>Principal Capital Expenditures</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.4pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.4pt">Capital expenditures totaled
$133.2 million, $149.8 million and $306.8 million for the years ended December 31, 2016, 2015 and 2014, respectively.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.4pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.4pt">For a discussion of our
capital expenditures and future projections, see &ldquo;Item 5. Operating and Financial Review and Prospects&mdash;B. Liquidity
and Capital Resources&mdash;Capital Expenditure Commitments.&rdquo;</P>

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


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

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<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="color: #010000">B.</FONT></TD><TD STYLE="text-align: justify"><A NAME="a_013"></A>BUSINESS OVERVIEW</TD></TR></TABLE>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">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="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">As of December 31, 2016,
we owned a total of 246,139 hectares, comprised of 19 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 6,880 milking cows in Argentina, 11 grain and rice conditioning and storage plants in Argentina,
and three sugar and ethanol mills in Brazil with a sugarcane crushing capacity of 11.2 million tons.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.4pt">We believe that we are:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.4in"></TD><TD STYLE="width: 0.2in"><B>&bull;</B></TD><TD STYLE="text-align: justify">one of the largest owners of productive farmland in South America, with more than 203,620 owned
productive hectares as of December 31, 2016 (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.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.6in; text-indent: -0.2in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.4in"></TD><TD STYLE="width: 0.2in"><B>&bull;</B></TD><TD STYLE="text-align: justify">a leading producer of grains and oilseeds in South America. During the 2015/2016 harvest year,
we harvested 172,976 hectares (including 55,895 leased hectares and 32,896 second crop hectares) and produced 586,556 tons of grains,
including soybeans, corn, wheat, sunflower and cotton;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.6in; text-indent: -0.2in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 31.5pt"></TD><TD STYLE="width: 11.7pt"><B>&bull;</B></TD><TD STYLE="text-align: justify">one of the largest producers of rough (unprocessed) rice in the world, planting 37,580 hectares
(including 1,700 leased hectares) and producing 220,758 tons during the 2015/2016 harvest year, which accounted for 21% of the
total Argentine production according to the <I>Confederacion de Molinos Arroceros del Mercosur </I>(&ldquo;Conmasur&rdquo;). We
are also a large processor and exporter of white rice (processed) in Argentina, accounting for 19%<B>&nbsp;</B>of total white rice
production capacity in Argentina and 22% of total Argentine white rice exports during 2016, according to <I>Camara de Industriales
Arroceros de Entre R&iacute;os (Federacion de Entidades Arroceras)</I>.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.6in; text-indent: -0.2in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.4in"></TD><TD STYLE="width: 0.2in"><B>&bull;</B></TD><TD STYLE="text-align: justify">a leading dairy producer in South America in terms of our cutting-edge technology, productivity
per cow and grain conversion efficiencies, producing approximately 92.4 million liters of fluid milk during 2016.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.4in"></TD><TD STYLE="width: 0.2in"><B>&bull;</B></TD><TD STYLE="text-align: justify">a growing producer of sugar and ethanol in Brazil, where we currently own three sugar and ethanol
mills, with an aggregate installed capacity of 11.2 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 December
31, 2016. Our operation is highly integrated, meaning that 91% of the sugarcane crushed at our mills is supplied from our own plantations.
As of December 31, 2016, our sugarcane plantation consisted of 134,591 hectares; and,</TD></TR></TABLE>

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

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<TD STYLE="width: 0.4in"></TD><TD STYLE="width: 0.2in"><B>&bull;</B></TD><TD STYLE="text-align: justify">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. Between 2006 and 2015 we consistently sold a portion
of our fully mature farmland every year. In aggregate, we have sold over 77,000 hectares generating capital gains of approximately
$205 million.</TD></TR></TABLE>

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


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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.2in">We are engaged in three
main businesses:</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.2in"><I>Farming Business</I>:
As of December 31, 2016 we owned 232,848 hectares (excluding sugarcane farms) of farmland in Argentina, Brazil and Uruguay, of
which 121,615 hectares are croppable, 11,227 hectares are being evaluated for transformation, 60,713 hectares are suitable for
raising beef cattle and are mostly leased to third party cattle farmers, constituting a total of 193,555 productive hectares, and
39,293 hectares are legal land reserves pursuant to local regulations or other land reserves. During the 2015/2016 harvest year
we held leases or have entered into agriculture partnerships for an additional 57,595 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="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.4in"></TD><TD STYLE="width: 0.2in"><B>&bull;</B></TD><TD STYLE="text-align: justify"><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 2015/2016 harvest year, we planted approximately 172,976 hectares of crops, including second harvests, producing 586,772
tons of grains, including soybeans, wheat, corn, sunflower and cotton. We also planted an additional 4,718 hectares where we produced
over 136,797 tons of forage that we used for cow feed in our dairy operation. During the current 2016/17 harvest year, we planted
approximately 184,988 hectares of crops, including second harvest, and also planted an additional 3,808 hectares of forage.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.6in; text-align: justify; text-indent: -0.2in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.4in"></TD><TD STYLE="width: 0.2in">&bull;</TD><TD STYLE="text-align: justify"><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 220,758 tons during the 2015/2016 harvest year, which accounted for 21% 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 sold both in the domestic Argentine retail market and exported. During
the current 2016/17 harvest year, we planted 39,728 hectares of rice.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.4in"></TD><TD STYLE="width: 0.2in">&bull;</TD><TD STYLE="text-align: justify"><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. Through the production of
fluid milk, we are able to transform forage and grains into value-added animal protein. We believe that our &ldquo;free-stall&rdquo;
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 fluid milk. We produced approximately
92.4 million liters of fluid milk during 2016, with a daily average of 6,880 milking cows, delivering an average of 36.7 liters
of milk per cow per day.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.6in; text-align: justify; text-indent: -0.2in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.4in"></TD><TD STYLE="width: 0.2in">&bull;</TD><TD STYLE="text-align: justify"><I>All Other Segments business</I>: Our all other segments business consists of leasing pasture
land to cattle farmers in Argentina and leasing our coffee plantation in the Rio de Janeiro farm, located in Western Bahia, Brazil,
to a third party. We lease over 27,216 hectares of pasture land which is not suitable for crop production to third party cattle
farmers.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: -0.5in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: -0.5in">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: -0.5in">The following
table sets forth, for the periods indicated, certain data relating to our farming business:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 90%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="10" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">Year
    Ended December 31,</FONT></TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">2016</FONT></TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">2015</FONT></TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">2014</FONT></TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="font-weight: bold; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">Sales</FONT></TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="10" NOWRAP STYLE="font-weight: bold; text-align: center; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">(In
    thousands of $)</FONT></TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 61%; text-indent: -5.05pt; padding-left: 5.05pt">Crops(l)</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; text-align: right">142,124</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; text-align: right">154,741</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; text-align: right">177,662</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD>Rice(2)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">96,562</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">84,668</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">103,682</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD>Dairy</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">32,897</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">32,981</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">32,968</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">All Other Segments (3)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">960</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,302</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,525</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-weight: bold">Total</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">272,543</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">273,692</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">315,837</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD></TR>
</TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 90%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="font-weight: bold; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">Production</FONT></TD><TD NOWRAP STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="text-align: center; border-bottom: Black 1pt solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-size: 8pt"><B>2015/2016</B></FONT></P> <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-size: 8pt"><B>Harvest</B></FONT></P> <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-size: 8pt"><B>Year</B></FONT></P></TD><TD NOWRAP STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="text-align: center; border-bottom: Black 1pt solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-size: 8pt"><B>2014/2015</B></FONT></P> <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-size: 8pt"><B>Harvest</B></FONT></P> <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-size: 8pt"><B>Year</B></FONT></P></TD><TD NOWRAP STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="text-align: center; border-bottom: Black 1pt solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 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: 0; text-align: center"><FONT STYLE="font-size: 8pt"><B>Harvest</B></FONT></P> <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-size: 8pt"><B>Year</B></FONT></P></TD><TD NOWRAP STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 61%">Crops (tons)(4)</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; text-align: right">583,639</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; text-align: right">627,824</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; text-align: right">643,354</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-bottom: 1pt">Rice (tons)(5)</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">220,758</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">180,149</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">205,489</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-bottom: 1pt"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"></P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>Total</B></P></TD><TD STYLE="font-weight: bold; padding-bottom: 1pt"><B>&nbsp;</B></TD>
    <TD STYLE="font-weight: bold; text-align: left; border-bottom: Black 1pt solid"><B>&nbsp;</B></TD><TD STYLE="font-weight: bold; text-align: right; border-bottom: Black 1pt solid"><B>804,397</B></TD><TD STYLE="font-weight: bold; text-align: left; border-bottom: Black 1pt solid"><B>&nbsp;</B></TD><TD STYLE="border-bottom: Black 1pt solid"><B>&nbsp;</B></TD>
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid"><B>&nbsp;</B></TD><TD STYLE="text-align: right; border-bottom: Black 1pt solid"><B>807,973</B></TD><TD STYLE="text-align: left; border-bottom: Black 1pt solid"><B>&nbsp;</B></TD><TD STYLE="border-bottom: Black 1pt solid"><B>&nbsp;</B></TD>
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid"><B>&nbsp;</B></TD><TD STYLE="text-align: right; border-bottom: Black 1pt solid"><B>848,843</B></TD><TD STYLE="text-align: left; padding-bottom: 1pt"><B>&nbsp;</B></TD></TR>
</TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 90%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="10" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">Year
    Ended December 31</FONT></TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">2016</FONT></TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">2015</FONT></TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">2014</FONT></TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 61%; text-indent: -5.05pt; padding-left: 5.05pt">Dairy (thousands of liters)(6)</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; text-align: right">92,395</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; text-align: right">88,556</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; text-align: right">79,468</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
</TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 90%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="text-align: center; border-bottom: Black 1pt solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-size: 8pt"><B>2016/2017</B></FONT></P> <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-size: 8pt"><B>Harvest</B></FONT></P> <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-size: 8pt"><B>Year</B></FONT></P></TD><TD NOWRAP STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="text-align: center; border-bottom: Black 1pt solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-size: 8pt"><B>2015/2016</B></FONT></P> <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-size: 8pt"><B>Harvest</B></FONT></P> <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-size: 8pt"><B>Year</B></FONT></P></TD><TD NOWRAP STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="text-align: center; border-bottom: Black 1pt solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-size: 8pt"><B>2014/2015</B></FONT></P> <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-size: 8pt"><B>Harvest</B></FONT></P> <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-size: 8pt"><B>Year</B></FONT></P></TD><TD NOWRAP STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="text-align: center; border-bottom: Black 1pt solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 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: 0; text-align: center"><FONT STYLE="font-size: 8pt"><B>Harvest</B></FONT></P> <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-size: 8pt"><B>Year</B></FONT></P></TD><TD NOWRAP STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="font-weight: bold; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">Planted Area</FONT></TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="14" NOWRAP STYLE="font-weight: bold; text-align: center; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">(In
    hectares, including second harvest)</FONT></TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 48%; text-indent: -5.05pt; padding-left: 5.05pt">Crops (7)</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; text-align: right">190,847</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; text-align: right">172,976</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; text-align: right">194,271</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; text-align: right">185,954</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-indent: -5.05pt; padding-left: 5.05pt">Rice</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">39,607</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">37,580</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">35,328</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">36,604</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
</TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"></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: 25%">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 22.5pt"><FONT STYLE="font-size: 8pt">(1)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 8pt">Includes
                                         soybeans, corn, wheat, sunflower and cotton, among others.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.3in; text-indent: -0.3in"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.3in"><FONT STYLE="font-size: 8pt">(2)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 8pt">Sales
                                         of processed rice, including rough rice purchased from third parties and processed in
                                         our facilities.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.3in; text-align: justify; text-indent: -0.3in"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.3in"><FONT STYLE="font-size: 8pt">(3)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 8pt">All Other
                                         Segments encompasses our remaining interests in the beef Cattle and Coffee businesses.
                                         Our beef cattle business consists of over 61 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="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.3in; text-align: justify; text-indent: -0.3in"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.3in"><FONT STYLE="font-size: 8pt">(4)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 8pt">Crop production
                                         does not include 136,797 tons, 102,527 tons, and 89,081 tons of forage produced in the
                                         2015/2016, 2014/2015 and 2013/2014 harvest years, respectively.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.3in; text-indent: -0.3in"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.3in"><FONT STYLE="font-size: 8pt">(5)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 8pt">Expressed
                                         in tons of rough rice produced on owned and leased farms<B>.</B> As of December 31, 2016,
                                         the 2015/16 harvest year of rice harvest had not began.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.3in; text-align: justify; text-indent: -0.3in"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.3in"><FONT STYLE="font-size: 8pt">(6)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 8pt">Fluid
                                         milk produced at our dairy farms.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.3in; text-indent: -0.3in"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.3in"><FONT STYLE="font-size: 8pt">(7)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 8pt">Includes
                                         4,718 hectares, 4,999 hectares and 3,141 hectares, used for the production of forage
                                         during the 2015/16, 2014/2015, and 2013/2014 harvest years, respectively.</FONT></TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.2in"><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, 2016, our total sugarcane plantation consisted of 134,591 hectares, planted mainly over leased land.
We currently own and operate three sugar and ethanol mills, UMA, Ang&eacute;lica and Ivinhema, with a total crushing capacity of
11.2 million tons of sugarcane per year as of December 31, 2016. 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 99.5%
of the sugarcane milled at UMA, with the remaining 0.4% 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 4.8 and 5.3 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
33% 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="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.2in">&nbsp;</P>


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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.4pt">For the year ended December
31, 2016, we crushed 11.1 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, 2016 we produced
701,060 tons of sugar and 422,395 cubic meters of ethanol.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.4pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.4pt">As of December 31, 2016,
our overall sugarcane plantation consisted of 134,591 hectares of sugarcane in the states of Mato Grosso do Sul and Minas Gerais,
Brazil, of which 9,748 hectares of sugarcane were planted on owned land, and 124,843 hectares were planted on land leased from
third parties under long term agreements.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.4pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.4pt">The following table sets
forth, for the periods indicated, certain data relating to our sugar, ethanol and energy business:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 90%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="font-weight: bold; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">Sales</FONT></TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="10" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">Year
    Ended December 31,</FONT></TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">2016</FONT></TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">2015</FONT></TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">2014</FONT></TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="10" NOWRAP STYLE="font-weight: bold; text-align: center"><FONT STYLE="font-size: 8pt">(In thousands of $)</FONT></TD><TD NOWRAP STYLE="font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 61%; text-indent: -5.05pt; padding-left: 5.05pt">Sugar</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; text-align: right">330,895</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; text-align: right">177,801</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; text-align: right">174,459</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-indent: -5.05pt; padding-left: 5.05pt">Ethanol</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">211,451</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">176,150</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">165,870</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-indent: -5.05pt; padding-left: 5.05pt">Energy</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">53,995</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">46,671</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">66,800</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-bottom: 1pt; text-indent: -5.05pt; padding-left: 5.05pt">Other</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">351</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">-</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">-</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-weight: bold; text-indent: -5.05pt; padding-left: 5.05pt">Total</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">596,692</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">400,622</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">407,129</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD></TR>
</TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 90%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="font-weight: bold; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">Production</FONT></TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="10" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">Year
    Ended December 31</FONT></TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">2016</FONT></TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">2015</FONT></TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">2014</FONT></TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 61%; text-align: left">Sugar (tons)</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; text-align: right">701,060</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; text-align: right">464,929</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; text-align: right">413,687</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: -5.05pt; padding-left: 5.05pt">Ethanol (cubic meters)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">422,395</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">361,001</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">299,810</TD><TD 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: -5.05pt; padding-left: 5.05pt">Energy (MWh exported)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">751,037</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">553,090</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">445,705</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
</TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 90%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="10" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">Year
    Ended December 31</FONT></TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="font-weight: bold; text-align: justify; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">Other Metrics</FONT></TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">2015</FONT></TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">2015</FONT></TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">2014</FONT></TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 61%; text-align: left; text-indent: -5.05pt; padding-left: 5.05pt">Sugarcane milled (% owned)</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; text-align: right">91</TD><TD STYLE="width: 1%; text-align: left">%</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; text-align: right">89</TD><TD STYLE="width: 1%; text-align: left">%</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; text-align: right">89</TD><TD STYLE="width: 1%; text-align: left">%</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: -5.05pt; padding-left: 5.05pt">Sugarcane crushing capacity (millions of tons)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">11.2</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">10.2</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">7.2</TD><TD 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: -5.05pt; padding-left: 5.05pt">% Mechanized harvesting operations &mdash; Consolidated</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">98</TD><TD STYLE="text-align: left">%</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">97</TD><TD STYLE="text-align: left">%</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">97</TD><TD STYLE="text-align: left">%</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: -5.05pt; padding-left: 5.05pt">% Mechanized /harvesting operations &mdash; Cluster</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">100</TD><TD STYLE="text-align: left">%</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">100</TD><TD STYLE="text-align: left">%</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">100</TD><TD STYLE="text-align: left">%</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.4pt"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.4pt"><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 fifteen-year period since our inception, we have effectively put into production 173,801 hectares
of land that was previously undeveloped or undermanaged. During 2016, we put into production 4,274 hectares and in addition continued
the transformation process of over 131,363 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 246,139
hectares, distributed throughout our operating regions as follows: 85% in Argentina, 14% in Brazil, and 1% in Uruguay. Between
2006 and 2015, we sold 20 of our fully mature farms, generating capital gains of approximately $205 million.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.4pt">&nbsp;</P>


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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.2in">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="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.2in">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 &ldquo;&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&rdquo; and &ldquo;&mdash;Risks Related to Brazil&mdash;
Recent changes in Brazilian rules concerning foreign investment in rural properties may adversely affect our investments.&rdquo;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.2in">The following table sets
forth, for the periods indicated, certain data relating to our land transformation business:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.2in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 90%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="10" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">Year
    Ended December 31,</FONT></TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">2016</FONT></TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">2015</FONT></TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">2014</FONT></TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 61%; text-align: left; text-indent: -5.05pt; padding-left: 5.05pt">Undeveloped/Undermanaged land put into production (hectares)</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; text-align: right">4,274</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; text-align: right">2,790</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; text-align: right">2,580</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: -5.05pt; padding-left: 5.05pt">Ongoing transformation of croppable land (hectares)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">131,363</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">127,428</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">122,041</TD><TD 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: -5.05pt; padding-left: 5.05pt">Number of farms sold</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">3</TD><TD STYLE="text-align: left">(1)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2</TD><TD STYLE="text-align: left">(1)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: -5.05pt; padding-left: 5.05pt">Hectares sold</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">10,905</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">12,887</TD><TD 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: -5.05pt; padding-left: 5.05pt">Capital gains from the sale of land ($ thousands) (1)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">23.900</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">25,600</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
</TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-size: 8pt">(1) Includes
the sale of non-controlling interests in farmland companies</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>Our Strengths</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.2in">We believe the following
are our competitive strengths:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.2in"></TD><TD STYLE="width: 0.2in"><B>&bull;</B></TD><TD STYLE="text-align: justify"><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.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.4in; text-align: justify; text-indent: -0.2in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.4in; text-align: justify; text-indent: 0.45pt">Owning a significant
portion of the land on which we operate is a key element of our business model.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.4in; text-indent: -0.2in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.2in"></TD><TD STYLE="width: 0.2in"><B>&bull;</B></TD><TD STYLE="text-align: justify"><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.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.6in"></TD><TD STYLE="width: 0.2in"><B>&bull;</B></TD><TD STYLE="text-align: justify">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.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.8in; text-indent: -0.2in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.6in"></TD><TD STYLE="width: 0.2in"><B>&bull;</B></TD><TD STYLE="text-align: justify">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.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.8in; text-indent: -0.2in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.6in"></TD><TD STYLE="width: 0.2in"><B>&bull;</B></TD><TD STYLE="text-align: justify">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.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.8in; text-align: justify; text-indent: -0.2in">&nbsp;</P>


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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.6in"></TD><TD STYLE="width: 0.2in"><B>&bull;</B></TD><TD STYLE="text-align: justify">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.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.8in; text-indent: -0.2in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.6in"></TD><TD STYLE="width: 0.2in"><B>&bull;</B></TD><TD STYLE="text-align: justify">We produce sugarcane in the center-south region of Brazil, where the combination of soil and climate
result in high sugarcane productivity and quality, resulting in 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.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.2in"></TD><TD STYLE="width: 0.2in"><B>&bull;</B></TD><TD STYLE="text-align: justify"><I>Standardized and scalable agribusiness model applying technological 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.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.6in"></TD><TD STYLE="width: 0.2in"><B>&bull;</B></TD><TD STYLE="text-align: justify">In our farming business, we use &ldquo;no-till&rdquo; 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 &ldquo;&mdash;Operations and Principal Activities&mdash;Farming&mdash;Storage and Conditioning.&rdquo;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.8in; text-align: justify; text-indent: -0.2in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.6in"></TD><TD STYLE="width: 0.2in">&bull;</TD><TD STYLE="text-align: justify">In our dairy business, we believe that we were the first company in South America to implement
the &ldquo;free-stall&rdquo; production system, resulting in more efficient conversion of feed to fluid milk and higher production
rates per cow compared to our peers in the region.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.8in; text-align: justify; text-indent: -0.2in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.6in"></TD><TD STYLE="width: 0.2in">&bull;</TD><TD STYLE="text-align: justify">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 almost no incremental cost, to cogenerate 216 MW of clean and renewable electricity; (iii) has the capacity of processing
50,400 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.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.2in"></TD><TD STYLE="width: 0.2in"><B>&bull;</B></TD><TD STYLE="text-align: justify"><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, fluid 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.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.4in; text-align: justify; text-indent: -0.2in">&nbsp;</P>


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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.2in"></TD><TD STYLE="width: 0.2in">&bull;</TD><TD STYLE="text-align: justify"><I>Expertise in acquiring farmland with transformation and appreciation potential.</I> Since our
inception in 2002, we have executed transactions for the purchase and disposition of land for over $688 million and sold over 77,000
hectares of developed land, generating capital gains of approximately $205 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.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.4in; text-align: justify; text-indent: -0.2in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.2in"></TD><TD STYLE="width: 0.2in">&bull;</TD><TD STYLE="text-align: justify"><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.</TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>Our Business Strategy</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.2in">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:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.2in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.2in"></TD><TD STYLE="width: 0.2in">&bull;</TD><TD STYLE="text-align: justify"><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 expansion
of our Ivinhema and Angelica mills, which as of December 2016 reached a nominal capacity of 11.2 million tons per year and are
expected to reach 14.2 million tons by 2023. See &ldquo;&mdash;Sugar, Ethanol and Energy&mdash;Our Mills.&rdquo; 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)
reduction in our total fixed costs 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.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.2in"></TD><TD STYLE="width: 0.2in"><B>&bull;</B></TD><TD STYLE="text-align: justify"><I>Expand our farming business through organic growth</I>, <I>leasing and 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 &ldquo;free-stall&rdquo; model.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.2in"></TD><TD STYLE="width: 0.2in">&bull;</TD><TD STYLE="text-align: justify"><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.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.4in; text-align: justify; text-indent: -0.2in">&nbsp;</P>


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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.2in"></TD><TD STYLE="width: 0.2in">&bull;</TD><TD STYLE="text-align: justify"><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, from time to time 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.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.4in; text-align: justify; text-indent: -0.2in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>Operations and Principal Activities</B></P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.2in">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 2015/2016 our farming operations
were conducted on a total of 210,556 hectares of land, of which we own 146,070 hectares (excluding sugarcane farms) and we leased
the remaining 64,486 hectares from third parties. The following table sets forth our production volumes for each of our farming
business lines.</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 85%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="10" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">Harvest
    Year</FONT></TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">2015/2016</FONT></TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">2014/2015</FONT></TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">2013/2014</FONT></TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 61%; text-indent: -5.05pt; padding-left: 5.05pt">Crops (tons)(1)</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; text-align: right">583,639</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; text-align: right">627,385</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; text-align: right">643,354</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-indent: -5.05pt; padding-left: 5.05pt">Rice (tons)(2)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">220,758</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">180,149</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">205,489</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
</TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 85%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="10" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">Year
    Ended December 31,</FONT></TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">2016</FONT></TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">2015</FONT></TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">2014</FONT></TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 61%; text-indent: -5.05pt; padding-left: 5.05pt">Dairy (thousands of liters)(3)</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; text-align: right">92,395</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; text-align: right">88,556</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; text-align: right">79,468</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
</TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"></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: 25%">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 14.2pt"><FONT STYLE="font-size: 8pt">(1)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 8pt">As of
                                         the date of this annual report, the harvest of soybean, corn, sunflower, cotton and rice
                                         pertaining to the 2016/2017 harvest year is ongoing. The only crop which has been almost
                                         fully harvested in the current 2016/17 harvest year is wheat, with a total production
                                         of 102,950 tons.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 15.95pt"><FONT STYLE="font-size: 8pt">(2)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 8pt">Expressed
                                         in tons of rough rice.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 15.95pt"><FONT STYLE="font-size: 8pt">(3)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 8pt">Fluid
                                         milk produced.</FONT></TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B><I>Crops Business (Grains, Oilseeds and Cotton)</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.2in">Our agricultural production
is mainly based on planting, growing and harvesting crops over our owned croppable area. During the 2015/2016 harvest year, we
planted crops over a total area of approximately 172,976 hectares, including our owned land, land leased from third parties and
hectares planted in second harvests. During mid 2016 we began the planting of crops pertaining to the 2016/17 harvest year, which
was concluded during the first quarter of 2016, with a total planted area of 191,647 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="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>


<!-- Field: Page; Sequence: 65; Value: 1 -->
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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.2in">The following table sets
forth, for the harvest years indicated, the planted hectares for our main products:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.2in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 85%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="10" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">Harvest
    Year</FONT></TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">2015/2016</FONT></TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">2014/2015</FONT></TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">2013/2014</FONT></TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="font-weight: bold; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">Product Area</FONT></TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="10" NOWRAP STYLE="font-weight: bold; text-align: center; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">(In hectares)</FONT></TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 61%; text-indent: -5.05pt; padding-left: 5.05pt">Soybeans(l)</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; text-align: right">88,377</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; text-align: right">96,476</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; text-align: right">82,980</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-indent: -5.05pt; padding-left: 5.05pt">Corn(2)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">42,657</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">40,044</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">51,324</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-indent: -5.05pt; padding-left: 5.05pt">Wheat(3)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">32,396</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">37,020</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">29,412</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-indent: -5.05pt; padding-left: 5.05pt">Sunflower</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">9,547</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">12,314</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">12,880</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-indent: -5.05pt; padding-left: 5.05pt">Cotton</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">3,160</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">6,217</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-indent: -5.05pt; padding-left: 5.05pt">Forage(4)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">4,788</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">4,999</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">3,141</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-weight: bold; text-indent: -5.05pt; padding-left: 5.05pt">Total</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">177,765</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">194,013</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">185,954</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD></TR>
</TABLE>

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

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

<!-- Field: Rule-Page --><DIV ALIGN="LEFT"><DIV STYLE="font-size: 1pt; border-top: Black 1pt solid; width: 25%">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 15.95pt; text-align: justify; text-indent: -15.95pt"><FONT STYLE="font-size: 8pt">(1)
Includes soybean first crop and second crop planted area.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-size: 8pt">(2) Includes sorghum crop and peanut.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-size: 8pt">(3) Includes barley crop.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-size: 8pt">(4) Forage includes corn silage, wheat
silage and alfafa used for cow feed in our dairy operation.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The following table sets forth, for the harvest
years indicated, the production volumes for our main products</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="14" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">Harvest
    Year</FONT></TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">2016/17</FONT></TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">2015/2016</FONT></TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">2014/2015</FONT></TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">2013/2014</FONT></TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="font-weight: bold; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">Crop Production(1)</FONT></TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="14" NOWRAP STYLE="font-weight: bold; text-align: center; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">(In&nbsp;tons)</FONT></TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 48%">Soybeans(2)</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; text-align: right">-</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; text-align: right">237,681</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; text-align: right">285,914</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; text-align: right">218,608</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD>Corn(2)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">7,538</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">248,269</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">232,763</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">318,381</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD>Wheat</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">115,265</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">82,167</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">84,609</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">77,086</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD>Sunflower(2)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">470</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">15,521</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">21,762</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">23,161</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD>Cotton lint(2)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2,336</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">6,118</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD>Total(2)</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">123,273</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">583,638</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">627,384</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">643,354</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD></TR>
</TABLE>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-size: 8pt">(1) Does not
include 136,797, 102,527, and 89,081 tons of forage produced in the 2015/16, 2014/2015, and 2013/2014, harvest years respectively.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><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 2016/17 harvest year is ongoing.
The only crop which has been fully harvested is wheat.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">The following table below sets forth, for the periods indicated,
the sales for our main products:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" ALIGN="CENTER" STYLE="border-collapse: collapse; width: 70%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="10" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">Year
    Ended December 31,</FONT></TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">2016</FONT></TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">2015</FONT></TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">2014</FONT></TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="font-weight: bold; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">Sales</FONT></TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="10" NOWRAP STYLE="font-weight: bold; text-align: center; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">(In
    thousands of $)</FONT></TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 61%">Soybeans</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; text-align: right">63,797</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; text-align: right">75,361</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; text-align: right">79,515</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Corn (l)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">48,502</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">41,924</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">69,720</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD>Wheat (2)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">18,191</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">16,750</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">8,849</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD>Sunflower</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">7,275</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">12,659</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">10,016</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD>Cotton</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,434</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">3,317</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">9,081</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Other crops (3)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2,925</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">4,730</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">481</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-weight: bold">Total</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">142,124</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">154,741</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">177,662</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 15.95pt; text-align: justify; text-indent: -15.95pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 15.95pt; text-align: justify; text-indent: -15.95pt"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 15.95pt; text-align: justify; text-indent: -15.95pt"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-size: 8pt">(1) Includes
sorghum.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 15.95pt; text-align: justify; text-indent: -15.95pt"><FONT STYLE="font-size: 8pt">(2)
Includes barley.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 15.95pt; text-align: justify; text-indent: -15.95pt"><FONT STYLE="font-size: 8pt">(3)
Includes other crops and farming services.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 15.95pt; text-align: justify; text-indent: -15.95pt">&nbsp;</P>


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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><I><U>Soybeans</U></I></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.2in">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&rsquo;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&rsquo;s soybeans are processed, or &ldquo;crushed,&rdquo;
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. Approximately 85% of the oil content of soybeans 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="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.2in">We grow soybeans in Argentina,
Brazil and Uruguay. In the 2013/2014 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. In the 2014/15 harvest
year, we planted a total area of 96,476 hectares of soybeans, producing a total of 285,914 tons representing 51% of our total crop
planted area that year, and 46% of our total crop production. In the 2015/16 harvest year, we planted a total area of 88,377 hectares
of soybean, producing a total of 237,681 tons representing 51% of our total crop planted area that year, and 41% of our total crop
production.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.2in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.2in">Soybeans comprised, 11%,
11%, and 7% of our total consolidated sales in 2014, 2015, and 2016 respectively</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.2in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><I><U>Corn</U></I></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.2in">Corn is a cereal grown
around the world and is one of the world&rsquo;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="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.2in">We grow corn in Argentina,
Brazil and Uruguay. 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. In the 2014/2015 harvest year, we planted a total area of approximately 39,099 hectares of corn, including
the second harvest, producing a total of 230,386 tons of corn representing 21% of our total planted area that year, and 37% of
our total crop production. In the 2015/2016 harvest year, we planted a total area of approximately 42,657 hectares of corn, including
the second harvest, producing a total of 248,269 tons of corn representing 25% of our total crop planted area that year, and 43%
of our total crop production.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.2in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.2in">Corn comprised 10% of our
consolidated sales in 2014, 6% of our consolidated sales in 2015, and 6% of our consolidated sales in 2016.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><I><U>Wheat</U></I></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.2in">Wheat is the world&rsquo;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="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.2in">We grow wheat in Argentina
and Uruguay. In the 2014/2015 harvest year we planted a total area of approximately 37,020 hectares of wheat, producing a total
of 84,610 tons of wheat. In the 2015/2016 harvest year, we planted a total area of approximately 32,393 hectares of wheat, producing
a total of 82,156 tons of wheat. In the current 2016/2017 harvest year, we planted a total area of approximately 37,998 hectares
of wheat, producing a total of 102,950 tons of wheat.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.2in">&nbsp;</P>


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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.2in">Wheat comprised 1% of our
total consolidated sales in 2014, 2% of our total consolidated sales in 2015, and 2% of our total consolidated sales in 2016.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 5.75pt"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><I><U>Sunflower</U></I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.2in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.2in">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="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.2in">We grow sunflower in Argentina
and Uruguay. 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. In the
2014/2015 harvest year, we planted a total area of approximately 12,314 hectares of sunflower producing a total of 21,762 tons
of sunflower representing 7% of our total crop planted area that year, and 3% of our total crop production. In the 2015/2016 harvest
year, we planted a total area of approximately 9,547 hectares of sunflower producing a total of 15,521 tons of sunflower representing
6% of our total crop planted area that year, and 3% of our total crop production.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.2in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.2in">Sunflower comprised 1%
of our total consolidated sales in 2014, 2% in 2015, and 1% in 2016.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.2in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><I><U>Cotton</U></I></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.2in">Cotton is the world&rsquo;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="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.2in">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="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.2in">We grow cotton in northern
Argentina and in the western part of Bahia, Brazil. 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. In the 2014/2015 harvest year, we planted a total area of approximately 3,160 hectares of cotton
producing a total of 2,344 tons of cotton lint, representing 2% of our total planted crop area that year, and 0.4% of our total
crop production. We did not plant any cotton in the 2015/16 harvest year.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.2in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.2in">Cotton comprised 1% of
our total consolidated sales in 2014, 0.5% of our total consolidated sales in 2015 and 0% of our total consolidated sales in 2016.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><I><U>Forages</U></I></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.2in">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 2015/2016 harvest year, we planted 4,718 hectares
of forage and produced 136,797 tons of forage.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><I><U>Crop Production Process</U></I></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.2in">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="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.2in">&nbsp;</P>


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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.2in">For additional discussion
of our harvest years and the presentation of production and product area information in this annual report, see &ldquo;Presentation
of Financial and Other Information&mdash;Fiscal Year and Harvest Year.&rdquo;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.2in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B><I>Rice Business</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.2in">Rice is the main food staple
for about half of the world&rsquo;s population. Although it is cultivated in over 100 countries and on almost every continent,
90% of the world&rsquo;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="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.2in">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="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.2in">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="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="14" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">Harvest
    Year</FONT></TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="font-weight: bold; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">Rice Product Area &amp; Production</FONT></TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">2016/2017</FONT></TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">2015/2016</FONT></TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">2014/2015</FONT></TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">2013/2014</FONT></TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 48%; text-align: left; text-indent: -5.05pt; padding-left: 5.05pt">Owned planted area (hectares)</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; text-align: right">38,028</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; text-align: right">35,865</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; text-align: right">32,104</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; text-align: right">33,231</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: -5.05pt; padding-left: 5.05pt">Leased planted area (hectares)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,700</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,700</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">3,224</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">3,100</TD><TD 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: -5.05pt; padding-left: 5.05pt">Total rice planted (hectares)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">39,728</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">37,565</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">35,328</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">36,331</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: -5.05pt; padding-left: 5.05pt">Rough rice production (tons) (1)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">220,758</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">180,149</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">205,489</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
</TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 14.2pt"><FONT STYLE="font-size: 8pt">(1)</FONT></TD><TD><FONT STYLE="font-size: 8pt">As of the date of this annual report,
                                         the harvest of rice pertaining to the 2016/2017 harvest year is ongoing.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 14.2pt; text-indent: -14.2pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 14.45pt">We grow rice on four
farms we own and two farms we lease, all located in Argentina. In the 2014/2015 harvest year, we planted a total area of approximately
35,328 hectares of rice, producing a total of 180,149 tons, representing 16% of our total planted area that year, and 22% of our
total farming production. In the 2015/2016 harvest year, we planted a total area of approximately 37,580 hectares of rice, producing
a total of 220,758 tons, representing 18% of our total planted area that year, and 27% of our total farming production. In the
current 2016/2017 harvest year, we planted a total of 39,728 hectares of rice, which have not been fully harvested as of the date
of this report.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 14.45pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><I><U>Production Process</U></I></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.2in">The rice production cycle
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="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.2in">We process rice in our
three 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.&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.2in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.2in">&nbsp;</P>


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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.2in">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="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.2in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.2in">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="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.2in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 85%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="10" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">Year
    Ended December 31,</FONT></TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">2016</FONT></TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">2015</FONT></TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">2014</FONT></TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="font-weight: bold; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">Processed Rice Production</FONT></TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="10" NOWRAP STYLE="font-weight: bold; text-align: center; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">(In
    tons)</FONT></TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 61%; text-align: left; text-indent: -5.05pt; padding-left: 5.05pt">Rough rice processed &mdash; own</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; text-align: right">206,794</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; text-align: right">131,861</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; text-align: right">188,307</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: -5.05pt; padding-left: 5.05pt">Rough rice processed &mdash; third party</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">16,382</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">38,618</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">29,084</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-weight: bold; text-align: left; text-indent: -5.05pt; padding-left: 5.05pt">Total rough rice processed</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">223,176</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">170,479</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">217,391</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD></TR>
</TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 85%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="10" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">Year
    Ended December 31,</FONT></TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">2016</FONT></TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">2015</FONT></TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">2014</FONT></TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="font-weight: bold; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">Processed Rice Sales</FONT></TD><TD NOWRAP STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="10" NOWRAP STYLE="text-align: center; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt"><B>(In thousand of $)</B></FONT></TD><TD NOWRAP STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 61%; text-align: left">Total Sales</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; text-align: right">96,681</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; text-align: right">84,668</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; text-align: right">103,682</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
</TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Rice comprised 14% of our total consolidated sales in 2014, 13%
in 2015 and 11% in 2016.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-right: 0; margin-bottom: 0"><I><U>Rice Seed Production</U></I></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.2in">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 Agropecuaria</I>, or &ldquo;INTA&rdquo;) in Argentina, the Latin American Fund for Irrigated Rice
(<I>Fondo Latinoamericano para Arroz de Riego</I>, or &ldquo;FLAR&rdquo;) and Latin American Rice Hybrids (H&iacute;bridos de Arroz
para Am&eacute;rica Latina, or &ldquo;HIAAL&rdquo;) in Colombia, the Santa Catarina State Agricultural Research and Rural Extension
Agency (<I>Empresa de pesquisa Agropecu&aacute;ria e Extens&atilde;o Rural de Santa Catarina</I>, or &ldquo;EPAGRI&rdquo;) in Brazil
and <I>Badische Anilin- und Soda-</I>Fabrik (&ldquo;Basf&rdquo;) 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. 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, and eventually in 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="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B><I>Dairy Business</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.2in">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 fluid
milk at a low cost, due to the availability of grains and forages produced efficiently and at low cost, and favorable weather
for cow comfort and productivity. Our dairy operation consists of two free-stall dairy facilities with a total capacity of approximately
6,880 milking cows.&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.2in"></P>

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


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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.2in">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="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 85%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="10" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">Year
    Ended December 31,</FONT></TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="font-weight: bold; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">Dairy Herd &amp; Production</FONT></TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">2016</FONT></TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">2015</FONT></TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">2014</FONT></TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 61%; text-align: left; text-indent: -5.05pt; padding-left: 5.05pt">Total dairy herd (head)</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; text-align: right">7,618</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; text-align: right">7,824</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; text-align: right">7,396</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-indent: -5.05pt; padding-left: 5.05pt">Average milking cows</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">6,880</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">6,658</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">6,440</TD><TD 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: -5.05pt; padding-left: 5.05pt">Average daily production (liters per cow)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">36.7</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">36.3</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">33.8</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: -5.05pt; padding-left: 5.05pt">Total production (thousands of liters)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">92,395</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">88,556</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">79,468</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
</TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 85%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="10" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">Year
    Ended December 31</FONT></TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="font-weight: bold; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">Dairy Sales</FONT></TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">2016</FONT></TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">2015</FONT></TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">2014</FONT></TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="10" NOWRAP STYLE="font-weight: bold; text-align: center"><FONT STYLE="font-size: 8pt">(In thousands of $)</FONT></TD><TD NOWRAP STYLE="font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 61%; text-indent: -5.05pt; padding-left: 5.05pt">Sales</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; text-align: right">32,897</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; text-align: right">32,981</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; text-align: right">32,968</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
</TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.2in">As of December 31, 2016,
2015 and 2014, we owned a dairy herd of 7,618 7,824, and 7,396 head, respectively, including 6,880, 6,658, and 6,440 milking cows,
respectively, with an average production of 36.7, 36.4; and 33.8 liters per cow per day, respectively.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Dairy comprised 5% of our total consolidated sales in 2014and 2015
and 4% in 2016</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><I><U>Production Process</U></I></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.2in">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="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.2in">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="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.2in">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="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.2in">In 2007, we began the construction
of an advanced &ldquo;free-stall&rdquo; 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 500 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="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.2in">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 over 50% 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.&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.2in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.2in">&nbsp;</P>


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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.2in">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.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.2in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.2in">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. During the end of 2016, we began the construction of a bio-digester
in our free-stall operation. This plant will capture methane gas from manure to co-generate electricity. This project will allow
us to improve our manure treatment process and reduce CO2 emissions, and co-generate sufficient electricity to power our dairy
operations and supply approximately 9,145 MWh of excess electricity to the local power grid. We received a grant from Sustainable
Energy and Climate Change Initiative from the Inter-American Development Bank (SECCI) in order to carry out the pre-feasibility
assessment. We have also received a grant from the &ldquo;Agencia Nacional de Promoci&oacute;n Cient&iacute;fica y Tecnologica&rdquo;,
an agency which promotes technological innovation, to partially fund the investment. In July 2016, we participated of Argentina&rsquo;s
&ldquo;RenovAr&rdquo; renewable energy auction and entered into a 20-year contract to supply up to 9,145 MWh per year at an average
price of USD 158.92 per MWh.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.2in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.2in">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="font: 10pt Times New Roman, Times, Serif; margin: 0"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 5.75pt"><B><I>All Other Segments</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 5.75pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.2in">All Other 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 &ldquo;Marfrig Argentina S.A.&rdquo;), an Argentine company and a subsidiary
of the Brazilian company, Marfrig Alimentos S.A. (&ldquo;Marfrig&rdquo;), 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="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.2in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">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. See &ldquo;Item8. Financial Information &ndash; Legal and Administrative Proceedings&rdquo;.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.2in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.2in">We currently own 60,713
hectares of cattle grazing land located mainly in the Argentine provinces of Corrientes, Santa Fe and Buenos Aires. In 2016 we
entered into lease agreements with third party cattle farmers for a total area of 27,216 hectares.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.2in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.2in">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 the coffee trees, which are expected to have an estimated useful life of 8 years in respect of the
Rio de Janeiro farm after expiration of the agreement. We do not expect our coffee business to generate sales in future periods.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.2in"><B><I>&nbsp;</I></B></P>


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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.2in"><B><I>Storage and Conditioning</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.2in">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="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.2in">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="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.2in">Set forth below is our
storage capacity as of December 31, 2016:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 95%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">Storage Capacity</FONT></TD><TD STYLE="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">Nominal</FONT></TD><TD STYLE="padding-bottom: 1pt; font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 87%; text-align: left; text-indent: -5.05pt; padding-left: 5.05pt">Crops (tons)</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; text-align: right">28,806</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: -5.05pt; padding-left: 5.05pt">Rice (tons)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">116,854</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
</TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.2in">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 2015/2016 harvest year,
we stored approximately 27% of our grain production through silo bags.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.2in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.2in">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="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.2in">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="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.2in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Set forth below is our drying capacity as of
December 31, 2016:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 95%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">Drying Capacity</FONT></TD><TD STYLE="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">Nominal</FONT></TD><TD STYLE="padding-bottom: 1pt; font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 87%; text-align: left; text-indent: -5.05pt; padding-left: 5.05pt">Crops (tons/day)</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; text-align: right">2,400</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: -5.05pt; padding-left: 5.05pt">Rice (tons/day)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">5,300</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
</TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.2in">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="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.2in">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="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>


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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B><I>Marketing, Sales and Distribution</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><I><U>Crops</U></I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.2in">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="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><I><U>Soybeans:</U></I> Our soybean crop is
sold to local companies and is ultimately exported or diverted to the crushing industry. Approximately 56% 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 63% of our sales in the year ended December 31, 2016. In Argentina, the applicable export tax rate on soybeans
is 30%. There are no export taxes in Brasil and Uruguay.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">During 2016 we sold more than 39,000 tons (approximately
16% of our production) certified by the Round Table on Responsible Soybean (&ldquo;RTRS&rdquo;), capturing premiums over market
value. 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.&#9;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.2in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><I><U>Corn:</U></I> Approximately 85% of our
total production is exported, of which 26% 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
40% 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 50% of our sales in the year ended December 31, 2015.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.2in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><I><U>Wheat:</U></I> Approximately % of our
production is destined for local market and 60% is exported. Quality segregation allows us to negotiate premiums with the millers
and export market. Brazil is the main importer of Argentine wheat. Our four largest customers comprised approximately 62% of our
sales in the year ended December 31, 2016.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.2in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><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 93% of our sales in the year ended December 31, 2016.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.2in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><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. 67% of our total
rice production is sold into the export market, with the remainder sold in Argentina in the retail market. We export approximately
21% of our exported volume to the Middle East, 73% to other Latin American countries, and the remainder is exported to Africa.
.. We sell approximately 33% of our rice in the Argentine retail market through two brands we own that have a 15.9% market share.
Local rice prices are driven by regional supply demand and exchange rate in Brazil. Our five largest customers for rice comprised
approximately 67% of our sales in the year ended December 31, 2016.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><I><U>Dairy</U></I>: During most of 2016, we
sold our entire fluid milk production to four dairy producers. These companies manufacture a range of consumer products sold in
Argentina and abroad. We negotiate the price of fluid 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="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P>


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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>Sugar, Ethanol and Energy</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B><I>Sugarcane</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.2in">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.</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.2in"><B>&bull;</B></TD><TD STYLE="text-align: justify"><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.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.2in; text-indent: -0.2in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.2in"><B>&bull;</B></TD><TD STYLE="text-align: justify"><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.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.2in; text-indent: -0.2in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.2in"><B>&bull;</B></TD><TD STYLE="text-align: justify"><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.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.2in; text-indent: -0.2in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.2in"><B>&bull;</B></TD><TD STYLE="text-align: justify"><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.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.2in; text-indent: -0.2in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.2in"><B>&bull;</B></TD><TD STYLE="text-align: justify"><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.</TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.2in">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&rsquo;s sugarcane production.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.2in">As of December 31, 2016,
our sugarcane plantations consisted of 134,591 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 Cana-de-A&ccedil;&uacute;car, A&ccedil;&uacute;car
e &Aacute;lcool do Estado de Sao Paulo</I>, or &ldquo;Consecana&rdquo;). We planted and harvested approximately 91% of the total
sugarcane we milled during 2016, with the remaining 9% 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="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 80%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="10" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">Year
    Ended December 31,</FONT></TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">2016</FONT></TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">2015</FONT></TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">2014</FONT></TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 61%; text-align: left; text-indent: -5.05pt; padding-left: 5.05pt">Grown on our owned and leased land (tons)</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; text-align: right">10,164,671</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; text-align: right">7,396,926</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; text-align: right">6,418,274</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: -5.05pt; padding-left: 5.05pt">Purchased from third parties (tons)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">949,837</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">938,521</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">814,554</TD><TD 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: -5.05pt; padding-left: 5.05pt">Total (tons)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">11,114,508</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">8,335,447</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">7,232,828</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
</TABLE>

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


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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B><I>Sugarcane Harvesting Cycle</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.2in">The annual sugarcane harvesting
period in the center-south region of Brazil begins in April and ends in November/December of each year. In Mato Grosso do Sul,
where our cluster is located, the weather pattern is less seasonal than in Sao Paulo. Our wet season is dryer and our dry season
is more humid than traditional sugarcane regions. As a consequence of this weather pattern, the sugar content (TRS) gap between
the beginning and the end of the year compared to the peak of the harvest is much smaller than in Sao Paulo. This allows us to
grow and harvest sugarcane year round with a minimal impact on sugar content (TRS).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.2in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.2in"><FONT STYLE="font-size: 10pt">Since
the beginning of the 2016/17 harvest year we implemented a &ldquo;non-stop&rdquo; or &ldquo;continuous harvest&rdquo;strategy.
&ldquo;Non-stop&rdquo; or &ldquo;continuous harvest&rdquo; refers to a continuous operation where we harvest and crush sugarcane
year-round, without stopping during the traditional off-season. This new strategy will allow us to increase annual sugarcane milling
and sugar, ethanol and energy production by approximately 10%. Another benefit of the system is that we will be producing ethanol
in the off-season, when market prices usually are higher than prices at harvest. In addition, cogeneration efficiency is related
to harvested volumes and unrelated to TRS, enabling us to utilize our cogeneration potential during the whole year. Considering
that approximately 85% of total costs are fixed, this model will result not only in higher revenues but also in the dilution of
our fixed costs</FONT>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.2in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.2in">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="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.2in">We believe we own one of
the most mechanized harvesting operations in Brazil. Our sugarcane harvesting process is currently 98% mechanized (100% at Ang&eacute;lica
and Ivinhema mills and 84% at UMA mill) and the remaining 2% 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&rsquo;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 (&ldquo;TRS&rdquo;) index, which measures the amount of kilograms of sugar
per ton of sugarcane.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.2in">During the 2016 harvest,
our mills harvested sugarcane with an average TRS content of 127 kg/ton and an average yield of 98.0 tons of sugarcane per hectare.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.2in">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 28 kilometers at UMA and 33 kilometers
at Ang&eacute;lica and Ivinhema.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B><I>Our Mills</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.2in">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 December 31, 2016, our sugar mills had a total installed crushing capacity of 11.2 million tons of sugarcane, of
which 10.0 million tons correspond to our sugarcane cluster in Mato Grosso do Sul, Brazil. As of December 31, 2016, we concluded
the 2016 harvest crushing an aggregate volume of 11.1 million tons of sugarcane.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.2in">The Usina Monte Alegre
mill (&ldquo;UMA&rdquo;) 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 99.5% of the sugarcane milled at UMA, with the remaining 0.5% acquired from
third parties. On December 31, 2016, UMA concluded its harvest operations for the 2016 season, crushing 1.1 million tons of sugarcane.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.2in">&nbsp;</P>


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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.2in">Ang&eacute;lica is an advanced
mill, which we built in the state of Mato Grosso do Sul, Brazil, with a total sugarcane crushing capacity of 4.8 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 65MW 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="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.2in">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. 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.The construction was completed during mid 2015. Ivinhema now has a total milling
capacity of 5.3 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 has capacity to produce up to 330,000
tons of sugar, 264,000 cubic meters of ethanol and 360,000 MWh of energy sales to the grid.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.2in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 14.2pt">During March 2017 we commenced
an expansion project to increase the crushing capacity of our cluster in Mato Grosso do Sul by 30% or 3.0 million tons, from 10.0
million tons to 13.0 million tons. The project will be implemented over the next five years and will be executed in two phases.
Phase 1 consists of expanding Angelica&rsquo;s crushing capacity by 0.9 million tons throughout 2017 and 2018. We will expand crushing
capacity by 150 tons/hour by installing larger mill rollers in the first mill, and expanding the sugar centrifugation and ethanol
filtration processes. Crushing will grow gradually and reach full capacity by 2019. Phase 2 will consist of expanding Ivinhema&rsquo;s
capacity by 2.1 million tons (400 tons/hour), between 2018 and 2022. This will be achieved by installing a new mill (#6) expanding
the sugarcane reception, juice treatment and sugar factory. Crushing will grow gradually and reach full capacity in 2023. Total
estimated capital expenditure is $166 million (52 USD/ton), of which 20% consists of industrial machinery and equipment, 15% of
agricultural equipment (harvesters, tractors, trucks) and 65% of sugarcane planting (51,000 hectares) to supply the new nominal
capacity. 55% of the capex will be deployed during 2017-2019, and 45% during 2020-2022.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.2in">We plant and harvest 91%
of the sugarcane milled at our cluster, with the remaining 9% acquired from third parties. On December 31, 2016, our sugarcane
cluster concluded its harvest operations for the 2016 season, crushing 10.0 million tons of sugarcane.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.2in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B><I>Our Main Products</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.2in">The following table sets
forth a breakdown of our production volumes by product for the years indicated:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 80%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="10" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">Year
    Ended December 31,</FONT></TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">2016</FONT></TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">2015</FONT></TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">2014</FONT></TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center">&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center">&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center">&nbsp;</TD><TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 61%; text-align: left; text-indent: -5.05pt; padding-left: 5.05pt">Sugar (tons)</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; text-align: right">701,060</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; text-align: right">464,929</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; text-align: right">413,687</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: -5.05pt; padding-left: 5.05pt">Ethanol (cubic meters)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">422, 395</FONT></TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">361,001</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">299,810</TD><TD 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: -5.05pt; padding-left: 5.05pt">Energy (MWh exported)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">751,037</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">553,090</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">445,705</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
</TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.2in">The following table sets
forth our sales for each of the sugarcane by-products we produce for the years indicated:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 80%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="10" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">Year
    Ended December 31,</FONT></TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">2016</FONT></TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">2015</FONT></TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">2014</FONT></TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="10" NOWRAP STYLE="font-weight: bold; text-align: center"><FONT STYLE="font-size: 8pt">(In thousands of $)</FONT></TD><TD NOWRAP STYLE="font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 61%; text-indent: -5.05pt; padding-left: 5.05pt">Sugar</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; text-align: right">330,895</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; text-align: right">177,801</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; text-align: right">174,459</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-indent: -5.05pt; padding-left: 5.05pt">Ethanol</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">211,451</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">176,150</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">165,870</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-indent: -5.05pt; padding-left: 5.05pt">Energy</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">53,995</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">46,671</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">66,800</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-bottom: 1pt; text-indent: -5.05pt; padding-left: 5.05pt">Other</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">351</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">-</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">-</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-indent: -5.05pt; padding-left: 5.05pt">Total</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">596,692</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">400,622</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">407,129</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD></TR>
</TABLE>

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


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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B><I>Sugar</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.2in">As of December 31, 2016
our sugar production capacity was approximately 3,500 tons per day which, in a normal year of 6,819 hours of milling, results in
an annual sugar maximum production capacity of over 994,408 tons of sugar. The increased capacity is the result of enhanced operational
efficiencies and the completion of the second phase of the Ivinhema mill. In 2016, we produced 701,060 tons of sugar, compared
to 464,929 tons of sugar in 2015 and 413,687 tons of sugar in 2014.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.2in">We produce two types of
sugar: very high polarization (&ldquo;VHP&rdquo;) 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="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.2in">Sugar sales comprised 22%
of our total consolidated sales in 2014, 26% of our total consolidated sales in 2015 and 38% of our total consolidated sales in
2016.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.2in"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B><I>Ethanol</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.2in">As of December 2016, our
ethanol production capacity was approximately 2,900 cubic meters per day which, in a normal year of 6,819 hours of milling, results
in maximum annual production capacity of over 823,938 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 2014 we produced 299,810 cubic meters
of ethanol, compared to 361,001 cubic meters in 2015 and 445,395 cubic meters in 2016.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.2in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.2in">We produce and sell two
different types of ethanol: hydrous ethanol and anhydrous ethanol (as further described in &ldquo;&mdash;Production Process&mdash;Ethanol&rdquo;).
Ethanol sales comprised 23% of our total consolidated sales in 2014, 26% of our total consolidated sales in 2015 and 22% of our
total consolidated sales in 2016.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B><I>Cogeneration</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">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 December 31, 2016, total installed cogeneration capacity reached 232MW, of which 162MW are available for resale to third parties
after supplying our mills&rsquo; 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 (&ldquo;ANEEL&rdquo;)
to generate and sell electricity. During the year ended December 31, 2016 , 2015 and 2014 we sold 1,028,323 MWh, 607,532 MWh and
445,705 MWh to the local electricity market, comprising 5%, 13%, 8% of our consolidated sales respectively.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B><I>Production Process</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.2in"><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="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.2in"><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="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.2in"><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="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>


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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.2in">The following flow chart
demonstrates the sugar, ethanol and cogeneration production process:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.2in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 0.2in"><IMG SRC="t1701194_20fpg84.jpg" ALT=""></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.2in">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&rsquo;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="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.2in">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&rsquo;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>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.6in; text-align: justify; text-indent: -0.2in">The main advantages
of energy generated by sugarcane bagasse are:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.6in; text-indent: -0.2in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.4in"></TD><TD STYLE="width: 0.2in"><B>&bull;</B></TD><TD STYLE="text-align: justify">It is a clean and renewable energy;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.6in; text-indent: -0.2in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.4in"></TD><TD STYLE="width: 0.2in"><B>&bull;</B></TD><TD STYLE="text-align: justify">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;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.6in; text-indent: -0.2in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.4in"></TD><TD STYLE="width: 0.2in"><B>&bull;</B></TD><TD STYLE="text-align: justify">It requires a short period of time to start operations; and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.6in; text-indent: -0.2in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.4in"></TD><TD STYLE="width: 0.2in"><B>&bull;</B></TD><TD STYLE="text-align: justify">It requires only a small investment in transmission lines when plants are located close to consumer
centers.</TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.2in">As of December 2016, our
total installed cogeneration capacity at our cluster and UMA mill was 216MW and 16MW respectively, of which 150MW and 12MW are
available to sell to the market.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.2in">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="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>


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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B><I>Storage and Conditioning</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.2in">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="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">Nominal Storage Capacity</FONT></TD><TD STYLE="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">Cluster</FONT></TD><TD STYLE="padding-bottom: 1pt; font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">UMA</FONT></TD><TD STYLE="padding-bottom: 1pt; font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">Total</FONT></TD><TD STYLE="padding-bottom: 1pt; font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 61%; text-align: left; text-indent: -5.05pt; padding-left: 5.05pt">Ethanol (cubic meters)</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; text-align: right">160,000</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; text-align: right">27,000</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; text-align: right">187,000</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: -5.05pt; padding-left: 5.05pt">Sugar (tons)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">155,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">36,400</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">191,400</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
</TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B><I>Marketing, Sales and Distribution</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.2in"><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&rsquo;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 &ldquo;ESALQ&rdquo;),
with a premium in the state of Minas Gerais due to the use of our regional brand, &ldquo;Monte Alegre,&rdquo; 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 95% of our sales in the period ended December 31, 2016.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.2in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.2in"><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 37% 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 74% of our sales in the period
ended December 31, 2016.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.2in"><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 72% of our sales revenues in the period ended December 31, 2016.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.2in">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 (&ldquo;IPCA&rdquo;).</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.2in">In 2009, UMA entered into
a 10-year agreement with CEMIG&nbsp;for the sale of approximately 46,200 MWh during the harvest periods each year (May to November
of each year) at a rate of R$ 233.93 per megawatt hour in 2015. 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 (&ldquo;CCEE&rdquo;), 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$232.10 per MWh (price for year 2015). 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$206.30 per MWh (price for year 2015). The delivery period
for the first auction is May 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. 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="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>


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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>Land Transformation</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.2in">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="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.2in">Since our inception, we
have successfully identified multiple opportunities for the acquisition of undeveloped or undermanaged farmland with high potential
for transformation. During the fourteen-year period since our inception, we have effectively put into production over 169,317 hectares
that were previously undeveloped or inefficiently managed and are undergoing the transformation process.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.2in">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="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.2in">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="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.2in">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="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.2in; text-align: justify; text-indent: 0.2in">(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 &lsquo;Cerrado&rsquo;. 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 67,892 hectares of undeveloped land into productive croppable land.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.2in; text-align: justify; text-indent: 0.2in">(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 &lsquo;Cerrado&rsquo; 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
101,425 hectares of undermanaged or underutilized farmland into croppable land.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.2in; text-align: justify; text-indent: 0.2in">&nbsp;</P>


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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.2in; text-align: justify; text-indent: 0.2in">(iii) Ongoing
transformation of croppable land: The application of efficient and sustainable crop production technologies and best practices
such as &ldquo;no-till&rdquo;, 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 2015/2016
harvest year, we operated 131,363 hectares of own developed farmland which were enhanced by the use of best productive practices
and technology.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.2in">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="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.2in">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 eleven years, we have
sold 20 farms, generating capital gains of approximately $205 million.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.2in">These capital gains are
generated by three main factors:</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.2in; text-align: justify; text-indent: 0.2in">(i) the acquisition
of land at opportunistic prices below the market value or fair value of the land;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.2in; text-align: justify; text-indent: 0.2in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.2in; text-align: justify; text-indent: 0.2in">(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="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.2in; text-align: justify; text-indent: 0.2in">(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&rsquo;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 2015
as well as our overall land portfolio, has been positively impacted by this external factor.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.2in">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 $688 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="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>


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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.2in">The following table sets
forth our acquisitions and divestitures since our inception:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 90%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">Acquisition</FONT></TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">Divestitures</FONT></TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">Total
    Land&nbsp;Holdings</FONT></TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="font-weight: bold; border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-size: 8pt">Year Ended December
    31,</FONT></TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="10" NOWRAP STYLE="font-weight: bold; text-align: center; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">(In
    hectares)</FONT></TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 61%; text-align: left; padding-left: 9pt">2002</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; text-align: right">74,898</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; text-align: right">&mdash;</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; text-align: right">74,898</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 9pt">2003</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">74,898</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-left: 9pt">2004</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">34,659</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">109,557</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 9pt">2005</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">22,262</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">131,819</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-left: 9pt">2006</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">5,759</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">3,507</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">134,071</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 9pt">2007</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">113,197</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">8,714</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">239,274</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-left: 9pt">2008</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">43,783</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">4,857</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">278,200</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 9pt">2009</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">5,005</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">273,195</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-left: 9pt">2010</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">14,755</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">5,086</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">282,864</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 9pt">2011</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">12,992</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2,439</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">293,417</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-left: 9pt">2012</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">9,475</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">283,942</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 9pt">2013</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">14,176</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">269,838</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-left: 9pt">2014</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">12,887</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">257,036</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 9pt">2015</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">10,905</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">246,139</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-left: 9pt">2016</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">246,139</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
</TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B><I>Our Farms</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.2in"><I><U>Appraisal of Farms.</U></I>
In September 2016, 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="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.2in">The above mentioned 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="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.2in">Cushman&nbsp;&amp; Wakefield
has informed us their assessment of the market value of our farmland as of September&nbsp;30, 2016. According to Cushman&nbsp;&amp;
Wakefield, the market value of our farmland totaled $936.1 million, out of which $809.8 million correspond to the market value
of our farmland in Argentina and Uruguay, and the remaining $126.3 million correspond to the market value of our farmland in Brazil.
Net of non-controlling interests in certain Argentine farms, the market value of our farmland totaled $760.2 million. These valuations
are only intended to provide an indicative approximation of the market value of our farmland property as of September&nbsp;30,
2016 based on then current market conditions. This information is subject to change based on many variables and market conditions.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.2in">&nbsp;</P>


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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 90%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="font-weight: bold; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">Farm</FONT></TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">State,
    Country</FONT></TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt"><B>Gross
    Size&#9;<BR>
(Hectares)</B></FONT></TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">Current
    Use</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 25%; text-align: left; text-indent: -5.05pt; padding-left: 5.05pt">El Meridiano</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 35%; text-align: left">Buenos Aires, Argentina</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 12%; text-align: right">6,302</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 23%">Grains</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: -5.05pt; padding-left: 5.05pt">Las Horquetas</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">Buenos Aires, Argentina</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2,086</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">Grains &amp; Cattle</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; text-indent: -5.05pt; padding-left: 5.05pt">San Carlos</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">Buenos Aires, Argentina</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">4,215</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD>Grains</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-indent: -5.05pt; padding-left: 5.05pt">Huelen</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">La Pampa, Argentina</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">4,633</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD>Grains</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD>La Carolina(2)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">Santa Fe, Argentina</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">4,306</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">Grains &amp; Cattle</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-indent: -5.05pt; padding-left: 5.05pt">El Orden(2)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">Santa Fe, Argentina</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">3,506</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">Grains &amp; Cattle</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; text-indent: -5.05pt; padding-left: 5.05pt">La Rosa</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">Santa Fe, Argentina</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">4,087</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">Grains &amp; Cattle</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: -5.05pt; padding-left: 5.05pt">San Joaqu&iacute;n</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">Santa Fe, Argentina</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">37,273</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">Rice, Grains &amp; Cattle</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-indent: -5.05pt; padding-left: 5.05pt">Carmen</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">Santa Fe, Argentina</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">10,021</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD>Grains</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-indent: -5.05pt; padding-left: 5.05pt">Abolengo</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">Santa Fe, Argentina</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">7,473</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD>Grains</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; text-indent: -5.05pt; padding-left: 5.05pt">Santa Lucia</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; text-indent: -5.05pt; padding-left: 5.05pt">Santiago del Estero, Argentina</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">17,495</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; text-indent: -5.05pt; padding-left: 5.05pt">Grains &amp; Cattle</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: -5.05pt; padding-left: 5.05pt">El Colorado</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; text-indent: -5.05pt; padding-left: 5.05pt">Santiago del Estero, Argentina</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">4,960</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-indent: -5.05pt; padding-left: 5.05pt">Grains</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; text-indent: -5.05pt; padding-left: 5.05pt">La Guarida (1)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; text-indent: -5.05pt; padding-left: 5.05pt">Santiago del Estero, Argentina</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">7,880</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; text-indent: -5.05pt; padding-left: 5.05pt">Grains &amp; Cattle</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: -5.05pt; padding-left: 5.05pt">La Garrucha (1)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; text-indent: -5.05pt; padding-left: 5.05pt">Salta, Argentina</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,839</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-indent: -5.05pt; padding-left: 5.05pt">Grains</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; text-indent: -5.05pt; padding-left: 5.05pt">Los Guayacanes (1)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; text-indent: -5.05pt; padding-left: 5.05pt">Salta, Argentina</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">3,693</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-indent: -5.05pt; padding-left: 5.05pt">Grains</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-indent: -5.05pt; padding-left: 5.05pt">Omb&uacute;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">Formosa, Argentina</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">18,321</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">Grains &amp; Cattle</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-indent: -5.05pt; padding-left: 5.05pt">Oscuro</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">Corrientes, Argentina</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">33,429</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">Rice, Grains &amp; Cattle</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: -5.05pt; padding-left: 5.05pt">It&aacute; Caab&oacute;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">Corrientes, Argentina</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">22,888</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">Rice, Grains &amp; Cattle</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; text-indent: -5.05pt; padding-left: 5.05pt">Alto Alegre</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">Tocantins, Brazil</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">6,082</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">Grains &amp; Cotton</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-indent: -5.05pt; padding-left: 5.05pt">Conquista</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">Tocantins, Brazil</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">4,415</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">Grains &amp; Cotton</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; text-indent: -5.05pt; padding-left: 5.05pt">Rio de Janeiro</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">Bahia, Brazil</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">10,012</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">Grains &amp; Cotton</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: -5.05pt; padding-left: 5.05pt">Bela Manh&atilde;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">Mato Grosso do Sul, Brazil</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">381</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD>Sugarcane</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; text-indent: -5.05pt; padding-left: 5.05pt">Ouro Verde</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">Mato Grosso do Sul, Brazil</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">679</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD>Sugarcane</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: -5.05pt; padding-left: 5.05pt">Don Fabr&iacute;cio</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">Mato Grosso do Sul, Brazil</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">3,302</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD>Sugarcane</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-indent: -5.05pt; padding-left: 5.05pt">Takuar&ecirc;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">Mato Grosso do Sul, Brazil</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">489</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD>Sugarcane</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: -5.05pt; padding-left: 5.05pt">Agua Branca</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">Mato Grosso do Sul, Brazil</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,614</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD>Sugarcane</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; text-indent: -5.05pt; padding-left: 5.05pt">Nossa Senhora Aparecida</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">Mato Grosso do Sul, Brazil</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">540</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD>Sugarcane</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-indent: -5.05pt; padding-left: 5.05pt">Sap&aacute;lio</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">Mato Grosso do Sul, Brazil</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">6,140</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD>Sugarcane</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; text-indent: -5.05pt; padding-left: 5.05pt">Carmen (Agua Santa)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">Mato Grosso do Sul, Brazil</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">146</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD>Sugarcane</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: -5.05pt; padding-left: 5.05pt">La Pecuaria</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">Duranzo, Uruguay</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">3,177</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD>Grains</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-bottom: 1pt; text-indent: -5.05pt; padding-left: 5.05pt">Do&ntilde;a Marina</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: left; padding-bottom: 1pt">Corrientes, Argentina</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">14,755</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt">Rice</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; text-indent: -5.05pt; padding-left: 5.05pt; padding-bottom: 1pt">Total</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right; border-bottom: Black 1pt solid">246,139</TD><TD STYLE="font-weight: bold; text-align: left; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD></TR>
</TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-size: 8pt">(1) On 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="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-size: 8pt">(2) On December
2015, we completed the sale of a 49% interest in Global Acamante S.L.U, Global Calidon S.L.U, Global Carelio S.L.U, and Global
Mirabilis S.L.U, whose main underlying assets are El Orden and La Carolina</FONT></P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.2in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.2in"><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="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.2in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.2in">&nbsp;</P>


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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.2in">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 &ldquo;Consecana&rdquo;). 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="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.2in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.2in">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="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.2in; text-align: justify; text-indent: 0.2in"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.2in"><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 (&ldquo;TAG&rdquo;) 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="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.2in">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="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>Property, Plant and Equipment</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.2in">In addition to our farmland,
we also own the following principal industrial facilities:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 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">
    <TD NOWRAP STYLE="width: 19%; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt"><B>Facility</B></FONT></TD>
    <TD NOWRAP STYLE="width: 1%; text-align: center; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="width: 19%; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt"><B>Province, Country</B></FONT></TD>
    <TD NOWRAP STYLE="width: 1%; text-align: center; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="width: 29%; border-bottom: Black 1pt solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-size: 8pt"><B>Relevant</B></FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-size: 8pt"><B>Operational
        Data</B></FONT></P></TD>
    <TD NOWRAP STYLE="width: 1%; text-align: center; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="width: 30%; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt"><B>Current Use</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 5.05pt; text-indent: -5.05pt"><FONT STYLE="font-size: 10pt">&ldquo;Christophersen&rdquo;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">Santa Fe, Argentina</FONT></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">18,700 tons of storage capacity.</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">2,400 tons per day of drying</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Capacity</P></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">Seedbed and stockpiling plant (1)</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 5.05pt; text-indent: -5.05pt">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 5.05pt; text-indent: -5.05pt"><FONT STYLE="font-size: 10pt">&ldquo;Semillero It&aacute; Caab&oacute;&rdquo;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">Corrientes, Argentina</FONT></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">Rice genetic improvement program</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 5.05pt; text-indent: -5.05pt">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 5.05pt; text-indent: -5.05pt"><FONT STYLE="font-size: 10pt">&ldquo;Molino Ala &mdash; Mercedes&rdquo;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">Corrientes, Argentina</FONT></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Installed capacity of 4,682 tons</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">of white rice monthly, and husk</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">rice drying capacity of 2,400 tons</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">per day</P></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">Rice processing and drying plant</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 5.05pt; text-indent: -5.05pt">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 5.05pt; text-indent: -5.05pt"><FONT STYLE="font-size: 10pt">&ldquo;Molino Ala &mdash; San Salvador&rdquo;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">Entre R&iacute;os, Argentina</FONT></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Installed capacity of 5,208 tons</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">of white rice monthly, and husk</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">rice drying capacity of 1,100 tons</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">per day</P></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">Rice processing and drying plant</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 5.05pt; text-indent: -5.05pt">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 5.05pt; text-indent: -5.05pt"><FONT STYLE="font-size: 10pt">Molino Franck</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">Santa Fe, Argentina</FONT></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Processing capacity of 5,617 tons</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">of white rice monthly, and husk</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">rice drying capacity of 1,600 tons</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">per day</P></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">Rice processing and drying plant</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 5.05pt; text-indent: -5.05pt">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 5.05pt; text-indent: -5.05pt"><FONT STYLE="font-size: 10pt">&ldquo;Ang&eacute;lica Agroenerg&iacute;a&rdquo;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">Mato Grosso do Sul, Brazil</FONT></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Installed milling capacity of</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">4.7 million tons of</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">sugarcane annually, 330,000 tons</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">of VHP sugar and over 264,000</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">cubic meters of ethanol, and</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">over 260,000 MWh</P></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">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="padding-left: 5.05pt; text-indent: -5.05pt">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 5.05pt; text-indent: -5.05pt"><FONT STYLE="font-size: 10pt">&ldquo;Ivinhema Agroenerg&iacute;a&rdquo;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">Mato Grosso do Sul, Brazil</FONT></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Installed milling capacity of</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">5.3 million tons of</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">sugarcane annually, 330,000 tons</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">of VHP sugar, 330,000</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">cubic meters of ethanol, and</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">over 360,000 MWh</P></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">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="padding-left: 5.05pt; text-indent: -5.05pt">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 5.05pt; text-indent: -5.05pt"><FONT STYLE="font-size: 10pt">&nbsp;&ldquo;Usina Monte Alegre&rdquo;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">Minas Gerais, Brazil</FONT></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Present milling capacity of 1.2</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">million tons of sugarcane</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">annually, 130,000 tons of VHP</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">and white sugar and over</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">52,000 cubic meters of ethanol</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">and 54,000 MWh</P></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">Sugar mill producing VHP and white sugar and hydrated ethanol. Sells energy to local network</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 15.8pt"><FONT STYLE="font-size: 8pt">(1)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 8pt">Classification
                                         of wheat and soybean seeds.</FONT></TD></TR></TABLE>

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


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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.2in">For additional information
regarding our property, plant and equipment, see Note 6 of the Consolidated Financial Statements.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.2in">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, 2016 more than 60% of our sales 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 24% of our sales and the
remaining ten represented approximately 36% of our net sales in the course of that year.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.2in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">In the Sugar, Ethanol and Energy segment, sales
of ethanol were concentrated in 8 customers, which represented 74% of total sales of ethanol for the year ended December 31, 2016.
Approximately 95% of our sales of sugar were concentrated in 4 well-known traders for the year ended December 31, 2016. The remaining
10%, which mainly relates to &ldquo;crystal sugar&rdquo;, were dispersed among several customers. In 2016, energy sales are 72%
concentrated in 4 major customers.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.2in">The farming sector is highly
fragmented. Although we are one of South America&rsquo;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="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.2in">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, 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="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.2in">&nbsp;</P>


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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.2in">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="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 90%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">Brazil</FONT></TD><TD STYLE="padding-bottom: 1pt; font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 87%; text-indent: -5.05pt; padding-left: 5.05pt">Number of Mills</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: center">&nbsp;</TD><TD STYLE="width: 10%; text-align: right">389</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: -5.05pt; padding-left: 5.05pt">Sugarcane crushed (million tons)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: right">641.2</TD><TD 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: -5.05pt; padding-left: 5.05pt">Ethanol Production (million cubic meters)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: right">27.4</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: -5.05pt; padding-left: 5.05pt">Sugar Production (million tons)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: right">36.5</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
</TABLE>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-size: 8pt">Source: Ministry
of Agriculture &amp; CONAB</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.2in">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="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>Supplies and Suppliers</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.2in">Our principal supplies
for our farming business are seeds, fertilizers, pesticides and fuel, which represented for the year ended December 31, 2016, 14%,
13%, 22% and 11%, respectively, of our total direct expenditures (including leasing costs).Further, these supplies represented
50% of our total production costs for 2016. As we use direct sowing in 99% of our planted area, without requiring soil preparation,
fuel represents only 9% of the total cost of production for 2016.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.2in">Our principal supplies
for our sugar, ethanol and energy business are diesel, lubricants and fertilizers, which collectively represented 19% of our total
expenditures incurred in the sugar, ethanol and energy business for 2016. Further, these supplies represented 31% of our total
production cost for 2016. 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 31% of our total
expenditures for supplies in 2016. 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="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.2in">We have been able to obtain
lower prices particularly due to the volume that derives from our large-scale operations.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.2in">&nbsp;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.4pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.4pt">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. Although our cluster is currently operating under a &ldquo;non-stop&rdquo; or &ldquo;continuous&rdquo; harvest
and without stopping during traditional off-season, the rest of the sector in Brazil is still primarily operating with large off-season
periods from December/January to March/April. The result of large off-season periods is fluctuations in our sugar and ethanol sales
and in our inventories, usually peaking in December to take advantage of higher prices during the traditional off-season period
(i.e., 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 &ldquo;Item 5. Operating
and Financial Review and Prospects&mdash;A. Operating Results&mdash;Critical Accounting Policies and Estimates&mdash;Biological
Assets and Agricultural Produce.&rdquo;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.4pt">&nbsp;</P>


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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.2in">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 forests 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 &ldquo;no-till&rdquo; 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="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>Standardized and Scalable Agribusiness Model</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.2in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.2in">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="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.2in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.2in">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&rsquo;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&rsquo;s productive performance and the technological package for the new harvest year.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.2in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.2in">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="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.2in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.2in">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="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.2in">&nbsp;</P>


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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.2in">We are also adopting Operational
Protocols and Procedures in our industrial facilities to improve control of processing variables. In the case of our rice mills,
we have certified Good Manufacturing Practices, and in some cases, HACCP (Hazard Analysis and Critical Control Points) standard.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.2in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.2in">When market conditions
provide pricepremiums for certified grains or oilseeds, we evaluate the feasibility of implementing specific certifications. Some
examples of this are RTRS (Round Table on Responsible Soybeans) and EPA (Environmental Protection Agency, US) certifications for
Sustainable Soybeans in Argentina. In Brazil, we are certifying sugar-based products for EPA and Bonsucro certifications.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.2in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.2in"><B>Contractors</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.4pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.4pt">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: 0; text-align: justify; text-indent: 24.4pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.4pt">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 part of our production team and providing
constant technical training and support through our GTA (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: 0; text-align: justify; text-indent: 24.4pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.4pt">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 majority 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 farmworks, both when selecting any contractor and 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: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>Adecoagro Technical Group (Grupo Tecnico Adecoagro &ldquo;GTA&rdquo;)</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.4pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.4pt">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 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: 0; text-align: justify; text-indent: 24.4pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.4pt">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. This 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: 0; text-align: justify; text-indent: 24.4pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.4pt">Since the GTA is involved
in different regions, it plays a relevant role in spreading best practices among productive regions, including &ldquo;no-till&rdquo;
in lesser-developed areas. 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: 0; text-align: justify; text-indent: 24.4pt">&nbsp;</P>


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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.4pt">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. &ldquo;CREA&rdquo; is a 50-year-old farmers&rsquo; association focused on developing and supporting technical
excellence with local farmers. &ldquo;AAPRESID&rdquo; 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: 0; text-align: justify; text-indent: 24.4pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.4pt">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 &ldquo;no-till&rdquo; in rice production, developing sugarcane production technologies involving agricultural
mechanization and minimum tillage, and developing cotton production technologies involving &ldquo;no-till&rdquo; and crop rotation
among others.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.4pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.4pt">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: 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>Technology and Best Practices</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.4pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.4pt">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 &ldquo;no-till&rdquo; technology and &ldquo;crop rotation&rdquo; to improve our crop yields. We also practice
the use of &ldquo;second harvests&rdquo; or double cropping 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 &ldquo;free-stall&rdquo; infrastructure in dairy operations resulting
in increased fluid 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 into large barns. Those barns are equipped with state-of-the-art technology to enhance
cow-comfort conditions, such as sand beds, water-spray cooling system and fans. In addition, installations are 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: 0; text-align: justify; text-indent: 24.4pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.4pt">Our sugarcane harvesting
is 98% 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: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B><I>No-Till</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.4pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.4pt">&ldquo;No-till&rdquo;
is the cornerstone of our crop production technology and the key to maintaining and even increasing the value and productivity
of our land assets. &ldquo;No-till&rdquo; &mdash; often called zero tillage or direct sowing &mdash; is a technology developed
more than 30 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: 0; text-align: justify; text-indent: 24.4pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.4pt">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.&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.4pt"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.4pt">&nbsp;</P>


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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.4pt">&ldquo;No-till&rdquo; farming avoids
these negative effects by excluding the use of tillage. The &ldquo;no-till&rdquo; 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,
&ldquo;no-till&rdquo; 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: 0; text-align: justify; text-indent: 24.4pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.4pt">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, &ldquo;no-till&rdquo; 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: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B><I>Crop Rotation</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.4pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.4pt">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&rsquo;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 crop rotation that includes corn, soybeans and cotton.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B><I>Second Harvest &mdash; Double Cropping</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.4pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.4pt">Second harvest, also known
as &ldquo;double cropping&rdquo;, 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 &ldquo;no-till&rdquo; 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: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B><I>Integrated Pest Management (IPM)</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.4pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.4pt">Integrated pest management
(&ldquo;IPM&rdquo;) 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 three main goals: (i) enhancing crop productivity, (ii)
reducing use of pesticides and (iii) 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 &ldquo;beneficial&rdquo; 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: 0; text-align: justify; text-indent: 24.4pt">&nbsp;</P>


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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B><I>Balanced Fertilization</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.4pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.4pt">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 monitor 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: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B><I>Water management</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.4pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.4pt">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, &ldquo;no-till&rdquo; presents strong advantages since it improves rainfall
infiltration and increases the soil&rsquo;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. In addition, we have developed a water recycle system for each farm where excess of water (derived from drainage and
rainfalls) can be reused, instead of being drained out of the farm. 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: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B><I>Mechanization</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.4pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.4pt">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: 0"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B><I>Synergies</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.4pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.4pt">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 &ldquo;no-till&rdquo; 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 &ldquo;no-till&rdquo; 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: 0">&nbsp;</P>


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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B><I>Information Technology</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.4pt">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
of administrative efforts. 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: 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>Environmental Responsibility</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.4pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.4pt">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 &ldquo;&mdash;Technology and Best Practices.&rdquo; 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&rsquo; programs)<I>.</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.4pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.4pt">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: 0; text-align: justify; text-indent: 24.4pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.4pt">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 operate in forests, wetlands or areas with high biodiversity value.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
(&ldquo;TNC&rdquo;), 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: 0; text-align: justify; text-indent: 24.4pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.4pt">We are also developing
bio-gas production from manure in our free-stall dairy operation in Argentina as another emissions reduction program. This project
contemplates the capture of methane gas from adequately managed manure of dairy cows, which will be used to co-generate electricity.
We received a grant from Sustainable Energy and Climate Change Initiative from the Inter-American Development Bank (SECCI) in order
to carry out the pre-feasibility assessment. We have also received a grant from the &ldquo;Agencia Nacional de Promoci&oacute;n
Cient&iacute;fica y Tecnologica&rdquo;, an agency which promotes technological innovation, to partially fund the investment. In
July 2016, we participated of Argentina&rsquo;s &ldquo;RenovAr&rdquo; renewable energy auction and entered into a 20-year contract
to supply up to 9,145 MWh per year at an average price
of USD 158.92 per MWh. 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 (&ldquo;CEMIG&rdquo;). The technology developed during
this project will allow us to generate additional energy from vinasse while maintaining the fertilizer recycling potential of UMA.
We are currently evaluating alternatives to replicate this pilot project in our Cluster in Mato Grosso do Sul (Brazil). These emission
reduction projects could also generate extra income from carbon credits under specific programs.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.4pt">&nbsp;</P>


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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 5.75pt"><B>Social Programs</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.4pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.4pt">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 Adecoagro matches each
donation from our employees at a 2:1 ratio.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.2in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B><I>Education</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.4pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.4pt">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, Santa Fe and Entre Rios
in Argentina, through which we have awarded 45 educational programs in 133 urban and rural schools located close to our rice operations.
These programs benefit 20,860 students. Cimientos is a non-profit organization that promotes equal educational opportunities for
children and youth from low-income families in Argentina. In 2016 we started another program together with CONCIENCIA (a local
NGO) in which we support our employees&rsquo; children to complete their education. This new program began in Salta near to Los
Guayacanes, and 16 children participated.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.4pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.4pt">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. We also have partnerships to encourage the habit of reading through the training of teachers of municipal schools
as storytellers and investment in libraries.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B><I>Nutrition</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.4pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.4pt">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 2016, we donated nearly 6 tons of powdered milk and 1 ton of processed rice. We also work in partnership
with the Argentine Food Bank Network, to whom we are currently donating approximately 15 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: 0; text-align: justify; text-indent: 24.4pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.4pt">Additionally, in 2016
we agreed on a new campaign together with a basketball club in the province of Corrientes, Argentina. The campaign was called &ldquo;<I>Festej&aacute;
cada punto vale triple&rdquo; </I>(Celebrate, each point is worth triple). With this campaign for each point the basketball team
scores during this season, Adecoagro will donate 3 kilos of rice to the Conin Foundation centers located within the province of
Corrientes. In December 2016, we provided 4.6 tons of rice to these centers.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.4pt">&nbsp;</P>


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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.4pt">In Brazil, we support
several local schools, kindergartens, homes for the elderly and APAEs (local associations to support seriously deficient in the
community) with financial investment and training to improve social management. Because of these initiatives, ABRINQ Foundation
as Child Friendly Company certified the Monte Alegre unit.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B><I>Internship Program</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.4pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.4pt">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&rsquo; 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 310 interns have participated in our program during the last 14
years, of which 82 were subsequently incorporated into our teams.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>Material Agreements</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.4pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.4pt">For a description of the
material agreements relating to our indebtedness, please see &ldquo;Item 5.&mdash;Operating and Financial Review and Prospects&mdash;B.
Liquidity and Capital Resources&mdash;Indebtedness and Financial Instruments.&rdquo;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>Intellectual Property</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.4pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.4pt">As of March 22, 2017,
our corporate group owned 24 trademarks registered with the Argentine National Intellectual Property Institute and had 3 trademarks
in the process of registration. Also, Adeco Brasil and UMA owned 16 trademarks registered with the Brazilian National Industrial
Property Institute (&ldquo;INPI&rdquo;), and had submitted 5 trademark registration requests, all of which are currently being
challenged by third parties or were initially denied by INPI.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.4pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.4pt">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: 0; text-align: justify; text-indent: 24.4pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.4pt">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: 0"><B>&nbsp;</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.4pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.4pt">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: 0">&nbsp;</P>


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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>Legal and Administrative Proceedings</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.4pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.4pt">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 &ldquo;Item 8. Financial Information&mdash;A.
Consolidated Statements and Other Financial Information&mdash;Legal and Administrative Proceedings.&rdquo;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>Environmental Regulations and Compliance</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.4pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.4pt">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: 0; text-align: justify; text-indent: 24.4pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.4pt">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. On June 10, 2014, we applied for the renewal of the operational license for
the Ang&eacute;lica mill to mill up to 4 million tons of sugarcane per year. On April 24, 2015, we obtained an installation license
(<I>licen&ccedil;a de instala&ccedil;&atilde;o</I>) for the Ivinhema mill, to mill up to 5 million tons of sugarcane per year.
On July 23, 2015, we obtained the operational license (<I>licen&ccedil;a de opera&ccedil;&atilde;o</I>) from IMASUL authorizing
us to mill up to 5 million tons of sugarcane per year. In July 6, 2016, we applied for an update of the operational license for
the Ivinhema mill to mill up to 6.2 million tons. In addition to the installation and operational license, the Ivinhema mill must
obtain 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="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.4pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.4pt">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: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>Regulation and Control of Agri-Food Production in Argentina</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.4pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.4pt">The National Office of
Agricultural Commerce Control (<I>Oficina Nacional de Control Comercial Agropecuario</I>, or &ldquo;ONCCA&rdquo; for its acronym
in Spanish) 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: 0; text-align: justify; text-indent: 24.4pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.4pt">In February 25th, 2011
the ONCCA was dissolved pursuant to Decree No. 192/2011 and the faculties previously held by the ONCCA were transferred to the
former Ministry of Agriculture (now Ministry of Agroindustry).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.4pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.4pt">Decree No. 32/2016, (modified
by Decree 1145/16) changed the organigram for the Ministry of Agriculture and also determined its powers and competences. Pursuant
to the aforesaid decree, the Sub-Secretariat of Commercial Agriculture Control was created within the Ministry of Agroindustry
with the purpose of regulating the registry, matriculation, and control of all activities related to the commercialization and
industrialization of agri-food and agroindustry chains.&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.4pt"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.4pt"><I>&nbsp;</I></P>


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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.4pt">Under applicable regulations,
all persons involved in the commercialization and manufacturing of grains and dairy products must be registered with the Sole
Registry of the Agro-Industrial Chain (<I>Registro &Uacute;nico de Operadores de la Cadena Agroindustrial</I> or &ldquo;RUCA&rdquo;
for its acronym in Spanish), 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 RUCA, or cancellation of such registration, will lead to sanctions, including monetary
fines, the termination of operating activities and closure of facilities and/or deregistration for up to 5 years.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.4pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.4pt">On April 1, 2014 the AFIP
issued Resolution No. 3,593/14 which established a &ldquo;Systematic Regristration of Movements and Grains Stocks Regime&rdquo;
(<I>R&eacute;gimen de Registraci&oacute;n Sistem&aacute;tica de Movimientos y Existencias de Granos</I>) by which all persons involved
in the commercialization and manufacturing of grains and dairy products registered with the RUCA 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 their own or other third party&acute;s name.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.4pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.4pt">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: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="color: #010000">C.</FONT></TD><TD STYLE="text-align: justify"><A NAME="a_014"></A>ORGANIZATIONAL STRUCTURE</TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>Corporate Structure</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.4pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.4pt">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>. As of
April 20, 2017, we held approximately 100% of the interests in Adecoagro LP S.C.S., a <I>soci&eacute;t&eacute; en commandite simple
</I>organized under Luxemburg law with a de minimis remaining interest owned by Adecoagro GP <I>S.&agrave; r.l, a soci&eacute;t&eacute;
&agrave; responsibiliti&eacute; limit&eacute;e </I>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. For a diagram of our Organizational structure as of April 20, 2017, please see &ldquo;Item 4. Information
on the Company &ndash; A. History and Development of the Company &ndash; History.&rdquo;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.4pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.4pt">As of April 20,
2017, our principal shareholders were Al Gharrafa Investment Company, Stichting Pensioenfonds Zorg en Welzijn, Jennison
Associates Bienville Capital Management LLC and EMS Capital LP. See &ldquo;Item 7. Major Shareholders and Related
Party Transactions&mdash;A. Major Shareholders.&rdquo;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.4pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="color: #010000">D.</FONT></TD><TD STYLE="text-align: justify"><A NAME="a_015"></A>PROPERTY, PLANTS AND EQUIPMENT</TD></TR></TABLE>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 0 1.5in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.4pt">See &ldquo;&mdash;B. Business
Overview&mdash;Land Transformation&mdash;Our Farms&rdquo;; &ldquo;&mdash;Property, Plant and Equipment.&rdquo;</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: bold 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0%"></TD><TD STYLE="width: 0.75in"><FONT STYLE="color: #010000">Item 4B.</FONT></TD><TD STYLE="text-align: justify"><A NAME="a_016"></A>Unresolved Staff Comments</TD></TR></TABLE>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.8in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.4pt">Not applicable.</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: bold 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0%"></TD><TD STYLE="width: 0.75in"><FONT STYLE="color: windowtext">Item 5.</FONT></TD><TD STYLE="text-align: justify"><A NAME="a_017"></A>Operating and Financial Review and Prospects</TD></TR></TABLE>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.4pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.4pt">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 fluid 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 &quot;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&quot; and &quot;Risk Factors-Risks Related to Brazil- Recent changes in
Brazilian rules concerning foreign investment in rural properties may adversely affect our investments.&quot;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.4pt">&nbsp;</P>


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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.4pt">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&rdquo; for a discussion of our six operating reportable segments.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.4pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.4pt">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>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 14.2pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD NOWRAP STYLE="width: 25%; border-bottom: Black 1pt solid; text-align: left; vertical-align: bottom"><FONT STYLE="font-size: 8pt"><B>Segment</B></FONT></TD>
    <TD NOWRAP STYLE="width: 1%; text-align: center; padding-bottom: 1pt; vertical-align: bottom"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="width: 38%; text-align: center; border-bottom: Black 1pt solid; vertical-align: bottom"><FONT STYLE="font-size: 8pt"><B>Agricultural
    Product</B></FONT></TD>
    <TD NOWRAP STYLE="width: 1%; text-align: center; padding-bottom: 1pt; vertical-align: bottom"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="width: 35%; text-align: center; border-bottom: Black 1pt solid; vertical-align: bottom"><FONT STYLE="font-size: 8pt"><B>Manufactured
    Product and Services Rendered</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 5.05pt; text-indent: -5.05pt"><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 and conditioning</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 5.05pt; text-indent: -5.05pt">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 5.05pt; text-indent: -5.05pt"><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 and brown rice</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 5.05pt; text-indent: -5.05pt">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 5.05pt; text-indent: -5.05pt"><FONT STYLE="font-size: 10pt">Dairy</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">Fluid 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 STYLE="padding-left: 5.05pt; text-indent: -5.05pt">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 5.05pt; text-indent: -5.05pt"><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>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B><I>Manufacturing Activities</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.4pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.4pt">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: 0"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B><I>Agricultural Activities</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.4pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.4pt">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 &quot;Agriculture.&quot; 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 &quot;-Critical Accounting
Policies and Estimates.&quot; 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 &quot;lnitial recognition and changes
in fair value of biological assets and agricultural produce.&quot;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.4pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.4pt">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: 0; text-align: justify; text-indent: 24.4pt">&nbsp;</P>


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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.4pt">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: 0; text-align: justify; text-indent: 24.4pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.4pt">We consider gains and
losses recorded in the line items of the statement of income &quot;lnitial recognition and changes in fair value of biological
assets and agricultural produce&quot; and &quot;Changes in net realizable value of agricultural produce after harvest&quot; 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, &quot;realized&quot; 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 &ldquo; &ndash;Critical Accounting Policies and Estimates &ndash;
Biological Assets and Agricultural Produce&rdquo; 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: 0"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B><I>Land Transformation</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.4pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.4pt">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 &quot;purchase bargain gain&quot;). 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: 0; text-align: justify; text-indent: 24.4pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.4pt">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: 0; text-align: justify; text-indent: 24.4pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.4pt">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: 0; text-align: justify; text-indent: 24.4pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.4pt">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: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="color: #010000"><B>A.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</B></FONT><B><A NAME="a_018"></A>OPERATING
RESULTS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-indent: -0.5in"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-indent: -0.5in"><B>Adoption of the amendments of
IAS 14 and IAS 16</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-indent: -0.5in"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.4pt">IASB amended IAS 16 &ldquo;Property,
Plant and Equipment&rdquo; and IAS 41 &ldquo;Agriculture,&rdquo; which distinguish bearer plants from other biological assets.
Bearer plants are used solely to grow produce over their productive lives and are considered to bear more resemblance to machinery
and equipment (IAS 16) than other biological assets (under IAS 41). Accordingly, they are now accounted for under IAS 16. However,
the agricultural produce growing on bearer plants remains within the scope of IAS 41 and is measured at fair value less cost to
sell. The amendments were applicable for our fiscal year ended December 31, 2016.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.4pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.4pt">&#9;Our sugarcane and
coffee plantations qualify as bearer plants under the new definition in IAS 41. As required under IAS 8, &ldquo;Accounting Policies,
Changes in Accounting Estimates and Errors&rdquo;, we effected the change in accounting policy retrospectively. Consequently, effective
January 1, 2016, our sugarcane and coffee plantations were reclassified to property, plant and equipment, measured at amortized
cost and depreciated over their useful life on a straight-line basis. We adopted the transitional rule provided for in the amendment,
which allowed us to apply the fair value of bearer plants as their deemed cost as of January 1, 2014. Accordingly, we revised the
comparative amounts financial data for the years ended December 31, 2015 and 2014. Financial data for the years ended December
31, 2013 and 2012 have not been revised, and is not comparable to financial data for the years 2016, 2015 and 2014.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.4pt">&nbsp;</P>


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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.4pt">For further information,
and an analysis of the impact of the adoption of IAS 41 and IAS 16 to our Consolidated Financial Statements please see Note 32.1
to our Consolidated Financial Statements.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>Trends and Factors Affecting Our Results of Operations</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.4pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.4pt">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: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.2in">(i) Effects of Yield Fluctuations</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.2in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.2in">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 and operational problems.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.2in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.2in">The following table sets
forth our average crop, rice and sugarcane yields, expressed in tons per hectare, for the periods indicated:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.2in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.2in"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 85%; font: 10pt Times New Roman, Times, Serif; margin-left: 0.2in">
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="text-align: center; padding-bottom: 1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>2015/2016</B></FONT></TD><TD NOWRAP STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="text-align: center; padding-bottom: 1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>2014/2015</B></FONT></TD><TD NOWRAP STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="text-align: center; padding-bottom: 1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>2013/2014</B></FONT></TD><TD NOWRAP STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="6" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">%
    Change</FONT></TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center"><FONT STYLE="font-size: 8pt">Harvest</FONT></TD><TD NOWRAP STYLE="font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center"><FONT STYLE="font-size: 8pt">Harvest</FONT></TD><TD NOWRAP STYLE="font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center"><FONT STYLE="font-size: 8pt">Harvest</FONT></TD><TD NOWRAP STYLE="font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center"><FONT STYLE="font-size: 8pt">2015/2016 -</FONT></TD><TD NOWRAP STYLE="font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center"><FONT STYLE="font-size: 8pt">2014/2015 -</FONT></TD><TD NOWRAP STYLE="font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">Year
    (1)</FONT></TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">Year
    (1)</FONT></TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">Year
    (1)</FONT></TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">2014/2015</FONT></TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">2013/2014</FONT></TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 35%">Corn (2)</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; text-align: right">5.8</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; text-align: right">5.9</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; text-align: right">6.2</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; text-align: right">(1.7</TD><TD STYLE="width: 1%; text-align: left">%)</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; text-align: right">(4.8</TD><TD STYLE="width: 1%; text-align: left">%)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD>Soybean</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2.8</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">3.2</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2.9</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(12.5</TD><TD STYLE="text-align: left">%)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">10.3</TD><TD STYLE="text-align: left">%</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD>Soybean (second harvest)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2.4</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2.5</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1.9</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(4.0</TD><TD STYLE="text-align: left">%)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">31.6</TD><TD STYLE="text-align: left">%</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Cotton lint</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">0.7</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1.0</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">N/A</FONT></TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(30.0</TD><TD STYLE="text-align: left">%)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD>Wheat (3)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2.5</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2.3</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2.6</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">8.7</TD><TD STYLE="text-align: left">%</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(11.5</TD><TD STYLE="text-align: left">%)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD>Sunflower</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1.6</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1.8</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1.8</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(11.1</TD><TD STYLE="text-align: left">%)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">0.0</TD><TD STYLE="text-align: left">%</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD>Rice</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">5.9</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">5.1</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">5.6</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">15.7</TD><TD STYLE="text-align: left">%</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(8.9</TD><TD STYLE="text-align: left">%)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD>Sugarcane (4)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">98.2</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">93.0</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">80.8</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">5.6</TD><TD STYLE="text-align: left">%</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">15.1</TD><TD STYLE="text-align: left">%</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.2in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.2in"><FONT STYLE="font-size: 8pt">(1) This column reflects
the full harvest season.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.2in"><FONT STYLE="font-size: 8pt">(2) Includes sorghum and
peanut.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.2in"><FONT STYLE="font-size: 8pt">(3) Includes barley.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.2in"><FONT STYLE="font-size: 8pt">(4) Does not consider harvested
area for planting activities.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.2in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.2in">(ii) Effects of Fluctuations
in Production Costs</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.4pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.4pt">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 &ldquo;direct sowing&rdquo;, 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, second 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 in 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 milled.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.2in">&nbsp;</P>


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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.2in">(iii) Effects of Fluctuations
in Commodities Prices</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.4pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.4pt">Commodity prices have
historically experienced substantial fluctuations. For example, based on Chicago Board of Trade (&ldquo;CBOT&rdquo;) data, from
January 1, 2016 to December 31, 2016, soybean prices increased 14.4% and corn prices decreased by 1.9%. Also, between January 1,
2016 and December 31, 2016, ethanol prices increased by 8.2% according to Escola Superior de Agricultura &ldquo;Luiz de Queiroz&rdquo;
(&ldquo;ESLAQ&rdquo;) data, and sugar prices increased by 28.0%, according to Intercontinental Exchange of New York (&ldquo;ICE-NY&rdquo;)
data. Commodity price fluctuations impact our statement of income as follows:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 14.2pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 21.3pt">&bull;</TD><TD STYLE="text-align: justify">Initial recognition and changes in the fair value of biological assets and agricultural produce
in respect of not harvested biological assets undergoing biological transformation;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 21.3pt; text-align: justify; text-indent: -21.3pt"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 21.3pt">&bull;</TD><TD STYLE="text-align: justify">Changes in net realizable value of agricultural produce for inventory carried at its net realizable
value; and</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 21.3pt">&bull;</TD><TD STYLE="text-align: justify">Sales of manufactured products and sales of agricultural produce and biological assets sold to
third parties.</TD></TR></TABLE>

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


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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.4pt">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: 0; text-align: justify; text-indent: 24.4pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 24.4pt"><IMG SRC="t1701194_20fpg107.jpg" ALT=""></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.4pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.2in">(iv) Fiscal Year and Harvest
Year</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.4pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.4pt">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: 0; text-indent: 0.2in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 24.4pt">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: 0; text-align: justify; text-indent: 24.4pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.4pt">The financial results
in respect of all of our products are presented on a fiscal year basis. See&nbsp;&nbsp;&#822; &ldquo;Year ended December 31, 2016 as compared
to year ended December 31, 2015&rdquo;. &#822;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.4pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.2in">(v) Effects of Fluctuations
of the Production Area</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.4pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.4pt">Our results of operations
also depend on the size of the production area. The size of our own and leased area devoted to crop, rice 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 settled 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. As an 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 production area for
the periods indicated:</P>

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


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

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 75%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="10" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">Period ended December 31,</FONT></TD><TD NOWRAP STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">2016</FONT></TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">2015</FONT></TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">2014</FONT></TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD NOWRAP><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD NOWRAP><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center"><FONT STYLE="font-size: 8pt">Hectares</FONT></TD><TD NOWRAP STYLE="font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD NOWRAP><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP 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: rgb(204,238,255)">
    <TD STYLE="width: 61%">Crops (1)</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; text-align: right">140,080</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; text-align: right">148,899</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; text-align: right">152,777</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD>Rice</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">37,580</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">35,328</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">36,603</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">Sugar, Ethanol and Energy</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">134,591</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">129,299</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">124,412</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 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: 0; text-align: justify; text-indent: 24.4pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.4pt">The decrease in the crop
production area in 2016 compared to 2015 was mainly driven by the sale in November 2015 of La Ca&ntilde;ada farm (3,399 hectares)
and the transformation of owned land that was put under rice production. The increase in sugar, ethanol and energy production area
in 2016 is explained by an increase in leased hectares..</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.2in">(vi) Effect of Acquisitions
and Dispositions</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.4pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.4pt">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: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.2in">(vii) Macroeconomic Developments
in Emerging Markets</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.4pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.4pt">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: 0; text-align: justify; text-indent: 0.2in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.2in">(viii) Effects of Export
Taxes on Our Products</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.4pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.4pt">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 was subject to an export tax of 35.0%, wheat was subject to
an export tax of 23.0%, rough rice was subject to an export tax of 10.0%, processed rice was subject to an export tax of 5.0%,
corn was subject to an export tax of 20.0% and sunflower was subject to an export tax of 32.0%. Since December 2015, all of the
export taxes mentioned above have been removed, except for soybean, for which the export tax has been reduced to 30.0%.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.4pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.4pt">As local prices are determined
taking into consideration the export parity reference, any increase or decrease in export taxes would affect our financial results.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.2in">(ix) Effects of Foreign
Currency Fluctuations</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.4pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.4pt">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&rsquo; statements of income, foreign currency transactions are translated into the local currency, as
such subsidiaries&rsquo; 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 &ldquo;finance
income&rdquo; or &ldquo;finance costs,&rdquo; 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: 0; text-align: justify; text-indent: 24.4pt">&nbsp;</P>


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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.4pt">As of December 31, 2016,
the Peso-U.S. dollar exchange rate was Ps.15.89 per U.S. dollar as compared to Ps.13.04 and Ps.8.55 per U.S. dollar as of December
31, 2015 and 2014, respectively. As of December 31, 2016, the Real-U.S. dollar exchange rate was R$3.26 per U.S. dollar as compared
to R$3.90 and R$2.66 per U.S. dollar as of December 31, 2015 and 2014, respectively.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.4pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.4pt">The following graph shows
the Real-U.S. dollar rate of exchange for the periods indicated:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.4pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%; text-decoration: underline; text-align: center"><FONT STYLE="font-size: 10pt"><U>Argentinean Peso/ U.S. Dollar</U></FONT></TD>
    <TD STYLE="width: 50%; text-decoration: underline; text-align: center"><FONT STYLE="font-size: 10pt"><U>Brazilean Reais/U.S. Dollar</U></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center"><IMG SRC="t1701194_20fpg109a.jpg" ALT=""></TD>
    <TD STYLE="text-align: center"><IMG SRC="t1701194_20fpg109b.jpg" ALT=""></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.2in">(x) Seasonality</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.2in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 28.35pt">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. With the implementation of &ldquo;continuous harvest&rdquo;, sugarcane production is more stable
during the year; however, the typical harvesting period in Brazil 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 &ldquo;Initial recognition and changes in fair value of biological assets and agricultural produce&rdquo;
line item. See &ldquo;&mdash;Critical Accounting Policies and Estimates&mdash;Biological Assets and Agricultural Produce&rdquo;.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 28.35pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.2in">(xi) Land Transformation</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.4pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.4pt">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 &quot;no-till&quot; technology and crop rotation. During approximately the first three to five years of the land transformation
process of any given parcel, we must invest heavily in transforming the land, and, accordingly, crop yields during such period
tend to be lower than crop yields once the 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: 0; text-align: justify; text-indent: 24.4pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.4pt">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
&quot;Risk Factors &#822; 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&quot;
and &quot;Risk Factors &#822; Risks Related to Brazil- Recent changes in Brazilian rules concerning foreign investment in rural
properties may adversely affect our investments.&quot; included in &ldquo;Item 3 Risk Factors.&rdquo;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.4pt">&nbsp;</P>


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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.4pt">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: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.2in">(xii) Capital Expenditures
and Other Investments</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.4pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.4pt">Our capital expenditures,
which consists of maintenance capital expenditures and expansion 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 sugarcane
and (iv) expanding and upgrading our production facilities. Our capital expenditures incurred in connection with such activities
were $306.8 million for the year ended December 2014; $149.8 million for the year ended December 2015 and $133.2 million for the
year ended December 2016. See also &quot; &#822; Capital Expenditure Commitments.&quot;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.2in">(xiii) Effects of Corporate
Taxes on Our Income</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.4pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.4pt">We are subject to a variety
of rates over income taxes on our results of operations. The following table shows the income tax rates in effect for 2016 in each
of the countries in which we operate:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">Tax
    Rate (%)</FONT></TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 87%; text-indent: -5.05pt; padding-left: 5.05pt">Argentina</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: center">&nbsp;</TD><TD STYLE="width: 10%; text-align: center">35</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-indent: -5.05pt; padding-left: 5.05pt">Brazil(1)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: center">34</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-indent: -5.05pt; padding-left: 5.05pt">Uruguay</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: center">25</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
</TABLE>

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

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 15.95pt"><FONT STYLE="font-size: 8pt">(1)</FONT></TD><TD STYLE="text-align: justify"><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: 0 0 0 15.95pt; text-align: justify; text-indent: -15.95pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>Critical Accounting Policies and Estimates</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.4pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.4pt">We prepare our Consolidated
Financial Statements in accordance with IFRS. The critical accounting policies are policies important to the portrayal of a company&rsquo;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: 0; text-align: justify; text-indent: 24.4pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.2in">The Company's critical
accounting policies and estimates are consistent with those described in Note 32.1 to our Consolidated Financial Statements.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.2in"><B><I>&nbsp;</I></B></P>


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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.2in"><B><I>Biological Assets
and Agricultural Produce</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.4pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.4pt">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 &ldquo;Biological Assets.&rdquo; 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&rsquo;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: 0; text-align: justify; text-indent: 24.4pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.4pt">We account for agricultural
produce after harvest as inventory, as further described below.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.4pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.4pt">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: 0; text-align: justify; text-indent: 24.4pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="text-align: center; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="3" NOWRAP STYLE="text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt"><B>Biological Asset</B></FONT></TD>
    <TD NOWRAP STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: center; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: center; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="width: 15%; text-align: center; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="width: 1%; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="width: 25%; border-bottom: Black 1pt solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-size: 8pt"><B>No
        significant</B></FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-size: 8pt"><B>biological
        growth</B></FONT></P></TD>
    <TD NOWRAP STYLE="width: 1%; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="width: 29%; border-bottom: Black 1pt solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-size: 8pt"><B>Significant</B></FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-size: 8pt"><B>biological
        growth</B></FONT></P></TD>
    <TD NOWRAP STYLE="width: 1%; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="width: 15%; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt"><B>Agricultural Produce</B></FONT></TD>
    <TD NOWRAP STYLE="width: 1%; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="width: 12%; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt"><B>Manufactured Product</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 5.05pt; text-indent: -5.05pt">&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="padding-left: 5.05pt; text-indent: -5.05pt"><FONT STYLE="font-size: 10pt">Crops</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">Crop from planting to approximately 60 days following planting</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">Crop, from 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 STYLE="padding-left: 5.05pt; text-indent: -5.05pt">&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="padding-left: 5.05pt; text-indent: -5.05pt"><FONT STYLE="font-size: 10pt">Rice</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">Rice plant from planting to approximately 60 days following planting</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">Rice plant, from 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 (white rice)</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 5.05pt; text-indent: -5.05pt">&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="padding-left: 5.05pt; text-indent: -5.05pt"><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">Fluid milk</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">N/A</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 5.05pt; text-indent: -5.05pt">&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="padding-left: 5.05pt; text-indent: -5.05pt"><FONT STYLE="font-size: 10pt">Cattle</FONT></TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="3"><FONT STYLE="font-size: 10pt">Beef cattle are considered a biological asset from birth/purchase to death or sale.</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">N/A</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">N/A</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 5.05pt; text-indent: -5.05pt">&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="padding-left: 5.05pt; text-indent: -5.05pt"><FONT STYLE="font-size: 10pt">Sugar, ethanol and energy</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">The produce derived from the sugarcane from planting or after harvest up to approximately 30 days following planting</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">The produce derived from the sugarcane, from approximately 30 days after planting until&nbsp;&nbsp;harvest (total period of 10 to 14 months)</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="padding-left: 5.05pt; text-indent: -5.05pt">&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="padding-left: 5.05pt; text-indent: -5.05pt"><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: 0; text-align: justify; text-indent: 24.4pt">&nbsp;</P>


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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.4pt">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 &ldquo;Initial
recognition and changes in fair value of biological assets and agricultural produce.&rdquo; 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: 0; text-align: justify; text-indent: 24.4pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.4pt">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 growing 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: 0; text-align: justify; text-indent: 24.4pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.4pt">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: 0; text-align: justify; text-indent: 24.4pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.4pt">The DCF method requires
the following significant inputs to project revenues and costs:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.4in"></TD><TD STYLE="width: 0.2in"><B>&bull;</B></TD><TD STYLE="text-align: justify">Production cycles;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.4in"></TD><TD STYLE="width: 0.2in"><B>&bull;</B></TD><TD STYLE="text-align: justify">Production area in hectares;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.4in"></TD><TD STYLE="width: 0.2in"><B>&bull;</B></TD><TD STYLE="text-align: justify">Estimated crop and rice yields;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.4in"></TD><TD STYLE="width: 0.2in"><B>&bull;</B></TD><TD STYLE="text-align: justify">Estimated sucrose content (Total Recoverable Sugar or TRS) for sugarcane;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.4in"></TD><TD STYLE="width: 0.2in"><B>&bull;</B></TD><TD STYLE="text-align: justify">Estimated costs of harvesting and other costs to be incurred until the crops and rice reach maturity
(mainly costs of pesticides, herbicides and spraying);</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.4in"></TD><TD STYLE="width: 0.2in"><B>&bull;</B></TD><TD STYLE="text-align: justify">Estimated transportation costs;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.4in"></TD><TD STYLE="width: 0.2in"><B>&bull;</B></TD><TD STYLE="text-align: justify">Market prices; and</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.4in"></TD><TD STYLE="width: 0.2in"><B>&bull;</B></TD><TD STYLE="text-align: justify">Discount rates.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.4pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.4pt">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: 0; text-align: justify; text-indent: 24.4pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.4pt">Market prices used in
the DCF model are determined by reference to observable data in the relevant market (e.g., for crops and sugar). 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: 0; text-align: justify; text-indent: 24.4pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.4pt">As of December 31, 2016,
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 our plantations less cost to sell of $9.5 million ( for 2015 the fair value was
$7.5 million) for sugarcane. As of December 31, 2016, 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 $2.3 million (for 2015 this fair value was $2.7 million) for crops and $6.6 million (2015: $6.9 million) for rice.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.4pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.4pt">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 rates used would result in a significant increase or decrease to the fair value of biological assets. 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.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.4pt">&nbsp;</P>


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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.4pt">The valuation models and
their assumptions are reviewed annually, or quarterly if warranted, and, if necessary, adjusted. During the years ended December
31, 2014, 2015 and 2016, we made no changes to the models.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.4pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.4pt">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: 0; text-align: justify; text-indent: 24.4pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.4pt">We generally recognize
the agricultural produce of crops 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: 0; text-align: justify; text-indent: 24.4pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.4pt">We consider gains and
losses recorded in the line items of the statement of income &ldquo;Initial recognition and changes in fair value of biological
assets and agricultural produce&rdquo; and &ldquo;Changes in net realizable value of agricultural produce after harvest&rdquo;
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, &ldquo;realized&rdquo; 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: 0; text-align: justify; text-indent: 24.4pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.4pt">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, &ldquo;Presentation
of financial statements,&rdquo; we present, as a matter of accounting policy, our sales of biological assets and agricultural produce
and their respective costs within the lines items &ldquo;Sales of goods and services rendered&rdquo; and &ldquo;Cost of goods and
services rendered&rdquo;. See Notes 4 and 5 to our Consolidated Financial Statements for a breakdown of sales and costs for goods
sold and services rendered. The sale of agricultural produce and biological assets 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: 0; text-align: justify; text-indent: 24.4pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.4pt">Based on the foregoing,
the profit of our agricultural produce is recognized under the line &iacute;tems &ldquo;Initial recognition and changes in fair
value of biological assets and agricultural produce&rdquo; and &ldquo;Changes in net realizable value of agricultural produce after
harvest&rdquo;.&nbsp; When the agricultural produce is sold to third parties we do not record any additional profit as the gain
or loss had already been recognized.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.4pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.4pt">The profit of our manufactured
products is recognized when they are sold. The cost of manufactured products includes, among others, the cost of agricultural produce
transferred internally at fair market value (i.e. harvested sugarcane, rough rice, fluid milk, etc).</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>Operating Segments</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 21.3pt">IFRS 8 &ldquo;Operating
Segments&rdquo; 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. Operating segments are components of an entity about
which separate financial information is available that is evaluated regularly by the chief operating decision maker (&ldquo;CODM&rdquo;)
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. 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: 0; text-align: justify; text-indent: 21.3pt">&nbsp;</P>


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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 21.3pt">The Company operates 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: 0; text-align: justify; text-indent: 21.3pt"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">The Company&rsquo;s <B>&lsquo;Farming&rsquo;</B> business
is comprised of four reportable segments:</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 21.3pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">The Company&rsquo;s <B>&lsquo;Crops&rsquo;</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.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 38.7pt; text-align: justify; text-indent: 21.3pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">The Company&rsquo;s <B>&lsquo;Rice&rsquo;</B> segment consists of planting, harvesting, processing
and marketing of rice;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 38.7pt; text-align: justify; text-indent: 21.3pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">The Company&rsquo;s <B>&lsquo;Dairy&rsquo;</B> segment consists of the production and sale of fluid
milk and other dairy products,</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 38.7pt; text-align: justify; text-indent: 21.3pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">The Company&rsquo;s <B>&lsquo;All Other Segments&rsquo; </B>segment consists of the aggregation
of the remaining non-reportable operating segments, which do not meet the quantitative thresholds for disclosure and for which
the Company&rsquo;s management does not consider them to be of continuing significance, namely, Coffee and Cattle.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 21.3pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">The
Company&rsquo;s <B>&lsquo;Sugar, Ethanol and Energy&rsquo;</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: 0; text-align: justify; text-indent: 21.3pt"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">The Company&rsquo;s <B>&lsquo;Land Transformation&rsquo;
</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).</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 57.3pt; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">The Company&rsquo;s <B>&lsquo;Corporate&rsquo;</B> segment
comprises certain other activities of a holding function nature not allocable to the segments</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.4pt">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.4pt">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.4pt">The following table presents
selected historical financial and operating data solely for the periods indicated as of December 31, 2016 as it is used for our
discussion of results of operations.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.4pt">&nbsp;&nbsp;</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" ALIGN="CENTER" STYLE="border-collapse: collapse; width: 80%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="10" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">Year ended December 31,</FONT></TD><TD NOWRAP STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">2016</FONT></TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">2015</FONT></TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">2014</FONT></TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="font-weight: bold; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">Sales</FONT></TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="10" NOWRAP STYLE="font-weight: bold; text-align: center; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">(
    In thousands of $)</FONT></TD><TD NOWRAP STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 61%; font-weight: bold; text-align: left">Farming Business</TD><TD STYLE="width: 1%; font-weight: bold">&nbsp;</TD>
    <TD STYLE="width: 1%; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; font-weight: bold; text-align: right">272,543</TD><TD STYLE="width: 1%; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font-weight: bold">&nbsp;</TD>
    <TD STYLE="width: 1%; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; font-weight: bold; text-align: right">273,692</TD><TD STYLE="width: 1%; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font-weight: bold">&nbsp;</TD>
    <TD STYLE="width: 1%; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; font-weight: bold; text-align: right">315,837</TD><TD STYLE="width: 1%; font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 9pt">Crops</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">142,124</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">154,741</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">177,662</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 0.25in">Soybean(1)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">63,797</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">77,432</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">79,515</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 0.25in">Corn (2)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">48,502</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">41,924</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">69,720</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 0.25in">Wheat (3)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">18,191</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">16,750</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">8,819</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 0.25in">Sunflower</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">7,275</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">12,659</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">10,016</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-left: 0.25in">Cotton Lint</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,434</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">3,317</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">9,081</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 0.25in">Other crops(4)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2,925</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2,659</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">511</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 9pt">Rice(5)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">96,562</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">84,668</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">103,682</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 9pt">Dairy</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">32,897</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">32,981</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">32,968</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-left: 9pt">All other segments (6)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">960</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,302</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,525</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; text-align: left">Sugar, Ethanol and Energy Business</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">596,692</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">400,622</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">407,129</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 9pt">Sugar</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">330,895</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">177,801</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">174,459</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 9pt">Ethanol</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">211,451</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">176,150</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">165,870</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 9pt">Energy</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">53,995</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">46,671</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">66,800</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 9pt">Other (7)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">351</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">0</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">0</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-weight: bold">Total</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">869,235</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">674,314</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">722,966</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; text-align: left">Land Transformation (8)</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">-</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">23,980</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">25,508</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD NOWRAP><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>2016/2017</B></FONT></TD><TD NOWRAP><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD NOWRAP><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>2015/2016</B></FONT></TD><TD NOWRAP><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD NOWRAP><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>2014/2015</B></FONT></TD><TD NOWRAP><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD NOWRAP><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>2013/2014</B></FONT></TD><TD NOWRAP><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: right"><FONT STYLE="font-size: 8pt">Harvest</FONT></TD><TD NOWRAP STYLE="font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: right"><FONT STYLE="font-size: 8pt">Harvest</FONT></TD><TD NOWRAP STYLE="font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: right"><FONT STYLE="font-size: 8pt">Harvest</FONT></TD><TD NOWRAP STYLE="font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: right"><FONT STYLE="font-size: 8pt">Harvest</FONT></TD><TD NOWRAP STYLE="font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="font-weight: bold; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">Production</FONT></TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: right; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">Year</FONT></TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: right; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">Year</FONT></TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: right; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">Year</FONT></TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: right; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">Year</FONT></TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">Farming Business</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="width: 48%">Crops (tons)(9)</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; text-align: right">103,927</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: right">&nbsp;</TD><TD STYLE="width: 10%; text-align: right">583,639</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: right">&nbsp;</TD><TD STYLE="width: 10%; text-align: right">627,385</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: right">&nbsp;</TD><TD STYLE="width: 10%; text-align: right">643,354</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-left: 9pt">Soybean (tons )</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">N/A</FONT></TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: right">237,681</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: right">285,914</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: right">218,608</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 9pt">Corn (tons) (2)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">N/A</FONT></TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: right">248,269</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: right">232,763</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: right">318,381</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-left: 9pt">W heat (tons) (3)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">103,927</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: right">82,167</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: right">84,609</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: right">77,086</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 9pt">Sunflower (tons )</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">N/A</FONT></TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: right">15,521</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: right">21,762</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: right">23,161</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-left: 9pt">Cotton Lint (tons)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">N/A</FONT></TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: right">2,336</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: right">6,118</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD>Rice(10) (tons )</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">N/A</FONT></TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: right">220,758</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: right">180,149</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: right">205,489</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"></P>

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


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

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="10" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">Year ended December 31,</FONT></TD><TD NOWRAP STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">2016</FONT></TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">2015</FONT></TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">2014</FONT></TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 61%; text-align: left">Processed rice(12) (tons)</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; text-align: right">229,905</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; text-align: right">176,456</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; text-align: right">225,535</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Dairy(13) (thousand liters)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">92,395</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">88,556</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">79,468</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">Sugar, Ethanol and Energy Business</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 9pt">Sugar (tons)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">701,060</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">464,929</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">413,687</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-left: 9pt">Ethanol (cubic meters)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">422,395</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">361,001</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">299,810</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 9pt">Energy (MWh)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">751,037</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">553,090</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">442,706</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">Land Transformation Business (hectares traded)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">10,905</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">12,887</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
</TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD NOWRAP><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>2016/2017</B></FONT></TD><TD NOWRAP><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD NOWRAP><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>2015/2016</B></FONT></TD><TD NOWRAP><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD NOWRAP><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>2014/2015</B></FONT></TD><TD NOWRAP><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD NOWRAP><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>2013/2014</B></FONT></TD><TD NOWRAP><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: right"><FONT STYLE="font-size: 8pt">Harvest</FONT></TD><TD NOWRAP STYLE="font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: right"><FONT STYLE="font-size: 8pt">Harvest</FONT></TD><TD NOWRAP STYLE="font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: right"><FONT STYLE="font-size: 8pt">Harvest</FONT></TD><TD NOWRAP STYLE="font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: right"><FONT STYLE="font-size: 8pt">Harvest</FONT></TD><TD NOWRAP STYLE="font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="font-weight: bold; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">Planted Area</FONT></TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: right; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">Year</FONT></TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: right; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">Year</FONT></TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: right; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">Year
    (18)</FONT></TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: right; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">Year
    (18)</FONT></TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="6" STYLE="font-weight: bold; text-align: center"><FONT STYLE="font-size: 8pt">(Hectares)</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD>Farming Business(13)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="width: 48%; padding-left: 0.25in">Crops</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: right">&nbsp;</TD><TD STYLE="width: 10%; text-align: right">196,057</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: right">&nbsp;</TD><TD STYLE="width: 10%; text-align: right">178,491</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: right">&nbsp;</TD><TD STYLE="width: 10%; text-align: right">193,683</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: right">&nbsp;</TD><TD STYLE="width: 10%; text-align: right">186,214</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 0.25in">Soybean</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: right">88,673</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: right">88,377</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: right">96,476</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: right">82,980</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 0.25in">Corn (2)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: right">56,081</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: right">42,657</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: right">40,044</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: right">51,212</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 0.25in">Wheat (3)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: right">37,998</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: right">32,396</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: right">37,020</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: right">29,411</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 0.25in">Sunflower</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: right">5,454</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: right">9,547</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: right">12,314</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: right">12,880</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 0.25in">Cotton</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: right">2,640</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: right">3,160</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: right">6,217</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 0.25in">Forage</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: right">5,210</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: right">5,514</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: right">4,669</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: right">3,514</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 9pt">Rice</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: right">39,607</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: right">37,580</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: right">35,328</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: right">36,603</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; text-align: left; padding-left: 9pt">Total Planted Area (14)</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: right">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">235,664</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: right">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">216,071</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: right">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">229,011</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: right">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">222,817</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-left: 9pt">Second Harvest Area</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: right">42,359</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: right">32,896</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: right">40,115</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: right">29,923</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 9pt">Leased Area</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: right">65,226</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: right">57,595</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: right">60,056</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: right">55,797</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-left: 9pt">Owned Croppable Area(15)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: right">122,870</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: right">120,065</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: right">124,172</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: right">133,584</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
</TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="10" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">Year
    ended December 31,</FONT></TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">2016</FONT></TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">2015</FONT></TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">2014</FONT></TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">Sugar, Ethanol and Energy</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD>Business</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 61%; text-align: left; padding-left: 9pt">Sugarcane plantation</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; text-align: right">134,591</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; text-align: right">129,299</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; text-align: right">124,412</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 0.25in">Owned land</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">9,145</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">9,145</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">9,145</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-left: 0.25in">Leased land</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">125,446</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">120,154</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">115,267</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
</TABLE>

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


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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.3in"><FONT STYLE="font-size: 8pt">(1)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 8pt">Includes
                                         soybean, soybean oil and soybean meal.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.3in; text-align: justify; text-indent: -0.3in"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.3in"><FONT STYLE="font-size: 8pt">(2)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 8pt">Includes
                                         sorghum and peanut.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.3in; text-align: justify; text-indent: -0.3in"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.3in"><FONT STYLE="font-size: 8pt">(3)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 8pt">Includes
                                         barley.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.3in; text-indent: -0.3in"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.3in"><FONT STYLE="font-size: 8pt">(4)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 8pt">Includes
                                         seeds and farming services.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.3in; text-indent: -0.3in"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.3in"><FONT STYLE="font-size: 8pt">(5)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 8pt">Sales
                                         of processed rice including rough rice purchased from third parties and processed in
                                         our own facilities, rice seeds and services.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.3in; text-indent: -0.3in"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.3in; text-align: left"><FONT STYLE="font-size: 8pt">(6)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 8pt">All other segments include
our cattle business which primarily consists of leasing land to a third party based on the price of beef. See &ldquo;Item 4. Information
of the Company &ndash; B. Business Overview &ndash; Cattle Business&rdquo; .</FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.3in; text-align: justify; text-indent: -0.3in"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.3in"><FONT STYLE="font-size: 8pt">(7)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 8pt">Includes
                                         operating leases and other services.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.3in; text-indent: -0.3in"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.3in"><FONT STYLE="font-size: 8pt">(8)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 8pt">Represents
                                         capital gains from the sale of land, of which $16,066 thousands in 2015 and $25,508 thousands
                                         in 2014, represent the results from the sale of non-controlling interests in subsidiaries.
                                         See Note 16 of our Consolidated Financial Statements for details</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.3in"><FONT STYLE="font-size: 8pt">(9)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 8pt">Crop production
                                         does not include tons of forage produced.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.3in; text-align: justify; text-indent: -0.3in"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.3in"><FONT STYLE="font-size: 8pt">(10)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 8pt">For 2016/17
                                         crop production N/A stands for none/insignificant harvest as of December 31, 2016.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.3in; text-align: justify; text-indent: -0.3in"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.3in"><FONT STYLE="font-size: 8pt">(11)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 8pt">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></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.3in; text-indent: -0.3in"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.3in"><FONT STYLE="font-size: 8pt">(12)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 8pt">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></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.3in; text-indent: -0.3in"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.3in"><FONT STYLE="font-size: 8pt">(13)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 8pt">Fluid
                                         milk produced at our dairy farms.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.3in; text-indent: -0.3in"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.3in"><FONT STYLE="font-size: 8pt">(14)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 8pt">Includes
                                         hectares planted in the second harvest.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.3in; text-indent: -0.3in"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.3in"><FONT STYLE="font-size: 8pt">(15)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 8pt">Does
                                         not include forage area.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.3in; text-indent: -0.3in"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.3in"><FONT STYLE="font-size: 8pt">(16)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 8pt">Does
                                         not include potential croppable areas being evaluated for transformation or forage.</FONT></TD></TR></TABLE>

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


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.2in"><B>&nbsp;&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.2in"><B>Year ended December 31, 2016 as compared
to year ended December 31, 2015</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.4pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.4pt">The following table sets
forth certain financial information with respect to our consolidated results of operations for the periods indicated.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 24.4pt">In order to facilitate the understanding of
our Consolidated Financial Statements, we have changed the format of the presentation of our income statement. During the forth
quarter of 2016, we aggregate our sales in a single line item titled &ldquo;Sales of goods and services rendered&rdquo;. Likewise,
the corresponding cost has also been aggregated and presented as a single line item titled &ldquo;Cost of goods sold and services
rendered&rdquo;. The breakdown of sales is now included in Note 4 to the Consolidated Financial Statements. The comparative figures
have been retrospectively changed accordingly.</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">2016</FONT></TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">2015(*)</FONT></TD><TD NOWRAP STYLE="font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="6" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">(In
    thousands of $)</FONT></TD><TD NOWRAP STYLE="font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 74%; text-align: left">Sales of goods and services rendered</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; text-align: right">869,235</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; text-align: right">674,314</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Cost of goods sold and services rendered</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(678,581</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(557,786</TD><TD STYLE="text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">Initial recognition and Changes in fair value of biological assets and agricultural produce</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">125,456</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">54,528</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1pt">Changes in net realizable value of agricultural produce after harvest</TD><TD>&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(5,841</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">)</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">14,691</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-weight: bold; text-align: left; padding-bottom: 1pt">Margin on Manufacturing and Agricultural Activities Before Operating Expenses</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">310,269</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">185,747</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">General and administrative expenses</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(50,750</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(48,425</TD><TD STYLE="text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">Selling expenses</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(80,673</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(70,268</TD><TD STYLE="text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Other operating income, net</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(8,297</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">31,066</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-bottom: 1pt">Share of loss of joint ventures</TD><TD>&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">-</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(2,685</TD><TD STYLE="text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; text-align: left; padding-bottom: 1pt">Profit from Operations Before Financing and Taxation</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">170,549</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">95,435</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">Finance income</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">7,957</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">9,150</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1pt">Finance costs</TD><TD>&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(165,380</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">)</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(116,890</TD><TD STYLE="text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-bottom: 1pt">Financial results, net</TD><TD>&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(157,423</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">)</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(107,740</TD><TD STYLE="text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; text-align: left; padding-bottom: 1pt">Profit / (Loss) Before Income Tax</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">13,126</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">(12,305</TD><TD STYLE="font-weight: bold; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-bottom: 1pt">Income tax (Benefit) / Expense</TD><TD>&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(9,387</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">)</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">7,954</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; text-align: left; padding-bottom: 2.5pt">Profit / (Loss) for the Year</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">3,739</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; border-bottom: Black 2.5pt double">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">(4,351</TD><TD STYLE="padding-bottom: 2.5pt; font-weight: bold; text-align: left">)</TD></TR>
</TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-size: 8pt">(*): Comparative figures have been
adjusted to reflect the adoption of the amendments of IAS 41 and IAS 16 (see Selected financial data Effects of the adoption of
the amendments of IAS 41 and IAS 16 and footnote 21.1 to our Consolidated Financial Statements)</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B><I>Sales of Goods and Services Rendered</I></B></P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" ALIGN="CENTER" STYLE="font: 10pt Times New Roman, Times, Serif; width: 80%">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: right; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">Crops</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: right; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">Rice</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: right; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">Dairy</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: right; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">All
    other <BR> segments</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: right; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">Sugar,
    <BR> Ethanol and <BR> Energy</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: right; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">Total</FONT></TD><TD STYLE="font-weight: bold; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="22" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">(In
    thousands of $)</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center">&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center">&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center">&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center">&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center">&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center">&nbsp;</TD><TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 22%; font-weight: bold; text-align: left">2016</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; text-align: right">142,124</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; text-align: right">96,562</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; text-align: right">32,897</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; text-align: right">960</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; text-align: right">596,692</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font-weight: bold">&nbsp;</TD>
    <TD STYLE="width: 1%; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; font-weight: bold; text-align: right">869,235</TD><TD STYLE="width: 1%; font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; text-align: left">2015</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">154,741</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">84,668</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">32,981</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,302</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">400,622</TD><TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">674,314</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD></TR>
</TABLE>

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


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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.4pt">Sales of goods and services
rendered increased 28.9%, from $ 674.3 million in 2015 to $ 869.2 million in 2016, primarily as a result of:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.4pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.2in"></TD><TD STYLE="width: 0.2in"><B>&bull;</B></TD><TD STYLE="text-align: justify">a $196.1 million increase in our Sugar, Ethanol and Energy segment, mainly due to: (i) a 23.1%
increase in the volume of sugar and ethanol sold, measured in TRS<SUP>(1)</SUP>, from 1.3 million tons in 2015 to 1.6 million tons
in 2016; (ii) a 23.2% increase in the price of ethanol, from $433.4 per cubic meter in 2015 to $534.1 per cubic meter in 2016;
(iii) a 29.6% increase in the price of sugar, from $297.2 per ton in 2015 to $385.1 per ton in 2016; and (iv) a 66.7% increase
in volume of energy sold, from 0.6 million MWh in 2015 to 1.0 million MWh in 2016; partially offset by a 31.6% decrease in energy
prices, from $76.8 per MWh in 2015 to $52.5 per MWh in 2016. The increase in volume of sugar and ethanol sold was due to the 33.7%
increase in sugarcane milled, from 8.3 million tons in 2015 to 11.1 million tons in 2016; partially offset by (i) a 3.6% decrease
in the TRS content in sugarcane, from 132.0 kilograms per ton in 2015 to 127.3 kilograms per ton in 2016; and (ii) an increase
in inventories in 2016 of 76.1 thousand tons measured in TRS compared to a decrease in inventories in 2015 of 83.6 thousand tons
measured in TRS. The increase in energy sold was due to: (a) an increase in sugarcane milled; (b) the 356.2% increase in energy
sold from third parties, from 63.2 thousand MWh in 2015 to 288.3 thousand Mwh in 2016; and (c) a 1.8% increase in the cogeneration
efficiency, from 66.4 KWh per ton crushed in 2015 to 67.6 KWh per ton crushed in 2016. The increase in sugarcane milled, is explained
by (i) a 30.8% increase in milling days, from 182 days in 2015 to 238 days in 2016, due to the implementation of non-stop harvest
season; and (ii) an increase in sugarcane supply. The increase in sugarcane supply was caused by: (a) a 31.1% increase in the harvested
area from 82.3 thousand hectares in 2015 to 107.9 thousand hectares in 2016 due to our focus on planting during 2015 to expand
our sugarcane plantation and ensure sugarcane supply; (b) a 5.6% increase in sugarcane yields from 93.0 tons per hectare in 2015
to 98.2 tons per hectare in 2016 due to improvements in production practices and good weather; and (c) a 1.2% increase in sugarcane
purchased to third parties, from 938.5 thousand tons in 2015 to 950.0 thousand tons in 2016.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.4in; text-align: justify; text-indent: -0.2in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 36.9pt; text-align: justify; text-indent: 0pt">The following
figure sets forth the variables that determine our Sugar and Ethanol sales:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 36.9pt; text-align: justify; text-indent: -0.9pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 21.3pt"></TD><TD STYLE="width: 18pt">(1)</TD><TD>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</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 39.3pt; text-indent: -0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><IMG SRC="t1701194_20fpg119.jpg" ALT=""></P>

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


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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 36.9pt; text-align: justify; text-indent: -0.9pt">The following
figure sets forth the variables that determine our Energy sales:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 36.9pt; text-align: justify; text-indent: -0.9pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 36.9pt; text-align: justify; text-indent: -0.9pt"><IMG SRC="t1701194_20fpg120.jpg" ALT=""></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 36.9pt; text-align: justify; text-indent: -0.9pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 36.9pt; text-align: justify; text-indent: -0.9pt">The following
table sets forth the breakdown of sales of manufactured products for the periods indicated.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: center">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="font-weight: bold; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="10" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">Period
    ended December 31,</FONT></TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="10" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">Period
    ended December 31,</FONT></TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="10" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">Period
    ended December 31,</FONT></TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">2016</FONT></TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">2015</FONT></TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">Chg
    %</FONT></TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">2016</FONT></TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">2015</FONT></TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">Chg
    %</FONT></TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">2016</FONT></TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">2015</FONT></TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">Chg
    %</FONT></TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="6" NOWRAP STYLE="font-weight: bold; text-align: center"><FONT STYLE="font-size: 8pt">(in million of $)</FONT></TD><TD NOWRAP STYLE="font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD NOWRAP><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD NOWRAP><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="6" NOWRAP STYLE="font-weight: bold; text-align: center"><FONT STYLE="font-size: 8pt">(in thousand units)</FONT></TD><TD NOWRAP STYLE="font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD NOWRAP><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD NOWRAP><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="6" NOWRAP STYLE="font-weight: bold; text-align: center"><FONT STYLE="font-size: 8pt">(in dollars per unit)</FONT></TD><TD NOWRAP STYLE="font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD NOWRAP><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP><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: rgb(204,238,255)">
    <TD STYLE="width: 19%">Ethanol (M3)</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 6%; text-align: right">211.5</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 6%; text-align: right">176.2</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 6%; text-align: right">20.0</TD><TD STYLE="width: 1%; text-align: left">%</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 6%; text-align: right">395.9</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 6%; text-align: right">406.4</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 6%; text-align: right">(2.6</TD><TD STYLE="width: 1%; text-align: left">%)</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 6%; text-align: right">534.2</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 6%; text-align: right">433.6</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 6%; text-align: right">23.2</TD><TD STYLE="width: 1%; text-align: left">%</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Sugar (tons)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">330.9</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">177.8</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">86.1</TD><TD STYLE="text-align: left">%</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">859.4</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">598.3</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">43.6</TD><TD STYLE="text-align: left">%</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">385.0</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">297.2</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">29.5</TD><TD STYLE="text-align: left">%</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">Energy (MWh)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">54.0</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">46.7</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">15.6</TD><TD STYLE="text-align: left">%</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">1.028.3</FONT></TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">607.8</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">69.2</TD><TD STYLE="text-align: left">%</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">52.5</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">76.8</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(31.7</TD><TD STYLE="text-align: left">%)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD>Others</TD><TD>&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">0.4</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">-</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">100.0</TD><TD STYLE="text-align: left">%</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-weight: bold">TOTAL</TD><TD>&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">596.8</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">400.7</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 28.35pt; text-align: justify; text-indent: -14.15pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 14.2pt"></TD><TD STYLE="width: 14.15pt"><B>&bull;</B></TD><TD STYLE="text-align: justify">A $12.6 million decrease in our Crops segment mainly driven by (i) a 1.5% decrease in soybean prices,
from $265.7 per ton in 2015 to $261.7 per ton in 2016; a 22.4% decrease in wheat prices, from $181.0 per ton in 2015 to $140.4
per ton in 2016; and a 21.1% decrease in sunflower prices, from $492.2 per ton in 2015 to $388.3 per ton in 2016; and (ii) a 14.1%
decrease in the volume of soybean sold, from 283.8 thousand tons in 2015 to 243.8 thousand tons in 2016; and a 27.1% decrease in
the volume of sunflower sold, from 25.8 thousand tons in 2015 to 18.8 thousand tons in 2016. These decreases were partially offset
by: (a) a 10.1% increase in corn prices, from $149.4 per ton in 2015 to $164.6 per ton in 2016; (b) a 5.1% increase in the volume
of corn sold, from 280.4 thousand tons in 2015 to 294.7 thousand tons in 2016; and a 39.7% increase in the volume of wheat sold,
from 92.8 thousand tons in 2015 to 129.6 thousand tons in 2016. The decrease in volume sold was mainly due to: (i) a decrease in
soybean and sunflower yields, from 3.0 tons per hectare in 2015 to 2.7 tons per hectare in 2016 for soybean, and from 1.8 tons
per hectare in 2015 to 1.6 tons per hectare in 2016 for sunflower due to the above average yields achieved in 2015 as a consequence
of the favourable weather conditions; and (b) a decrease in the area destined to soybean that was switched to corn due to better
expected margins and crop rotation. This was partially offset by an inventories sell-off in 2016 in comparison to an inventories
build-up in 2015.</TD></TR></TABLE>

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


<!-- Field: Page; Sequence: 115; Value: 1 -->
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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The following table sets forth the breakdown
of sales for the periods indicated.</P>

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="10" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">Year
    ended December 31,</FONT></TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="10" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">Year
    ended December 31,</FONT></TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="10" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">Year
    ended December 31,</FONT></TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">2016</FONT></TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">2015</FONT></TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">%
    Chg</FONT></TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">2016</FONT></TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">2015</FONT></TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">%
    Chg</FONT></TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">2016</FONT></TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">2015</FONT></TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">%
    Chg</FONT></TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="6" NOWRAP STYLE="font-weight: bold; text-align: center"><FONT STYLE="font-size: 8pt">(In millions of $)</FONT></TD><TD NOWRAP STYLE="font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD NOWRAP><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD NOWRAP><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD NOWRAP COLSPAN="6" STYLE="font-weight: bold; text-align: center"><FONT STYLE="font-size: 8pt">(In thousands of tons)</FONT></TD>
    <TD NOWRAP STYLE="font-weight: bold; text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="3" NOWRAP STYLE="font-weight: bold; text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="6" NOWRAP STYLE="font-weight: bold; text-align: center"><FONT STYLE="font-size: 8pt">(In $ per ton)</FONT></TD><TD NOWRAP STYLE="font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD NOWRAP><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP 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: rgb(204,238,255)">
    <TD STYLE="width: 19%">Soybean</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 6%; text-align: right">63.8</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 6%; text-align: right">75.4</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 6%; text-align: right">(15.4</TD><TD STYLE="width: 1%; text-align: left">%)</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 6%; text-align: right">243.8</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 6%; text-align: right">283.8</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 6%; text-align: right">(14.1</TD><TD STYLE="width: 1%; text-align: left">%)</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 6%; text-align: right">261.7</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 6%; text-align: right">265.7</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 6%; text-align: right">(1.5</TD><TD STYLE="width: 1%; text-align: left">%)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD>Corn (1)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">48.5</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">41.9</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">15.8</TD><TD STYLE="text-align: left">%</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">294.7</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">280.4</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">5.1</TD><TD STYLE="text-align: left">%</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">164.6</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">149.4</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">10.1</TD><TD STYLE="text-align: left">%</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD>Wheat (2)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">18.2</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">16.8</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">8.3</TD><TD STYLE="text-align: left">%</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">129.6</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">92.8</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">39.7</TD><TD STYLE="text-align: left">%</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">140.4</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">181.0</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(22.4</TD><TD STYLE="text-align: left">%)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD>Sunflower</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">7.3</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">12.7</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(42.5</TD><TD STYLE="text-align: left">%)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">18.8</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">25.8</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(27.1</TD><TD STYLE="text-align: left">%)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">388.3</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">492.2</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(21.1</TD><TD STYLE="text-align: left">%)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-bottom: 1pt">Others</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">4.3</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">7.9</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(45.6</TD><TD STYLE="padding-bottom: 1pt; text-align: left">%)</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: right">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: right">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: right">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: right">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: right">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: right">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; padding-bottom: 1pt">Total</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">142.1</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">154.7</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(8.1</TD><TD STYLE="padding-bottom: 1pt; text-align: left">%)</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: right">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: right">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: right">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: right">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: right">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: right">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-size: 8pt">(1)</FONT></TD><TD><FONT STYLE="font-size: 8pt">Includes
                                         sorghum, pop corn and peanut.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-size: 8pt">(2)</FONT></TD><TD><FONT STYLE="font-size: 8pt">Includes
                                         barley</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 14.2pt"></TD><TD STYLE="width: 14.15pt"><B>&bull;</B></TD><TD STYLE="text-align: justify">a $11.9 million increase in our Rice segment, mainly due to: (i) a 46.7% increase in the volume
of white rice sold measured in tons of rough rice, from 201.4 thousand tons in 2015 to 295.4 thousand tons in 2016; and (ii) a
11.4% increase in the sale of by products from $10.5 million in 2015 to $11.7 million in 2016. This increase is explained by: (a)
a 15.7% increase in yields, from 5.1 tons per hectare in 2015 to 5.9 tons per hectare in 2016; (b) a 5.3% increase in the area
under production from 37.6 thousand hectares to 39.6 thousand hectares; (c) an increase in inventories, measured in tons of rough
rice, of 40.6 thousand tons in 2015 compared to a decrase in inventories of 41.9 thousand tons in 2016. The increase in volumes
sold was partially offset by a decrease of 22.0% in the price of white rice, from $368.1 per ton of rough rice equivalent in 2015
to $287.2 per ton of rough rice equivalent in 2016.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 28.35pt; text-align: justify; text-indent: -14.15pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 14.2pt"></TD><TD STYLE="width: 14.15pt"><B>&bull;</B></TD><TD STYLE="text-align: justify">Our Dairy segment remained essentially unchanged, a 18.2% decrease in fluid milk prices from $0.33
per liter in 2015 to $0.27 per liter in 2016 was offset by (i) a 4.4% increase in the amount of liters of fluid milk sold, from
85.7 million liters in 2015 to 89.5 million liters in 2016; and (ii) a 325.0% increase in the volume of powder milk sold, from
0.4 thousand tons in 2015 to 1.7 thousand tons in 2016. The increase in the amount of liters sold is attributable to (a) a 3.3%
increase in our milking cow herd driven by enhanced reproduction efficiencies at our two free-stall dairy facilities from an average
of 6,658 heads in 2015 to an average of 6,880 heads in 2016; and (b) by a 0.8% increase in cow productivity, from 36.4 liters per
day per cow in 2015 to 36.7 liters per day per cow in 2016 due to operating efficiencies.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 14.2pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 14.2pt">The profit of our agricultural produce is recognized
under the line &iacute;tems &ldquo;Initial recognition and changes in fair value of biological assets and agricultural produce&rdquo;
and &ldquo;Changes in net realizable value of agricultural produce after harvest&rdquo;. When the agricultural produce is sold
to third parties we do not record any additional profit as the gain or loss had already been recognized.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 14.2pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 14.2pt">The profit of our manufactured products is
recognized when they are sold. The cost of manufactured products includes, among others, the cost of agricultural produce transferred
internally at fair market value (i.e. harvested sugarcane, rough rice, fluid milk, etc).</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B><I>Cost of Goods Sold and Services Rendered</I></B></P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" ALIGN="CENTER" STYLE="font: 10pt Times New Roman, Times, Serif; width: 80%">
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: right; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">Crops</FONT></TD><TD NOWRAP STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="font-weight: bold; border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: right; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">Rice</FONT></TD><TD NOWRAP STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="font-weight: bold; border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: right; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">Dairy</FONT></TD><TD NOWRAP STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="font-weight: bold; border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: right; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">All
    other <BR> segments</FONT></TD><TD NOWRAP STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="font-weight: bold; border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: right; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">Sugar,
    <BR> Ethanol and <BR> Energy</FONT></TD><TD NOWRAP STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="font-weight: bold; border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: right; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">Total</FONT></TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="22" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">(In
    thousands of $)</FONT></TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center">&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center">&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center">&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center">&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center">&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center">&nbsp;</TD><TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 22%; font-weight: bold; text-align: left">2016</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; text-align: right">(141,731</TD><TD STYLE="width: 1%; text-align: left">)</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; text-align: right">(83,574</TD><TD STYLE="width: 1%; text-align: left">)</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; text-align: right">(32,571</TD><TD STYLE="width: 1%; text-align: left">)</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; text-align: right">(212</TD><TD STYLE="width: 1%; text-align: left">)</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; text-align: right">(420,493</TD><TD STYLE="width: 1%; text-align: left">)</TD><TD STYLE="width: 1%; font-weight: bold">&nbsp;</TD>
    <TD STYLE="width: 1%; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; font-weight: bold; text-align: right">(678,581</TD><TD STYLE="width: 1%; font-weight: bold; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; text-align: left">2015</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(154,287</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(69,075</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(33,030</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(603</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(300,791</TD><TD STYLE="text-align: left">)</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">(557,786</TD><TD STYLE="font-weight: bold; text-align: left">)</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.4pt">&nbsp;</P>


<!-- Field: Page; Sequence: 116; Value: 1 -->
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    <!-- Field: /Page -->

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.4pt">Cost of goods sold and
services rendered increased 21.7%, from $557.8 million in 2015 to $678.6 million in 2016. This increase was primarily due to:&#9;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.4in; text-align: justify; text-indent: -0.2in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.2in"></TD><TD STYLE="width: 0.2in">&bull;</TD><TD STYLE="text-align: justify">a $119.7 million increase in our Sugar, Ethanol and Energy segment mainly due to: (i) the 19.4%
increase in volume of sugar and energy sold measured in TRS; and (ii) a 16.3% increase in the fair market value of the harvested
sugarcane transferred from the field to the industry.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.4in; text-align: justify; text-indent: -0.2in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.2in"></TD><TD STYLE="width: 0.2in">&bull;</TD><TD STYLE="text-align: justify">a $14.5 million increase in our Rice segment mainly due to the 46.7% increase in the volume sold.
This was partially offset by (i) a 18.4% decrease in unitary costs, from $340.6 per ton of rough rice equivalent in 2015 to $ 277.8
per ton of rough rice equivalent in 2016, mainly due to the Argentine Peso depreciation and to operational improvements in our
rice mills.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.4in; text-align: justify; text-indent: -0.2in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B><I>Initial Recognition and Changes in Fair Value of Biological
Assets and Agricultural Produce</I></B></P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" ALIGN="CENTER" STYLE="font: 10pt Times New Roman, Times, Serif; width: 80%">
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="font-weight: bold; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: right; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">Crops</FONT></TD><TD NOWRAP STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="font-weight: bold; border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: right; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">Rice</FONT></TD><TD NOWRAP STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="font-weight: bold; border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: right; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">Dairy</FONT></TD><TD NOWRAP STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="font-weight: bold; border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: right; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">All
    other <BR> segments</FONT></TD><TD NOWRAP STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="font-weight: bold; border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: right; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">Sugar,
    <BR> Ethanol and <BR> Energy</FONT></TD><TD NOWRAP STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="font-weight: bold; border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: right; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">Total</FONT></TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="22" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">(In
    thousands of $)</FONT></TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center">&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center">&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center">&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center">&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center">&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center">&nbsp;</TD><TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 22%; font-weight: bold; text-align: left">2016</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; text-align: right">48,790</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; text-align: right">10,498</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; text-align: right">5,476</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; text-align: right">(13</TD><TD STYLE="width: 1%; text-align: left">)</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; text-align: right">60,705</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font-weight: bold">&nbsp;</TD>
    <TD STYLE="width: 1%; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; font-weight: bold; text-align: right">125,456</TD><TD STYLE="width: 1%; font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; text-align: left">2015</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">11,561</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2,822</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">7,542</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(181</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">32,784</TD><TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">54,528</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.4pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.4pt">Initial recognition and
changes in fair value of biological assets and agricultural produce increased from $54.5 million in 2015 to $125.5 million in 2016,
primarily due to:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.4pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.2in"></TD><TD STYLE="width: 0.2in; text-align: left"><B>&bull;</B></TD><TD STYLE="text-align: justify">a $37.2 million increase in our Crops segment mainly
due to:</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.75in; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.2in"></TD><TD STYLE="width: 0.2in; text-align: left"><B>-</B></TD><TD STYLE="text-align: justify">a $37.7 million increase in the recognition at fair value
less cost to sell of crops at the point of harvest, from a gain of $10.5 million in 2015 to a gain of $48.2 million in 2016, mainly
due to the increase in margins as a result of the removal of export taxes and the depreciation of the Argentine Peso, which dilutes
our costs in terms of dollars per hectare.</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 32.2pt; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.2in"></TD><TD STYLE="width: 0.2in; text-align: left"><B>-</B></TD><TD STYLE="text-align: justify">This was partially offset by, a $0.5 million decrease
in the recognition at fair value less cost to sell for non-harvested crops, from $1.1 million in 2015 to $0.6 million in 2016,
explained by lower projected soybean and corn prices.</TD>
</TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.2in"></TD><TD STYLE="width: 0.2in; text-align: left"><B>-</B></TD><TD STYLE="text-align: justify">Of the $48.8 million gain of initial recognition and
changes in fair value of biological assets and agricultural produce for 2016, $5.8 million represent the unrealized portion, as
compared to the $2.2 million unrealized gain of the $11.6 million of initial recognition and changes in fair value of biological
assets and agricultural produce in 2015.</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.4pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.2in"></TD><TD STYLE="width: 0.2in"><B>&bull;</B></TD><TD STYLE="text-align: justify">a $27.9 million increase in our Sugar, Ethanol and Energy segment, mainly due to:</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.4in; text-indent: -0.2in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.2in"></TD><TD STYLE="width: 0.2in; text-align: left">-</TD><TD STYLE="text-align: justify">The changes in the recognition at fair value less cost
to sell of sugarcane at the point of harvest increased from $24.5 million in 2015 to $60.4 million in 2016 due to higher sugar
prices which increased the fair market value of the harvested sugarcane.</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: -0.3in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.2in"></TD><TD STYLE="width: 0.2in; text-align: left">-</TD><TD STYLE="text-align: justify">This was partially offset by a $8.0 million decrease
in the recognition at fair value less cost to sell of non-harvested sugarcane, from $8.3 million in 2015 to $0.3 million in 2016,
mainly explained by above average expected yields as of December 2015.</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: -0.3in">&nbsp;</P>


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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.2in"></TD><TD STYLE="width: 0.2in; text-align: left">-</TD><TD STYLE="text-align: justify">Of the $60.7 million gain of initial recognition and
changes in fair value of biological assets and agricultural produce for 2016, $60.4 million represents the realized portion, as
compared to the $24.5 million unrealized portion of the $32.8 million loss of initial recognition and changes in fair value of
biological assets and agricultural produce in 2016.</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.4in; text-align: justify; text-indent: -0.2in"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.2in"></TD><TD STYLE="width: 0.2in"><B>&bull;</B></TD><TD STYLE="text-align: justify">a $7.7 million increase in our Rice segment mainly due to :</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.4in; text-align: justify; text-indent: -0.2in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.2in"></TD><TD STYLE="width: 0.2in; text-align: left">-</TD><TD STYLE="text-align: justify">a $7.6 million increase in the recognition at fair value
less cost to sell of the rice at the point of harvest, from $2.6 million in 2015 to $10.2 million in 2016 mainly due to: (i) a
15.7% increase in yields; and (ii) the increase in area under production; and (iii) the depreciation of the Argentine Peso which
impacts our costs.</TD>
</TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.2in"></TD><TD STYLE="width: 0.2in; text-align: left">-</TD><TD STYLE="text-align: justify">Of the $10.5 million gain of initial recognition and
changes in fair value of biological assets and agricultural produce for 2016, $8.2 million gain represents the realized portion,
as compared to the $2.2 million gain realized portion of the $2.8 million gain of initial recognition and changes in fair value
of biological assets and agricultural produce in 2015.</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.4in; text-align: justify; text-indent: -0.2in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.2in"></TD><TD STYLE="width: 0.2in">&bull;</TD><TD STYLE="text-align: justify">a $2.1 million decrease in our Dairy segment mainly due to:</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.4in; text-align: justify; text-indent: -0.2in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.2in"></TD><TD STYLE="width: 0.2in; text-align: left"><B>-</B></TD><TD STYLE="text-align: justify">a $3.3 million decrease in the recognition at fair value
less cost to sell of fluid milk, from $7.5 million in 2015 to $4.2 million in 2016, mainly due to the 18.2% decrease in fluid
milk prices.</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 32.2pt; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.2in"></TD><TD STYLE="width: 0.2in; text-align: left"><B>-</B></TD><TD STYLE="text-align: justify">Of the $5.5 million gain of initial recognition and changes
in fair value of biological assets and agricultural produce for 2016, $4.2 million gain represents the realized portion of such
gain, as compared to the $7.5 million realized gain portion of the $7.5 million gain in initial recognition and changes in fair
value of biological assets and agricultural produce in 2015.</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 32.2pt; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B><I>Changes in Net Realizable Value of Agricultural Produce after
Harvest</I></B></P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" ALIGN="CENTER" STYLE="font: 10pt Times New Roman, Times, Serif; width: 80%">
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">Crops</FONT></TD><TD NOWRAP STYLE="border-bottom: Black 1pt solid; font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="font-weight: bold; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">Rice</FONT></TD><TD NOWRAP STYLE="border-bottom: Black 1pt solid; font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="font-weight: bold; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">Dairy</FONT></TD><TD NOWRAP STYLE="border-bottom: Black 1pt solid; font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="font-weight: bold; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">All
    other <BR> segments</FONT></TD><TD NOWRAP STYLE="border-bottom: Black 1pt solid; font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="font-weight: bold; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">Sugar,
    <BR> Ethanol and <BR> Energy</FONT></TD><TD NOWRAP STYLE="border-bottom: Black 1pt solid; font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="font-weight: bold; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">Total</FONT></TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="22" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">(In
    thousands of $)</FONT></TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center">&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center">&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center">&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center">&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center">&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center">&nbsp;</TD><TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 22%; font-weight: bold; text-align: left">2016</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; text-align: right">(5,841</TD><TD STYLE="width: 1%; text-align: left">)</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; text-align: right">-</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; text-align: right">-</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; text-align: right">-</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; text-align: right">-</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font-weight: bold">&nbsp;</TD>
    <TD STYLE="width: 1%; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; font-weight: bold; text-align: right">(5,841</TD><TD STYLE="width: 1%; font-weight: bold; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; text-align: left">2015</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">14,691</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">14,691</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD></TR>
</TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.2in">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 affects 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 increased from $3.4 million in 2014 to $14.7 million in 2015. This increase is mainly
explained by the steep depreciation of the Argentine Peso in 2015 that impacted positively on the valuation of our inventories
which are recorded in their functional currency, compared to the negative impact of higher soybean prices on our valuation of forward
contracts in 2016.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B><I>General and Administrative Expenses</I></B></P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" ALIGN="CENTER" STYLE="font: 10pt Times New Roman, Times, Serif; width: 96%">
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: right; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">Crops</FONT></TD><TD NOWRAP STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="font-weight: bold; border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: right; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">Rice</FONT></TD><TD NOWRAP STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="font-weight: bold; border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: right; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">Dairy</FONT></TD><TD NOWRAP STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="font-weight: bold; border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: right; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">All
    other <BR> segments</FONT></TD><TD NOWRAP STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="font-weight: bold; border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: right; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">Sugar,
    Ethanol <BR> and Energy</FONT></TD><TD NOWRAP STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="font-weight: bold; border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: right; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">Corporate</FONT></TD><TD NOWRAP STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="font-weight: bold; border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: right; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">Total</FONT></TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="26" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">(In
    thousands of $)</FONT></TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 27%; font-weight: bold; text-align: left">2016</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 8%; text-align: right">(2,770</TD><TD STYLE="width: 1%; text-align: left">)</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 8%; text-align: right">(3,373</TD><TD STYLE="width: 1%; text-align: left">)</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 8%; text-align: right">(983</TD><TD STYLE="width: 1%; text-align: left">)</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 7%; text-align: right">(290</TD><TD STYLE="width: 1%; text-align: left">)</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 7%; text-align: right">(22,648</TD><TD STYLE="width: 1%; text-align: left">)</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 7%; text-align: right">(20,686</TD><TD STYLE="width: 1%; text-align: left">)</TD><TD STYLE="width: 1%; font-weight: bold">&nbsp;</TD>
    <TD STYLE="width: 1%; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="width: 7%; font-weight: bold; text-align: right">(50,750</TD><TD STYLE="width: 1%; font-weight: bold; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; text-align: left">2015</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(3,987</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(3,136</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(1,451</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(74</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(18,301</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(21,476</TD><TD STYLE="text-align: left">)</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">(48,425</TD><TD STYLE="font-weight: bold; text-align: left">)</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 14.2pt">&nbsp;</P>


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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.4pt">Our general and administrative
expenses increased 5.0%, from $48.4 million in 2015 to $50.8 million in 2016, mainly explained by the appreciation of the Brazilean
Real.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.4pt"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B><I>Selling Expenses</I></B></P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" ALIGN="CENTER" STYLE="font: 10pt Times New Roman, Times, Serif; width: 96%">
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: right; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">Crops</FONT></TD><TD NOWRAP STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="font-weight: bold; border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: right; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">Rice</FONT></TD><TD NOWRAP STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="font-weight: bold; border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: right; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">Dairy</FONT></TD><TD NOWRAP STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="font-weight: bold; border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: right; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">All
    other <BR> segments</FONT></TD><TD NOWRAP STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="font-weight: bold; border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: right; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">Sugar,
    Ethanol <BR> and Energy</FONT></TD><TD NOWRAP STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="font-weight: bold; border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: right; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">Corporate</FONT></TD><TD NOWRAP STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="font-weight: bold; border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: right; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">Total</FONT></TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="26" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">(In
    thousands of $)</FONT></TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 27%; font-weight: bold; text-align: left">2016</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 8%; text-align: right">(5,692</TD><TD STYLE="width: 1%; text-align: left">)</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 8%; text-align: right">(11,583</TD><TD STYLE="width: 1%; text-align: left">)</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 8%; text-align: right">(752</TD><TD STYLE="width: 1%; text-align: left">)</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 7%; text-align: right">(49</TD><TD STYLE="width: 1%; text-align: left">)</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 7%; text-align: right">(62,518</TD><TD STYLE="width: 1%; text-align: left">)</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 7%; text-align: right">(79</TD><TD STYLE="width: 1%; text-align: left">)</TD><TD STYLE="width: 1%; font-weight: bold">&nbsp;</TD>
    <TD STYLE="width: 1%; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="width: 7%; font-weight: bold; text-align: right">(80,673</TD><TD STYLE="width: 1%; font-weight: bold; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; text-align: left">2015</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(5,672</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(12,592</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(663</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(49</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(50,729</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(563</TD><TD STYLE="text-align: left">)</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">(70,268</TD><TD STYLE="font-weight: bold; text-align: left">)</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.4pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.4pt">Selling expenses increased
14.8%, from $70.3 million in 2015 to $80.7 million in 2016. The $11.8 million increase in our Sugar, Ethanol and Energy segment
is mainly explained by the increase in sugar and ethanol sales.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.4pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B><I>Other Operating Income, Net</I></B></P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: right; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">Crops</FONT></TD><TD NOWRAP STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="font-weight: bold; border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: right; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">Rice</FONT></TD><TD NOWRAP STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="font-weight: bold; border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: right; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">Dairy</FONT></TD><TD NOWRAP STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="font-weight: bold; border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: right; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">All
    other <BR> segments</FONT></TD><TD NOWRAP STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="font-weight: bold; border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: right; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">Sugar,
    <BR> Ethanol and <BR> Energy</FONT></TD><TD NOWRAP STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="font-weight: bold; border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: right; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">Land
    <BR> Transformation</FONT></TD><TD NOWRAP STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="font-weight: bold; border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: right; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">Corporate</FONT></TD><TD NOWRAP STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="font-weight: bold; border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: right; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">Total</FONT></TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="30" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">(In
    thousands of $)</FONT></TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-weight: bold; text-align: left; padding-left: 0; width: 20%">2016</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 7%; text-align: right">(8,787</TD><TD STYLE="width: 1%; text-align: left">)</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 7%; text-align: right">402</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 7%; text-align: right">686</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 7%; text-align: right">8,497</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 7%; text-align: right">(8,903</TD><TD STYLE="width: 1%; text-align: left">)</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 7%; text-align: right">-</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 7%; text-align: right">(192</TD><TD STYLE="width: 1%; text-align: left">)</TD><TD STYLE="width: 1%; font-weight: bold">&nbsp;</TD>
    <TD STYLE="width: 1%; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="width: 7%; font-weight: bold; text-align: right">(8,297</TD><TD STYLE="width: 1%; font-weight: bold; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; text-align: left; padding-left: 0">2015</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">16,422</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">600</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(479</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">6</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">6,340</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">7,914</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">263</TD><TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">31,066</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD></TR>
</TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.4pt">Other operating income,
net decreased 126.7% from a $31.1 million gain in 2015 to a $8.3 million loss in 2016, primarily due to:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.4in; text-align: justify; text-indent: -0.2in"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.2in"></TD><TD STYLE="width: 0.2in"><B>&bull;</B></TD><TD STYLE="text-align: justify">a $25.2 million decrease in our Crops segment mainly explained by the mark-to-market effect of
outstanding hedge positions, which was negatively affected by the increase in futures prices during 2016.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.2in; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.2in"></TD><TD STYLE="width: 0.2in"><B>&bull;</B></TD><TD STYLE="text-align: justify">a $7.9 million decrease in our Land Transformation segment due to the sale in 2015 of &ldquo;La
Ca&ntilde;ada&rdquo;, a 3,399 hectare farm located in the province of San Luis, Argentina, for a total consideration of $12.6 million.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.2in"></TD><TD STYLE="width: 0.2in"><B>&bull;</B></TD><TD STYLE="text-align: justify">a $15.2 million decrease in our Sugar, Ethanol &amp; Energy segment mainly explained by the mark-to-market
effect of outstanding hedge positions; which were negatively affected by the increase in sugar futures prices in 2016, in contrast
to positive effect due to the drecrease of the mentioned future prices in 2015</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.4in; text-align: justify; text-indent: -0.2in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">This was partially offset by:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.4in; text-align: justify; text-indent: -0.2in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.2in"></TD><TD STYLE="width: 0.2in; text-align: left"><B>&bull;</B></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: windowtext">a
$8.4 million increase in all other segments, that mainly is related to the settlement of an arbitration dispute with Marfrig Argentina
SA, subsidiary of Marfrig Alimentos SA. The settlement compensates Adecoagro for unpaid invoices and provides indemnification
for early termination of lease agreements for cattle grazing activities.</FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 28.35pt; text-indent: -28.35pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B><I>Share of Loss of Joint Ventures</I></B></P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="font-weight: bold; border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: right; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">Crops</FONT></TD><TD NOWRAP STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="font-weight: bold; border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: right; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">Rice</FONT></TD><TD NOWRAP STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="font-weight: bold; border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: right; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">Dairy</FONT></TD><TD NOWRAP STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="font-weight: bold; border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: right; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">All
    other <BR> segments</FONT></TD><TD NOWRAP STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="font-weight: bold; border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: right; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">Sugar,
    <BR> Ethanol <BR> and <BR> Energy</FONT></TD><TD NOWRAP STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="font-weight: bold; border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: right; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">Land
    <BR> Transformation</FONT></TD><TD NOWRAP STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="font-weight: bold; border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: right; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">Corporate</FONT></TD><TD NOWRAP STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="font-weight: bold; border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: right; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">Total</FONT></TD><TD NOWRAP STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="30" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">(In
    thousands of $)</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-weight: bold; text-align: left">2016</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">-</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; text-align: left; width: 20%">2015</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 7%; text-align: right">(2,685</TD><TD STYLE="width: 1%; text-align: left">)</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 7%; text-align: right">-</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 7%; text-align: right">-</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 7%; text-align: right">-</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 7%; text-align: right">-</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 7%; text-align: right">-</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 7%; text-align: right">-</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font-weight: bold">&nbsp;</TD>
    <TD STYLE="width: 1%; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="width: 7%; font-weight: bold; text-align: right">(2,685</TD><TD STYLE="width: 1%; font-weight: bold; text-align: left">)</TD></TR>
</TABLE>

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


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    <!-- Field: /Page -->

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.4pt">Our share of loss of
Joint Ventures totaled a loss of $2.7 million in 2015 to zero in 2016. The result in 2015 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. In 2016, as the share
of losses in the joint venture equals or exceeds the carrying amount of the investment, we discontinue applying the equity method,
the investment is reduced to zero and we no longer record additional losses.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B><I>Financial Results, Net</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.4pt">Net financial losses increased
46.1% from a loss of $107.7 million in 2015 to a loss of $157.4 million in 2016. This was due to: (i) the $32.7 million loss that
was reclassified from Equity to the &ldquo;Financial Result, net&rdquo; line item in 2015, compared to the $85.2 million loss that
was reclassified in the same period in 2016. Please see &ldquo;&mdash;Hedge Accounting&mdash;Cash Flow Hedge&rdquo; described on
Note 3 to our Consolidated Financial Statements.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.4pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">The following table sets forth the breakdown of financial results
for the periods indicated.&nbsp;</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 95%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="10" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">Year
    ended December 31,</FONT></TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">2016</FONT></TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">2015</FONT></TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="6" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">(In
    $ thousand)</FONT></TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">%
    Change</FONT></TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 61%; text-align: left">Interest income</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; text-align: right">7,671</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; text-align: right">8,201</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; text-align: right">-6.5</TD><TD STYLE="width: 1%; text-align: left">%</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Interest expense</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(48,198</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(49,491</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-2.6</TD><TD STYLE="text-align: left">%</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">Foreign exchange losses, net</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(19,062</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(23,423</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-18.6</TD><TD STYLE="text-align: left">%</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Cash flow hedge &ndash; transfer from equity</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(85,214</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(32,700</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">160.6</TD><TD STYLE="text-align: left">%</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">Loss / Gain from interest rate /foreign exchange rate derivative financial instruments</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(5,694</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(4,437</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">28.3</TD><TD STYLE="text-align: left">%</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD>Taxes</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(2,719</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(3,358</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-19.0</TD><TD STYLE="text-align: left">%</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">Other Income/(Expenses)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(4,208</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(2,532</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">66.2</TD><TD STYLE="text-align: left">%</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; text-align: left">Total Financial Results</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">(157,424</TD><TD STYLE="font-weight: bold; text-align: left">)</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">(107,740</TD><TD STYLE="font-weight: bold; text-align: left">)</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">46.1</TD><TD STYLE="font-weight: bold; text-align: left">%</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"></P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.2in"><B><I>Income Tax (expense) / benefit</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.4pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.4pt">For the year ended December
31, 2016, we recognized a consolidated income tax expense of $9.4 million on gain before income taxes of $13.1 million. For the
comparable 2015 period, we recognized a consolidated income tax benefit of $8.0 million on loss before income taxes of $12.3 million.
The effective tax rates were 71.5% for the year ended December 31, 2016 due to nondeductible expenses, mainly related to losses
from derivatives in Uruguay and some financial expenses in Brazil. For the year 2015 the effective benefit rate was higher than
the theoretical income tax rate due to the non taxable gains of derivative financial instruments of approximately $17 million in
Uruguay.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.4pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.2in"><B><I>Profit / (Loss) for
the Year</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.4pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.4pt">As a result of the foregoing,
our net result for the year increased from a loss of $4.3 million in 2015 to a gain of $3.7 million in 2016.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.4pt">&nbsp;</P>


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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>Year ended December 31, 2015 as compared
to year ended December 31, 2014</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.4pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.4pt">The following table sets
forth certain financial information with respect to our consolidated results of operations for the periods indicated.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.2in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.2in"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt; text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 8pt">2015
    (*)</FONT></TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold; text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt; text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 8pt">2014
    (*)</FONT></TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold; text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="6" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">(In
    thousands of $)</FONT></TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 74%; text-align: left">Sales of goods and services rendered</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; text-align: right">674,314</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; text-align: right">722,966</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Cost of goods sold and services rendered</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(557,786</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(605,325</TD><TD STYLE="text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">Initial recognition and Changes in fair value of biological assets and agricultural produce</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">54,528</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">100,216</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1pt">Changes in net realizable value of agricultural produce after harvest</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">14,691</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">3,401</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-weight: bold; text-align: left; padding-bottom: 1pt">Margin on Manufacturing and Agricultural Activities Before Operating Expenses</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">185,747</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">221,258</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">General and administrative expenses</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(48,425</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(52,695</TD><TD STYLE="text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">Selling expenses</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(70,268</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(78,864</TD><TD STYLE="text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Other operating income, net</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">31,066</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">11,977</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-bottom: 1pt">Share of loss of joint ventures</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(2,685</TD><TD STYLE="padding-bottom: 1pt; text-align: left">)</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(924</TD><TD STYLE="padding-bottom: 1pt; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; text-align: left; padding-bottom: 1pt">Profit from Operations Before Financing and Taxation</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">95,435</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">100,752</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">Finance income</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">9,150</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">7,291</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1pt">Finance costs</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(116,890</TD><TD STYLE="padding-bottom: 1pt; text-align: left">)</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(86,472</TD><TD STYLE="padding-bottom: 1pt; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-bottom: 1pt">Financial results, net</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(107,740</TD><TD STYLE="padding-bottom: 1pt; text-align: left">)</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(79,181</TD><TD STYLE="padding-bottom: 1pt; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; text-align: left; padding-bottom: 1pt">(Loss) / Profit Before Income Tax</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">(12,305</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; text-align: left">)</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">21,571</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-bottom: 1pt">Income tax Expense / (Benefit)</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">7,954</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(10,535</TD><TD STYLE="padding-bottom: 1pt; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; text-align: left; padding-bottom: 2.5pt">(Loss) / Profit for the Year</TD><TD STYLE="font-weight: bold; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">(4,351</TD><TD STYLE="padding-bottom: 2.5pt; font-weight: bold; text-align: left">)</TD><TD STYLE="font-weight: bold; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">11,036</TD><TD STYLE="padding-bottom: 2.5pt; font-weight: bold; text-align: left">&nbsp;</TD></TR>
</TABLE>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.2in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.2in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-size: 8pt">(*): Comparative figures have been
revised to reflect the adoption of the amendments of IAS 41 and IAS 16 (see Selected financial data Effects of the adoption of
the amendments of IAS 41 and IAS 16).</FONT></P>

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


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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B><I>Sales of Goods and Services Rendered</I></B></P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 80%; margin-left: 0.25in">
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: right; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">Crops</FONT></TD><TD NOWRAP STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="font-weight: bold; border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: right; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">Rice</FONT></TD><TD NOWRAP STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="font-weight: bold; border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: right; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">Dairy</FONT></TD><TD NOWRAP STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="font-weight: bold; border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: right; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">All
    other <BR> segments</FONT></TD><TD NOWRAP STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="font-weight: bold; border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: right; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">Sugar,
    Ethanol <BR> and Energy</FONT></TD><TD NOWRAP STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="font-weight: bold; border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: right; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">Total</FONT></TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="22" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">(In
    thousands of $)</FONT></TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 34%; font-weight: bold; text-align: left">2015</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 8%; text-align: right">154,741</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 8%; text-align: right">84,668</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 8%; text-align: right">32,981</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 8%; text-align: right">1,302</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 8%; text-align: right">400,622</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font-weight: bold">&nbsp;</TD>
    <TD STYLE="width: 1%; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="width: 8%; font-weight: bold; text-align: right">674,314</TD><TD STYLE="width: 1%; font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; text-align: left">2014</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">177,662</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">103,682</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">32,968</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,525</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">407,129</TD><TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">722,966</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.4pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.4pt">Sales of goods and services
rendered decreased 6.7%, from $723.0 million in 2014 to $674.3 million in 2015, primarily as a result of:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.4in; text-align: justify; text-indent: -0.2in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.2in"></TD><TD STYLE="width: 0.2in"><B>&bull;</B></TD><TD STYLE="text-align: justify">A $22.9 million decrease in our Crops segment mainly driven by (i) a general decrease in the price
of grains sold: soybean decreased 24.7%, from $352.8 per ton in 2014 to $265.5 per ton in 2015, corn decreased 20.0%, from $186.8
per ton in 2014 to $149.5 per ton in 2015, and wheat decreased 17.2%, from $218.0 per ton in 2014 to $180.4 per ton in 2015; (ii)
a 24.9% decrease in the volume of corn sold, from 373.3 thousand tons in 2014 to 280.4 thousand tons in 2015, as a result of a
3.4% decrease in corn yields, from 5.9 in 2014 to 5.7 in 2015; and (iii) a decrease in the planting area for corn that was switched
to soybean due to better expected margins. These decreases were partially offset by (a) a 18.5% increase in soybean volume sold
due to higher soybean yields, from 2.7 tons per hectare in 2014 to 3.2 in 2015, for soybean first crop and from 1.7 in 2014 to
2.5 in 2015 for soybean second crop; and (b) an increase in the volume of wheat sold, from 40.5 tons in 2014 to 92.8 in 2015, as
a result of higher stocks carried from previous periods.</TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">The following table sets forth the breakdown of sales for the periods
indicated.&nbsp;</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="10" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">Period
    ended December 31,</FONT></TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="10" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">Period
    ended December 31,</FONT></TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="10" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">Period
    ended December 31,</FONT></TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">2015</FONT></TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">2014</FONT></TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">%
    Chg</FONT></TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">2015</FONT></TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">2014</FONT></TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">%
    Chg</FONT></TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">2015</FONT></TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">2014</FONT></TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">%
    Chg</FONT></TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="6" NOWRAP STYLE="font-weight: bold; text-align: center"><FONT STYLE="font-size: 8pt">(In millions of $)</FONT></TD><TD NOWRAP STYLE="font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD NOWRAP><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD NOWRAP><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD NOWRAP COLSPAN="6" STYLE="font-weight: bold; text-align: center"><FONT STYLE="font-size: 8pt">(In thousands of tons)</FONT></TD>
    <TD NOWRAP STYLE="font-weight: bold; text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="font-weight: bold; text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="6" NOWRAP STYLE="font-weight: bold; text-align: center"><FONT STYLE="font-size: 8pt">(In $ per ton)</FONT></TD><TD NOWRAP STYLE="font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD NOWRAP><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP 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: rgb(204,238,255)">
    <TD STYLE="width: 19%">Soybean</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 6%; text-align: right">75.4</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 6%; text-align: right">79.5</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 6%; text-align: right">(5.2</TD><TD STYLE="width: 1%; text-align: left">%)</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 6%; text-align: right">283.8</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 6%; text-align: right">225.4</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 6%; text-align: right">25.9</TD><TD STYLE="width: 1%; text-align: left">%</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 6%; text-align: right">265.7</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 6%; text-align: right">352.7</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 6%; text-align: right">(24.7</TD><TD STYLE="width: 1%; text-align: left">%)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD>Corn (1)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">41.9</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">69.7</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(39.9</TD><TD STYLE="text-align: left">%)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">280.4</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">373.3</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(24.9</TD><TD STYLE="text-align: left">%)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">149.4</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">186.7</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(20.0</TD><TD STYLE="text-align: left">%)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD>Wheat (2)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">12.7</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">8.8</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">44.3</TD><TD STYLE="text-align: left">%</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">92.8</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">40.5</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">129.1</TD><TD STYLE="text-align: left">%</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">136.9</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">217.3</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(37.0</TD><TD STYLE="text-align: left">%)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD>Sunflower</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">7.9</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">10.0</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(21.0</TD><TD STYLE="text-align: left">%)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">25.8</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">24.0</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">7.5</TD><TD STYLE="text-align: left">%</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">306.2</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">416.7</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(26.5</TD><TD STYLE="text-align: left">%)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-bottom: 1pt">Others</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">16.8</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">9.7</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">73.2</TD><TD STYLE="padding-bottom: 1pt; text-align: left">%</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: right">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: right">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: right">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: right">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: right">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: right">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; padding-bottom: 1pt">Total</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">154.7</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">177.7</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(12.9</TD><TD STYLE="padding-bottom: 1pt; text-align: left">%)</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: right">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: right">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: right">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: right">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: right">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: right">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"></P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in"><FONT STYLE="font-size: 8pt">(1) Includes sorghum, popcorn
and peanut.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in"><FONT STYLE="font-size: 8pt">(2) Includes barley</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.4pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.2in"></TD><TD STYLE="width: 0.2in"><B>&bull;</B></TD><TD STYLE="text-align: justify">a $19.0 million decrease in our Rice segment, mainly due to: (i) a 9.7% decrease in the price per
ton of rough rice equivalent, from $358.2 in 2014 to $323.6 in 2015; and (ii) a 25.0% decrease in the volume of white rice sold
measured in tons of rough rice, from 236.1 thousand tons in 2014 to 177.1 thousand tons in 2015, mainly explained by: (a) a decrease
of 13.6% in yields from 5.9 tons per hectare in 2014 to 5.1 tons per hectare in 2015; (b) a 5.8% decrease in purchases of rough
rice to third parties, from 41.6 tons in 2014 to 39.2 tons in 2015 due to the decrease in the margin of processing rough rice from
third parties; and (c) a higher inventory build-up from 10.2 thousand tons of rough rice in 2014 compared to 35.9 thousand tons
of rough rice in 2015. This was partially offset by a 6.3% increase in area, from 35.3 thousand hectares in 2014 to 37.6 thousand
hectares in 2015.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.4in; text-align: justify; text-indent: -0.2in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.2in"></TD><TD STYLE="width: 0.2in"><B>&bull;</B></TD><TD STYLE="text-align: justify">a $6.5 million decrease in our Sugar, Ethanol and Energy segment, mainly due to: (i) a 20.0% decrease
in sugar prices from $371.3 per ton in 2014 to $297.2 per ton in 2015; (ii) a reduction in ethanol prices of 22.9%, from $562.0
per cubic meter in 2014 to $433.4 per cubic meter in 2015; and (iii) a 49.1% decrease in energy prices from $150.9 per MWh in 2014
to $76.8 in 2015. The decrease in ethanol and energy prices was mainly caused by the depreciation of the Brazilean Real. The fall
in prices was partially offset by: (i) a 32.6% increase in the volume of sugar and ethanol sold, measured in TRS<SUP>(1)</SUP>,
from 990.1 thousand tons in 2014 to 1,312.5 thousand tons in 2015; and (ii) a 37.3% increase in volume of energy sold, from 442.7
thousand MWh in 2014 to 607.8 thousand MWh in 2015. The increase in volume of sugar and ethanol sold was due to (a) a 15.3% increase
in sugarcane milled, from 7.2 million tons in 2014 to 8.3 million tons in 2015; (b) a 1.1% increase in the TRS content
in sugarcane, from 130.5 kilograms per ton in 2014 to 132.0 kilograms per ton in 2015; and (c) a higher inventory decreased, measured
in TRS, from 14.8 thousand tons in 2014 compared to 68.0 thousand tons in 2015. The increase in the volume of energy sold was mainly
due to (a) the increase in sugarcane milled; and (b) an increase in the cogeneration efficiency ratio measured in KWh per ton of
sugarcane crushed, from 61.6 in 2014 to 66.4 in 2015. The increase in the sugarcane milled is due to: (i) the increase in daily
milling resulting from the completion of Ivinhema mill in May 2015; (ii) a 15.1% increase in sugarcane yields from 80.8 tons per
hectare in 2014 to 93.0 tons per hectare in 2015; (iii) a 15.2% increase in sugarcane purchased to third parties, from 814.6 thousand
tons in 2014 to 938.5 thousand tons in 2015; and (iv) the expansion of our sugarcane plantation, which allowed a higher harvested
area, from 124.4 thousand hectares in 2014 to 129.3 hectares in 2015.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.4in; text-align: justify; text-indent: -0.2in">&nbsp;</P>


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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 36.9pt; text-align: justify; text-indent: -0.9pt">The following
table sets forth the breakdown of sales of manufactured products for the periods indicated.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 36.9pt; text-align: justify; text-indent: -0.9pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="10" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">Period
    Ended December 31,</FONT></TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="10" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">Period
    Ended December 31,</FONT></TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="10" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">Period
    Ended December 31,</FONT></TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">2015</FONT></TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">2014</FONT></TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">Chg
    %</FONT></TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">2015</FONT></TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">2014</FONT></TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">Chg
    %</FONT></TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">2015</FONT></TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">2014</FONT></TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">Chg
    %</FONT></TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="6" NOWRAP STYLE="font-weight: bold; text-align: center"><FONT STYLE="font-size: 8pt">(in million of $)</FONT></TD><TD NOWRAP STYLE="font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD NOWRAP><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD NOWRAP><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="6" NOWRAP STYLE="font-weight: bold; text-align: center"><FONT STYLE="font-size: 8pt">(in thousand units)</FONT></TD><TD NOWRAP STYLE="font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD NOWRAP><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD NOWRAP><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="6" NOWRAP STYLE="font-weight: bold; text-align: center"><FONT STYLE="font-size: 8pt">(in dollars per unit)</FONT></TD><TD NOWRAP STYLE="font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD NOWRAP><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP><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: rgb(204,238,255)">
    <TD STYLE="width: 19%">Ethanol (M3)</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 6%; text-align: right">176.2</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 6%; text-align: right">165.9</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 6%; text-align: right">6.2</TD><TD STYLE="width: 1%; text-align: left">%</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 6%; text-align: right">406.4</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 6%; text-align: right">295.1</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 6%; text-align: right">37.7</TD><TD STYLE="width: 1%; text-align: left">%</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 6%; text-align: right">433.5</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 6%; text-align: right">562.1</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 6%; text-align: right">(22.9</TD><TD STYLE="width: 1%; text-align: left">%)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Sugar (tons)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">177.8</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">174.5</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1.9</TD><TD STYLE="text-align: left">%</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">598.3</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">469.9</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">27.3</TD><TD STYLE="text-align: left">%</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">297.2</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">371.4</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(20.0</TD><TD STYLE="text-align: left">%)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-bottom: 1pt">Energy (MWh)</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">46.6</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">66.8</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(30.2</TD><TD STYLE="padding-bottom: 1pt; text-align: left">%)</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: right">607.8</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: right">442.7</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: right">37.3</TD><TD STYLE="padding-bottom: 1pt; text-align: left">%</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: right">76.7</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: right">150.9</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: right">(49.2</TD><TD STYLE="padding-bottom: 1pt; text-align: left">%)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; padding-bottom: 1pt">TOTAL</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">400.6</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">407.2</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(1.6</TD><TD STYLE="padding-bottom: 1pt; text-align: left">%)</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: right">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: right">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: right">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: right">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: right">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: right">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.4in; text-align: justify; text-indent: -0.2in"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.2in"></TD><TD STYLE="width: 0.2in"><B>&bull;</B></TD><TD STYLE="text-align: justify">Our Dairy segment remained essentially unchanged, mainly due to: (i) a 38.3% decrease in the volume
of powder milk sold, from 770.5 tons in 2014 to 475.5 tons in 2015; (ii) a 21.1% decrease in powder milk prices, from $3.8 thousand
per ton in 2014 to $3.0 thousand per ton in 2015; and (iii) a 13.2% decrease in fluid milk prices, from $0.38 per liter in 2014
to $0.33 per liter in 2015. These decreases were offset by a 18.4% increase in the amount of liters of fluid milk sold, from 72.8
million liters in 2014 to 86.2 million liters in 2015 as a result of: (i) a 3.4% increase in our milking cow herd, from an average
of 6,440 heads in 2014 to an average of 6,658 heads in 2015, driven by enhanced reproductive indicators at our two free-stall dairy
facilities; and (ii) a 7.7% increase in cow productivity, from 33.8 liters per day per cow in 2014 to 36.4 liters per day per cow
in 2015 due to enhanced operating efficiencies.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.4in; text-align: justify; text-indent: -0.2in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 14.2pt">The profit of our agricultural produce is recognized
under the line &iacute;tems &ldquo;Initial recognition and changes in fair value of biological assets and agricultural produce&rdquo;
and &ldquo;Changes in net realizable value of agricultural produce after harvest&rdquo;. When the agricultural produce is sold
to third parties, we do not record any additional profit as the gain or loss had already been recognized.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 14.2pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 14.2pt">The profit of our manufactured products is
recognized when they are sold. The cost of manufactured products includes, among others, the cost of agricultural produce transferred
internally at fair market value (i.e. harvested sugarcane, rough rice, fluid milk, etc).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.4in; text-align: justify; text-indent: -0.2in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B><I>Cost of Goods Sold and Services Rendered</I></B></P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" ALIGN="CENTER" STYLE="font: 10pt Times New Roman, Times, Serif; width: 80%">
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: right; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">Crops</FONT></TD><TD NOWRAP STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="font-weight: bold; border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: right; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">Rice</FONT></TD><TD NOWRAP STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="font-weight: bold; border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: right; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">Dairy</FONT></TD><TD NOWRAP STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="font-weight: bold; border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: right; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">All
    other <BR> segments</FONT></TD><TD NOWRAP STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="font-weight: bold; border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: right; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">Sugar,
    Ethanol <BR> and Energy</FONT></TD><TD NOWRAP STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="font-weight: bold; border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: right; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">Total</FONT></TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="22" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">(In
    thousands of $)</FONT></TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 22%; font-weight: bold; text-align: left">2015</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; text-align: right">(154,287</TD><TD STYLE="width: 1%; text-align: left">)</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; text-align: right">(69,075</TD><TD STYLE="width: 1%; text-align: left">)</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; text-align: right">(33,030</TD><TD STYLE="width: 1%; text-align: left">)</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; text-align: right">(603</TD><TD STYLE="width: 1%; text-align: left">)</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; text-align: right">(300,791</TD><TD STYLE="width: 1%; text-align: left">)</TD><TD STYLE="width: 1%; font-weight: bold">&nbsp;</TD>
    <TD STYLE="width: 1%; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; font-weight: bold; text-align: right">(557,786</TD><TD STYLE="width: 1%; font-weight: bold; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; text-align: left">2014</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(177,473</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(84,199</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(33,034</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(842</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(309,777</TD><TD STYLE="text-align: left">)</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">(605,325</TD><TD STYLE="font-weight: bold; text-align: left">)</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.4pt">&nbsp;</P>


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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.4pt">Cost of goods sold and
services rendered decreased 7.8%, from $605.3 million in 2014 to $557.8 million in 2015. This decrease was primarily due to:&#9;</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.2in"></TD><TD STYLE="width: 0.2in">&bull;</TD><TD STYLE="text-align: justify">a $15.1 million decrease in our Rice segment mainly due to: (i) the decrease of 25.0% in the volume
sold partially offset by an 11.7% increase in our unitary cost from $346.8 per ton of rough rice in 2014 to $387.5 per ton of rough
rice in 2015 due to the appreciation in real terms of the Argentine Peso; during the year the steep depreciation of the Argentine
Peso occurred in December 2015.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.4in; text-align: justify; text-indent: -0.2in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.2in"></TD><TD STYLE="width: 0.2in">&bull;</TD><TD STYLE="text-align: justify">a $9.0 million decrease in our Sugar and Ethanol segment due to a lower unitary cost of product
sold due to a 46.6% depreciation of the Brazilean Real during 2015.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.4in; text-align: justify; text-indent: -0.2in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B><I>Initial Recognition and Changes in Fair
Value of Biological Assets and Agricultural Produce</I></B></P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" ALIGN="CENTER" STYLE="font: 10pt Times New Roman, Times, Serif; width: 80%">
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: right; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">Crops</FONT></TD><TD NOWRAP STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="font-weight: bold; border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: right; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">Rice</FONT></TD><TD NOWRAP STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="font-weight: bold; border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: right; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">Dairy</FONT></TD><TD NOWRAP STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="font-weight: bold; border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: right; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">All
    other <BR> segments</FONT></TD><TD NOWRAP STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="font-weight: bold; border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: right; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">Sugar,
    Ethanol <BR> and Energy</FONT></TD><TD NOWRAP STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="font-weight: bold; border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: right; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">Total</FONT></TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="22" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">(In
    thousands of $)</FONT></TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 22%; font-weight: bold; text-align: left">2015</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; text-align: right">11,561</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; text-align: right">2,822</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; text-align: right">7,542</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; text-align: right">(181</TD><TD STYLE="width: 1%; text-align: left">)</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; text-align: right">32,784</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font-weight: bold">&nbsp;</TD>
    <TD STYLE="width: 1%; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; font-weight: bold; text-align: right">54,528</TD><TD STYLE="width: 1%; font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; text-align: left">2014</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">40,267</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">8,559</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">9,891</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(10</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">41,509</TD><TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">100,216</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.4pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.4pt">Initial recognition and
changes in fair value of biological assets and agricultural produce decreased from $100.2 million in 2014 to $54.5 million in 2015,
primarily due to:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.4in; text-align: justify; text-indent: -0.2in"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.2in"></TD><TD STYLE="width: 0.2in; text-align: left"><B>&bull;</B></TD><TD STYLE="text-align: justify">a $28.7 million decrease in our Crops segment mainly
due to:</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.75in; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.4in"></TD><TD STYLE="width: 0.2in; text-align: left"><B>-</B></TD><TD STYLE="text-align: justify">a $30.7 million decrease in the recognition at fair value
less cost to sell of crops at the point of harvest, from a gain of $41.2 million in 2014 to a gain of $10.5 million in 2015, mainly
due to the decrease in commodity prices.</TD>
</TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.4in"></TD><TD STYLE="width: 0.2in; text-align: left"><B>-</B></TD><TD STYLE="text-align: justify">a $2.0 million increase in the recognition at fair value
less cost to sell for non-harvested crops, from a loss of $0.9 million in 2014 to a gain of $1.1 million in 2015, explained by:
(i) higher projected corn yields as of December due to favourable weather forecast; (ii) and lower costs due to the operating
efficiencies gained coupled with the depreciation of the Argentine Peso.</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.4in"></TD><TD STYLE="width: 0.2in; text-align: left"><B>-</B></TD><TD STYLE="text-align: justify">Of the $11.6 million gain of initial recognition and
changes in fair value of biological assets and agricultural produce for 2015, $2.2 million represents the unrealized portion,
as compared to the $2.8 million unrealized gain of the $40.3 million of initial recognition and changes in fair value of biological
assets and agricultural produce in 2014.</TD>
</TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.2in"></TD><TD STYLE="width: 0.2in"><B>&bull;</B></TD><TD STYLE="text-align: justify">a $8.7 million decrease in our Sugar, Ethanol and Energy segment, mainly due to:</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.4in; text-indent: -0.2in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.4in"></TD><TD STYLE="width: 0.2in; text-align: left">-</TD><TD STYLE="text-align: justify">a $2.4 million decrease in the recognition at fair value
less cost to sell of non-harvested sugarcane, from $10.7 million in 2014 to $8.3 million in 2015, mainly generated by a decrease
in projected prices for harvested sugarcane as of December 2015.</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 28.35pt; text-align: justify; text-indent: -13.95pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.4in"></TD><TD STYLE="width: 0.2in; text-align: left">-</TD><TD STYLE="text-align: justify">a $6.4 million decrease in the recognition at fair value
less cost to sell of sugarcane at the point of harvest, from $30.9 million in 2014 to $24.5 million in 2015, mainly generated
by a decrease in sugar prices.</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.4in; text-align: justify; text-indent: -0.2in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.4in"></TD><TD STYLE="width: 0.2in; text-align: left">-</TD><TD STYLE="text-align: justify">Of the $32,8 million gain of initial recognition and
changes in fair value of biological assets and agricultural produce for 2015, $8.3 million represent the unrealized portion, as
compared to the $10.7 million unrealized portion of the $41.5 million of initial recognition and changes in fair value of biological
assets and agricultural produce in 2014.</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.4in; text-align: justify; text-indent: -0.2in"><B>&nbsp;</B></P>


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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.2in"></TD><TD STYLE="width: 0.2in"><B>&bull;</B></TD><TD STYLE="text-align: justify">a $5.7 million decrease in our Rice segment mainly due to :</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.4in; text-align: justify; text-indent: -0.2in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.4in"></TD><TD STYLE="width: 0.2in; text-align: left">-</TD><TD STYLE="text-align: justify">a $9.5 million decrease in the recognition at fair value
less cost to sell of rice at the point of harvest, from a gain of $12.2 million in 2014 to a gain of $2.7 million in 2015 mainly
due to; (i) the 14.6% decrease in yields; and (ii) the higher costs in 2015 due to the strengthening of local currency; partially
offset by the increase in area under production.</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.4in; text-align: justify; text-indent: -0.2in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.4in"></TD><TD STYLE="width: 0.2in; text-align: left">-</TD><TD STYLE="text-align: justify">a $3.7 million increase in the recognition at fair value
less cost to sell of biological assets planted as of December 2015, from a loss of $3.5 million to a gain of $0.2 million in 2015
due to the lower projected costs due to the depreciation of the Argentine peso.</TD>
</TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.4in"></TD><TD STYLE="width: 0.2in; text-align: left">-</TD><TD STYLE="text-align: justify">Of the $2.8 million gain of initial recognition and changes
in fair value of biological assets and agricultural produce for 2015, $2.2 million gain represents the realized portion, as compared
to the $10.9 million gain realized portion of the $8.6 million gain of initial recognition and changes in fair value of biological
assets and agricultural produce in 2014.</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 21.3pt; text-align: justify; text-indent: -6.9pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.2in"></TD><TD STYLE="width: 0.2in">&bull;</TD><TD STYLE="text-align: justify">a $2.3 million decrease in our Dairy segment mainly due to:</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.4in; text-align: justify; text-indent: -0.2in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.4in"></TD><TD STYLE="width: 0.2in; text-align: left"><B>-</B></TD><TD STYLE="text-align: justify">a $1.3 million decrease in the recognition at fair value
less cost to sell of fluid milk, from a gain of $8.8 million in 2014 to a gain of $7.5 million in 2015, mainly due to the 13.2%
decrease in fluid milk prices.</TD>
</TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.4in"></TD><TD STYLE="width: 0.2in; text-align: left"><B>-</B></TD><TD STYLE="text-align: justify">Of the $7.5 million gain of initial recognition and changes
in fair value of biological assets and agricultural produce for 2015, $7.5 million gain represents the realized portion of such
gain, as compared to the $8.8 million realized gain portion of the $9.9 million gain in initial recognition and changes in fair
value of biological assets and agricultural produce in 2014.</TD>
</TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B><I>Changes in Net Realizable Value of Agricultural Produce after
Harvest</I></B></P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" ALIGN="CENTER" STYLE="font: 10pt Times New Roman, Times, Serif; width: 80%">
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: right; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">Crops</FONT></TD><TD NOWRAP STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="font-weight: bold; border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: right; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">Rice</FONT></TD><TD NOWRAP STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="font-weight: bold; border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: right; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">Dairy</FONT></TD><TD NOWRAP STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="font-weight: bold; border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: right; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">All
    other <BR> segments</FONT></TD><TD NOWRAP STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="font-weight: bold; border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: right; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">Sugar,
    Ethanol <BR> and Energy</FONT></TD><TD NOWRAP STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="font-weight: bold; border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: right; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">Total</FONT></TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="22" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">(In
    thousands of $)</FONT></TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 22%; font-weight: bold; text-align: left">2015</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; text-align: right">14,691</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; text-align: right">-</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; text-align: right">-</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; text-align: right">-</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; text-align: right">-</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font-weight: bold">&nbsp;</TD>
    <TD STYLE="width: 1%; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; font-weight: bold; text-align: right">14,691</TD><TD STYLE="width: 1%; font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; text-align: left">2014</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">3,401</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">3,401</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD></TR>
</TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.2in">Changes in net realizable
value of agricultural produce after harvest is mainly composed of: (i) profit or loss from commodity price fluctuations during
the period of time the agricultural produce is in inventory, which affects 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 increased from $3.4 million in 2014 to $14.7 million in 2015. This increase is mainly
explained by the steep depreciation of the Argentine Peso in 2015 that impacted positively the valuation of our inventories which
are recorded in their functional currency.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B><I>General and Administrative Expenses</I></B></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: right; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">Crops</FONT></TD><TD NOWRAP STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="font-weight: bold; border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: right; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">Rice</FONT></TD><TD NOWRAP STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="font-weight: bold; border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: right; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">Dairy</FONT></TD><TD NOWRAP STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="font-weight: bold; border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: right; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">All
    other <BR> segments</FONT></TD><TD NOWRAP STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="font-weight: bold; border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: right; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">Sugar,
    Ethanol <BR> and Energy</FONT></TD><TD NOWRAP STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="font-weight: bold; border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: right; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">Corporate</FONT></TD><TD NOWRAP STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="font-weight: bold; border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: right; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">Total</FONT></TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="26" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">(In
    thousands of $)</FONT></TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 10%; font-weight: bold; text-align: left">2015</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; text-align: right">(3,987</TD><TD STYLE="width: 1%; text-align: left">)</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; text-align: right">(3,136</TD><TD STYLE="width: 1%; text-align: left">)</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; text-align: right">(1,451</TD><TD STYLE="width: 1%; text-align: left">)</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; text-align: right">(74</TD><TD STYLE="width: 1%; text-align: left">)</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; text-align: right">(18,301</TD><TD STYLE="width: 1%; text-align: left">)</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; text-align: right">(21,476</TD><TD STYLE="width: 1%; text-align: left">)</TD><TD STYLE="width: 1%; font-weight: bold">&nbsp;</TD>
    <TD STYLE="width: 1%; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; font-weight: bold; text-align: right">(48,425</TD><TD STYLE="width: 1%; font-weight: bold; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; text-align: left">2014</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(4,343</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(3,218</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(1,554</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(166</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(22,054</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(21,360</TD><TD STYLE="text-align: left">)</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">(52,695</TD><TD STYLE="font-weight: bold; text-align: left">)</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.4pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.4pt">Our general and administrative
expenses decreased 8.2%, from $52.7 million in 2015 to $48.4 million in 2016, mainly explained by the depreciation of the Brazilean
Real.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.4pt"><B><I>&nbsp;</I></B></P>


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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B><I>Selling Expenses</I></B></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: right; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">Crops</FONT></TD><TD NOWRAP STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="font-weight: bold; border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: right; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">Rice</FONT></TD><TD NOWRAP STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="font-weight: bold; border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: right; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">Dairy</FONT></TD><TD NOWRAP STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="font-weight: bold; border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: right; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">All
    other <BR> segments</FONT></TD><TD NOWRAP STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="font-weight: bold; border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: right; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">Sugar,
    Ethanol <BR> and Energy</FONT></TD><TD NOWRAP STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="font-weight: bold; border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: right; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">Corporate</FONT></TD><TD NOWRAP STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="font-weight: bold; border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: right; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">Total</FONT></TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="26" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">(In
    thousands of $)</FONT></TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 10%; font-weight: bold; text-align: left">2015</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; text-align: right">(5,672</TD><TD STYLE="width: 1%; text-align: left">)</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; text-align: right">(12,592</TD><TD STYLE="width: 1%; text-align: left">)</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; text-align: right">(663</TD><TD STYLE="width: 1%; text-align: left">)</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; text-align: right">(49</TD><TD STYLE="width: 1%; text-align: left">)</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; text-align: right">(50,729</TD><TD STYLE="width: 1%; text-align: left">)</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; text-align: right">(563</TD><TD STYLE="width: 1%; text-align: left">)</TD><TD STYLE="width: 1%; font-weight: bold">&nbsp;</TD>
    <TD STYLE="width: 1%; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; font-weight: bold; text-align: right">(70,268</TD><TD STYLE="width: 1%; font-weight: bold; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; text-align: left">2014</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(4,201</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(14,367</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(596</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(29</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(57,815</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(1,856</TD><TD STYLE="text-align: left">)</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">(78.864</TD><TD STYLE="font-weight: bold; text-align: left">)</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.2in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 21.3pt">Selling expenses decreased
10.9%, from $78.9 million in 2014 to $70.3 million in 2015. The $7.1 million decrease in our Sugar, Ethanol and Energy segment
is mainly explained by the impact of the depreciation of the Brazilean Real in our freight expenses. The $1.8 million decrease
in our Rice segment is explained by lower volumes of white rice sold.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 21.3pt"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B><I>Other Operating Income, Net</I></B></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: right; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">Crops</FONT></TD><TD NOWRAP STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="font-weight: bold; border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: right; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">Rice</FONT></TD><TD NOWRAP STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="font-weight: bold; border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: right; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">Dairy</FONT></TD><TD NOWRAP STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="font-weight: bold; border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: right; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">All
    other <BR> segments</FONT></TD><TD NOWRAP STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="font-weight: bold; border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: right; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">Sugar,
    Ethanol <BR> and Energy</FONT></TD><TD NOWRAP STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="font-weight: bold; border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: right; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">Land
    <BR>
Transformation</FONT></TD><TD NOWRAP STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="font-weight: bold; border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: right; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">Corporate</FONT></TD><TD NOWRAP STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="font-weight: bold; border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: right; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">Total</FONT></TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="30" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">(In
    thousands of $)</FONT></TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-weight: bold; text-align: left; width: 12%">2015</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 8%; text-align: right">16,422</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 8%; text-align: right">600</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 8%; text-align: right">(479</TD><TD STYLE="width: 1%; text-align: left">)</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 8%; text-align: right">6</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 8%; text-align: right">6,340</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 8%; text-align: right">7,914</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 8%; text-align: right">263</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font-weight: bold">&nbsp;</TD>
    <TD STYLE="width: 1%; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="width: 8%; font-weight: bold; text-align: right">31,066</TD><TD STYLE="width: 1%; font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; text-align: left">2014</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">356</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">480</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">437</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(190</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">10,911</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(17</TD><TD STYLE="text-align: left">)</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">11,977</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.4pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.4pt">Other operating income,
net increased 159.2% from $12.0 million gain in 2014 to $31.1 million in 2015, primarily due to:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.4in; text-align: justify; text-indent: -0.2in"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.2in"></TD><TD STYLE="width: 0.2in"><B>&bull;</B></TD><TD STYLE="text-align: justify">a $16.0 million increase in our Crops segment mainly explained by the mark-to-market effect of
outstanding hedge positions.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.2in; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.2in"></TD><TD STYLE="width: 0.2in"><B>&bull;</B></TD><TD STYLE="text-align: justify">a $7.9 million increase in our Land Transformation segment due to the sale in of &ldquo;La Ca&ntilde;ada&rdquo;,
a 3,399 hectare farm located in the province of San Luis, Argentina, for a total consideration of $12.6 million.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.2in"></TD><TD STYLE="width: 0.2in"><B>&bull;</B></TD><TD STYLE="text-align: justify">a $4.6 million decrease in our Sugar, Ethanol &amp; Energy segment mainly explained by the mark-to-market
effect of outstanding hedge positions; which were negatively affected by a trend of rising prices starting in the fourth quarter
of 2015, which was lower than the increase in 2014.</TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B><I>Share of Loss of Joint Ventures</I></B></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: right; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">Crops</FONT></TD><TD NOWRAP STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="font-weight: bold; border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: right; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">Rice</FONT></TD><TD NOWRAP STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="font-weight: bold; border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: right; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">Dairy</FONT></TD><TD NOWRAP STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="font-weight: bold; border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: right; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">All
    other <BR> segments</FONT></TD><TD NOWRAP STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="font-weight: bold; border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: right; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">Sugar,
    Ethanol <BR> and Energy</FONT></TD><TD NOWRAP STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="font-weight: bold; border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: right; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">Land
    <BR> Transformation</FONT></TD><TD NOWRAP STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="font-weight: bold; border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: right; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">Corporate</FONT></TD><TD NOWRAP STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="font-weight: bold; border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: right; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">Total</FONT></TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="30" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">(In
    thousands of $)</FONT></TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-weight: bold; text-align: left; width: 12%">2015</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 8%; text-align: right">(2,685</TD><TD STYLE="width: 1%; text-align: left">)</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 8%; text-align: right">-</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 8%; text-align: right">-</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 8%; text-align: right">-</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 8%; text-align: right">-</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 8%; text-align: right">-</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 8%; text-align: right">-</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font-weight: bold">&nbsp;</TD>
    <TD STYLE="width: 1%; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="width: 8%; font-weight: bold; text-align: right">(2,685</TD><TD STYLE="width: 1%; font-weight: bold; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; text-align: left">2014</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(924</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">(924</TD><TD STYLE="font-weight: bold; text-align: left">)</TD></TR>
</TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Our share of loss of Joint Ventures increased
from a loss of $0.9 million in 2014 to a $2.7 million loss in 2015. This loss in mainly explained by the nominal depreciation of
the Argentine Peso that impacts on the value of CHS AGRO&acute;s dollar denominated debt.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B><I>Financial Results, Net</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.2in">Our financial results,
net decreased from a loss of $79.2 million in 2014 to a loss of $107.7 million in 2015, primarily due to: (i) a $23.4 million mainly
non-cash loss in 2015, compared to a $9.2 million non-cash loss in 2014, mostly generated by the impact of the Brazilean Real fluctuation
on our dollar denominated debt. Additionally, during the period a $32.7 million loss was reclassified from Equity to the &ldquo;Financial
Result, net&rdquo; line item in 2015, in comparison with the $12.0 million loss that was reclassified in 2014. Please see &ldquo;&mdash;Hedge
Accounting&mdash;Cash Flow Hedge&rdquo; described on Note 3 to our Consolidated Financial Statements; and (ii) $4.4 million loss
in 2015 compared to a $3.2 million loss in 2014, primarily resulting from the mark to market of our currency hedge derivatives.
The loss was partially offset by lower interest expenses, from a loss of $54.9 million in 2014 to $49.5 million in 2015.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.2in">&nbsp;</P>


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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.4pt">The following table sets
forth the breakdown of financial results for the periods indicated.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.4pt">&nbsp;</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 95%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="10" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">Year
    ended December 31, 2015</FONT></TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">2015</FONT></TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">2014</FONT></TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="6" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">(In
    $ thousand) </FONT></TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">%
    Change</FONT></TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 61%; text-align: left">Interest income</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; text-align: right">8,201</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; text-align: right">7,068</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; text-align: right">16.0</TD><TD STYLE="width: 1%; text-align: left">%</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Interest expense</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(49,491</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(54,915</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-9.9</TD><TD STYLE="text-align: left">%</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">Foreign exchange losses, net</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(23,423</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(9,246</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">153.3</TD><TD STYLE="text-align: left">%</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Cash flow hedge &ndash; transfer from equity</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(32,700</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(12,031</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">171.8</TD><TD STYLE="text-align: left">%</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">Loss from interest rate /foreign exchange rate derivative financial instruments</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(4,437</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(3,232</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">37.3</TD><TD STYLE="text-align: left">%</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD>Taxes</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(3,358</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(3,731</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-10.0</TD><TD STYLE="text-align: left">%</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">Other Income/(Expenses)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(2,532</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(3,094</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-18.2</TD><TD STYLE="text-align: left">%</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; text-align: left">Total Financial Results</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">(107,740</TD><TD STYLE="font-weight: bold; text-align: left">)</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">(79,181</TD><TD STYLE="font-weight: bold; text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">36.1</TD><TD STYLE="text-align: left">%</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.2in"><B><I>Income Tax (expense) / benefit</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.2in">For the year ended December
31, 2015, we recognized a consolidated income tax benefit of $8.0 million on loss before income taxes of $12.3 million. For the
comparative 2014 year, we recognized a consolidated income tax expense of $10.5 million on gain before income taxes of $21.6 million.
The effective tax rates were 64.6% and 48.8% for the years ended December 31, 2015 and 2014 respectively. For the year 2015 the
effective benefit rate was higher than the theoretical income tax rate due to the non taxable gains of derivative financial instruments
of approximately $17 million in Uruguay. &nbsp;The 2014 year was impacted mainly by a tax loss carryforward not recognized in Brazil
during 2014 due to projections by the Company about the possibility to apply this tax loss carryforward in the future.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.2in"><B><I>Profit / (Loss) for
the Year</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.4pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.4pt">As a result of the foregoing,
our net result for the year decreased from a gain of $11.0 million in 2014 to a loss of $4.4 million in 2015.</P>

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


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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 58.5pt"></TD><TD STYLE="width: 31.5pt"><FONT STYLE="color: #010000">B.</FONT></TD><TD STYLE="text-align: justify"><A NAME="a_019"></A>LIQUIDITY AND CAPITAL RESOURCES</TD></TR></TABLE>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 0 1.25in; text-align: justify; text-indent: -31.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.4pt">Our liquidity and capital
resources are and will be influenced by a variety of factors, including:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.4in"></TD><TD STYLE="width: 0.2in"><B>&bull;</B></TD><TD STYLE="text-align: justify">our ability to generate cash flows from our operations;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.6in; text-indent: -0.2in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.4in"></TD><TD STYLE="width: 0.2in"><B>&bull;</B></TD><TD STYLE="text-align: justify">the level of our outstanding indebtedness and the interest that we are obligated to pay on such
outstanding indebtedness;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.6in; text-indent: -0.2in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.4in"></TD><TD STYLE="width: 0.2in"><B>&bull;</B></TD><TD STYLE="text-align: justify">our capital expenditure requirements, which consist primarily of investments in new farmland, in
our operations, in equipment and plant facilities and maintenance costs; and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.6in; text-indent: -0.2in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.4in"></TD><TD STYLE="width: 0.2in"><B>&bull;</B></TD><TD STYLE="text-align: justify">our working capital requirements.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.6in; text-align: justify; text-indent: -0.2in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.4pt">Our principal sources
of liquidity have traditionally consisted of shareholders&rsquo; contributions, short and long term borrowings and proceeds received
from the disposition of transformed farmland or subsidiaries.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.4pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.4pt">We believe that our working
capital will be sufficient during the next 12 months to meet our liquidity requirements.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B><I>Years ended December 31, 2016, 2015 and 2014</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.4pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.4pt">The table below reflects
our statements of Cash Flow for the fiscal years ended December 31, 2016, 2015 and 2014.</P>

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="10" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">Year
    ended December 31,</FONT></TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">2016</FONT></TD><TD NOWRAP STYLE="border-bottom: Black 1pt solid; font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="font-weight: bold; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">2015</FONT></TD><TD NOWRAP STYLE="border-bottom: Black 1pt solid; font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="font-weight: bold; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">2014</FONT></TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="10" NOWRAP STYLE="text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt"><B>(in thousands
    of $)</B></FONT></TD><TD NOWRAP STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 61%; text-align: left; text-indent: -5.05pt; padding-left: 5.05pt">Cash and cash equivalents at the beginning of the year</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; text-align: right">198,894</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; text-align: right">113,795</TD><TD STYLE="width: 1%; text-align: left">(*)</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; text-align: right">232,147</TD><TD STYLE="width: 1%; text-align: left">(*)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: -5.05pt; padding-left: 5.05pt">Cash and cash equivalents at the end of the year</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">158,568</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">198,894</TD><TD STYLE="text-align: left">(*)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">113,795</TD><TD STYLE="text-align: left">(*)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; text-indent: -5.05pt; padding-left: 5.05pt">Net cash generated from operating activities</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">255,401</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">145,186</TD><TD STYLE="text-align: left">(*)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">120,151</TD><TD STYLE="text-align: left">(*)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: -5.05pt; padding-left: 5.05pt">Effect of exchange rate changes on cash and cash equivalents</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">7,969</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(27,449</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(11,320</TD><TD STYLE="text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; text-indent: -5.05pt; padding-left: 5.05pt">Net cash used in investing activities</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(122,014</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(125,051</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(300,472</TD><TD STYLE="text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: -5.05pt; padding-left: 5.05pt">Net cash used / generated from financing activities</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(181,682</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">92,413</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">73,289</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
</TABLE>



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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-size: 8pt">(*) Comparative figures have been
revised to reflect the adoption of the amendments of IAS 41 and IAS 16 (see Selected financial data Effects of the adoption of
the amendments of IAS 41 and IAS 16).</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><I><U>Operating Activities</U></I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.3in"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.3in"><B><I>Year ended December 31, 2016</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.4pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.4pt">Net cash generated by
operating activities was $255.4 million for the year ended December 31, 2016. During this year, we generated a net income of $3.7
million that included non-cash charges relating primarily to depreciation and amortization of $127.5 million, interest and other
financial expenses, net of $44.7 million, $21.7 million loss from derivative financial instruments and forwards, $9.8 million gain
from the unrealized portion of &ldquo;Initial recognition and changes in fair value of biological assets&rdquo;, $19.1 million
foreign exchanges losses, and $85.2 million loss as a result of the reclassification from Equity to Financial Results, net in connection
with the cash flow hedge accounting.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.4pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.4pt">In addition, other changes
in operating asset and liability balances resulted in a net decrease in cash of $51.5 million, primarily due to an increase in
trade and other receivables, an increase in inventories totaling $22.3 million, an increase in biological asset of $23.7 million,
and an increase of $17.9 million from derivative financial instruments. These effects were partially offset by an increase of $39.1
million in trade and other payables.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.3in"><B><I>&nbsp;</I></B></P>


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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.3in"><B><I>Year ended December 31, 2015</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.4pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.4pt">Net cash generated by
operating activities was $145.2 million for the year ended December 31,2015. During this year, we generated a net loss of $4.4
million that included non-cash charges relating primarily to depreciation and amortization of $104.4 million, interest and other
financial expenses, net of $43.8 million, $17.7 million of Gain from derivative financial instruments and forwards, $11.3 million
gain from the unrealized portion of &ldquo;Initial recognition and changes in fair value of biological assets&rdquo;, $23.4 million
of foreign exchange losses; and $32.7 million loss as a result of the reclassification from Equity to Financial Results, net in
connection with the cash flow hedge accounting.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.4pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.4pt">In summary, the main drivers
for the cash flow generated by operating activities were the profits from operations of our Sugar, Ethanol business and the collections
from derivative positions.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.3in"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.3in"><B><I>Year ended December 31, 2014</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.4pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.4pt">Net cash generated by
operating activities was $120.2 million for the year ended December 31, 2014. During this year, we generated a net income of $11.0
million that included non-cash charges relating primarily to depreciation and amortization of $137.7 million, interest and other
financial expenses, net of $50.9 million, a gain of $12.6 million from the unrealized portion of the &ldquo;Initial recognition
and changes in fair value of biological assets and agricultural produce&rdquo;, $10.5 million of income tax expense, $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="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.4pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.4pt">In addition, other changes
in operating asset and liability balances resulted in a net decrease in cash of $94.7 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), an increase in ethanol inventories
(as a consequence of the decision to capture better prices) totaling $34.8 million, and an increase in biological assets totaling
$38.2 million. These effects were partially offset by an increase of $17.1 million in liabilities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.4pt"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><I><U>Investing Activities</U></I></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.3in"><B><I>Year ended December 31, 2016</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.4pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.4pt">Net cash used in investing
activities totaled $122.0 million in the year ended December 31, 2016, primarily due to $74.2 million related to the renewal and
expansion of our sugarcane plantation; $58.3 million related to purchase of agricultural and industrial equipment. Net inflows
from investments activities were related to interest income of $7.7 million.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.2in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.3in"><B><I>Year ended December 31, 2015</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.4pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.4pt">Net cash used in investing
activities totaled $125.1 million in the year ended December 31, 2015, primarily due to the purchases of property, plant and equipment
(mainly acquisitions of machinery, buildings and facilities for the completion of the second phase of Ivinhema mill), totaling
$97.7 million; $44.1 million in bearer plants related mainly to the expansion and replacement of our sugarcane plantation area
in Mato Grosso do Sul. Net inflows from investing activities were mainly related to the sale of La Ca&ntilde;ada farm for an amount
of $12.6 million and to the interest income for an amount of $8.2 million.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.4pt"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.3in"><B><I>Year ended December 31, 2014</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.3in"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.4pt">Net cash used in investing
activities totaled $300.5 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; $98.0 million in bearer plants 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="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.4pt">&nbsp;</P>


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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><I><U>Financing Activities</U></I></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B><I>Year ended December 31, 2016</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.2in">Net cash used in financing
activities was $181.7 million in the year ended December 31, 2016, primarily derived from net payment of borrowings in the amounts
of $125.2 million. During this period, interest paid totaled $48.4 million and purchases of own shares totaled $4.8 million.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B><I>Year ended December 31, 2015</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.4pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.4pt">Net cash provided by financing
activities was $92.4 million in the year ended December 31, 2015 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 $299.3 million and $211.0 million,
respectively; and from the sale of non-controlling interest in subsidiaries for $22 million. All these effects were partially offset
by payments of long and short term borrowings for $165.5 million and $208.3 million, respectively. During this period, interest
paid totaled $48.4 million.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B><I>Year ended December 31, 2014</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.4pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.4pt">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 million 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 million 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="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.3in"><B>&nbsp;</B></P>


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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.3in"><B>Cash and Cash Equivalents</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.4pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.4pt">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 (&ldquo;IPO&rdquo;) and simultaneous private placement. As of December
31, 2016, our cash and cash equivalents amounted to $158.6 million.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.4pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.4pt">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="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.4pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.2in"><B>Indebtedness and Financial Instruments</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.4pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.4pt">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="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.4pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" ALIGN="CENTER" STYLE="border-collapse: collapse; width: 60%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="6" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">As
    of December 31,</FONT></TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">2016</FONT></TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">2015</FONT></TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center">&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center">&nbsp;</TD><TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-weight: bold; text-align: left">Fixed rate:</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="width: 74%; text-align: left; text-indent: -5.05pt; padding-left: 5.05pt">Less than 1 year(l)</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; text-align: right">67,682</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; text-align: right">89,918</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; text-indent: -5.05pt; padding-left: 5.05pt">Between 1 and 2 years</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">43,630</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">31,096</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: -5.05pt; padding-left: 5.05pt">Between 2 and 3 years</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">40,047</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">30,197</TD><TD 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: -5.05pt; padding-left: 5.05pt">Between 3 and 4 years</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">21,857</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">22,497</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: -5.05pt; padding-left: 5.05pt">Between 4 and 5 years</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">21,116</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">18,779</TD><TD 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: -5.05pt; padding-left: 5.05pt">More than 5 years</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">20,239</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">34,492</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; text-align: left; text-indent: -5.05pt; padding-left: 5.05pt">Total fixed rate:</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">214,571</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">226,979</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-weight: bold; text-align: left; text-indent: -5.05pt; padding-left: 5.05pt">Variable rate:</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: -5.05pt; padding-left: 5.05pt">Less than 1 year(l)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">137,331</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">149,559</TD><TD 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: -5.05pt; padding-left: 5.05pt">Between 1 and 2 years</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">150,517</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">109,488</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: -5.05pt; padding-left: 5.05pt">Between 2 and 3 years</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">81,947</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">102,351</TD><TD 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: -5.05pt; padding-left: 5.05pt">Between 3 and 4 years</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">18,457</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">79,341</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: -5.05pt; padding-left: 5.05pt">Between 4 and 5 years</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">18,309</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">44,233</TD><TD 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: -5.05pt; padding-left: 5.05pt">More than 5 years</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">14,083</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">11,109</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; text-align: left; text-indent: -5.05pt; padding-left: 5.05pt">Total variable rate:</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">420,644</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">496,081</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-weight: bold; text-indent: -5.05pt; padding-left: 5.05pt">Total:</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">635,215</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">723,060</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD></TR>
</TABLE>

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

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 15.95pt"><FONT STYLE="font-size: 8pt">(1)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 8pt">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="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 15.95pt; text-align: justify; text-indent: -15.95pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.4pt">Borrowings incurred by
the Company&rsquo;s subsidiaries in Brazil are repayable at various dates between January 2017 and April 2024 and bear either fixed
interest rates ranging from 2.50% to 9.0% per annum or variable rates based on LIBOR or other specific base-rates plus spreads
ranging from 4.13% to 17.52% per annum. At December 31, 2016 LIBOR (six months) was 1.32% (2015: 0.85%).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.4pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.4pt">Borrowings incurred by
the Group&acute;s subsidiaries in Argentina are repayable at various dates between January 2017 and September 2023 and bear either
fixed interest rates ranging from 6.11% and 7.00% per annum for those borrowings denominated in US dollar, and a fixed interest
rate of 9.90% and 28.75% per annum for those borrowings denominated in Argentine Pesos.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>


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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>Brazilian Subsidiaries</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>The main loans of the Company&rsquo;s Brazilian
Subsidiaries identified below are:</B></P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt; width: 100%">
<TR STYLE="background-color: white">
    <TD NOWRAP ROWSPAN="3" STYLE="border: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 10pt"><B>Bank</B></FONT></TD>
    <TD ROWSPAN="3" NOWRAP STYLE="border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 10pt"><B>Grant Date</B></FONT></TD>
    <TD ROWSPAN="2" NOWRAP STYLE="border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 10pt"><B>Nominal </B></FONT><BR>
<FONT STYLE="font-size: 10pt"><B>amount</B></FONT></TD>
    <TD COLSPAN="3" NOWRAP STYLE="border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 10pt"><B>Capital outstanding as of December 31</B></FONT></TD>
    <TD ROWSPAN="3" NOWRAP STYLE="border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 10pt"><B>Maturity date</B></FONT></TD>
    <TD ROWSPAN="3" NOWRAP STYLE="border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 10pt"><B>Annual Interest Rate</B></FONT></TD></TR>
<TR STYLE="background-color: white">
    <TD COLSPAN="2" STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 10pt"><B>2016</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 10pt"><B>2015</B></FONT></TD></TR>
<TR STYLE="background-color: white">
    <TD NOWRAP STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 10pt"><B>(In millions)</B></FONT></TD>
    <TD NOWRAP STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 10pt"><B>Millions of </B></FONT><BR>
<FONT STYLE="font-size: 10pt"><B>Reais</B></FONT></TD>
    <TD NOWRAP STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 10pt"><B>Millions of </B></FONT><BR>
<FONT STYLE="font-size: 10pt"><B>equivalent </B></FONT><BR>
<FONT STYLE="font-size: 10pt"><B>Dollars (12)</B></FONT></TD>
    <TD NOWRAP STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 10pt"><B>Millions of </B></FONT><BR>
<FONT STYLE="font-size: 10pt"><B>equivalent </B></FONT><BR>
<FONT STYLE="font-size: 10pt"><B>Dollars (12)</B></FONT></TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="width: 22%; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-size: 10pt">Banco Do Brasil (1)</FONT></TD>
    <TD NOWRAP STYLE="width: 12%; border-bottom: Black 1pt solid; border-right: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 10pt">October 2012</FONT></TD>
    <TD NOWRAP STYLE="width: 9%; border-bottom: Black 1pt solid; border-right: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-size: 10pt">R$ 130.0</FONT></TD>
    <TD NOWRAP STYLE="width: 8%; border-bottom: Black 1pt solid; border-right: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-size: 10pt">R$ 109.9</FONT></TD>
    <TD NOWRAP STYLE="width: 9%; border-bottom: Black 1pt solid; border-right: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-size: 10pt">33.7</FONT></TD>
    <TD STYLE="width: 11%; border-bottom: Black 1pt solid; border-right: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-size: 10pt">32.9</FONT></TD>
    <TD NOWRAP STYLE="width: 17%; border-bottom: Black 1pt solid; border-right: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 10pt">November 2022</FONT></TD>
    <TD STYLE="width: 12%; border-bottom: Black 1pt solid; border-right: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 10pt">2.94% with 15% of bonus performance</FONT></TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-size: 10pt">Itau BBA FINAME Loan (2)</FONT></TD>
    <TD NOWRAP STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 10pt">December 2012</FONT></TD>
    <TD NOWRAP STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-size: 10pt">R$ 45.9</FONT></TD>
    <TD NOWRAP STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-size: 10pt">R$ 30.4</FONT></TD>
    <TD NOWRAP STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-size: 10pt">9.3</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-size: 10pt">9.3</FONT></TD>
    <TD NOWRAP STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 10pt">December 2022</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 10pt">2.50%</FONT></TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-size: 10pt">Itau BBA (3)</FONT></TD>
    <TD NOWRAP STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 10pt">March 2013</FONT></TD>
    <TD NOWRAP STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-size: 10pt">R$ 75.0</FONT></TD>
    <TD NOWRAP STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-size: 10pt">R$ 18.8</FONT></TD>
    <TD NOWRAP STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-size: 10pt">5.8</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-size: 10pt">9.3</FONT></TD>
    <TD NOWRAP STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 10pt">March 2019</FONT></TD>
    <TD NOWRAP STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 10pt">CDI + 3.20%</FONT></TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-size: 10pt">Banco do Brasil / Ita&uacute; BBVA Finem Loan (4)</FONT></TD>
    <TD NOWRAP STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 10pt">September 2013</FONT></TD>
    <TD NOWRAP STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-size: 10pt">R$ 273.0</FONT></TD>
    <TD NOWRAP STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-size: 10pt">R$ 219.4</FONT></TD>
    <TD NOWRAP STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-size: 10pt">67.3</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-size: 10pt">66.7</FONT></TD>
    <TD NOWRAP STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 10pt">January 2023</FONT></TD>
    <TD NOWRAP STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 10pt">6.87%</FONT></TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-size: 10pt">BNDES Finem Loan (5)</FONT></TD>
    <TD NOWRAP STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 10pt">November 2013</FONT></TD>
    <TD NOWRAP STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-size: 10pt">R$ 215.0</FONT></TD>
    <TD NOWRAP STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;R$ 163.9</FONT></TD>
    <TD NOWRAP STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-size: 10pt">50.3</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-size: 10pt">48.9</FONT></TD>
    <TD NOWRAP STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 10pt">January 2023</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 10pt">3.84%</FONT></TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-size: 10pt">ING / Rabobank / ABN / HSBC / Credit Agricole / Caixa Geral / Galena (6)</FONT></TD>
    <TD NOWRAP STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 10pt">January 2015</FONT></TD>
    <TD NOWRAP STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-size: 10pt">US$ 160.0</FONT></TD>
    <TD NOWRAP STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-size: 10pt">-</FONT></TD>
    <TD NOWRAP STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-size: 10pt">98.0</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-size: 10pt">160.0</FONT></TD>
    <TD NOWRAP STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 10pt">December 2018</FONT></TD>
    <TD NOWRAP STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 10pt">LIBOR 3M plus 4.40%</FONT></TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-size: 10pt">ING / Rabobank / Bladex / Credit Agricole / Votorantim / ABN (7)</FONT></TD>
    <TD NOWRAP STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 10pt">August 2015</FONT></TD>
    <TD NOWRAP STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-size: 10pt">US$ 110.0</FONT></TD>
    <TD NOWRAP STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-size: 10pt">-</FONT></TD>
    <TD NOWRAP STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-size: 10pt">110.0</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-size: 10pt">110.0</FONT></TD>
    <TD NOWRAP STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 10pt">December 2019</FONT></TD>
    <TD NOWRAP STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 10pt">LIBOR 3M plus 4.65%</FONT></TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-size: 10pt">Rabobank (8)</FONT></TD>
    <TD NOWRAP STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 10pt">February 2016</FONT></TD>
    <TD NOWRAP STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-size: 10pt">US$ 40.0</FONT></TD>
    <TD NOWRAP STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-size: 10pt">-</FONT></TD>
    <TD NOWRAP STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-size: 10pt">40.0</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-size: 10pt">-</FONT></TD>
    <TD NOWRAP STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 10pt">March 2019</FONT></TD>
    <TD NOWRAP STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 10pt">LIBOR 3M plus 3.50%</FONT></TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-size: 10pt">Tokyo-Mitsubishi (9)</FONT></TD>
    <TD NOWRAP STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 10pt">August 2016</FONT></TD>
    <TD NOWRAP STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-size: 10pt">US$ 30.0</FONT></TD>
    <TD NOWRAP STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-size: 10pt">-</FONT></TD>
    <TD NOWRAP STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-size: 10pt">30.0</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-size: 10pt">-</FONT></TD>
    <TD NOWRAP STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 10pt">August 2019</FONT></TD>
    <TD NOWRAP STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 10pt">6.25%</FONT></TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-size: 10pt">Bradesco (10)</FONT></TD>
    <TD NOWRAP STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 10pt">July 2016</FONT></TD>
    <TD NOWRAP STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-size: 10pt">R$ 90.0</FONT></TD>
    <TD NOWRAP STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;R$ 90.0</FONT></TD>
    <TD NOWRAP STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-size: 10pt">27.6</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-size: 10pt">-</FONT></TD>
    <TD NOWRAP STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 10pt">May 2019</FONT></TD>
    <TD NOWRAP STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 10pt">CDI + 2.10%</FONT></TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-size: 10pt">Votorantim (11)</FONT></TD>
    <TD NOWRAP STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 10pt">July 2016</FONT></TD>
    <TD NOWRAP STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-size: 10pt">US$ 15.0</FONT></TD>
    <TD NOWRAP STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-size: 10pt">-</FONT></TD>
    <TD NOWRAP STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-size: 10pt">15.0</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-size: 10pt">-</FONT></TD>
    <TD NOWRAP STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 10pt">June 2019</FONT></TD>
    <TD NOWRAP STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 10pt">LIBOR 3M plus 4.60%</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B><I>&nbsp;</I></B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-size: 8pt">(1)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 8pt">Collateralized
                                         by (i) a first degree mortgage of the Carmen (Santa Agua) farm; (ii) a first degree mortgage
                                         of the Sap&aacute;lio farm; (iii) a first degree mortgage of the Takuare farm; and (iv)
                                         liens over the Ivinhema mill and equipment.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-size: 8pt">(2)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 8pt">Collateralized
                                         by (i) a first degree mortgage of the Carmen (Santa Agua) farm; (ii) a first degree mortgage
                                         of the Sap&aacute;lio farm; (iii) a first degree mortgage of the Takuare farm; and (iv)
                                         liens over the Ivinhema mill and equipment.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-size: 8pt">(3)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 8pt">Collateralized
                                         by power sales contract.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-size: 8pt">(4)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 8pt">Collateralized
                                         by (i) a first degree mortgage of the Carmen (Santa Agua) farm; (ii) a first degree mortgage
                                         of the Sap&aacute;lio farm; (iii) a first degree mortgage of the Takuare farm; (iv) liens
                                         over the Ivinhema mill and equipment; and (v) power sales contract.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-size: 8pt">(5)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 8pt">Collateralized
                                         by (i) liens over the Ivinhema mill and equipment; and (ii) power sales contracts.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-size: 8pt">(6)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 8pt">Collateralized
                                         by (i) a first-degree mortgage of the Conquista, Alto Alegre, Dom Fabr&iacute;cio, Nossa
                                         Senhora Aparecida, &Aacute;gua Branca, Ouro Verde and Bela Manh&atilde; farms, (ii) pledge
                                         of sugarcane, and (iii) sales contracts.</FONT></TD></TR></TABLE>

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<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-size: 8pt">(7)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 8pt">Collateralized
                                         by (i) a first-degree mortgage of the Rio de Janeiro farm, and (ii) sales contracts.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-size: 8pt">(8)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 8pt">Collateralized
                                         by sales contracts.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-size: 8pt">(9)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 8pt">Collateralized
                                         by sales contracts.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-size: 8pt">(10)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 8pt">Collateralized
                                         by pledge of ethanol.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-size: 8pt">(11)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 8pt">Collateralized
                                         by (i) power sales contract and (ii) sales contracts.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-size: 8pt">(12)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 8pt">Reais
                                         amounts converted to USD at the exchange retes of December 31, 2016 and 2015, (3.259
                                         Reais per dollar and 3.905 Reais per dollar, respectively). Pessos amounts converted
                                         to USD at the exchange retes of December 31, 2016 and 2015, (15.89 Pesos per dollar and
                                         13,043 Pesos per dollar, respectively).</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.75in; text-align: justify; text-indent: -0.25in">&nbsp;</P>


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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>The principal loan of Adeco Agropecuaria
S.A. and Pilaga S.A., our Argentinian Subsidiaries is:</B></P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="background-color: white">
    <TD NOWRAP ROWSPAN="3" STYLE="border: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 10pt"><B>Bank</B></FONT></TD>
    <TD ROWSPAN="3" NOWRAP STYLE="border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 10pt"><B>Grant Date</B></FONT></TD>
    <TD ROWSPAN="2" NOWRAP STYLE="border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 10pt"><B>Nominal </B></FONT><BR>
<FONT STYLE="font-size: 10pt"><B>amount</B></FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 10pt"><B>Capital outstanding as of </B></FONT><BR>
<FONT STYLE="font-size: 10pt"><B>December 31</B></FONT></TD>
    <TD ROWSPAN="3" NOWRAP STYLE="border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 10pt"><B>Maturity date</B></FONT></TD>
    <TD ROWSPAN="3" NOWRAP STYLE="border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 10pt"><B>Annual Interest Rate</B></FONT></TD></TR>
<TR STYLE="background-color: white">
    <TD NOWRAP STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 10pt"><B>2016</B></FONT></TD>
    <TD NOWRAP STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 10pt"><B>2015</B></FONT></TD></TR>
<TR STYLE="background-color: white">
    <TD NOWRAP STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 10pt"><B>(In millions)</B></FONT></TD>
    <TD NOWRAP STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 10pt"><B>(In millions)</B></FONT></TD>
    <TD NOWRAP STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 10pt"><B>(In millions)</B></FONT></TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="width: 24%; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-size: 10pt">IDB Tranche A (1)</FONT></TD>
    <TD NOWRAP STYLE="width: 14%; border-bottom: Black 1pt solid; border-right: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 10pt">Feb-09</FONT></TD>
    <TD NOWRAP STYLE="width: 9%; border-bottom: Black 1pt solid; border-right: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-size: 10pt">US$ 20</FONT></TD>
    <TD NOWRAP STYLE="width: 10%; border-bottom: Black 1pt solid; border-right: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-size: 10pt">US$ 6.15</FONT></TD>
    <TD STYLE="width: 12%; border-bottom: Black 1pt solid; border-right: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-size: 10pt">US$ 8.7</FONT></TD>
    <TD NOWRAP STYLE="width: 13%; border-bottom: Black 1pt solid; border-right: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 10pt">Nov-18</FONT></TD>
    <TD STYLE="width: 18%; border-bottom: Black 1pt solid; border-right: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 10pt">6.11% per annum</FONT></TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-size: 10pt">IFC Tranche A (2)</FONT></TD>
    <TD NOWRAP STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 10pt">Dic-16</FONT></TD>
    <TD NOWRAP STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-size: 10pt">US$ 25</FONT></TD>
    <TD NOWRAP STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-size: 10pt">US$ 25.00</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-size: 10pt">-</FONT></TD>
    <TD NOWRAP STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 10pt">Sep-21</FONT></TD>
    <TD NOWRAP STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 10pt">4.3% plus LIBOR</FONT></TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-size: 10pt">IFC Tranche B (2)</FONT></TD>
    <TD NOWRAP STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 10pt">Dic-16</FONT></TD>
    <TD NOWRAP STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-size: 10pt">US$ 25</FONT></TD>
    <TD NOWRAP STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-size: 10pt">US$ 25.00</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-size: 10pt">-</FONT></TD>
    <TD NOWRAP STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 10pt">Sep-23</FONT></TD>
    <TD NOWRAP STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 10pt">4% plus LIBOR</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-size: 8pt">(1): 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.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.3in"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-size: 8pt">(2): Collateralized
by a US$ 75 million mortgage over Carmen farm, which is property of Adeco Agropecuaria S.A.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.3in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 28.35pt">The Company entered into
a floating to fix interest rate forward swap, fixing LIBOR at 1.25%, effective May 2012.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.3in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 28.35pt">The abovementioned loans
contain 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 Argentinian Subsidiaries.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in">During 2016 and 2015 the Company was in compliance with
all financial covenants.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.4in"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.4in"><B>Short-term Debt</B>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.4pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.4pt">As of December 31, 2016,
our short term debt totaled $205.09 million.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.4pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.4pt">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="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="color: #010000">C.</FONT></TD><TD STYLE="text-align: justify"><A NAME="a_020"></A>RESEARCH AND DEVELOPMENT, PATENTS AND LICENSES, ETC.</TD></TR></TABLE>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 0 1.5in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.4pt">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 and HIAAL 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 the new rice
variety named IT&Aacute; CAAB&Oacute; 107 was released to the market.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.4pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.4pt">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="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.4pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 28.35pt">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="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 28.35pt">&nbsp;</P>


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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 28.35pt">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. Additionally, Adecoagro Vale do Ivinhema S.A. and Methanum Engenharia Ambiental Ltda.
&ndash; ME have executed a joint venture agreement regulating the joint development of a new technology for the reuse of vinesse
for energy production in Ivinhema mill, which patent request has been already filed with INPI (For more details see &ldquo;Sugar,
Ethanol and Energy&rdquo; in &ldquo;Operations and Principal Activities&rdquo; Section).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.4pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.4pt">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 &ldquo;Water
Management&rdquo; in &ldquo;Technology and Best Practices&rdquo; Section for more details).</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.4pt">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 &ldquo;Dairy Business&rdquo; in &ldquo;Operations and Principal Activities&rdquo; Section).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.4pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">We do not own any registered patents, industrial
models or designs, apart from those described in the first paragraph of this section. &nbsp;</P>

<P STYLE="color: #010000; font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 0 1.5in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="color: #010000">D.</FONT></TD><TD STYLE="text-align: justify"><A NAME="a_021"></A>TREND INFORMATION</TD></TR></TABLE>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 0 1.5in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.4pt">See &ldquo;Item 5. Operating
and Financial Review and Prospects&mdash;A. Operating Results&mdash;Trends and Factors Affecting Our Results of Operations.&rdquo;</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="color: #010000">E.</FONT></TD><TD STYLE="text-align: justify"><A NAME="a_022"></A>OFF-BALANCE SHEET ARRANGEMENTS</TD></TR></TABLE>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 0 1.5in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.4pt">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="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="color: #010000">F.</FONT></TD><TD STYLE="text-align: justify"><A NAME="a_023"></A>TABULAR DISCLOSURE OF CONTRACTUAL OBLIGATIONS</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.2in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.2in">The following table summarizes
our significant contractual obligations and commitments as of December 31, 2016:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.2in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="text-align: justify"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">Less
    than 1 year</FONT></TD><TD NOWRAP STYLE="border-bottom: Black 1pt solid; font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="text-align: center; border-bottom: Black 1pt solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 0.2in"><FONT STYLE="font-size: 8pt"><B>Between
                                         </B></FONT></P> <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 0.2in"><FONT STYLE="font-size: 8pt"><B>1
                                         and 2 years </B></FONT></P></TD><TD NOWRAP STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="text-align: center; border-bottom: Black 1pt solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 0.2in"><FONT STYLE="font-size: 8pt"><B>Between
                                         2</B></FONT></P> <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 0.2in"><FONT STYLE="font-size: 8pt"><B>and
                                         5 years</B></FONT></P></TD><TD NOWRAP STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="text-align: center; border-bottom: Black 1pt solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 0.2in"><FONT STYLE="font-size: 8pt"><B>Over</B></FONT></P> <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 0.2in"><FONT STYLE="font-size: 8pt"><B>5
                                         Years</B></FONT></P></TD><TD NOWRAP STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="font-weight: bold; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">Total</FONT></TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="text-align: justify"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="18" NOWRAP STYLE="font-weight: bold; text-align: center"><FONT STYLE="font-size: 8pt">(in million of $)</FONT></TD><TD NOWRAP STYLE="font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 35%; text-align: justify">Borrowings (1)</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; text-align: right">239,5</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; text-align: right">218,6</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; text-align: right">221,0</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; text-align: right">35,7</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; text-align: right">714,8</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Leases and agricultural partnership</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">44,7</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">33,5</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">47,4</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">0,7</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">126,3</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-weight: bold; text-align: justify; text-indent: 0.2in">Total&#9;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">284,2</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">252,1</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">268,4</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">36,4</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">841,1</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD></TR>
</TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in"><FONT STYLE="font-size: 8pt; color: #010000">(1)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-size: 8pt">Includes
interest</FONT></P>

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


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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="color: #010000">G.</FONT></TD><TD STYLE="text-align: justify"><A NAME="a_024"></A>SAFE HARBOR</TD></TR></TABLE>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 0 1.5in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: -11.6pt">See section
entitled &ldquo;Forward-Looking Statements&rdquo; appearing on page iv in this annual report.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: -11.6pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: bold 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0%"></TD><TD STYLE="width: 0.75in"><FONT STYLE="color: windowtext">Item 6.</FONT></TD><TD STYLE="text-align: justify"><A NAME="a_025"></A>Directors, Senior Management and Employees</TD></TR></TABLE>

<P STYLE="color: #010000; font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 0 1.5in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="color: #010000">A.</FONT></TD><TD STYLE="text-align: justify"><A NAME="a_026"></A>DIRECTORS AND SENIOR MANAGEMENT (traer de Annual Report)</TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>Board of Directors</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.4pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.4pt">The following table sets
forth information for our directors as of the date of this annual report:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.4pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 48%"><FONT STYLE="font-size: 8pt">Name</FONT></TD>
    <TD STYLE="width: 1%"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 12%"><FONT STYLE="font-size: 8pt">Position</FONT></TD>
    <TD STYLE="width: 1%"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 12%"><FONT STYLE="font-size: 8pt">Date of <BR>
    appointment</FONT></TD>
    <TD STYLE="width: 1%"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 12%"><FONT STYLE="font-size: 8pt">Age </FONT></TD>
    <TD STYLE="width: 1%"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 12%"><FONT STYLE="font-size: 8pt">&nbsp;Year term <BR>
    expires</FONT></TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; padding-left: 5.05pt; text-indent: -5.05pt"><FONT STYLE="font-size: 10pt">Abbas Farouq Zuaiter</FONT></TD>
    <TD STYLE="vertical-align: top; padding-left: 5.05pt; text-indent: -5.05pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-left: 5.05pt; text-indent: -5.05pt"><FONT STYLE="font-size: 10pt">Chairman</FONT></TD>
    <TD STYLE="vertical-align: top; padding-left: 5.05pt; text-align: center; text-indent: -5.05pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-left: 5.05pt; text-align: center; text-indent: -5.05pt"><FONT STYLE="font-size: 10pt">2015</FONT></TD>
    <TD STYLE="vertical-align: top; padding-left: 5.05pt; text-indent: -5.05pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-left: 5.05pt; text-indent: -5.05pt"><FONT STYLE="font-size: 10pt">49</FONT></TD>
    <TD STYLE="vertical-align: top; padding-left: 5.05pt; text-indent: -5.05pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-left: 5.05pt; text-indent: -5.05pt"><FONT STYLE="font-size: 10pt">2018</FONT></TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top; padding-left: 5.05pt; text-indent: -5.05pt"><FONT STYLE="font-size: 10pt">Mariano Bosch</FONT></TD>
    <TD STYLE="vertical-align: top; padding-left: 5.05pt; text-indent: -5.05pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-left: 5.05pt; text-indent: -5.05pt"><FONT STYLE="font-size: 10pt">Director /CEO</FONT></TD>
    <TD STYLE="vertical-align: top; padding-left: 5.05pt; text-align: center; text-indent: -5.05pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-left: 5.05pt; text-align: center; text-indent: -5.05pt"><FONT STYLE="font-size: 10pt">2014</FONT></TD>
    <TD STYLE="vertical-align: top; padding-left: 5.05pt; text-indent: -5.05pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-left: 5.05pt; text-indent: -5.05pt"><FONT STYLE="font-size: 10pt">47</FONT></TD>
    <TD STYLE="vertical-align: top; padding-left: 5.05pt; text-indent: -5.05pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-left: 5.05pt; text-indent: -5.05pt"><FONT STYLE="font-size: 10pt">2017</FONT></TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; padding-left: 5.05pt; text-indent: -5.05pt"><FONT STYLE="font-size: 10pt">Alan Leland Boyce</FONT></TD>
    <TD STYLE="vertical-align: top; padding-left: 5.05pt; text-indent: -5.05pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-left: 5.05pt; text-indent: -5.05pt"><FONT STYLE="font-size: 10pt">Director</FONT></TD>
    <TD STYLE="vertical-align: top; padding-left: 5.05pt; text-align: center; text-indent: -5.05pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-left: 5.05pt; text-align: center; text-indent: -5.05pt"><FONT STYLE="font-size: 10pt">2016</FONT></TD>
    <TD STYLE="vertical-align: top; padding-left: 5.05pt; text-indent: -5.05pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-left: 5.05pt; text-indent: -5.05pt"><FONT STYLE="font-size: 10pt">57</FONT></TD>
    <TD STYLE="vertical-align: top; padding-left: 5.05pt; text-indent: -5.05pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-left: 5.05pt; text-indent: -5.05pt"><FONT STYLE="font-size: 10pt">2019 </FONT></TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top; padding-left: 5.05pt; text-indent: -5.05pt"><FONT STYLE="font-size: 10pt">Andr&eacute;s Velasco Bra&ntilde;es</FONT></TD>
    <TD STYLE="vertical-align: top; padding-left: 5.05pt; text-indent: -5.05pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-left: 5.05pt; text-indent: -5.05pt"><FONT STYLE="font-size: 10pt">Director</FONT></TD>
    <TD STYLE="vertical-align: top; padding-left: 5.05pt; text-align: center; text-indent: -5.05pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-left: 5.05pt; text-align: center; text-indent: -5.05pt"><FONT STYLE="font-size: 10pt">2016</FONT></TD>
    <TD STYLE="vertical-align: top; padding-left: 5.05pt; text-indent: -5.05pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-left: 5.05pt; text-indent: -5.05pt"><FONT STYLE="font-size: 10pt">56</FONT></TD>
    <TD STYLE="vertical-align: top; padding-left: 5.05pt; text-indent: -5.05pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-left: 5.05pt; text-indent: -5.05pt"><FONT STYLE="font-size: 10pt">2019 </FONT></TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; padding-left: 5.05pt; text-indent: -5.05pt"><FONT STYLE="font-size: 10pt">Daniel Gonz&aacute;lez</FONT></TD>
    <TD STYLE="vertical-align: top; padding-left: 5.05pt; text-indent: -5.05pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-left: 5.05pt; text-indent: -5.05pt"><FONT STYLE="font-size: 10pt">Director</FONT></TD>
    <TD STYLE="vertical-align: top; padding-left: 5.05pt; text-align: center; text-indent: -5.05pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-left: 5.05pt; text-align: center; text-indent: -5.05pt"><FONT STYLE="font-size: 10pt">2014</FONT></TD>
    <TD STYLE="vertical-align: top; padding-left: 5.05pt; text-indent: -5.05pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-left: 5.05pt; text-indent: -5.05pt"><FONT STYLE="font-size: 10pt">47</FONT></TD>
    <TD STYLE="vertical-align: top; padding-left: 5.05pt; text-indent: -5.05pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-left: 5.05pt; text-indent: -5.05pt"><FONT STYLE="font-size: 10pt">2017</FONT></TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top; padding-left: 5.05pt; text-indent: -5.05pt"><FONT STYLE="font-size: 10pt">James David Anderson</FONT></TD>
    <TD STYLE="vertical-align: top; padding-left: 5.05pt; text-indent: -5.05pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-left: 5.05pt; text-indent: -5.05pt"><FONT STYLE="font-size: 10pt">Director</FONT></TD>
    <TD STYLE="vertical-align: top; padding-left: 5.05pt; text-align: center; text-indent: -5.05pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-left: 5.05pt; text-align: center; text-indent: -5.05pt"><FONT STYLE="font-size: 10pt">2014</FONT></TD>
    <TD STYLE="vertical-align: top; padding-left: 5.05pt; text-indent: -5.05pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-left: 5.05pt; text-indent: -5.05pt"><FONT STYLE="font-size: 10pt">59</FONT></TD>
    <TD STYLE="vertical-align: top; padding-left: 5.05pt; text-indent: -5.05pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-left: 5.05pt; text-indent: -5.05pt"><FONT STYLE="font-size: 10pt">2017</FONT></TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; padding-left: 5.05pt; text-indent: -5.05pt"><FONT STYLE="font-size: 10pt">Guillaume Van der Linden</FONT></TD>
    <TD STYLE="vertical-align: top; padding-left: 5.05pt; text-indent: -5.05pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-left: 5.05pt; text-indent: -5.05pt"><FONT STYLE="font-size: 10pt">Director</FONT></TD>
    <TD STYLE="vertical-align: top; padding-left: 5.05pt; text-align: center; text-indent: -5.05pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-left: 5.05pt; text-align: center; text-indent: -5.05pt"><FONT STYLE="font-size: 10pt">2015</FONT></TD>
    <TD STYLE="vertical-align: top; padding-left: 5.05pt; text-indent: -5.05pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-left: 5.05pt; text-indent: -5.05pt"><FONT STYLE="font-size: 10pt">57</FONT></TD>
    <TD STYLE="vertical-align: top; padding-left: 5.05pt; text-indent: -5.05pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-left: 5.05pt; text-indent: -5.05pt"><FONT STYLE="font-size: 10pt">2018</FONT></TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top; padding-left: 5.05pt; text-indent: -5.05pt"><FONT STYLE="font-size: 10pt">Marcelo S&aacute;nchez</FONT></TD>
    <TD STYLE="vertical-align: top; padding-left: 5.05pt; text-indent: -5.05pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-left: 5.05pt; text-indent: -5.05pt"><FONT STYLE="font-size: 10pt">Director/CCO</FONT></TD>
    <TD STYLE="vertical-align: top; padding-left: 5.05pt; text-align: center; text-indent: -5.05pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-left: 5.05pt; text-align: center; text-indent: -5.05pt"><FONT STYLE="font-size: 10pt">2016</FONT></TD>
    <TD STYLE="vertical-align: top; padding-left: 5.05pt; text-indent: -5.05pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-left: 5.05pt; text-indent: -5.05pt"><FONT STYLE="font-size: 10pt">55</FONT></TD>
    <TD STYLE="vertical-align: top; padding-left: 5.05pt; text-indent: -5.05pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-left: 5.05pt; text-indent: -5.05pt"><FONT STYLE="font-size: 10pt">2017 </FONT></TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; padding-left: 5.05pt; text-indent: -5.05pt"><FONT STYLE="font-size: 10pt">Mark Schachter</FONT></TD>
    <TD STYLE="vertical-align: top; padding-left: 5.05pt; text-indent: -5.05pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-left: 5.05pt; text-indent: -5.05pt"><FONT STYLE="font-size: 10pt">Director</FONT></TD>
    <TD STYLE="vertical-align: top; padding-left: 5.05pt; text-align: center; text-indent: -5.05pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-left: 5.05pt; text-align: center; text-indent: -5.05pt"><FONT STYLE="font-size: 10pt">2015</FONT></TD>
    <TD STYLE="vertical-align: top; padding-left: 5.05pt; text-indent: -5.05pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-left: 5.05pt; text-indent: -5.05pt"><FONT STYLE="font-size: 10pt">37</FONT></TD>
    <TD STYLE="vertical-align: top; padding-left: 5.05pt; text-indent: -5.05pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-left: 5.05pt; text-indent: -5.05pt"><FONT STYLE="font-size: 10pt">2018</FONT></TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top; padding-left: 5.05pt; text-indent: -5.05pt"><FONT STYLE="font-size: 10pt">MarceloVieira</FONT></TD>
    <TD STYLE="vertical-align: top; padding-left: 5.05pt; text-indent: -5.05pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-left: 5.05pt; text-indent: -5.05pt"><FONT STYLE="font-size: 10pt">Director</FONT></TD>
    <TD STYLE="vertical-align: top; padding-left: 5.05pt; text-align: center; text-indent: -5.05pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-left: 5.05pt; text-align: center; text-indent: -5.05pt"><FONT STYLE="font-size: 10pt">2016</FONT></TD>
    <TD STYLE="vertical-align: top; padding-left: 5.05pt; text-indent: -5.05pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-left: 5.05pt; text-indent: -5.05pt"><FONT STYLE="font-size: 10pt">65</FONT></TD>
    <TD STYLE="vertical-align: top; padding-left: 5.05pt; text-indent: -5.05pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-left: 5.05pt; text-indent: -5.05pt"><FONT STYLE="font-size: 10pt">2017 </FONT></TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; padding-left: 5.05pt; text-indent: -5.05pt"><FONT STYLE="font-size: 10pt">Pl&iacute;nio Musetti</FONT></TD>
    <TD STYLE="vertical-align: top; padding-left: 5.05pt; text-indent: -5.05pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-left: 5.05pt; text-indent: -5.05pt"><FONT STYLE="font-size: 10pt">Director</FONT></TD>
    <TD STYLE="vertical-align: top; padding-left: 5.05pt; text-align: center; text-indent: -5.05pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-left: 5.05pt; text-align: center; text-indent: -5.05pt"><FONT STYLE="font-size: 10pt">2014</FONT></TD>
    <TD STYLE="vertical-align: top; padding-left: 5.05pt; text-indent: -5.05pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-left: 5.05pt; text-indent: -5.05pt"><FONT STYLE="font-size: 10pt">63</FONT></TD>
    <TD STYLE="vertical-align: top; padding-left: 5.05pt; text-indent: -5.05pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-left: 5.05pt; text-indent: -5.05pt"><FONT STYLE="font-size: 10pt">2017</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.4pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.4pt">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 James David Anderson qualify as independent directors, and the other directors are not independent in accordance
with SEC rules.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.4pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.4pt">A description of the main
tasks currently performed by each director as well as a description of each director&rsquo;s employment history and education follows:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.4pt"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.4pt"><I>Abbas (&ldquo;Eddy&rdquo;)
Farouq Zuaiter. Mr. Zuaiter </I>has been a member of the Company&rsquo;s board of directors since 2003. Mr. Zuaiter is Co-Founder
and Managing Member of Zuaiter Capital Holdings, LLC (&quot;ZCH&rdquo;), a Greenwich, CT. based private family office established
in 2013.&nbsp;&nbsp;Mr. Zuaiter currently serves as Chairman of the Board of Directors of Adecoagro, SA, and RoC Capital Management,
LLC; a Member of the Board of Directors of the Arab Bank plc (ARBK JR:&nbsp;www.arabbank.com) a Member of the Board of Directors
of The Capital Holdings Funds plc (LCHUS; www.capitalholdings.com) and a Member of the Board of Advisors of iMENA Group and Encore
Realty, LLC. Mr. Zuaiter Co-founded ZCH after he retired from Soros Fund Management, LLC (&ldquo;SFM&rdquo;) in 2013. During his
tenure at SFM, Mr. Zuaiter served initially as Chief Financial Officer and subsequently as Chief Operating Officer. He was a member
of the SFM&rsquo;s Executive, Investment, Management, Capital Allocation and Risk Committees. SFM is a private investment firm
founded by Mr. George Soros. Prior to joining SFM, Mr. Zuaiter was a Partner in the Financial Services Practice of PricewaterhouseCoopers,
LLP (&ldquo;PwC&rdquo;). Mr. Zuaiter graduated with a BSBA in Finance and Accounting from Georgetown University where he currently
serves on the University&rsquo;s Board of Advisors for the McDonough School of Business, and the University&rsquo;s Board of Regents.
Mr. Zuaiter is an American citizen.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.4pt"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.4pt"><I>Mariano Bosch.&nbsp;</I>Mr.
Bosch&nbsp;co-founded Adecoagro in 2002 and has since been the Chief Executive Officer and a member of the Company&rsquo;s board
of directors. 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 22 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="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.4pt"><I>&nbsp;</I></P>


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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.4pt"><I>Alan Leland Boyce.
</I>Mr. Boyce is a co-founder of Adecoagro and has been a member of the Company&rsquo;s board of directors since 2002. Since 2005,
Mr. Boyce has been the Chief Executive Officer of Absalon, a joint venture between Soros and the financial system of Denmark that
assists in organizing a standardized mortgage-backed securities market in Mexico. Mr. Boyce is co-founder and Chairman of Materra
LLC, a California based farming company with a focus on growing and exporting animal forage. Since 2007, he has also been a consultant
for Soros, where he works to implement the Danish mortgage system in the United States. 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&rsquo;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 Master in Business Administration from Stanford
University. Mr. Boyce is an American citizen.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.4pt"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.4pt"><I>Andres Velasco Bra&ntilde;es.
</I>Mr. Velasco has been a member of the Company&rsquo;s board of directors since 2011. Mr. Velasco was the Minister of Finance
of Chile between March 2006 and March 2010, and a presidential candidate in Chile in 2013. He was also the president of the Latin
American and Caribbean Economic Association from 2005 to 2007. Prior to entering government, Mr. Velasco was Sumitomo-FASID Professor
of Development and International Finance at Harvard University&rsquo;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. Currently Mr. Velasco serves as Professor of Practice in International
Development 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
a 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="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.4pt"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.4pt"><I>Daniel C. Gonzalez.
</I>Mr. Gonzalez has been a member of the Company&rsquo;s board of directions since April 16, 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&rsquo;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="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.4pt"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.4pt"><I>James David Anderson.
</I>Mr. Anderson has been a member of the Company&rsquo;s board of directors since December 2016. Mr. Anderson currently serves
as board member of Green Plains Inc, a vertically integrated ethanol producer based in Omaha, Nebraska. Mr. Anderson served as
Chief Executive Officer and President of The Gavilon Group, a leading commodity management firm from October 2015 to February 2016,
and previously as Chief Operating Officer Agriculture and as Chief Operating Officer Fertilizer since March 2010. Mr. Anderson
also served as Chief Executive Office and a member of the board of directors of United Malt Holdings (&quot;UMH&quot;), a producer
of malt for use in the brewing and distilling industries, as Chief Executive Officer and member of the board of directors from
September 2006 to February 2010. Prior to that time, beginning in April 2003, he served as Chief Operating Officer and Executive
Vice President of CT Malt, a joint venture between ConAgra Foods and Tiger Brands of South Africa. Mr. Anderson's experience in
the agricultural processing and trading business also includes serving as Senior Vice President and President of ConAgra Grain
Companies. His career also includes lead trading positions with Ferruzzi USA and as an Operations Manager for Pillsbury Company.
Mr. Anderson has a Bachelor of Arts degree in Finance from the University of Wisconsin Platteville. Mr. Anderson is an American
citizen.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.4pt"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.4pt"><I>Guillaume van der Linden</I>
Mr. van der Linden has been a member of the Company&rsquo;s board of directors since 2009. Since 2007, Mr. van der Linden is a
senior investment manager 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.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.4pt">&nbsp;</P>


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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.4pt"><I>Walter Marcelo Sanchez.
</I>Mr. Sanchez has been a member of the Company&rsquo;s board of directors since 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&rsquo;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. Mr. Sanchez has a degree in
Agricultural and Livestock Engineering from the University of Mar del Plata, Argentina. Mr. S&aacute;nchez is an Argentine citizen.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.4pt"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.4pt"><I>Mark Schachter. </I>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.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.4pt"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.4pt"><I>Marcelo Vieira. </I>Mr.
Vieira has been a member of the Company&rsquo;s board of directors since November 2014. Mr. Vieira was the Director of Ethanol,
Sugar &amp; Energy operations of Adecoagro. He is currently the President of Sociedade Rural Brasileira, the main agricultural
organization in Brazil, a member of the Board of Uni&atilde;o da Ind&uacute;stria de Cana-de-A&ccedil;&uacute;car (&ldquo;UNICA&rdquo;)
and a member of the Board of Instituto PensarAgro. 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 an Brazilian citizen.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.4pt"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.4pt"><I>Pl&iacute;nio Musetti.</I>
Mr. Musetti has been a member of the Company&rsquo;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&rsquo;s initial public offering process, expansion plan and merger with Duratex S.A. 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&rsquo;
portfolio company) where he led its private equity investments in Latin America. From 1992 to 2002, Mr. Musetti served as the Chief
Executive Officer of Elevadores Atlas S.A. and Elevadores Atlas Schindler S.A., during which time he led the company&rsquo;s operational
restructuring, initial public offering process and the sale to the Schindler Group. 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 Natura
Cosmeticos S.A., Portobello S.A. and RaiaDrogasil S.A. 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="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>Executive Officers</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.4pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.4pt">The following table shows
certain information with respect to our senior management as of the date of this annual report:</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt; width: 100%">
<TR>
    <TD STYLE="vertical-align: bottom; width: 44%; text-align: left; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt"><B>Name</B></FONT></TD>
    <TD STYLE="vertical-align: top; width: 1%; text-align: center; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 38%; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt"><B>Position</B></FONT></TD>
    <TD STYLE="vertical-align: top; width: 1%; text-align: center; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 9%; border-bottom: Black 1pt solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-size: 8pt"><B>Year</B></FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-size: 8pt"><B>Designated</B></FONT></P></TD>
    <TD STYLE="vertical-align: top; width: 1%; text-align: center; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 6%; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt"><B>Age</B></FONT></TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 5.05pt; text-indent: -5.05pt"><FONT STYLE="font-size: 10pt">Mariano Bosch</FONT></TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">Chief Executive Officer &amp; Co-founder</FONT></TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">2002</FONT></TD>
    <TD STYLE="vertical-align: top; padding-left: 5.05pt; text-indent: -5.05pt">&nbsp;</TD>
    <TD STYLE="padding-left: 5.05pt; text-indent: -5.05pt"><FONT STYLE="font-size: 10pt">47</FONT></TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="padding-left: 5.05pt; text-indent: -5.05pt"><FONT STYLE="font-size: 10pt">Carlos A. Boero Hughes</FONT></TD>
    <TD STYLE="vertical-align: top; padding-left: 5.05pt; text-indent: -5.05pt">&nbsp;</TD>
    <TD STYLE="padding-left: 5.05pt; text-indent: -5.05pt"><FONT STYLE="font-size: 10pt">Chief Financial Officer</FONT></TD>
    <TD STYLE="vertical-align: top; padding-left: 5.05pt; text-indent: -5.05pt">&nbsp;</TD>
    <TD STYLE="padding-left: 5.05pt; text-indent: -5.05pt"><FONT STYLE="font-size: 10pt">2008</FONT></TD>
    <TD STYLE="vertical-align: top; padding-left: 5.05pt; text-indent: -5.05pt">&nbsp;</TD>
    <TD STYLE="padding-left: 5.05pt; text-indent: -5.05pt"><FONT STYLE="font-size: 10pt">51</FONT></TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 5.05pt; text-indent: -5.05pt"><FONT STYLE="font-size: 10pt">Emilio F. Gnecco </FONT></TD>
    <TD STYLE="vertical-align: top; padding-left: 5.05pt; text-indent: -5.05pt">&nbsp;</TD>
    <TD STYLE="padding-left: 5.05pt; text-indent: -5.05pt"><FONT STYLE="font-size: 10pt">Chief Legal Officer</FONT></TD>
    <TD STYLE="vertical-align: top; padding-left: 5.05pt; text-indent: -5.05pt">&nbsp;</TD>
    <TD STYLE="padding-left: 5.05pt; text-indent: -5.05pt"><FONT STYLE="font-size: 10pt">2005</FONT></TD>
    <TD STYLE="vertical-align: top; padding-left: 5.05pt; text-indent: -5.05pt">&nbsp;</TD>
    <TD STYLE="padding-left: 5.05pt; text-indent: -5.05pt"><FONT STYLE="font-size: 10pt">41</FONT></TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="padding-left: 5.05pt; text-indent: -5.05pt"><FONT STYLE="font-size: 10pt">Walter Marcelo Sanchez</FONT></TD>
    <TD STYLE="vertical-align: top; padding-left: 5.05pt; text-indent: -5.05pt">&nbsp;</TD>
    <TD STYLE="padding-left: 5.05pt; text-indent: -5.05pt"><FONT STYLE="font-size: 10pt">Chief Commercial Officer &amp; Co-founder</FONT></TD>
    <TD STYLE="vertical-align: top; padding-left: 5.05pt; text-indent: -5.05pt">&nbsp;</TD>
    <TD STYLE="padding-left: 5.05pt; text-indent: -5.05pt"><FONT STYLE="font-size: 10pt">2002</FONT></TD>
    <TD STYLE="vertical-align: top; padding-left: 5.05pt; text-indent: -5.05pt">&nbsp;</TD>
    <TD STYLE="padding-left: 5.05pt; text-indent: -5.05pt"><FONT STYLE="font-size: 10pt">55</FONT></TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 5.05pt; text-indent: -5.05pt"><FONT STYLE="font-size: 10pt">Renato Junqueira Santos Pereira</FONT></TD>
    <TD STYLE="vertical-align: top; padding-left: 5.05pt; text-indent: -5.05pt">&nbsp;</TD>
    <TD STYLE="padding-left: 5.05pt; text-indent: -5.05pt"><FONT STYLE="font-size: 10pt">Director of Sugar and Ethanol Operations</FONT></TD>
    <TD STYLE="vertical-align: top; padding-left: 5.05pt; text-indent: -5.05pt">&nbsp;</TD>
    <TD STYLE="padding-left: 5.05pt; text-indent: -5.05pt"><FONT STYLE="font-size: 10pt">2014</FONT></TD>
    <TD STYLE="vertical-align: top; padding-left: 5.05pt; text-indent: -5.05pt">&nbsp;</TD>
    <TD STYLE="padding-left: 5.05pt; text-indent: -5.05pt"><FONT STYLE="font-size: 10pt">40</FONT></TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="padding-left: 5.05pt; text-indent: -5.05pt"><FONT STYLE="font-size: 10pt">Mario Jos&eacute; Ram&oacute;n Imbrosciano</FONT></TD>
    <TD STYLE="vertical-align: top; padding-left: 5.05pt; text-indent: -5.05pt">&nbsp;</TD>
    <TD STYLE="padding-left: 5.05pt; text-indent: -5.05pt"><FONT STYLE="font-size: 10pt">Director of Business Development</FONT></TD>
    <TD STYLE="vertical-align: top; padding-left: 5.05pt; text-indent: -5.05pt">&nbsp;</TD>
    <TD STYLE="padding-left: 5.05pt; text-indent: -5.05pt"><FONT STYLE="font-size: 10pt">2003</FONT></TD>
    <TD STYLE="vertical-align: top; padding-left: 5.05pt; text-indent: -5.05pt">&nbsp;</TD>
    <TD STYLE="padding-left: 5.05pt; text-indent: -5.05pt"><FONT STYLE="font-size: 10pt">47</FONT></TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 5.05pt; text-indent: -5.05pt"><FONT STYLE="font-size: 10pt">Leonardo Berridi</FONT></TD>
    <TD STYLE="vertical-align: top; padding-left: 5.05pt; text-indent: -5.05pt">&nbsp;</TD>
    <TD STYLE="padding-left: 5.05pt; text-indent: -5.05pt"><FONT STYLE="font-size: 10pt">Country Manager for Brazil</FONT></TD>
    <TD STYLE="vertical-align: top; padding-left: 5.05pt; text-indent: -5.05pt">&nbsp;</TD>
    <TD STYLE="padding-left: 5.05pt; text-indent: -5.05pt"><FONT STYLE="font-size: 10pt">2004</FONT></TD>
    <TD STYLE="vertical-align: top; padding-left: 5.05pt; text-indent: -5.05pt">&nbsp;</TD>
    <TD STYLE="padding-left: 5.05pt; text-indent: -5.05pt"><FONT STYLE="font-size: 10pt">57</FONT></TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="padding-left: 5.05pt; text-indent: -5.05pt"><FONT STYLE="font-size: 10pt">Ezequiel Garbers </FONT></TD>
    <TD STYLE="vertical-align: top; padding-left: 5.05pt; text-indent: -5.05pt">&nbsp;</TD>
    <TD STYLE="padding-left: 5.05pt; text-indent: -5.05pt"><FONT STYLE="font-size: 10pt">Country Manager for ARG/URU &amp; Co-founder</FONT></TD>
    <TD STYLE="vertical-align: top; padding-left: 5.05pt; text-indent: -5.05pt">&nbsp;</TD>
    <TD STYLE="padding-left: 5.05pt; text-indent: -5.05pt"><FONT STYLE="font-size: 10pt">2004</FONT></TD>
    <TD STYLE="vertical-align: top; padding-left: 5.05pt; text-indent: -5.05pt">&nbsp;</TD>
    <TD STYLE="padding-left: 5.05pt; text-indent: -5.05pt"><FONT STYLE="font-size: 10pt">50</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 5.05pt; text-indent: -5.05pt">&nbsp;</P>


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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.2in; text-align: justify; text-indent: 24.4pt"><I>Mariano Bosch.
</I>See &ldquo;&mdash;Board of Directors.&rdquo;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.4pt"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.4pt"><I>Carlos A. Boero Hughes.
</I>Mr. Boero Hughes is our Chief Financial Officer, covering the company&rsquo;s operations in Argentina, Brazil and Uruguay,
and a member of Adecoagro&rsquo;s Senior Management since 2008. He began working at Adecoagro in August 2008 overseeing our finance
and administrative departments. Mr. Boero Hughes has over 25 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. He also graduated
from INSEAD&rsquo;s Executive Program in 2007.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.4pt"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.4pt"><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&rsquo;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&rsquo;Farrell &amp; Mairal for more than 8 years, where he specialized in
mergers and acquisitions, project finance, structured finance, corporate finance, private equity, joint ventures and corporate
law and business contracts in general. Mr. Gnecco was in charge of Adecoagro&rsquo;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="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.2in; text-align: justify; text-indent: 13.95pt"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.2in; text-align: justify; text-indent: 13.95pt"><I>Walter Marcelo
Sanchez. </I>See &ldquo;&mdash;Board of Directors.&rdquo;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.4pt"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.4pt"><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&rsquo;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="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.4pt"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.4pt"><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&rsquo;s Senior Management since 2003. He has
over 20 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 (IAE) of the Austral University.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.4pt"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.4pt"><I>Leonardo Ra&uacute;l
Berridi. </I>Mr. Berridi is our Country Manager for Brazil and, prior to the Reorganization, had been Adecoagro&rsquo;s Country
Manager for Brazil since the beginning of its operations in Brazil and a member of Adecoagro&rsquo;s Senior Management since 2004.
He coordinates all of our operations and human resources development activities in Brazil. Mr. Berridi has over 32 years of international
experience in agricultural business.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.4pt">&nbsp;</P>


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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">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 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="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.4pt"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.4pt"><I>Ezequiel Garbers. </I>Mr.
Garbers is the Country Manager for Argentina and Uruguay and a member of Adecoagro&rsquo;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 27 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 (IAE) of the Austral University.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.4pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.4pt">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="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="color: #010000">B.</FONT></TD><TD STYLE="text-align: justify"><A NAME="a_027"></A>COMPENSATION</TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>Compensation of Directors and Executive Officers</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.4pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.4pt">The compensation of the
Company&rsquo;s directors is approved annually at the ordinary general shareholders&rsquo; meeting. For 2016, the aggregate compensation
earned by our directors amounted to a grant of up to a total of 35,883 restricted stock units and $550 thousand in cash. These
figures do not include Mr. Mariano Bosch&rsquo;s and Mr. Walter Marcelo Sanchez&acute;s compensation in cash nor in restricted
units, which they both declined. For year 2017, the aggregate compensation approved to be earned by our directors amounted to a
grant of up to a total of 37,098 restricted stock units and $550 thousand in cash. These figures do not include Mr. Mariano Bosch&rsquo;s
and Mr. Walter Marcelo Sanchez&acute;s compensation in cash nor in restricted units, which they both declined.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.4pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.4pt">The aggregate compensation
package of our executive officers for year 2016 amounted to $4,804,581 in cash and 229,300 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 &ldquo;&mdash;E. Share Ownership&mdash;Share Options and Restricted Share and Restricted Stock Unit Plan.&rdquo;Annual
cash bonuses are designed to incentivize our named executive officers at a variable level of compensation based on the Company&rsquo;s
financial and operating performance and each executive&rsquo;s individual performance. Annual executive cash bonuses and stock
unit awards are impacted by seniority and individual executive performance. 70% of variable performance is related to achievement
of financial targets consisting of Adjusted EBITDA, Net Income, Adjusted Net Cash Flow from Operations, Cash Earnings and Return
on Invested Capital. The remaining 30% is based on the achievement of individual objectives and by evaluating each executive&rsquo;s
level of proficiency in the following competencies: general characteristics, teamwork, professional competencies, environmental
and social commitment, 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&rsquo;s performance
based on the above criteria.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.4pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.4pt">We do not pay or set aside
any amounts for pension, retirement or other similar benefits for our officers and directors.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.4pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="color: #010000">C.</FONT></TD><TD STYLE="text-align: justify"><A NAME="a_028"></A>BOARD PRACTICES</TD></TR></TABLE>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 0 1.5in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.4pt">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="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.4pt">&nbsp;</P>


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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.4pt">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="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.4pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.4pt">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="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.4pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.4pt">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="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.4pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.4pt">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="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.6in"></TD><TD STYLE="width: 0.2in">a.</TD><TD STYLE="text-align: justify">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;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.8in; text-indent: -0.2in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.6in"></TD><TD STYLE="width: 0.2in">b.</TD><TD STYLE="text-align: justify">carry out any transactions;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.8in; text-indent: -0.2in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.6in"></TD><TD STYLE="width: 0.2in">c.</TD><TD STYLE="text-align: justify">agree, establish, authorize and regulate our operations, services and expenses;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.8in; text-indent: -0.2in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.6in"></TD><TD STYLE="width: 0.2in">d.</TD><TD STYLE="text-align: justify">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;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.8in; text-indent: -0.2in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.6in"></TD><TD STYLE="width: 0.2in">e.</TD><TD STYLE="text-align: justify">appoint, suspend or remove agents or employees, establish their duties, remuneration, and bonuses
and grant them the powers that it deems advisable;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.8in; text-indent: -0.2in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.6in"></TD><TD STYLE="width: 0.2in">f.</TD><TD STYLE="text-align: justify">grant signature authorization to directors and officers, grant general or special powers of attorney,
including those to prosecute;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.8in; text-indent: -0.2in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.6in"></TD><TD STYLE="width: 0.2in">g.</TD><TD STYLE="text-align: justify">call regular and special shareholders&rsquo; meetings and establish agendas, submit for the shareholders&rsquo;
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&rsquo; meeting for consideration and resolution;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.8in; text-indent: -0.2in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.6in"></TD><TD STYLE="width: 0.2in">h.</TD><TD STYLE="text-align: justify">fix the date for the payment of dividends established by the shareholders&rsquo; meeting and make
their payment; and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.8in; text-indent: -0.2in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.6in"></TD><TD STYLE="width: 0.2in">i.</TD><TD STYLE="text-align: justify">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&rsquo; meetings.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.4pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.4pt">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. On April 4, 2017, the Board approved the creation of an <I>ad-hoc</I> committee named, the
Buyback Committee.</P>

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


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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-indent: -0.5in"><B>Audit Committee</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.4pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.4pt">The Company&rsquo;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="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.4pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.4pt">The Company&rsquo;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&rsquo;s financial statements, including periodically reporting to the board of directors
on its activity and the adequacy of the Company&rsquo;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&rsquo;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="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">In addition, the charter
of the audit committee sets forth, among other things, the audit committee&rsquo;s purpose and responsibilities.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>Compensation Committee</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.2in">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 &ldquo;&mdash;E. Share Ownership&mdash;Share Options and Restricted Share and Restricted
Stock Unit Plan.&rdquo; 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.&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.2in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>Risk and Commercial Committee</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.4pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.4pt">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&rsquo;s efforts to evaluate and manage the Company&rsquo;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&rsquo;s implementation of such plans, and the effectiveness generally of its risk mitigation strategies
and activities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.4pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.4pt">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 and March 14, 2017 are Mr. Alan Leland Boyce (Chairman), Mr.
James David Anderson, Mr. Marcelo Vieira and Mr. Andr&eacute;s Velasco Bra&ntilde;es.</P>

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


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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>Strategy Committee</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.4pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.4pt">The Company&rsquo;s Strategy
Committee has the duty to: (i) discuss and review with the board management&rsquo;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&rsquo;s progress in implementing
its strategic decisions and suggest appropriate modifications to reflect changes in market and business conditions.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.4pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.4pt">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, November 11, 2011 and March 14, 2017 are Mr. Abbas Farouq Zuaiter (Chairman), Mr. Guillaume
van der Linden, Mr. Pl&iacute;nio Musetti and Mr. James David Anderson.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>Buyback Committee</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.4pt">The Company&rsquo;s Buy
Back Committee is an ad-hoc committee empowered with the execution and implementation of the Company&rsquo;s Share Repurchase Program.
The Buyback Committee is responsible for the negotiation and determination of the purchase price, size and any other specific terms
and conditions of the transactions made under the Rule 10b-18, and also terms and conditions of privately negotiated transactions
which in all cases are subject to the terms and conditions of the Share Repurchase Program.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.4pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.4pt">The committee meets once
every three months and/or at the request of any of its members as necessary.. The members of Buyback Committee appointed by the
meeting of the Board of Directors held on April 4, 2017 are currently Mr. Daniel Gonz&aacute;lez, Mr. Mark Schachter, Mr. Pl&iacute;nio
Musetti and Mr. Mariano Bosch.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.4pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="color: #010000">D.</FONT></TD><TD STYLE="text-align: justify"><A NAME="a_029"></A>EMPLOYEES</TD></TR></TABLE>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.4pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.4pt">On December 31, 2016,
we had 8,326 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="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.4pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.4pt">The following table sets
forth our number of employees by each of our business segments:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="10" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">As
    of December 31,</FONT></TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">2016</FONT></TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">2015</FONT></TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">2014</FONT></TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 61%; text-align: left; text-indent: -5.05pt; padding-left: 5.05pt">Farming and Land Transformation</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; text-align: right">1,137</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; text-align: right">1,087</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; text-align: right">1,166</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: -5.05pt; padding-left: 5.05pt">Sugar , Ethanol and Energy</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">6,428</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">6,262</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">6,182</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-bottom: 1pt; text-indent: -5.05pt; padding-left: 5.05pt">Administrative</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">761</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">740</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">761</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; text-indent: -5.05pt; padding-left: 5.05pt">Total</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">8,326</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">8,089</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">8,109</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.4pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.4pt">We do not have any severance
agreements with our senior executive directors and managers.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B><I>Benefits</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.4pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.4pt">The benefits granted to
our employees follow the market standard, including health plans and Spanish, English and Portuguese 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="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>


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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="color: #010000">E.</FONT></TD><TD STYLE="text-align: justify"><A NAME="a_030"></A>SHARE OWNERSHIP</TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>Share Ownership</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.4pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.4pt">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 5,877,509
, which represents 4.72% of the total shares of the company. See table in &ldquo;Item 7. Major Shareholders and Related Party Transactions&rdquo;
for information regarding share ownership by our directors and executive officers.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>Share Options and Restricted Share and Restricted Stock Unit
Plan</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B><I>Adecoagro/IFH 2004 Stock Incentive Option Plan and Adecoagro/IFH
2007/2008 Equity Incentive Plan</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.4pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.4pt">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 &ldquo;2004 Plan&rdquo;) 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 &ldquo;2007/2008 Plan&rdquo;). The 2004 Plan
and the 2007/2008 Plan are collectively referred to herein as the &ldquo;Option Plans.&rdquo; 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&rsquo;s ordinary shares.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.4pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.4pt">The number of ordinary
shares reserved and available for issuance under the 2004 Plan and the 2007/2008 Plan are 1,641,085 and 1,658,002, 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="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><I><U>Administration and Eligibility</U></I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.4pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.4pt">The Option Plans are administered
by the Compensation Committee of the Company&rsquo;s board of directors (the &ldquo;Committee&rdquo;). 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="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.4pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.4pt">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="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><I><U>Amendment and Termination</U></I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.4pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.4pt">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&rsquo;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. The 2004 Plan was amended to
extend the term to 20<SUP>th</SUP> anniversary of its adoption.</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.4pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.4pt">Under the 2004 Plan, as
of December 31, 2015, options to purchase 2,061,027 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 1,700,675 ordinary shares were granted,
and the weighted average exercise price of all granted options was $13.07.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.4pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.4pt">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&rsquo;s continued service as of each applicable vesting date,
and all options terminate 10 years from the date of grant.</P>

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


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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B><I>Adecoagro S.A. Amended and Restated Restricted Share and Restricted
Stock Unit Plan</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.4pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.4pt">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 &ldquo;Plan).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.4pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.4pt">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&rsquo;s ordinary
shares.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.4pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.4pt">On March 17, 2015 the
Plan was amended (known as the &ldquo;Second Amended and Restated Restricted Share and Unit Plan&rdquo;) to increase the number
of common shares available for issuance with respect to which awards may be made by 673,663 additional common shares and to provide
for the option to receive restricted units in lieu of cash in connection with the payment of compensation to directors of the Company.
Further, on March 15, 2016 and March 14, 2017, the Plan was amended (now known as the &ldquo;Third Amended and Restated Restricted
Share and Unit Plan&rdquo;) by the Board of Directors to increase the number of common shares available for issuance with respect
to which awards may be made by an aggregate 990,040 common shares. Currently, the maximum number of common shares with respect
to which awards may be made under the Plan is equal to 3,464,741 common shares inclusive of such Shares that are subject to outstanding
grants of Awards. 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, 2,210,768
ordinary shares had been issued to directors, senior management and employees.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><I><U>Administration and Eligibility</U></I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.4pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.4pt">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="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><I><U>Terms of Awards</U></I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.4pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.4pt">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="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.4pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.4pt">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&rsquo;s continued service to the Company as
of each applicable vesting date. Restricted stock units are payable following the vesting of an award in shares.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><I><U>Amendment and Termination</U></I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.4pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.4pt">The board of directors
may amend, modify, suspend or terminate the Plan in its discretion, except participant consent will be needed if participants&rsquo;
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="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.4pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B><I>Share Options and Restricted Shares</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.4pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.4pt">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="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.2in">&nbsp;</P>


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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR>
    <TD NOWRAP STYLE="vertical-align: bottom; width: 46%; padding-right: 0; padding-left: 0; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt"><B>Stock&nbsp;Option&nbsp;Plans</B></FONT></TD>
    <TD NOWRAP STYLE="vertical-align: top; width: 1%; text-align: center; padding-bottom: 1pt; padding-right: 0; padding-left: 0"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; width: 9%; padding-right: 0; padding-left: 0; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt"><B>Plan&nbsp;under</B><BR>
    <B>which&nbsp;awards</B><BR>
    <B>were&nbsp;granted</B></FONT></TD>
    <TD NOWRAP STYLE="vertical-align: top; width: 1%; text-align: center; padding-bottom: 1pt; padding-right: 0; padding-left: 0"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="width: 1%; padding-bottom: 1pt; padding-right: 0; padding-left: 0"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; width: 10%; padding-right: 0; padding-left: 0; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt"><B>Number&nbsp;of</B><BR>
    <B>ordinary&nbsp;shares&nbsp;to</B><BR>
    <B>be&nbsp;issued&nbsp;upon</B><BR>
    <B>exercise&nbsp;of&nbsp;options</B></FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; width: 1%; text-align: left; padding-bottom: 1pt; padding-right: 0; padding-left: 0"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="width: 1%; padding-bottom: 1pt; padding-right: 0; padding-left: 0"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; width: 14%; padding-right: 0; padding-left: 0; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt"><B>Range&nbsp;of&nbsp;Exercise&nbsp;prices</B><BR>
    <B>per&nbsp;ordinary&nbsp;share&nbsp;($)</B></FONT></TD>
    <TD NOWRAP STYLE="vertical-align: top; width: 1%; text-align: center; padding-bottom: 1pt; padding-right: 0; padding-left: 0"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; width: 15%; padding-right: 0; padding-left: 0; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 8pt"><B>Range&nbsp;of&nbsp;Dates&nbsp;of&nbsp;Grant
    (1)</B></FONT></TD></TR>
<TR>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: top; text-align: center; padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0; text-align: center">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: top; text-align: center; padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0; text-align: right">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; text-align: left; padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0; text-align: right">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: top; text-align: center; padding-right: 0; padding-left: 0">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0; text-align: center">&nbsp;</TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0"><FONT STYLE="font-size: 10pt"><B>Directors and Executive Officers</B></FONT></TD>
    <TD STYLE="vertical-align: top; text-align: center; padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: center; padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: left; padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: center; padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0; text-align: center">&nbsp;</TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top; padding-right: 0; padding-left: 0"><FONT STYLE="font-size: 10pt">Mariano Bosch<FONT STYLE="font-family: Times New Roman, Times, Serif"><SUP>i</SUP></FONT></FONT></TD>
    <TD STYLE="vertical-align: top; text-align: center; padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 0; padding-left: 0; text-align: center"><FONT STYLE="font-size: 10pt">2004</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: right; padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-align: right; vertical-align: bottom"><FONT STYLE="font-size: 10pt">*</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: left; padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0; text-align: right"><FONT STYLE="font-size: 10pt">$5.83 to $8.62</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: top; padding-right: 0; padding-left: 0"><FONT STYLE="font-size: 10pt">05/01/2004 to 07/01/2006</FONT></TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: center; padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 0; padding-left: 0; text-align: center"><FONT STYLE="font-size: 10pt">2007</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: right; padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-align: right; vertical-align: bottom"><FONT STYLE="font-size: 10pt">*</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: left; padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0; text-align: right"><FONT STYLE="font-size: 10pt">$12.82 to $13.40</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: top; padding-right: 0; padding-left: 0"><FONT STYLE="font-size: 10pt">11/13/2007 to 01/30/2009</FONT></TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top; padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: center; padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 0; padding-left: 0; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: right; padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-align: right; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: left; padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: top; padding-right: 0; padding-left: 0">&nbsp;</TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; padding-right: 0; padding-left: 0"><FONT STYLE="font-size: 10pt">Carlos A. Boero Hughes</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: center; padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 0; padding-left: 0; text-align: center"><FONT STYLE="font-size: 10pt">2004</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: right; padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-align: right; vertical-align: bottom"><FONT STYLE="font-size: 10pt">*</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: left; padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0; text-align: right"><FONT STYLE="font-size: 10pt">$5.83 to $7.11</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: top; padding-right: 0; padding-left: 0"><FONT STYLE="font-size: 10pt">08/25/2008</FONT></TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top; padding-right: 0; padding-left: 0"><FONT STYLE="font-size: 10pt"></FONT></TD>
    <TD STYLE="vertical-align: top; text-align: center; padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 0; padding-left: 0; text-align: center"><FONT STYLE="font-size: 10pt">2007</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: right; padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-align: right; vertical-align: bottom"><FONT STYLE="font-size: 10pt">*</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: left; padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0; text-align: right"><FONT STYLE="font-size: 10pt">$12.82 to $13.40</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: top; padding-right: 0; padding-left: 0"><FONT STYLE="font-size: 10pt">08/25/2008 to 01/30/2009</FONT></TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: center; padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 0; padding-left: 0; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: right; padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-align: right; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: left; padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: top; padding-right: 0; padding-left: 0">&nbsp;</TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top; padding-right: 0; padding-left: 0"><FONT STYLE="font-size: 10pt">Emilio F. Gnecco</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: center; padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 0; padding-left: 0; text-align: center"><FONT STYLE="font-size: 10pt">2004</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: right; padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-align: right; vertical-align: bottom"><FONT STYLE="font-size: 10pt">*</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: left; padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0; text-align: right"><FONT STYLE="font-size: 10pt">$5.83 to $8.62</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: top; padding-right: 0; padding-left: 0"><FONT STYLE="font-size: 10pt">06/01/2007</FONT></TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: center; padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 0; padding-left: 0; text-align: center"><FONT STYLE="font-size: 10pt">2007</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: right; padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-align: right; vertical-align: bottom"><FONT STYLE="font-size: 10pt">*</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: left; padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0; text-align: right"><FONT STYLE="font-size: 10pt">$12.82 to $13.40</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: top; padding-right: 0; padding-left: 0"><FONT STYLE="font-size: 10pt">11/13/2007 to 01/30/2009</FONT></TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top; padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: center; padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 0; padding-left: 0; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: right; padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-align: right; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: left; padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: top; padding-right: 0; padding-left: 0">&nbsp;</TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; padding-right: 0; padding-left: 0"><FONT STYLE="font-size: 10pt">Walter Marcelo Sanchez</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: center; padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 0; padding-left: 0; text-align: center"><FONT STYLE="font-size: 10pt">2004</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: right; padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-align: right; vertical-align: bottom"><FONT STYLE="font-size: 10pt">*</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: left; padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0; text-align: right"><FONT STYLE="font-size: 10pt">$5.83 to $8.62</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: top; padding-right: 0; padding-left: 0"><FONT STYLE="font-size: 10pt">05/01/2004 to 07/01/2006</FONT></TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top; padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: center; padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 0; padding-left: 0; text-align: center"><FONT STYLE="font-size: 10pt">2007</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: right; padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-align: right; vertical-align: bottom"><FONT STYLE="font-size: 10pt">*</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: left; padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0; text-align: right"><FONT STYLE="font-size: 10pt">$12.82 to $13.40</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: top; padding-right: 0; padding-left: 0"><FONT STYLE="font-size: 10pt">11/13/2007 to 01/30/2009</FONT></TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: center; padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 0; padding-left: 0; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: right; padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-align: right; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: left; padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: top; padding-right: 0; padding-left: 0">&nbsp;</TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top; padding-right: 0; padding-left: 0"><FONT STYLE="font-size: 10pt">Mario Jos&eacute; Ram&oacute;n Imbrosciano</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: center; padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 0; padding-left: 0; text-align: center"><FONT STYLE="font-size: 10pt">2004</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: right; padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-align: right; vertical-align: bottom"><FONT STYLE="font-size: 10pt">*</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: left; padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0; text-align: right"><FONT STYLE="font-size: 10pt">$$5.83 to $8.62</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: top; padding-right: 0; padding-left: 0"><FONT STYLE="font-size: 10pt">05/01/2004 to 07/01/2006</FONT></TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: center; padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 0; padding-left: 0; text-align: center"><FONT STYLE="font-size: 10pt">2007</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: right; padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-align: right; vertical-align: bottom"><FONT STYLE="font-size: 10pt">*</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: left; padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0; text-align: right"><FONT STYLE="font-size: 10pt">$12.82 to $13.40</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: top; padding-right: 0; padding-left: 0"><FONT STYLE="font-size: 10pt">11/13/2007 to 01/30/2009</FONT></TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top; padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: center; padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 0; padding-left: 0; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: right; padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-align: right; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: left; padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: top; padding-right: 0; padding-left: 0">&nbsp;</TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-right: 0; padding-left: 0; vertical-align: top"><FONT STYLE="font-size: 10pt">Leonardo Berridi</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: left; padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="text-align: left; padding-right: 0; padding-left: 0; vertical-align: top">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">2004</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">2007</P></TD>
    <TD STYLE="vertical-align: top; text-align: left; padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-align: left; vertical-align: top">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-align: right; vertical-align: top">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">*</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">*</P></TD>
    <TD STYLE="vertical-align: top; text-align: left; padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-align: left; vertical-align: top">&nbsp;</TD>
    <TD STYLE="text-align: right; padding-right: 0; padding-left: 0; vertical-align: top">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">$$5.83 to $8.62</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">$12.82 to $13.40</P></TD>
    <TD STYLE="text-align: left; padding-right: 0; padding-left: 0; vertical-align: top">&nbsp;</TD>
    <TD NOWRAP STYLE="text-align: left; padding-right: 0; padding-left: 0; vertical-align: top">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">05/01/2004 to 07/01/2006</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">11/13/2007 to 01/30/2009</P>        </TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top; padding-right: 0; padding-left: 0"><FONT STYLE="font-size: 10pt">Renato Junqueira Santos Pereira</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: center; padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 0; padding-left: 0; text-align: center"><FONT STYLE="font-size: 10pt">2007</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: right; padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-align: right; vertical-align: bottom"><FONT STYLE="font-size: 10pt">*</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: left; padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0; text-align: right"><FONT STYLE="font-size: 10pt">$13.40</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 0; padding-left: 0"></TD>
    <TD NOWRAP STYLE="vertical-align: top; padding-right: 0; padding-left: 0">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">08/30/2010</P>
        </TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; padding-right: 0; padding-left: 0"><FONT STYLE="font-size: 10pt">Marcelo Vieira</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: center; padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 0; padding-left: 0; text-align: center"><FONT STYLE="font-size: 10pt">2007</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: right; padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-align: right; vertical-align: bottom"><FONT STYLE="font-size: 10pt">*</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: left; padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0; text-align: right"><FONT STYLE="font-size: 10pt">$12.82 to $13.40</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: top; padding-right: 0; padding-left: 0"><FONT STYLE="font-size: 10pt">11/13/2007 to 01/30/2009</FONT></TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: center; padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: right; padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: left; padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0">&nbsp;</TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0"><FONT STYLE="font-size: 10pt"><B>Directors and Executive Officers as a group</B></FONT></TD>
    <TD STYLE="vertical-align: top; text-align: center; padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: right; padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0; text-align: right"><FONT STYLE="font-size: 10pt">2,926,424</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: left; padding-right: 0; padding-left: 0">(2)</TD>
    <TD STYLE="padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: center; padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0; text-align: center">&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>&nbsp;&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 8pt">*</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 8pt">Upon the exercise of all
options, would beneficially own less than 1% of total outstanding shares.</FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 8pt">(1)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 8pt">All share options have an
expiration date 10 years after date of grant. The expiration date of the 2004 plan was extended for ten additional years.</FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 8pt">(2)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 8pt">It includes 1,492,890 options
with a range of exercise prices per ordinary share from $5.83 to $8.62 and 1,433,534 options with a range of exercise prices per
ordinary share from $12.82 and 13.40.</FONT></TD>
</TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 70%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="text-align: center"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-size: 8pt"><B>Restricted
                                   Share and Restricted <BR>
Stock Unit Plan</B></FONT></P> <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-size: 8pt"><B>Directors
                                         and</B><BR> <B>Executive Directors</B></FONT></P></TD><TD NOWRAP STYLE="font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center"><FONT STYLE="font-size: 8pt">Number of Restricted <BR>
Stock Units</FONT></TD><TD NOWRAP STYLE="font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="font-weight: bold; text-align: center"><FONT STYLE="font-size: 8pt">Range of Dates of the Grant</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 44%; text-align: left">Abbas Farouq Zuaiter</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; text-align: right">*</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD NOWRAP STYLE="width: 42%; text-align: right">05/13/2014 to 05/15/2016</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Alan Leland Boyce</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">*</FONT></TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">05/13/2014 to 05/15/2016</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">Guillaume van der Linden</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">*</FONT></TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">05/13/2014 to 05/15/2016</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Pl&iacute;nio Musetti</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">*</FONT></TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">05/13/2014 to 05/15/2016</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">Mark Schachter</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">*</FONT></TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">05/13/2014 to 05/15/2016</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Marcelo Vieira</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">*</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">04/01/2014 to 04/01/2016</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">Andr&eacute;s Velasco Bra&ntilde;es</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">*</FONT></TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">05/13/2014 to 05/15/2016</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Anderson James</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">*</FONT></TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">05/13/2014 to 05/15/2016</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">Daniel Gonzalez</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">*</FONT></TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">05/13/2014 to 05/15/2016</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Mariano Bosch</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">*</FONT></TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">04/01/2015 to 04/01/2016</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">Carlos A. Boero Hughes</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">*</FONT></TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">04/01/2015 to 04/01/2016</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Mario Jos&eacute; Ram&oacute;n Imbrosciano</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">*</FONT></TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">04/01/2015 to 04/01/2016</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">Leonardo Berridi</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">*</FONT></TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">04/01/2015 to 04/01/2016</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Renato Junqueira Santos Pereira</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">*</FONT></TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">04/01/2015 to 04/01/2016</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">Emilio F. Gnecco</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">*</FONT></TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">04/01/2015 to 04/01/2016</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Ezequiel Garbers</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">*</FONT></TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">04/01/2015 to 04/01/2016</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">Walter Marcelo Sanchez</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">*</FONT></TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">04/01/2015 to 04/01/2016</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-weight: bold; text-align: left">Directors and Executive Officers as a group</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">332,368</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
</TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 8pt">*</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 8pt">Upon
                                         receipt of common shares pursuant to plan, would beneficially own less than 1% of total
                                         outstanding shares.</FONT></TD>
</TR></TABLE>

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


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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: bold 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0%"></TD><TD STYLE="width: 0.75in"><FONT STYLE="color: windowtext">Item 7.</FONT></TD><TD STYLE="text-align: justify"><A NAME="a_031"></A>Major Shareholders and Related Party Transactions</TD></TR></TABLE>

<P STYLE="color: #010000; font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 0 1.5in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="color: #010000">A.</FONT></TD><TD STYLE="text-align: justify"><A NAME="a_032"></A>MAJOR SHAREHOLDERS</TD></TR></TABLE>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 0 1.5in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.4pt">The following table sets
forth the beneficial ownership of our shares for each person known to us to own beneficially at least 5% of our common shares and
our directors and executive officers, based on the information most recently available to the Company, as of April 26, 2017.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.4pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.4pt">As of April 26, 2017,
we had 121,398,917 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 26, 2017, 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="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">Number</FONT></TD><TD STYLE="padding-bottom: 1pt; font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">Percent</FONT></TD><TD STYLE="padding-bottom: 1pt; font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-weight: bold; text-align: left; text-indent: -5.05pt; padding-left: 5.05pt">Principal Shareholders:</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="width: 74%; text-align: left; text-indent: -5.05pt; padding-left: 15.9pt">Al Gharrafa Investment Company (1)</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; text-align: right">15,983,265</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; text-align: right">13.2</TD><TD STYLE="width: 1%; text-align: left">%</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; text-indent: -5.05pt; padding-left: 15.25pt">Stichting Pensioenfonds Zorg en Welzijn (2)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">15,381,385</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">12.7</TD><TD STYLE="text-align: left">%</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: -5.05pt; padding-left: 15.25pt">Jennison Associates, LLC (3)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">7,629,228</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">6.3</TD><TD STYLE="text-align: left">%</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; text-indent: -5.05pt; padding-left: 15.25pt">Bienville Capital Management, LLC (4)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">6,516,322</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">5.4</TD><TD STYLE="text-align: left">%</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: -5.05pt; padding-left: 15.25pt">EMS Capital LP (5)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">6,087,458</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">5.0</TD><TD STYLE="text-align: left">%</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-indent: -5.05pt; padding-left: 15.25pt">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; text-align: left; text-indent: -5.05pt; padding-left: 5.05pt">Directors and Executive Officers</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD 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: -5.05pt; padding-left: 15.25pt">Abbas Farouq Zuaiter</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">*</FONT></TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">*</FONT></TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: -5.05pt; padding-left: 15.25pt">Alan Leland Boyce</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">*</FONT></TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">*</FONT></TD><TD 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: -5.05pt; padding-left: 15.9pt">Guillaume van der Linden</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">*</FONT></TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">*</FONT></TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: -5.05pt; padding-left: 15.9pt">Mariano Bosch (6)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">*</FONT></TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">*</FONT></TD><TD 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: -5.05pt; padding-left: 15.25pt">Pl&iacute;nio Musetti</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">*</FONT></TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">*</FONT></TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: -5.05pt; padding-left: 15.9pt">Mark Schachter</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">*</FONT></TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">*</FONT></TD><TD 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: -5.05pt; padding-left: 15.25pt">Andr&eacute;s Velasco Bra&ntilde;es</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">*</FONT></TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">*</FONT></TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: -5.05pt; padding-left: 15.9pt">Daniel Gonzalez</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">*</FONT></TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">*</FONT></TD><TD 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: -5.05pt; padding-left: 15.9pt">Marcelo Vieira</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">*</FONT></TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">*</FONT></TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: -5.05pt; padding-left: 15.9pt">James David Anderson</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">*</FONT></TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">*</FONT></TD><TD 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: -5.05pt; padding-left: 15.9pt">Carlos A. Boero Hughes</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">*</FONT></TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">*</FONT></TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: -5.05pt; padding-left: 15.9pt">Emilio F. Gnecco</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">*</FONT></TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">*</FONT></TD><TD 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: -5.05pt; padding-left: 15.9pt">Walter Marcelo Sanchez</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">*</FONT></TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">*</FONT></TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: -5.05pt; padding-left: 15.9pt">Mario Jos&eacute; Ram&oacute;n Imbrosciano</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">*</FONT></TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">*</FONT></TD><TD 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: -5.05pt; padding-left: 15.9pt">Leonardo Berridi</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">*</FONT></TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">*</FONT></TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: -5.05pt; padding-left: 15.9pt">Ezequiel Garbers</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">*</FONT></TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">*</FONT></TD><TD 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: -5.05pt; padding-left: 15.9pt">Renato Junqueira</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">*</FONT></TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">*</FONT></TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Total Directors and Executve Officers</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">5,771,417</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">4.64</TD><TD STYLE="text-align: left">%</TD></TR>
</TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"></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: 25%">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.2in; text-align: left"><FONT STYLE="font-size: 8pt">*</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 8pt">Beneficially
                                         owns less than 1% based on the total number of outstanding shares.</FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.2in; text-align: justify; text-indent: -0.2in"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.2in"><FONT STYLE="font-size: 8pt">(1)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 8pt">The address
                                         of Al Gharrafa Investment Company is C/O Intertrust Corporate Services (Cayman) Limited,
                                         190 Elgin Street, George Town, Grand Cayman, KY1-9005, Cayman Islands.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.2in"><FONT STYLE="font-size: 8pt">(2)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 8pt">The address
                                         of Stichting Pensioenfonds Zorg en Welzijn is P.O. BOX 4001 NL-3700 KA Zeist The Netherlands.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.2in; text-align: left"><FONT STYLE="font-size: 8pt">(3)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 8pt">The
                                         address of Jennison Associates LLC is 466 Lexington Avenue, New York, NY 10017.</FONT></TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.2in; text-align: left"><FONT STYLE="font-size: 8pt">(4)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 8pt">The
                                         address of Bienville Capital Management, LLC is 521 5<SUP>th</SUP> Avenue 35<SUP>th</SUP>
                                         floor, New York, NY 10175.</FONT></TD>
</TR></TABLE>

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<TD STYLE="width: 0"></TD><TD STYLE="width: 0.2in; text-align: left"><FONT STYLE="font-size: 8pt">(5)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 8pt">The
                                         address of EMS Capital LP is 767 Fifth Avenue 46<SUP>th </SUP>floor, New York, NY 10153.</FONT></TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.2in; text-align: left"><FONT STYLE="font-size: 8pt">(6)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 8pt">As
                                         of April 1, 2016 Mariano Bosch, beneficially owned 963,393. As of April 26, 2017,
                                         he benefitially owned 1,004,147.</FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.4pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.4pt">As of April 26, 2017,
96,868,261 shares, representing 79.2% of our outstanding common shares were held by United States record holders.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.4pt">&nbsp;</P>


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

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<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="color: #010000">B.</FONT></TD><TD STYLE="text-align: justify"><A NAME="a_033"></A>RELATED PARTY TRANSACTIONS</TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>Share Purchase and Sale Agreement and UMA Right of First Offer
Agreement</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.4pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.4pt">In connection with the
Share Purchase and Sale Agreement, dated February 16, 2006. The 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 &ldquo;UMA Members&rdquo;), 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="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.4pt">&nbsp;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.4pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.4pt">Some of our agriculture
partnership agreements are entered into with certain minority shareholders of the Company, for a total of 9,946.66 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="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.4pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.4pt">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 &ldquo;Existing Investors&rdquo; and such common shares subject
to the agreement being hereinafter referred to as the &ldquo;Registrable Securities&rdquo;) with certain rights to require us to
register their shares for resale under the Securities Act of 1933, as amended (&ldquo;Securities Act&rdquo;). 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
&ldquo;piggyback&rdquo; 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="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>Shelf Registration Statement on Form F-3</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.4pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.4pt">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. 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="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.4pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.4pt">On March 21, 2016, we
completed an underwritten secondary offering of 12.0 million common shares of Adecoagro offered by our shareholders Quantum Partners
LP and Geosor Corpration, at a price per share to the public of $11.70 pursuant to the effective shelf registration statement described
in the previous paragraph.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.4pt">&nbsp;</P>


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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.4pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.4pt">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, and extended for four additional more months.
As consideration for the provision of advisory services under the agreement, Adecoagro Vale do Ivinhema S.A. paid Mirante Consultoria
Ltda. R$ 59,463 per month, which equals an aggregate amount of R$ 951,408 for the term of the agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.4pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="color: #010000">C.</FONT></TD><TD STYLE="text-align: justify"><A NAME="a_034"></A>INTERESTS OF EXPERTS AND COUNSEL</TD></TR></TABLE>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 0 1.5in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.4pt">Not applicable.</P>

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

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<TD STYLE="width: 0%"></TD><TD STYLE="width: 0.75in"><FONT STYLE="color: windowtext">Item 8.</FONT></TD><TD STYLE="text-align: justify"><A NAME="a_035"></A>Financial Information</TD></TR></TABLE>

<P STYLE="color: #010000; font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 0 1.5in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="color: #010000">A.</FONT></TD><TD STYLE="text-align: justify"><A NAME="a_036"></A>CONSOLIDATED STATEMENTS AND OTHER FINANCIAL INFORMATION.</TD></TR></TABLE>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 0 1.5in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.4pt">See Item 18. Financial
Statements and page F-1 through F-85 for our Consolidated Financial Statements.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.4pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>Legal and Administrative Proceedings</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.4pt">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="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.4pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.4pt">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 $3.8 million as of December 31, 2016. 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="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">The Brazilian government
filed a tax enforcement action against UMA to demand excise taxes (Imposto sobre Produtos Industrializados, or &ldquo;IPI&rdquo;),
or a federal value-added tax on industrial products, in the amount of approximately $5.5 million. We have obtained a favorable
initial decision from the lower court, which accepted our argument on procedural grounds based on the Brazilian government&rsquo;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 government. We have not made any provision for this claim based on legal counsel&rsquo;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="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">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 $29.7 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 (&ldquo;Superior Tribunal de Justi&ccedil;a&rdquo;).
The Brazilian Superior Court of Justice determined that the case had no merit. This decision can be appealed by Mr.&nbsp;Castilhos.
We have not made any provision for this claim based on legal counsel&rsquo;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="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>


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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.4pt">The INCRA conducted an
investigation to determine the falsehood of the CCIR delivered to us by the former owner of Rio de Janeiro Farm (the &ldquo;Farm&rdquo;)
back in January 2005 when we acquired the 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 of the Farm, in order to
confirm that the <I>destaque publico</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 the Farm.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.4pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">With respect to legal proceedings
in which the Company is a plaintiff, in September 2013, Marfrig Argentina S.A., (&ldquo;Marfrig Argentina&rdquo;), an Argentine
subsidiary of Marfrig Alimentos S.A. (&ldquo;Marfrig Alimentos&quot;) a Brazilian Company, notified the Group of its intention
to early terminate the lease for grazing land agreement entered into with the Group in December 2009. 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 seeking $23 million claiming, which include unpaid invoices for a total amount of $1.1 million and indemnification
up to $22.0 million for early termination of the grazing land lease.&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">On September 2016, the
parties settled the arbitration proceedings in the amount of US$&nbsp;9 million. As of December 31 2016 the Group collected US$&nbsp;7
million and as March 31, 2017 the Group has collected the remaining balance. This settlement, net of the unpaid invoices and other
expenses resulted in an income of US$&nbsp;8.5 million for the Group.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.2in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>Dividend Policy</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.4pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.4pt">The amount and payment
of dividends will be determined by a simple majority vote at a general shareholders&rsquo; 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="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.4pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.4pt">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="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.4pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.4pt">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="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.4pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.4pt">Our subsidiaries in Argentina
and Brazil are subject to certain restrictions on their ability to declare or pay dividends. See &ldquo;Item 5. Operating and Financial
Review and Prospects&mdash;B. Liquidity and Capital Resources&mdash;Indebtedness and Financial Instruments&rdquo;, and also see
&ldquo;&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="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.2in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="color: #010000">B.</FONT></TD><TD STYLE="text-align: justify"><A NAME="a_037"></A>SIGNIFICANT CHANGES</TD></TR></TABLE>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 0 1.5in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.4pt">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="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>


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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: bold 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0%"></TD><TD STYLE="width: 0.75in"><FONT STYLE="color: windowtext">Item 9.</FONT></TD><TD STYLE="text-align: justify"><A NAME="a_038"></A>The Offer and Listing</TD></TR></TABLE>

<P STYLE="color: #010000; font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 0 1.5in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="color: #010000">A.</FONT></TD><TD STYLE="text-align: justify"><A NAME="a_039"></A>OFFER AND LISTING DETAILS</TD></TR></TABLE>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 0 1.5in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.4pt">Our common shares have
been listed on the NYSE under the symbol &ldquo;AGRO&rdquo; 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 1,238,318 were treasury shares as of December 31, 2016) shares
with a nominal value of $1.50 each. All issued shares are fully paid up.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 24.4pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 24.4pt">The table below sets forth, for the period
indicated, the reported high and low closing prices for our common shares listed on the NYSE.<B>&#9;</B></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 95%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">Full Financial Quarters Since Listing</FONT></TD><TD STYLE="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">High</FONT></TD><TD STYLE="padding-bottom: 1pt; font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">Low</FONT></TD><TD STYLE="padding-bottom: 1pt; font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 74%">January&nbsp;28, 2011 to March&nbsp;31, 2011</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 10%; text-align: right">13.50</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 10%; text-align: right">11.00</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Second Quarter&nbsp;2011</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">13.47</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">10.27</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">Third Quarter&nbsp;2011</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">11.97</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">8.62</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Fourth Quarter&nbsp;2011</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">9.72</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">7.42</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-weight: bold">Fiscal Year Ended December&nbsp;31, 2011</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">13.50</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">7.42</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">First Quarter&nbsp;2012</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">11.05</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">8.03</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">Second Quarter 2012</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">10.81</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">8.51</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Third Quarter 2012</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">10.80</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">9.33</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">Fourth Quarter&nbsp;2012</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">9.91</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">8.05</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold">Fiscal Year Ended December 31, 2012</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">11.05</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">8.03</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">First Quarter 2013</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">9.56</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">7.69</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Second Quarter 2013</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">7.94</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">6.05</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">Third Quarter 2013</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">7.65</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">6.22</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Fourth Quarter&nbsp;2013</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">8.37</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">7.46</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-weight: bold">Fiscal Year Ended December 31, 2013</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">9.56</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">6.05</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">First Quarter 2014</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">8.16</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">7.01</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">Second Quarter 2014</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">9.95</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">8.13</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Third Quarter 2014</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">10.25</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">8.80</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">Fourth Quarter&nbsp;2014</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">9.44</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">7.83</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold">Fiscal Year Ended December 31, 2014</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">10.25</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">7.01</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">First Quarter 2015</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">11.10</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">7.75</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Second Quarter 2015</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">10.57</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">9.17</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">Third Quarter 2015</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">9.46</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">7.59</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Fourth Quarter&nbsp;2015</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">12.45</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">8.11</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-weight: bold">Fiscal Year Ended December 31, 2015</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">12.45</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">7.59</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">First Quarter 2016</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">13.23</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">11.03</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">Second Quarter 2016</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">11.64</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">10.15</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Third Quarter 2016</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">11.41</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">9.50</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">Fourth Quarter&nbsp;2016</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">11.60</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">9.86</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold">Fiscal Year Ended December 31, 2016</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">13.23</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">9.50</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD></TR>
</TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 95%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; text-align: left; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">Last 6 Months</FONT></TD><TD STYLE="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">High</FONT></TD><TD STYLE="padding-bottom: 1pt; font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">Low</FONT></TD><TD STYLE="padding-bottom: 1pt; font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: right">&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: right">&nbsp;</TD><TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 74%; text-align: left">November 2016</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; text-align: right">11.08</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; text-align: right">9.86</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">December 2016</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">10.74</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">9.99</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">January 2017</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">11.70</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">10.60</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">February 2017</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">12.71</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">11.72</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">March 2017</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">12.25</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">11.34</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">April 2017 (to April 26, 2017)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">11.70</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">10.98</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
</TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="color: #010000">B.</FONT></TD><TD STYLE="text-align: justify"><A NAME="a_040"></A>PLAN OF DISTRIBUTION</TD></TR></TABLE>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 0 1.5in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.4pt">Not applicable.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.4pt">&nbsp;</P>


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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="color: #010000">C.</FONT></TD><TD STYLE="text-align: justify"><A NAME="a_041"></A>MARKETS</TD></TR></TABLE>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 0 1.5in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.4pt">Our common shares have
been listed on the NYSE under the symbol &ldquo;AGRO&rdquo; since January 28, 2011. See &ldquo;&mdash;A. Offer and Listing Details.&rdquo;</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="color: #010000">D.</FONT></TD><TD STYLE="text-align: justify"><A NAME="a_042"></A>SELLING SHAREHOLDERS</TD></TR></TABLE>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 0 1.5in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.4pt">Not applicable.</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="color: #010000">E.</FONT></TD><TD STYLE="text-align: justify"><A NAME="a_043"></A>DILUTION</TD></TR></TABLE>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 0 1.5in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.4pt">Not applicable.</P>

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

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<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="color: #010000">F.</FONT></TD><TD STYLE="text-align: justify"><A NAME="a_044"></A>EXPENSES OF THE ISSUE</TD></TR></TABLE>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 0 1.5in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.4pt">Not applicable.</P>

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

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<TD STYLE="width: 0%"></TD><TD STYLE="width: 0.75in"><FONT STYLE="color: windowtext">Item 10.</FONT></TD><TD STYLE="text-align: justify"><A NAME="a_045"></A>Additional Information</TD></TR></TABLE>

<P STYLE="color: #010000; font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 0 1.5in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="color: #010000">A.</FONT></TD><TD STYLE="text-align: justify"><A NAME="a_046"></A>SHARE CAPITAL</TD></TR></TABLE>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 0 1.5in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.4pt">Not applicable.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 27.35pt; text-align: justify; text-indent: -12.95pt"><B>&nbsp;</B></P>

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<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="color: #010000">B.</FONT></TD><TD STYLE="text-align: justify"><A NAME="a_047"></A>MEMORANDUM AND ARTICLES OF ASSOCIATION</TD></TR></TABLE>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 0 1.5in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.4pt">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 as amended by the law of August 10, 2016.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.4pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.4pt">Adecoagro&rsquo;s shares
are governed by Luxembourg law and its articles of incorporation. More information concerning shareholders&rsquo; rights can be
found in the Luxembourg law on commercial companies dated August 10, 1915, as amended by the law of 10 August 2016, as amended
from time to time, and the articles of incorporation.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.4pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.4pt">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="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.4pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.4pt">Adecoagro is a Luxembourg
<I>soci&eacute;t&eacute; anonyme</I> (a joint stock company). The Company&rsquo;s legal name is &ldquo;Adecoagro S.A.&rdquo; 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="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.4pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.4pt">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="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.4pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.4pt">On January 28, 2011,
Adecoagro completed the IPO of its shares on the NYSE. The shares are traded under the symbol &ldquo;AGRO.&rdquo;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.4pt"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.4pt"><I>&nbsp;</I></P>


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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.4pt">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 into Adecoagro LP with Adecoagro LP as the surviving entity and Adecoagro
GP S.&agrave; r.l., <I>a soci&eacute;t&eacute; &agrave; responsibiliti&eacute; limit&eacute;e</I> organized under the laws of
Luxembourg, became the general partner of Adecoagro LP on April 1, 2015. Also on April 1, 2015, Adecoagro completed the redomiciliation
of Adecoagro LP (Delaware) out of Delaware to Luxembourg and Adecoagro LP, without dissolution or liquidation, continued its corporate
existence as Adecoagro LP S.C.S., <I>a soci&eacute;t&eacute; en commandite simple</I> organized under Luxembourg law, effective
April 2, 2015. For a detailed description of the Adecoagro LP redomiciliation please see &ldquo;Item 4. Information on the Company&mdash;A.
History and Development of the Company&mdash;History. Since that date the affairs of Adecoagro LP S.C.S. have been governed by
its articles of association and Luxembourg law.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.4pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.4pt">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.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.4pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.4pt">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="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.4pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.4pt">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="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.4pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.4pt">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="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.4pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.4pt">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="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>Share Capital</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.4pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.4pt">As of December 31, 2016
our issued share capital amounted to $183,572,722.50, represented by 122,381,815 shares in issue (of which 1,238,318 were treasury
shares) with a nominal value of $1.50 each. All issued shares are fully paid up.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.4pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.4pt">As of December 31, 2016
there were 121,600,229 common shares outstanding.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.4pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.4pt">We have an authorized
unissued share capital of $3,000,000,000, including the issued share capital as of December 31, 2016 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, 2016) out of such authorized share capital. Our unissued share capital as of December 31, 2016 is $2,816,427,277.50.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.4pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.4pt">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 ending on April 20, 2012 (unless it is extended,
amended or renewed and we currently intend to seek renewals and/or extensions as required from time to time). 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 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. Further, on April 19, 2017 the extraordinary meeting of shareholders reduced
such authorization to 5 years; this is, until April 20, 2021, in line with the amendments to the Luxembourg law of August 10, 2015
on commercial companies as amended by the law of August 10, 2016.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.4pt">&nbsp;</P>


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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.4pt">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&rsquo; meeting with the necessary quorum and majority provided
for the amendment of our articles of incorporation. See &ldquo;&mdash;Amendment to the Articles of Incorporation&rdquo; and &ldquo;&mdash;General
Meeting of Shareholders&rdquo;.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.4pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.4pt">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 April 2021
(unless it is extended, amended or renewed and we currently intend to seek renewals and/or extensions as required from time to
time). Further, on April 19, 2017 the extraordinary meeting of shareholders reduced the authorized un-issued share capital and
related authorizations to five years; this is, until April 20, 2021, in line with the amendments to the Luxembourg law of August
10, 2015 on commercial companies as amended by the law of August 10, 2016.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>Form and Transfer of shares</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.4pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.4pt">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="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.4pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.4pt">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 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 the 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="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.4pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.4pt">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 as our New York 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&rsquo;s registered office
may always be requested by a shareholder.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.4pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.4pt">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="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.2in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>Issuance of Shares</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.4pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.4pt">Pursuant to Luxembourg
law of August 10, 1915 on commercial companies as amended by the law of 10 August 2016, 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 &ldquo;&mdash;Amendment to the Articles of Incorporation&rdquo; and &ldquo;&mdash;General Meeting of Shareholders&rdquo;.
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. The general
meeting may amend, renew or extend such authorized share capital and authorization to the board of directors to issue shares.&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.4pt"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.4pt">&nbsp;</P>


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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.4pt">We have currently an authorized
unissued share capital of $3,000,000,000, including the issued share capital as of December 31, 2015 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, 2015 the 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 ending on
April 20, 2021 (unless it is extended, amended or renewed and we currently intend to seek renewals and/or extensions as required
from time to time). Further, on April 19, 2017 the extraordinary meeting of shareholders reduced the authorized un-issued share
capital and related authorizations to 5 years; until April 20, 2021, in line with the amendments to the Luxembourg law of August
10, 1915 on commercial companies as amended by the law of August 10, 2016. 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="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.4pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.4pt">Our articles provide that
no fractional shares may be issued.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.4pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.4pt">Our shares have no conversion
rights and there are no redemption or sinking fund provisions applicable to our common shares.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>Preemptive Rights</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.4pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.4pt">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, 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, preemptive rights can be waived, suppressed or limited
by the board of directors for a period ending on April 20, 2021. On April 19, 2017 the extraordinary meeting of shareholders reduced
such authorization to 5 years; until April 20, 2021, in line with the amendments to the Luxembourg law of August 10, 1915 on commercial
companies as amended by the law of August 10, 2016.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>Repurchase of Shares</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.4pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.4pt">We cannot subscribe for
our own shares.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.4pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.4pt">We may, however, repurchase
issued shares or have another person repurchase issued shares for our account, subject in particular to the following conditions:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.6in"></TD><TD STYLE="width: 0.2in"><B>&bull;</B></TD><TD STYLE="text-align: justify">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;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.8in; text-indent: -0.2in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.6in"></TD><TD STYLE="width: 0.2in"><B>&bull;</B></TD><TD STYLE="text-align: justify">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</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.8in; text-indent: -0.2in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.6in"></TD><TD STYLE="width: 0.2in"><B>&bull;</B></TD><TD STYLE="text-align: justify">only fully paid up shares may be repurchased.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.4pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.4pt">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. Such period was extended in the extraordinary meeting of shareholders held on April 20, 2016 for five
more years, ending on April 20, 2021.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.4pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.4pt">Acquisitions may be made
in any manner including without limitation, by tender or other offer(s), buyback 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="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.4pt">&nbsp;</P>


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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.4pt">In the case of acquisitions
for value:</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.2in; text-align: justify; text-indent: 0.2in">(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="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.2in; text-align: justify; text-indent: 0.2in">(ii) in case
of a tender offer (or if deemed appropriate by the board of directors, a buyback program),</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.4in; text-align: justify; text-indent: 0.2in">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="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.4in; text-align: justify; text-indent: 0.2in">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="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.4pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.4pt">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="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.4pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.4pt">A share repurchase 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 &ldquo;Share Repurchase Program&rdquo;). The Share Repurchase Program
was implemented in compliance with the authorization granted by the general meeting of shareholders 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 Share
Repurchase 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 Share Repurchase Program, whichever occurs first. The Share Repurchase Program
was renewed by decision of the Board of Directors on August 11, 2015 and on August 9, 2016 for an additional period of 12 months,
ending on September 23, 2017 or until reaching the maximum number of shares authorized under the Program, whichever occurs first.
In April 4, 2017, the board of directors amended the Share Repurchase Program to include repurchases under Open Market Transactions,
in reliance on the &ldquo;safe harbour&rdquo; from liability for manipulation provided by Rule 10b-18 of the Securities Exchange
Act and in privately negotiated transactions.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>Capital Reduction</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.4pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.4pt">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 &ldquo;&mdash;Amendment to the Articles of Incorporation&rdquo;
and &ldquo;&mdash;General Meeting of Shareholders&rdquo;.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>General Meeting of Shareholders</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.4pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.4pt">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="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.4pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.4pt">The annual general meeting
of shareholders of Adecoagro as well as any other meetings of shareholders shall be held in the Grand Duchy of Luxembourg at such
place and time as indicated in the notice of the meeting.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.4pt">&nbsp;</P>


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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.4pt">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="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.4pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.4pt">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="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.4pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.4pt">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="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.4pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.4pt">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 the convening notice (which must be published at least fifteen days before the meeting)
in the <I>Recueil &Eacute;lectronique des Soci&eacute;t&eacute;s et Association</I>, 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="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.4pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.4pt">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="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.4pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.4pt">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="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>Voting Rights</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.4pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.4pt">Each share of our shares
entitles the holder thereof to one vote at a general meeting of shareholders.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.4pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.4pt">Luxembourg law distinguishes
between &ldquo;ordinary&rdquo; general meetings of shareholders and &ldquo;extraordinary&rdquo; general meetings of shareholders.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.4pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.4pt">Extraordinary general
meetings of shareholders are convened to resolve in particular upon an amendment to the articles of incorporation and certain other
limited matters including those described below and are generally subject to the quorum and majority requirements described below.
All other general meetings of shareholders are ordinary general meetings of shareholders.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.4pt"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.4pt"><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 represented. Abstentions are not considered
&ldquo;votes&rdquo;.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.4pt"><I>&nbsp;</I></P>


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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.4pt"><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="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.4pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.4pt">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 generally 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 &ldquo;votes&rdquo;.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.4pt"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.4pt"><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="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.4pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.4pt">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="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>Amendment to the Articles of Incorporation</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.4pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.4pt">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="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.4pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.4pt">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="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.4pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.4pt">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="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>Merger and Division</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.4pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.4pt">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="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.4pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.4pt">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="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>


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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>No Appraisal Rights</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.4pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.4pt">Neither Luxembourg law
nor our articles of incorporation provide for any appraisal rights of dissenting shareholders.</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.4pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.4pt">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="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.4pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.4pt">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="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>Annual Accounts</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.4pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.4pt">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&rsquo;s reports must be available for inspection by shareholders at the registered office of Adecoagro at least
8 calendar days prior to the date of the annual general meeting of shareholders.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.4pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.4pt">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="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.4pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.4pt">Luxembourg law gives shareholders
limited rights to inspect certain corporate records 8 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, the auditor&rsquo;s
report and in case of amendments to the articles, the text of the proposed amendments and the draft of the resulting consolidated
articles.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.4pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.4pt">Any registered shareholder
is entitled to receive a copy of the annual accounts, the consolidated accounts, the auditor&rsquo;s reports and the management
reports free of charge 8 calendar days prior to the date of the annual general meeting of shareholders upon request.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.4pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.4pt">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="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.4pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.4pt">One or more shareholders
representing at least 10% of the share capital or 10% of the votes attached to all existing securities may ask the board of directors
written questions on one or more management operations (op&eacute;rations de gestion) of the company and, as the case may be, of
subsidiaries it controls. In the latter case, the request must be assessed in view of the interest of the companies included within
the consolidation. In the absence of response within a period of one month, these shareholders may apply to the court for the appointment
of experts instructed to submit a report on the management operations targeted in the question.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>Board of Directors</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.4pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.4pt">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="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.4pt">&nbsp;</P>


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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.4pt">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&rsquo; 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&rsquo; meeting.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.4pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.4pt">Currently our board has
11 members (see &ldquo;Item 6. Directors, Senior Management and Employees&mdash;A. Directors and Senior Management&mdash;Board
of Directors&rdquo;). The board meets as often as required by our interests.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.4pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.4pt">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="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.4pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.4pt">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="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.4pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.4pt">Currently the board of
directors has appointed the officers listed under &ldquo;Item 6. Directors, Senior Management and Employees&mdash;A. Directors
and Senior Management.&rdquo;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.4pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.4pt">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="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.4pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.4pt">Currently our board has
set up an audit committee. See &ldquo;Item 6. Directors, Senior Management and Employees&mdash;C. Board Practices.&rdquo; Our board
has set up a compensation committee. See &ldquo;Item 6. Directors, Senior Management and Employees&mdash;C. Board Practices.&rdquo;
Our board has set up a risk and commercial committee. See &ldquo;Item 6. Directors, Senior Management and Employees&mdash;C. Board
Practices.&rdquo; Our board has set up a strategy committee. See &ldquo;Item 6. Directors, Senior Management and Employees&mdash;C.
Board Practices.&rdquo;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.4pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.4pt">No director or member
of any committee 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 or member of any committee is in any way interested be liable to be avoided, in account of his position as director
or member of any committee nor shall any director or member of any committee 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 or member of
any committee holding that office or of the fiduciary relationship thereby established.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.4pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.4pt">Any director or, as the
case may be, member of any committee having a direct or indirect interest in a transaction conflicting with our interest, which
has to be considered by the board of directors or the relevant committee, as the case may be, shall be obliged to advise the board
or the committee 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 or board of directors&rsquo; meeting,
before any resolution is put to vote, a special report shall be made on any transactions in which any of the directors or members
of any committee may have had an interest conflicting with our interest.</P>

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


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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.4pt">No shareholding qualification
for directors is required.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.4pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.4pt">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="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.4pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.4pt">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="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B><I>Transfer Agent and Registrar</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.4pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.4pt">The transfer agent and
registrar for our common shares is Computershare. 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="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.4pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="color: #010000">C.</FONT></TD><TD STYLE="text-align: justify"><A NAME="a_048"></A>MATERIAL CONTRACTS</TD></TR></TABLE>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 0 1.5in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.4pt">See &ldquo;Item 4. Information
on the Company&mdash;B. Business Overview.&rdquo;</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="color: #010000">D.</FONT></TD><TD STYLE="text-align: left"><A NAME="a_049"></A>EXCHANGE CONTROLS</TD></TR></TABLE>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 0 1.5in; text-align: left; text-indent: -0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.4pt">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 (&ldquo;<I>Mercado &Uacute;nico y Libre de Cambios</I>&rdquo;, or the &ldquo;FX Market&rdquo;) through
which all purchases and sales of foreign currency must be made. Although since 2003 these restrictions have been progressively
eased to some extent, as a consequence of the increase of the demand in Argentina for U.S. dollars and the capital flow out of
Argentina, the Argentine government imposed during 2011 some additional restrictions on the transfer of funds from Argentina and
reduced the time required to comply with the mandatory transfer of funds into Argentina.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.4pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.4pt">Most foreign exchange
restrictions and restrictions on transfer of funds into and out of Argentina that had been enacted since 2011, were lifted by the
Macri administration in December 2016, reestablishing Argentine residents&rsquo; rights to purchase and remit outside of Argentina
foreign currency with no maximum amount and without specific allocation or prior approval.&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.4pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.4pt">In December 2015, in line
with the economic reforms implemented by the new administration, the Argentine Ministry of Treasury issued Resolution No. 3/2015
which eliminated the requirement to maintain a registered, non-transferable and non-interest bearing deposit by reducing the amount
of the deposit from 30% to 0%. Consequently, such deposit is no longer applicable to, among other transactions, foreign financial
debts, inflows of funds of non-residents and repatriations by residents. In addition, pursuant to Resolution No. 1-E/2017 dated
January 5, 2017, the minimum period of time (120 days) that proceeds from new financial indebtedness (incurred by residents granted
by foreign creditors) and portfolio investments of non residents were required to remain in Argentina pursuant to Resolution No. 3/2015 was reduced to zero.
The Argentine Ministry of Treasury is entitled to modify the percentage of and period that funds must be kept in Argentina when
a change in the macroeconomic situation so requires.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.4pt">&nbsp;</P>


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    <!-- Field: /Page -->

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.4pt">In addition, on August
6, 2016, the Argentine Central Bank issued Communication &ldquo;A&rdquo; 6037, which repealed most of the restrictions to purchase
currency and those relating to the inflow and outflow of funds into and from Argentina (except for the obligation of Argentine
exporters of goods and services to repatriate to the FX Market foreign currency proceeds from exportation transactions, such as
receivables relating to the exportation of goods, which shall also be settled through the foreign exchange market).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.4pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.4pt">The following is a description
of the main aspects of the Argentine Central Bank&rsquo;s regulations relating to the inflows and outflows of funds into and from
Argentina:&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><I>Inflows</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.4pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.4pt">Pursuant to Communication
&ldquo;A&rdquo; 5265 issued by the Argentine Central Bank, any financial debts incurred with foreign creditors by both the non-financial
and financial private sector had to be settled through the foreign exchange market. This requirement was eliminated by Communication
&ldquo;A&rdquo; 6037, which abrogated Communication &ldquo;A&rdquo; 5850, dated December 17, 2015, allowing Argentine borrowers
to keep proceeds outside of Argentina and eliminated the requirement to repatriate and exchange proceeds into pesos when repaying
debts through the MULC.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.4pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.4pt">Pursuant to Resolution
No. 1-E/2017, the minimum period of 120 calendar days, imposed by Resolution No. 3/2015, that proceeds received from foreign financial
debt had to be kept in Argentina was reduced to zero.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 21.3pt"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 21.3pt"><I>Outflows</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.4pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.4pt">Communication &ldquo;A&rdquo;
6037 abrogated Communication &ldquo;A&rdquo; 5264 and partially abrogated Communication &ldquo;A&rdquo; 5265, together with their
amendments and supplementary regulations, specifically Communications &ldquo;A&rdquo; 5850, 5890 and 6011; which regulated, among
others, the requirements to access the FX Market to pay principal and interest services of foreign debts.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.4pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.4pt">Currently, access to the
FX Market to pay interest accrued from the disbursement of funds is subject to verification by the relevant financial entities
that the borrower accessing the MULC has duly filed, as applicable, the statement of debt required by Communication &ldquo;A&rdquo;
3602, as amended from time to time, or the statement of direct investments provided by Communication &ldquo;A&rdquo; 4237, as amended
from time to time.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.4pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.4pt">Pursuant to Resolution
No. 1-E/2017, the minimum period of 120 calendar days, imposed by Resolution No. 3/2015, that proceeds from financial external
indebtedness had to be kept in Argentina, was reduced to zero, notwithstanding whether or not the debt is repaid through the FX
Market. Additionally, access to the FX Market for payment of principal is subject to verification by the relevant financial entity
that the borrower has duly filed the statement of debt required by Communication &ldquo;A&rdquo; 3602, as amended from time to
time.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.4pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.4pt">Communication &ldquo;A&rdquo;
6137, issued by the Argentine Central Bank on December 30, 2016, eliminated the requirement to repatriate and exchange funds obtained
from the exportation of services into Argentine pesos through the FX Market. Such requirement remains applicable only for exported
services included in the FOB (free on board) and/or CIF (cost insurance and freight) value of exported goods (which is not applicable
to the types of services exported by the company). Pursuant to Resolution No. 47-E/2017, the term established to comply with the
requirement of transferring into Argentina and selling for Pesos in the FX Market all foreign currency proceeds from exports of
goods was extended from five to ten years.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.4pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.4pt">For additional information
regarding all current foreign exchange restrictions and exchange control regulations in Argentina, investors should consult their
legal advisors and read the applicable rules mentioned herein, as well as any amendments and complementary regulations, which are
available at the Argentine Ministry of Treasury&rsquo;s website:&nbsp;www.economia.gob.ar, or the Argentine Central Bank&rsquo;s
website:&nbsp;www.bcra.gob.ar.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.4pt">&nbsp;</P>


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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="color: #010000">E.</FONT></TD><TD STYLE="text-align: justify"><A NAME="a_050"></A>TAXATION</TD></TR></TABLE>

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">MATERIAL LUXEMBOURG TAX CONSIDERATIONS
FOR HOLDERS OF COMMON SHARES</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">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&rsquo;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="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">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="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">As used herein, a &ldquo;Luxembourg
individual&rdquo; means an individual resident in Luxembourg who is subject to personal income tax (imp&ocirc;t sur le revenu)
on his or her worldwide income from Luxembourg or foreign sources, and a &ldquo;Luxembourg corporate holder&rdquo; 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 (imp&ocirc;t sur le revenu des collectivit&eacute;s) 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
&ldquo;Luxembourg Holders&rdquo;. A &ldquo;non-Luxembourg Holder&rdquo; means any investor in shares of Adecoagro other than a
Luxembourg Holder.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B><I>Tax regime applicable to realized capital
gains</I></B></P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B><I>Luxembourg resident individual holders</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">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="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B><I>Luxembourg resident corporate holders</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">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 27.08% for the fiscal year
ending 2017 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 fulfilment 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="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B><I>Non-Luxembourg Holders</I></B></P>

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

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


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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">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 fulfilment of the conditions set out therein.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">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. In principle a corporate non-Luxembourg holders is only subject to taxation under (ii) above and not to taxation
under (i) above. This result obtains from the provision that when a corporate Luxembourg holder migrates abroad and becomes a corporate
non-Luxembourg holders, at that moment in time such holder is deemed liquidated for Luxembourg tax purposes and taxation applies
at the moment in time.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B><I>Tax regime applicable to distributions</I></B></P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">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 fulfilment of the conditions set forth therein.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">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="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><I>&nbsp;</I></P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">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="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B><I>Net wealth tax</I></B></P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">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="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>


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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">Net wealth tax is levied
annually at the rate depending on the amount the net wealth of enterprises resident in Luxembourg or, a reduced rate of 0.05% for
the portion of the net wealth exceeding EUR 500 million, as determined for net wealth tax purposes (i.e. 0.5% on an amount up to
EUR 500 million and 0.05% on the amount of taxable net wealth exceeding EUR 500 million). 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="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><I>&nbsp;</I></P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>United States Federal Income Taxation of
the Company</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.4pt">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="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.4pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.4pt">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="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.4pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.4pt">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="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.4pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.4pt">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="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.4pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>Material U.S. Federal Income Tax Considerations
for U.S-. Holders</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.4pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.4pt">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 &ldquo;U.S. Holders&rdquo; (as defined below), who
have purchase our common shares in the open market and that hold our common shares as &ldquo;capital assets&rdquo; for U.S. federal
income tax purposes (generally, property held for investment). This discussion is based on the U.S. Internal Revenue Code of 1986,
as amended, (the &ldquo;Code&rdquo;), 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="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.4pt">&nbsp;</P>


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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.4pt">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 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:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.6in"></TD><TD STYLE="width: 0.2in"><B>&bull;</B></TD><TD STYLE="text-align: justify">insurance companies;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.6in"></TD><TD STYLE="width: 0.2in"><B>&bull;</B></TD><TD STYLE="text-align: justify">tax-exempt organizations (including private foundations);</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.6in"></TD><TD STYLE="width: 0.2in"><B>&bull;</B></TD><TD STYLE="text-align: justify">brokers or dealers in securities or currencies and traders in securities that elect to mark to
market;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.6in"></TD><TD STYLE="width: 0.2in"><B>&bull;</B></TD><TD STYLE="text-align: justify">banks and financial institutions;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.6in"></TD><TD STYLE="width: 0.2in"><B>&bull;</B></TD><TD STYLE="text-align: justify">partnerships or other pass-through entities;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.6in"></TD><TD STYLE="width: 0.2in"><B>&bull;</B></TD><TD STYLE="text-align: justify">real estate investment trusts and regulated investment companies;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.6in"></TD><TD STYLE="width: 0.2in">&bull;</TD><TD STYLE="text-align: justify">companies that accumulate earnings to avoid U.S. federal income tax;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.6in"></TD><TD STYLE="width: 0.2in">&bull;</TD><TD STYLE="text-align: justify">persons who acquire common shares through the exercise of options or other compensation arrangements;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.6in"></TD><TD STYLE="width: 0.2in">&bull;</TD><TD STYLE="text-align: justify">S corporations;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.6in"></TD><TD STYLE="width: 0.2in">&bull;</TD><TD STYLE="text-align: justify">holders whose functional currency for U.S. federal income tax purposes is not the U.S. dollar or
that hold shares through non-U.S. brokers of other non-U.S. intermediaries;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.6in"></TD><TD STYLE="width: 0.2in"><B>&bull;</B></TD><TD STYLE="text-align: justify">certain former U.S. citizens or residents or U.S. expatriates;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.6in"></TD><TD STYLE="width: 0.2in"><B>&bull;</B></TD><TD STYLE="text-align: justify">holders that hold our common shares as part of a hedge, straddle or conversion or other integrated
transaction; or</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.6in"></TD><TD STYLE="width: 0.2in"><B>&bull;</B></TD><TD STYLE="text-align: justify">holders that own, directly, indirectly, or constructively, 10% or more of the total combined voting
power of our common shares.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.4pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.4pt">This discussion does not
address the alternative minimum tax consequences of owning 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 owning our common shares, or any aspect of U.S. federal tax law (such as the estate, generation-skipping and
gift tax) other than U.S. federal income taxation.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.4pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.4pt">You are a &ldquo;U.S.
Holder&rdquo; if you are a beneficial owner of our common shares and you are, for U.S. federal income tax purposes:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.6in"></TD><TD STYLE="width: 0.2in"><B>&bull;</B></TD><TD STYLE="text-align: justify">an individual who is a citizen or resident of the United States;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.6in"></TD><TD STYLE="width: 0.2in">&bull;</TD><TD STYLE="text-align: justify">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;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.6in"></TD><TD STYLE="width: 0.2in">&bull;</TD><TD STYLE="text-align: justify">an estate, the income of which is subject to U.S. federal income taxation regardless of its source;
or</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.6in"></TD><TD STYLE="width: 0.2in">&bull;</TD><TD STYLE="text-align: justify">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 for federal income tax purposes.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.4pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.4pt">If a partnership (or an
entity or arrangement treated as a partnership for U.S. federal income tax purposes) owns 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 partnership that
owns our common shares, and partners in such a partnership, should consult their own tax advisors.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.4pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.4pt">You should consult your
own 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="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B><I>Passive Foreign Investment Company (&ldquo;PFIC&rdquo;)
Rules</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.4pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.4pt">U.S. Holders generally
will be subject to a special, generally adverse tax regime that would differ in certain material 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="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.4pt">&nbsp;</P>


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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.4pt">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&rsquo;s income.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.4pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.4pt">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. The remainder of this discussion assumes that we are not a PFIC.</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.4pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.4pt">Distributions with respect
to our common shares (other than certain pro rata distributions of 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. 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 &ldquo;dividend&rdquo; means a distribution that constitutes a dividend for U.S. federal
income tax purposes.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.4pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.4pt">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="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.4pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.4pt">Subject to certain exceptions
for short-term and hedged positions, certain non-corporate U.S. Holders, including individuals, may be entitled to preferential
rates of taxation with respect to &ldquo;qualified dividends&rdquo; paid by qualified foreign corporations. A foreign corporation
will be treated as a qualified foreign corporation with respect to dividends paid by 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. Holders should consult their own
tax advisors regarding the availability of the preferential rates of taxation with respect to dividends in light of their own particular
situations, including related restrictions and special rules.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.4pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.4pt">The amount of any cash
dividend paid in foreign currency will equal the U.S. dollar value of the dividend, 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="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.4pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.4pt">Dividends received by
most U.S. Holders will constitute foreign-source &ldquo;passive category&rdquo; income (&ldquo;general category income&rdquo; 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 &ldquo;Material Luxembourg Tax Considerations for Holders of Shares&mdash;Tax regime
applicable to distributions&mdash;Withholding tax&rdquo; should be treated as a foreign income tax eligible for credit against
a U.S. Holder&rsquo;s U.S. federal income tax liability (or at a U.S. Holder&rsquo;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="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B><I>&nbsp;</I></B></P>


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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B><I>Taxation of Capital Gains</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.4pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.4pt">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&rsquo;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="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.4pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.4pt">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 common 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="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><I>Medicare Contribution Tax on Unearned Income</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.4pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.4pt">Certain U.S. Holders that
are individuals, estates or trusts will be subject to a 3.8% tax on all or a portion of their &ldquo;net investment income,&rdquo;
which may include all or a portion of their dividend income and net gains from the disposition of common shares. Each U.S. holder
that is an individual, estate or trust is urged to consult its tax advisors regarding the applicability of the Medicare tax to
its income and gains in respect of its investment in the common shares.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.4pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B><I>Information Reporting and Backup Withholding</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.4pt">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="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.4pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.4pt">Backup withholding is
not an additional tax. Any amounts withheld under the backup withholding rules generally will be allowed as a refund or a credit
against a U.S. Holder&rsquo;s U.S. federal income tax liability, provided that the required information is timely furnished to
the IRS.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.4pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.2in">Certain U.S. Holders who
hold interests in &ldquo;specified foreign financial assets&rdquo; (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. Financial assets that
are held through a U.S. financial institution are not subject to this reporting requirement. Investors who fail to report this
required information could become subject to substantial penalties. In addition, in the event 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 holder for the related tax year may not close until three years after the date that the required information is filed.
U.S. Holders are encouraged to consult with their own tax advisors regarding their tax reporting obligations.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.2in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="color: #010000">F.</FONT></TD><TD STYLE="text-align: justify"><A NAME="a_051"></A>DIVIDENDS AND PAYING AGENTS</TD></TR></TABLE>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 0 1.5in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.4pt">Not applicable.</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="color: #010000">G.</FONT></TD><TD STYLE="text-align: justify"><A NAME="a_052"></A>STATEMENT BY EXPERTS</TD></TR></TABLE>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 0 1.5in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.4pt">Not applicable.</P>

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


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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="color: #010000">H.</FONT></TD><TD STYLE="text-align: justify"><A NAME="a_053"></A>DOCUMENTS ON DISPLAY</TD></TR></TABLE>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 0 1.5in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.4pt">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&rsquo;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="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="color: #010000">I.</FONT></TD><TD STYLE="text-align: justify"><A NAME="a_054"></A>SUBSIDIARY INFORMATION</TD></TR></TABLE>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 0 1.5in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.4pt">Not applicable.</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: bold 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0%"></TD><TD STYLE="width: 0.75in"><FONT STYLE="color: windowtext">Item 11.</FONT></TD><TD STYLE="text-align: justify"><A NAME="a_055"></A>Quantitative and Qualitative Disclosures About Market Risk</TD></TR></TABLE>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.8in; text-align: justify; text-indent: -0.8in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.4pt">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 2 to our Consolidated Financial Statements.</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: bold 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0%"></TD><TD STYLE="width: 0.75in"><FONT STYLE="color: windowtext">Item 12.</FONT></TD><TD STYLE="text-align: justify"><A NAME="a_056"></A>Description of Securities Other than Equity Securities</TD></TR></TABLE>

<P STYLE="color: #010000; font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 0 1.5in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="color: #010000">A.</FONT></TD><TD STYLE="text-align: justify"><A NAME="a_057"></A>DEBT SECURITIES</TD></TR></TABLE>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 0 1.5in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.4pt">Not applicable.</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="color: #010000">B.</FONT></TD><TD STYLE="text-align: justify"><A NAME="a_058"></A>WARRANTS AND RIGHTS</TD></TR></TABLE>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 0 1.5in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.4pt">Not applicable.</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="color: #010000">C.</FONT></TD><TD STYLE="text-align: justify"><A NAME="a_059"></A>OTHER SECURITIES</TD></TR></TABLE>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 0 1.5in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.4pt">Not applicable.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.4pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="color: #010000">D.</FONT></TD><TD STYLE="text-align: justify"><A NAME="a_060"></A>AMERICAN DEPOSITORY SHARES</TD></TR></TABLE>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 0 1.5in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.4pt">Not applicable.</P>

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><A NAME="a_061"></A>PART II</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.8in; text-align: justify; text-indent: -0.8in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: bold 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0%"></TD><TD STYLE="width: 0.75in"><FONT STYLE="color: windowtext">Item 13.</FONT></TD><TD STYLE="text-align: justify"><A NAME="a_062"></A>Defaults, Dividend Arrearages and Delinquencies</TD></TR></TABLE>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.8in; text-align: justify; text-indent: -0.8in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.4pt">Not applicable.</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: bold 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0%"></TD><TD STYLE="width: 0.75in"><FONT STYLE="color: windowtext">Item 14.</FONT></TD><TD STYLE="text-align: justify"><A NAME="a_063"></A>Material Modifications to the Rights of Security Holders and Use of Proceeds</TD></TR></TABLE>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.8in; text-align: justify; text-indent: -0.8in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.4pt">Not applicable.</P>

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


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

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<TD STYLE="width: 0"></TD><TD STYLE="width: 1in"><FONT STYLE="color: windowtext">Item 15.</FONT></TD><TD STYLE="text-align: justify"><A NAME="a_064"></A>Controls and Procedures</TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>a) Disclosure Controls and Procedures</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.4pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.4pt">Our company&rsquo;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, 2016. 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&rsquo;s Chief Executive Officer and Chief Financial Officer concluded that such disclosure controls and procedures
were effective as of December 31, 2016.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 128.25pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>b) Management&rsquo;s Annual Report on Internal
Control over Financial Reporting </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.4pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.4pt">The Company&rsquo;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&rsquo;s internal control over financial reporting is a process
designed under the supervision of the Company&rsquo;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&rsquo;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&rsquo;s management and directors; and (iii)&nbsp;provides
reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use or disposition of the Company&rsquo;s
assets that could have a material effect on the financial statements.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.4pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.4pt">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&rsquo;s internal control over financial
reporting as of December 31, 2016.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.4pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.4pt">We assessed the effectiveness
of the Company&rsquo;s internal controls over financial reporting as of December 31, 2016. In making this assessment, management
used the criteria established in &ldquo;Internal Control &mdash; Integrated Framework (2013)&rdquo; issued by the Committee of
Sponsoring Organizations of the Treadway Commission (&ldquo;COSO&rdquo;). As a result of this assessment, the Company&rsquo;s management
has determined that the Company&rsquo;s internal control over financial reporting was effective as of December 31, 2016.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>c) Attestation Report of the Registered
Public Accounting Firm</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.4pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.4pt">The effectiveness of the
Company&rsquo;s internal control over financial reporting as of December 31, 2016 has been audited by Price Waterhouse &amp; Co
S.R.L, an independent registered public accounting firm, our independent auditor, as stated in their report which is included herein
at page F-2 of our Consolidated Financial Statements.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>d) Changes in internal control over financial reporting</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.5pt">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="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.8in; text-align: justify; text-indent: -0.8in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: bold 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0%"></TD><TD STYLE="width: 0.75in"><FONT STYLE="color: windowtext"><A NAME="a_065"></A>Item 16.</FONT></TD><TD STYLE="text-align: justify"></TD></TR></TABLE>

<P STYLE="color: #010000; font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 0 1.5in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="color: #010000">A.</FONT></TD><TD STYLE="text-align: justify"><A NAME="a_066"></A>Audit Committee Financial Expert</TD></TR></TABLE>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 0 1.5in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.4pt">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 &ldquo;audit committee
financial expert&rdquo; and is independent within the meaning of this Item 16A and satisfies the financial literacy requirements
of the NYSE.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.4pt">&nbsp;</P>


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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="color: #010000">B.</FONT></TD><TD STYLE="text-align: justify"><A NAME="a_067"></A>Code of Ethics</TD></TR></TABLE>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 0 1.5in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.4pt">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="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="color: #010000">C.</FONT></TD><TD STYLE="text-align: justify"><A NAME="a_068"></A>Principal Accountant Fees and Services</TD></TR></TABLE>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 0 1.5in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.4pt">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="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 126.35pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="6" NOWRAP STYLE="text-align: center; border-bottom: Black 1pt solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-size: 8pt"><B>For
                                         the year ended</B></FONT></P> <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-size: 8pt"><B>December
                                         31,</B></FONT></P></TD><TD NOWRAP STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="6" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">(in
    thousands of $)</FONT></TD><TD NOWRAP STYLE="font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">2016</FONT></TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">2015</FONT></TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 74%; text-align: left; text-indent: -5.05pt; padding-left: 5.05pt">Audit Fees (1)</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; text-align: right">1,233</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; text-align: right">1,208</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1pt; text-indent: -5.05pt; padding-left: 5.05pt">Tax fees (2)</TD><TD>&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">25</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-weight: bold; padding-bottom: 1pt; text-indent: -5.05pt; padding-left: 5.05pt">Total</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">1,233</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">1,208</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD></TR>
</TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 15.95pt"><FONT STYLE="font-size: 8pt">(1)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 8pt">&ldquo;Audit
                                         fees&rdquo; means the aggregate fees billed for professional services rendered by our
                                         principal auditors for the audit of our consolidated financial statements and internal
                                         control over financial reporting of the Company, the statutory financial statements of
                                         the Company and its subsidiaries, and any other audit services required for the SEC or
                                         other regulatory filings.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 15.95pt; text-align: justify; text-indent: -15.95pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 15.95pt"><FONT STYLE="font-size: 8pt">(2)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 8pt">&quot;Tax
                                         fees&quot; includes fees for permitted tax compliance and tax advisory services rendered
                                         by our principal auditors.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 15.95pt; text-align: justify; text-indent: -15.95pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">During the fiscal year ended December 31, 2016 and 2015, no non-audit-related
services were provided by our principal auditors.</P>

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


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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>Audit Committee Approval Policies and Procedures</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.4pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.4pt">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="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.4pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.4pt">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="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="color: #010000">D.</FONT></TD><TD STYLE="text-align: justify"><A NAME="a_069"></A>Exemptions from the Listing Standards for Audit Committees</TD></TR></TABLE>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 0 1.5in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.4pt">Not applicable.</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="color: #010000">E.</FONT></TD><TD STYLE="text-align: justify"><A NAME="a_070"></A>Purchases of Equity Securities by the Issuer and Affiliated Purchasers</TD></TR></TABLE>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 0 1.5in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="width: 20%; border: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: left; vertical-align: middle"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="width: 20%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: left; vertical-align: middle"><FONT STYLE="font-size: 8pt">(a)&nbsp;Total&nbsp;Number&nbsp;of<BR>
    Shares&nbsp;(Units)<BR>
    Purchased&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="width: 20%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: left; vertical-align: middle"><FONT STYLE="font-size: 8pt">(b)&nbsp;Average&nbsp;Price<BR>
    Paid&nbsp;per&nbsp;Share</FONT></TD>
    <TD NOWRAP STYLE="width: 20%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: left; vertical-align: middle"><FONT STYLE="font-size: 8pt">(c)&nbsp;Total&nbsp;Number&nbsp;of<BR>
    Shares&nbsp;Purchased&nbsp;as<BR>
    Part&nbsp;of&nbsp;Publicly<BR>
    Announced&nbsp;Plans&nbsp;or<BR>
    Programs</FONT></TD>
    <TD NOWRAP STYLE="width: 20%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: left; vertical-align: middle"><FONT STYLE="font-size: 8pt">(d)&nbsp;Maximum<BR>
    Number&nbsp;of&nbsp;Shares<BR>
    that&nbsp;may&nbsp;yet&nbsp;be<BR>
    Purchased&nbsp;Under&nbsp;the<BR>
    Plans&nbsp;or&nbsp;Programs</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">09/01/2013 - 09/30/2013</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">55,899</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">7.52</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">55,899</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">6,063,192</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">10/01/2013 - 10/31/2013</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">74,676</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">7.61</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">74,676</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">5,988,516</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">11/01/2013 - 11/30/2013</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">59,273</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">7.88</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">59,273</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">5,929,243</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">12/01/2013 -12/31/2013</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">464,606</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">7.84</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">464,606</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">5,464,637</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">01/01/2014/ - 01/31/2014</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">785,517</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">7.71</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">785,517</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">4,679,120</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">02/01/2014 - 02/28/2014</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">828,883</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">7.69</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">828,883</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">3,850,237</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">03/01/2014 - 03/31/2014</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">74,992</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">7.84</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">74,992</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">3,775,245</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">08/01/2015 - 08/31/2015</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">2,747</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">7.98</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">2,747</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">6,063,192</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">09/01/2015 - 09/30/2015</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">37,052</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">7.93</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">37,052</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">6,026,140</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">10/01/2015 - 10/31/2015</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">448</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">7.99</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">448</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">6,025,692</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">09/01/2016 &nbsp;- 09/30/2016</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">93,939</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">10.95</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">93,939</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">6,063,192</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">11/01/2016 - 11/30/2016</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">38,949</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">10.79</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">38,949</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">6,024,243</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">12/01/2016 - 12/31/2016</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">323,844</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">10.26</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">323,844</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">5,700,399</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">01/01/2017 - 01/31/2017</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">114,079</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">10.79</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">114,079</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">5,586,320</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">04/01/2017- 04/30/2017</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">73,059</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">11.14</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">73,059</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">5,513,261</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt"><B>Total</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt"><B>2,970,363</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt"><B>8.28</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt"><B>2,970,363</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>


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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">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 &ldquo;Item 10 &ndash; Additional Information
&ndash; Repurchase of Shares&rdquo;.</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="color: #010000">F.</FONT></TD><TD STYLE="text-align: justify"><A NAME="a_071"></A>Change in Registrant&rsquo;s Certifying Accountant</TD></TR></TABLE>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 0 1.5in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.4pt">Not applicable.</P>

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

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<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="color: #010000">G.</FONT></TD><TD STYLE="text-align: justify"><A NAME="a_072"></A>Corporate Governance</TD></TR></TABLE>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 0 1.5in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.4pt">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="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>Majority of Independent Directors</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 24.4pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 24.4pt">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="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>Non-management Directors&rsquo; Meetings</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.4pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.4pt">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 &ldquo;Item 6. Directors, Senior Management and Employees&mdash;A. Directors and Senior Management.&rdquo;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.2in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>Communication with Non-Management Directors</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.4pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.4pt">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&rsquo;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="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>Audit Committee</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.4pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.4pt">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 &ldquo;Item
6. Directors, Senior Management and Employees&mdash;C. Board Practices&rdquo;.&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.4pt"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.4pt">&nbsp;</P>


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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.4pt">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&rsquo;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="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>Standards for Evaluating Director Independence</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.4pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.4pt">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 &ldquo;independent&rdquo; under the rules of the NYSE differs in some non-material respects from
the definition contained in our Articles of Association.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>Audit Committee Responsibilities</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.4pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.4pt">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&rsquo;s financial statements, including periodically reporting to the board of directors on its activity
and the adequacy of the Company&rsquo;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&rsquo;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="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.4pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.4pt">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="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>Nominating/Corporate Governance Committee.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.4pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.4pt">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="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>Shareholder Voting on Equity Compensation Plans</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.4pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.4pt">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="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>Disclosure of Corporate Governance Guidelines</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.4pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.4pt">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="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>


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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>Code of Business Conduct and Ethics</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.4pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.4pt">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="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.4pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.4pt">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. And substantially complies with the NYSE&acute;s requirements under the Code of
Business Conduct and Ethics.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.4pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>Chief Executive Officer Certification</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.4pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.4pt">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&rsquo;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="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

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<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="color: #010000">H.</FONT></TD><TD STYLE="text-align: justify"><A NAME="a_073"></A>Mine Safety Disclosure</TD></TR></TABLE>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 0 1.5in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.4pt">Not applicable.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><A NAME="a_074"></A>PART III</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.8in; text-align: justify; text-indent: -0.8in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: bold 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0%"></TD><TD STYLE="width: 0.75in"><FONT STYLE="color: windowtext">Item 17.</FONT></TD><TD STYLE="text-align: justify"><A NAME="a_075"></A>Financial Statements</TD></TR></TABLE>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.8in; text-align: justify; text-indent: -0.8in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.4pt">We have responded to Item
18 in lieu of responding to this item.</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: bold 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0%"></TD><TD STYLE="width: 0.75in"><FONT STYLE="color: windowtext">Item 18.</FONT></TD><TD STYLE="text-align: justify"><A NAME="a_076"></A>Financial Statements.</TD></TR></TABLE>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.8in; text-align: justify; text-indent: -0.8in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.4pt">See pages F-1 through
F-90 of this annual report.</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: bold 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0%"></TD><TD STYLE="width: 0.75in"><FONT STYLE="color: windowtext">Item 19.</FONT></TD><TD STYLE="text-align: justify"><A NAME="a_077"></A>Exhibits</TD></TR></TABLE>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.8in; text-align: justify; text-indent: -0.8in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD NOWRAP STYLE="width: 14%; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt"><B>Exhibit Number</B></FONT></TD>
    <TD NOWRAP STYLE="width: 1%; text-align: center; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="width: 85%; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt"><B>Description</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 5.05pt"><FONT STYLE="font-size: 10pt"><B>1.1</B></FONT></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Amended and Restated Articles of Association of Adecoagro S.A. dated April 20,2016.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 5.05pt">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 5.05pt"><FONT STYLE="font-size: 10pt"><B>4.1</B></FONT></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">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&rsquo;s registration statement on Form F-1 (File No. 333-171683) filed with the Securities and Exchange Commission on January 13, 2011 (&ldquo;Form F-1&rdquo;) and incorporated by reference herein.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 5.05pt">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 5.05pt"><FONT STYLE="font-size: 10pt"><B>4.2</B></FONT></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">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&rsquo;s registration statement on Form F-1 and incorporated by reference herein.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 5.05pt">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 5.05pt"><FONT STYLE="font-size: 10pt"><B>4.3</B></FONT></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">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&rsquo;s registration statement on Form F-1 and incorporated by reference herein.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 5.05pt">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 5.05pt"><FONT STYLE="font-size: 10pt"><B>4.4</B></FONT></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">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&rsquo;s registration statement on Form F-1 and incorporated by reference herein.</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>


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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 14%; padding-left: 5.05pt"><FONT STYLE="font-size: 10pt"><B>4.5</B></FONT></TD>
    <TD STYLE="width: 1%; text-align: justify">&nbsp;</TD>
    <TD STYLE="width: 85%; text-align: justify"><FONT STYLE="font-size: 10pt">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&rsquo;s registration statement on Form F-1 and incorporated by reference herein.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 5.05pt">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 5.05pt"><FONT STYLE="font-size: 10pt"><B>4.6</B></FONT></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">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&rsquo;s registration statement on Form F-1 and incorporated by reference herein.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 5.05pt">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 5.05pt"><FONT STYLE="font-size: 10pt"><B>4.7</B></FONT></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">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&rsquo;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="padding-left: 5.05pt">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 5.05pt"><FONT STYLE="font-size: 10pt"><B>4.8</B></FONT></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">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&rsquo;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="padding-left: 5.05pt">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 5.05pt"><FONT STYLE="font-size: 10pt"><B>4.9</B></FONT></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">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&rsquo;s registration statement on Form F-1 and incorporated by reference herein.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 5.05pt">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 5.05pt"><FONT STYLE="font-size: 10pt"><B>4.10</B></FONT></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">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&rsquo;s registration statement on Form F-1 and incorporated by reference herein.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 5.05pt">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 5.05pt"><FONT STYLE="font-size: 10pt"><B>4.11</B></FONT></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">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&rsquo;s registration statement on Form F-1 and incorporated by reference herein.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 5.05pt">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 5.05pt"><FONT STYLE="font-size: 10pt"><B>4.12</B></FONT></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">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&rsquo;s registration statement on Form F-1 and incorporated by reference herein.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 5.05pt">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 5.05pt"><FONT STYLE="font-size: 10pt"><B>4.13</B></FONT></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">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&rsquo;s registration statement on Form F-1 and incorporated by reference herein.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 5.05pt">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 5.05pt">&nbsp;</P></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 5.05pt"><FONT STYLE="font-size: 10pt"><B>4.14</B></FONT></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">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&rsquo;s registration statement on Form F-1 and incorporated by reference herein.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 5.05pt">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 5.05pt"><FONT STYLE="font-size: 10pt"><B>4.15</B></FONT></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">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&rsquo;s registration statement on Form F-1 and incorporated by reference herein.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 5.05pt">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 5.05pt"><FONT STYLE="font-size: 10pt"><B>4.16</B></FONT></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">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&rsquo;s registration statement on Form F-1 and incorporated by reference herein.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 5.05pt">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 5.05pt"><FONT STYLE="font-size: 10pt"><B>4.17</B></FONT></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">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&rsquo;s registration statement on Form F-1 and incorporated by reference herein.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 5.05pt">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 5.05pt"><FONT STYLE="font-size: 10pt"><B>4.18</B></FONT></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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&rsquo;s registration statement on Form F-1 and incorporated by reference herein.</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>


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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 5.05pt; width: 14%"><FONT STYLE="font-size: 10pt"><B>4.19</B></FONT></TD>
    <TD STYLE="text-align: justify; width: 1%">&nbsp;</TD>
    <TD STYLE="text-align: justify; width: 85%"><FONT STYLE="font-size: 10pt">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&rsquo;s registration statement on Form F-1 and incorporated by reference herein.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 5.05pt">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 5.05pt"><FONT STYLE="font-size: 10pt"><B>4.20</B></FONT></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">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&rsquo;s registration statement on Form F-1 and incorporated by reference herein.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 5.05pt">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 5.05pt"><FONT STYLE="font-size: 10pt"><B>4.21</B></FONT></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">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&rsquo;s registration statement on Form F-1 and incorporated by reference herein.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 5.05pt">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 5.05pt"><FONT STYLE="font-size: 10pt"><B>4.22</B></FONT></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">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&rsquo;s registration statement on Form F-1 and incorporated by reference herein.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 5.05pt">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 5.05pt"><FONT STYLE="font-size: 10pt"><B>4.23</B></FONT></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">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&rsquo;s registration statement on Form F-1 and incorporated by reference herein.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 5.05pt">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 5.05pt"><FONT STYLE="font-size: 10pt"><B>4.24</B></FONT></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">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&rsquo;s registration statement on Form F-1 and incorporated by reference herein.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 5.05pt">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 5.05pt"><FONT STYLE="font-size: 10pt"><B>4.25</B></FONT></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">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&rsquo;s registration statement on Form F-1 and incorporated by reference herein.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 5.05pt">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 5.05pt"><FONT STYLE="font-size: 10pt"><B>4.26</B></FONT></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">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&rsquo;s registration statement on Form F-1 and incorporated by reference herein.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 5.05pt">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 5.05pt"><FONT STYLE="font-size: 10pt"><B>4.27</B></FONT></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">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&rsquo;s registration statement on Form F-1 and incorporated by reference herein.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 5.05pt">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 5.05pt"><FONT STYLE="font-size: 10pt"><B>4.28</B></FONT></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">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&rsquo;s registration statement on Form F-1 and incorporated by reference herein.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 5.05pt">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 5.05pt"><FONT STYLE="font-size: 10pt"><B>4.29</B></FONT></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">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&rsquo;s registration statement on Form F-1 and incorporated by reference herein.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 5.05pt">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 5.05pt"><FONT STYLE="font-size: 10pt"><B>4.30</B></FONT></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">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., previously filed as exhibit 10.27 to the Company&rsquo;s registration statement on Form F-1 and incorporated by reference herein.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 5.05pt">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 5.05pt"><FONT STYLE="font-size: 10pt"><B>4.31</B></FONT></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">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&rsquo;s registration statement on Form F-1 and incorporated by reference herein.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 5.05pt">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 5.05pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>4.32</B></FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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&rsquo;s registration statement on Form F-1 and incorporated by reference
    herein.</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>


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<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 5.05pt; width: 14%"><FONT STYLE="font-size: 10pt"><B>4.33</B></FONT></TD>
    <TD STYLE="text-align: justify; width: 1%">&nbsp;</TD>
    <TD STYLE="text-align: justify; width: 85%"><FONT STYLE="font-size: 10pt">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&rsquo;s registration statement on Form F-1 and incorporated by reference herein.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 5.05pt">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 5.05pt"><FONT STYLE="font-size: 10pt"><B>4.34</B></FONT></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">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&rsquo;s registration statement on Form F-1 and incorporated by reference herein.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 5.05pt">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 5.05pt"><FONT STYLE="font-size: 10pt"><B>4.35</B></FONT></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Form of Registration Rights Agreement between Adecoagro S.A. and certain shareholders, previously filed as exhibit 10.33 to the Company&rsquo;s registration statement on Form F-1 and incorporated by reference herein.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 5.05pt">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 5.05pt"><FONT STYLE="font-size: 10pt"><B>4.36</B></FONT></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">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&rsquo;s registration statement on Form F-1 and incorporated by reference herein.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 5.05pt">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 5.05pt"><FONT STYLE="font-size: 10pt"><B>4.37</B></FONT></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">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&rsquo;s registration statement on Form F-1 and incorporated by reference herein.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 5.05pt">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 5.05pt"><FONT STYLE="font-size: 10pt"><B>4.38</B></FONT></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">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&rsquo;s registration statement on Form F-1 and incorporated by reference herein.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 5.05pt">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 5.05pt"><FONT STYLE="font-size: 10pt"><B>4.39</B></FONT></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">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&rsquo;s registration statement on Form F-1 and incorporated by reference herein.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 5.05pt">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 5.05pt"><FONT STYLE="font-size: 10pt"><B>4.40</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">English translation of Promise to Sell, dated December 21, 2010, between Kelizer S.C.A. and Las Mesetas S.A., previously filed as exhibit 4.40&nbsp;to the&nbsp;Company&rsquo;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 STYLE="padding-left: 5.05pt">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 5.05pt"><FONT STYLE="font-size: 10pt"><B>4.41</B></FONT></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">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&rsquo;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="padding-left: 5.05pt">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 5.05pt"><FONT STYLE="font-size: 10pt"><B>4.42</B></FONT></TD>
    <TD STYLE="padding-left: 5.05pt; text-align: justify; text-indent: 0.95pt">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">English translation of Stock Purchase Agreement, dated August 19, 2011, between Kadesh Hispania, S.L., Leterton Espa&ntilde;a, S.L. and Simoneta S.A., previously filed as Exhibit 4.42 to the Company&rsquo;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="padding-left: 5.05pt">&nbsp;</TD>
    <TD STYLE="padding-left: 5.05pt; text-align: justify; text-indent: 0.95pt">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 5.05pt"><FONT STYLE="font-size: 10pt"><B>4.43</B></FONT></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">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.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 5.05pt">&nbsp;</TD>
    <TD STYLE="padding-left: 5.05pt; text-align: justify; text-indent: 0.95pt">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR><TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 5.05pt"><B>4.44</B></TD>
    <TD STYLE="padding-left: 5.05pt; text-align: justify; text-indent: 0.95pt">&nbsp;</TD>
    <TD STYLE="text-align: justify">Export Prepayment Finance Agreement dated December 20, 2016
by and among Adecoagro Vale Do Ivinhema S.A., as borrower, Adecoagro Brasil Participacoes S.A., Adeco Agropecuaria Brasil Ltda.,
and Usina Monte Alegre Ltda., as guarantors, ING Capital LLC, Cooperative Rabobank U.A., as arrangers and bookmakers, Banco Rabobank
International Brasil S.A., as administrative agent and collateral agent, Cooperative Rabobank U.A., as collection account agent
and paying agent, and the Lenders party thereto.


</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 5.05pt">&nbsp;</TD>
    <TD STYLE="padding-left: 5.05pt; text-align: justify; text-indent: 0.95pt">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR><TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 5.05pt"><B>4.45</B></TD>
    <TD STYLE="padding-left: 5.05pt; text-align: justify; text-indent: 0.95pt">&nbsp;</TD>
    <TD STYLE="text-align: justify"><P STYLE="margin-top: 0; margin-bottom: 0">Export Prepayment Facility Agreement, dated as of November 5, 2014, by and among Adecoagro Vale Do Ivinhema S.A, as Borrower, Adecoagro Brasil Participacoes S.A. and Usina Monte Alegre Ltda., as Guarantors, ING Capital LLC and Rabobank Curacao N.V., as Mandated Lead Arrangers and Bookrunners, ING Bank N.V., as Administrative Agent and Collateral Agent, ING Bank N.V., Sao Paulo Branch, as Brazilian Collateral Agent and the Lenders party thereto.</P>
                                    <P STYLE="margin-top: 0; margin-bottom: 0"></P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 5.05pt">&nbsp;</TD>
    <TD STYLE="padding-left: 5.05pt; text-align: justify; text-indent: 0.95pt">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 5.05pt"><B>4.46</B></TD>
    <TD STYLE="padding-left: 5.05pt; text-align: justify; text-indent: 0.95pt">&nbsp;</TD>
    <TD STYLE="text-align: justify">Export Prepayment Facility Agreement, dated as of August 3, 2015, by and among Adecoagro Vale Do Ivinhema S.A, as Borrower, Adecoagro Brasil Participacoes S.A., Adeco Agropecuaria Brasil S.A. and Usina Monte Alegre Ltda., as Guarantors, ING Capital LLC and Rabobank Curacao N.V., as Mandated Lead Arrangers and Bookrunners, ING Bank N.V., as Administrative Agent and Collateral Agent, ING Bank N.V., Sao Paulo Branch, as Brazilian Collateral Agent and the Lenders party thereto.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 5.05pt">&nbsp;</TD>
    <TD STYLE="padding-left: 5.05pt; text-align: justify; text-indent: 0.95pt">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 5.05pt"><FONT STYLE="font-size: 10pt"><B>8.1</B></FONT></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Subsidiaries of Adecoagro S.A. as of April 30, 2015.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 5.05pt">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 5.05pt"><FONT STYLE="font-size: 10pt"><B>12.1</B></FONT></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">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 STYLE="padding-left: 5.05pt">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 5.05pt"><FONT STYLE="font-size: 10pt"><B>12.2</B></FONT></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">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 STYLE="padding-left: 5.05pt">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 5.05pt"><FONT STYLE="font-size: 10pt"><B>13.1</B></FONT></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Certification of Chief Executive Officer pursuant to Section 906 of the Sarbanes-Oxley Act of 2002</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>


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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
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    <TD STYLE="width: 14%; padding-left: 5.05pt"><FONT STYLE="font-size: 10pt"><B>13.2</B></FONT></TD>
    <TD STYLE="width: 1%; text-align: justify">&nbsp;</TD>
    <TD STYLE="width: 85%; text-align: justify"><FONT STYLE="font-size: 10pt">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 STYLE="padding-left: 5.05pt">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 5.05pt"><FONT STYLE="font-size: 10pt"><B>15.1</B></FONT></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Consent of Cushman &amp; Wakefield Argentina S.A.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 5.05pt">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 5.05pt"><FONT STYLE="font-size: 10pt"><B>15.2</B></FONT></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Consent of Price Waterhouse &amp; Co. S.R.L.</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>


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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.4pt">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="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 90%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 55%">&nbsp;</TD>
    <TD STYLE="width: 45%"><FONT STYLE="font-size: 10pt">Adecoagro S.A.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">/s/ Mariano Bosch</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">Name: Mariano Bosch</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">Title: Chief Executive Officer</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Date: April 27, 2017</P>

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


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


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

<P STYLE="font: 18pt Times New Roman, Times, Serif; margin: 0pt 0; color: gray"><B>Adecoagro S.A.</B></P>

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

<P STYLE="font: 18pt Times New Roman, Times, Serif; margin: 0pt 0; color: gray"><B>Consolidated Financial Statements as of December
31, 2016, 2015 and 2014 and for the years ended December&nbsp;31, 2016, 2015 and 2014</B></P>

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


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

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Report of Independent Registered Public Accounting Firm</B></P>

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In our opinion, the
accompanying consolidated statement of financial position and the related consolidated statements of income, comprehensive income,
changes in shareholders&rsquo;s equity and cash flows present fairly, in all material respects, the financial position of Adecoagro
S.A. and its subsidiaries at December 31, 2016 and 2015, and the results of their operations and their cash flows for each of the
three years in the period ended December 31, 2016 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&nbsp;31,&nbsp;2016, based on criteria established in Internal Control - Integrated
Framework (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission (COSO). The Company'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 &ldquo;Management&rsquo;s Annual Report
on Internal Control over Financial Reporting&rdquo; included in Item 15 of this Annual Report on Form 20-F. Our responsibility
is to express opinions on these financial statements and on the Company'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="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">As discussed in Note
32.1, the company changed the manner in which it accounts for biological assets and property, plant and equipment.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">A company&rsquo;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&rsquo;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&rsquo;s assets that could have a
material effect on the financial statements.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">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="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 5%">&nbsp;</TD>
    <TD STYLE="width: 95%">Buenos Aires, Argentina.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>April 24, 2017</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>PRICE WATERHOUSE &amp; CO. S.R.L.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>by&nbsp;<U>&nbsp;/s/ Marcelo de Nicola&nbsp;&nbsp;&nbsp;</U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Partner)</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>Marcelo de Nicola</TD></TR>
</TABLE>

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

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

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>Legal information</B></P>

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

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

<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>Legal address: </B>Vertigo Naos Building, 6, Rue Eug&egrave;ne
Ruppert, L-2453, Luxembourg</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Company activity: </B>Agricultural and agro-industrial</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Date of registration: </B>June 11, 2010</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Expiration of company charter: </B>No term defined</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Number of register (RCS Luxembourg): </B>B153.681</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Capital stock: </B>122,381,815 common shares (of which 1,238,318
are treasury shares)</P>

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


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

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt"><B>Adecoagro S.A.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>Consolidated Statements of Income</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>for the years ended December 31, 2016,
2015 and 2014</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">(All amounts in US$ thousands, except shares
and per share data and as otherwise indicated)</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="text-align: center">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: center">&nbsp;</TD>
    <TD NOWRAP STYLE="text-align: center; padding-bottom: 1pt">Note</TD><TD STYLE="padding-bottom: 1pt; text-align: center">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt; text-align: center">&nbsp;</TD>
    <TD NOWRAP COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2016</TD><TD STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt; text-align: center">&nbsp;</TD>
    <TD NOWRAP COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2015 (*)</TD><TD STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt; text-align: center">&nbsp;</TD>
    <TD NOWRAP COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2014 (*)</TD><TD STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD NOWRAP STYLE="text-align: center">&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD NOWRAP COLSPAN="2" STYLE="text-align: right">&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD NOWRAP COLSPAN="2" STYLE="text-align: right">&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD NOWRAP COLSPAN="2" STYLE="text-align: right">&nbsp;</TD><TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 52%; text-align: left">Sales of goods and services rendered</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 7%; text-align: center">4</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; text-align: right">869,235</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; text-align: right">674,314</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; text-align: right">722,966</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Cost of goods sold and services rendered</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">5</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(678,581</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(557,786</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(605,325</TD><TD STYLE="text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">Initial recognition and changes in fair value of biological assets and agricultural produce</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">15</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">125,456</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">54,528</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">100,216</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1pt">Changes in net realizable value of agricultural produce after harvest</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; text-align: center">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(5,841</TD><TD STYLE="padding-bottom: 1pt; text-align: left; border-bottom: Black 1pt solid">)</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">14,691</TD><TD STYLE="padding-bottom: 1pt; text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">3,401</TD><TD STYLE="padding-bottom: 1pt; text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-weight: bold; text-align: left; padding-bottom: 1pt">Margin on Manufacturing and Agricultural Activities Before Operating Expenses</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; text-align: center">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">310,269</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">185,747</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">221,258</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">General and administrative expenses</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">6</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(50,750</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(48,425</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(52,695</TD><TD STYLE="text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">Selling expenses</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">6</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(80,673</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(70,268</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(78,864</TD><TD STYLE="text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Other operating income, net</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">8</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(8,297</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">31,066</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">11,977</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-bottom: 1pt">Share of loss of joint venture</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; text-align: center">16</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">-</TD><TD STYLE="padding-bottom: 1pt; text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(2,685</TD><TD STYLE="padding-bottom: 1pt; text-align: left; border-bottom: Black 1pt solid">)</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(924</TD><TD STYLE="padding-bottom: 1pt; text-align: left; border-bottom: Black 1pt solid">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; text-align: left; padding-bottom: 1pt">Profit from Operations</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; text-align: center">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">170,549</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">95,435</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">100,752</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">Finance income</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">9</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">7,957</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">9,150</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">7,291</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1pt">Finance costs</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; text-align: center">9</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(165,380</TD><TD STYLE="padding-bottom: 1pt; text-align: left; border-bottom: Black 1pt solid">)</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(116,890</TD><TD STYLE="padding-bottom: 1pt; text-align: left; border-bottom: Black 1pt solid">)</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(86,472</TD><TD STYLE="padding-bottom: 1pt; text-align: left; border-bottom: Black 1pt solid">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-bottom: 1pt">Financial results, net</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; text-align: center">9</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(157,423</TD><TD STYLE="padding-bottom: 1pt; text-align: left; border-bottom: Black 1pt solid">)</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(107,740</TD><TD STYLE="padding-bottom: 1pt; text-align: left; border-bottom: Black 1pt solid">)</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(79,181</TD><TD STYLE="padding-bottom: 1pt; text-align: left; border-bottom: Black 1pt solid">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; text-align: left; padding-bottom: 1pt">Profit / (Loss) Before Income Tax</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; text-align: center">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">13,126</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">(12,305</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; text-align: left; border-bottom: Black 1pt solid">)</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">21,571</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-bottom: 1pt">Income tax (expense) / benefit</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; text-align: center">10</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(9,387</TD><TD STYLE="padding-bottom: 1pt; text-align: left; border-bottom: Black 1pt solid">)</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">7,954</TD><TD STYLE="padding-bottom: 1pt; text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(10,535</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; text-align: left; padding-bottom: 2.5pt">Profit / (Loss) for the Year</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 2.5pt; text-align: center">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">3,739</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">(4,351</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">)</TD><TD STYLE="font-weight: bold; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">11,036</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; text-align: left">Attributable to:</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">Equity holders of the parent</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2,039</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(5,593</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">11,116</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Non-controlling interest</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,700</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,242</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(80</TD><TD STYLE="text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; text-align: left">Earnings / (Loss) per share from operations attributable to the equity holders of the parent during the year:</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD>Basic earnings per share</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">11</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">0.017</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(0.046</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">0.092</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD>Diluted earnings per share</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">11</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">0.017</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(0.046</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">0.091</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
</TABLE>

<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 0pt 0.25in"><B>(*)</B>: The prior years have been adjusted to reflect the
Company&rsquo;s adoption of amendments to IAS 16 and IAS 41 as further described in Note 32.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt">The accompanying notes are an integral part of these consolidated financial statements.</P>

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


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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt"><B>Adecoagro S.A.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Consolidated Statements of Comprehensive
Income</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>for the years ended December 31, 2016,
2015 and 2014</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(All amounts in US$ thousands, except shares
and per share data and as otherwise indicated)</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD NOWRAP COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2016</TD><TD STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD NOWRAP COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2015 (*)</TD><TD STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD NOWRAP COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2014 (*)</TD><TD STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD NOWRAP COLSPAN="2" STYLE="text-align: center">&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD NOWRAP COLSPAN="2" STYLE="text-align: center">&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD NOWRAP COLSPAN="2" STYLE="text-align: center">&nbsp;</TD><TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 55%; text-align: left">Profit / (Loss) for the year</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 12%; text-align: right">3,739</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 12%; text-align: right">(4,351</TD><TD STYLE="width: 1%; text-align: left">)</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 12%; text-align: right">11,036</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; text-align: left">Other comprehensive income:</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD 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: -7.1pt; padding-left: 7.1pt">-&nbsp;&nbsp;Items that may be reclassified subsequently to profit or loss:</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 9pt">Exchange differences on translating foreign &nbsp;&nbsp;operations</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">39,496</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(178,146</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(101,959</TD><TD STYLE="text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-bottom: 1pt; padding-left: 9pt">Cash flow hedge, net of tax (Note 2)</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">100,615</TD><TD STYLE="padding-bottom: 1pt; text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(94,851</TD><TD STYLE="padding-bottom: 1pt; text-align: left; border-bottom: Black 1pt solid">)</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(27,287</TD><TD STYLE="padding-bottom: 1pt; text-align: left; border-bottom: Black 1pt solid">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; text-align: left; padding-bottom: 1pt">Other comprehensive income / (loss) for the year</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">140,111</TD><TD STYLE="padding-bottom: 1pt; text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(272,997</TD><TD STYLE="padding-bottom: 1pt; text-align: left; border-bottom: Black 1pt solid">)</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(129,246</TD><TD STYLE="padding-bottom: 1pt; text-align: left; border-bottom: Black 1pt solid">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-weight: bold; text-align: left; padding-bottom: 2.25pt">Total comprehensive income / (loss) for the year</TD><TD STYLE="font-weight: bold; padding-bottom: 2.25pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.25pt double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.25pt double; font-weight: bold; text-align: right">143,850</TD><TD STYLE="border-bottom: Black 2.25pt double; font-weight: bold; text-align: right">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 2.25pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.25pt double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.25pt double; font-weight: bold; text-align: right">(277,348</TD><TD STYLE="border-bottom: Black 2.25pt double; font-weight: bold; text-align: left">)</TD><TD STYLE="font-weight: bold; padding-bottom: 2.25pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.25pt double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.25pt double; font-weight: bold; text-align: right">(118,210</TD><TD STYLE="border-bottom: Black 2.25pt double; font-weight: bold; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-weight: bold; text-align: left">Attributable to:</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Equity holders of the parent</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">143,603</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(275,077</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(117,744</TD><TD STYLE="text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">Non-controlling interest</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">247</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(2,271</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(466</TD><TD STYLE="text-align: left">)</TD></TR>
</TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>(*)</B>: The prior years have been adjusted to reflect the
Company&rsquo;s adoption of amendments to IAS 16 and IAS 41 as further described in Note 32.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt">The accompanying notes are an integral part of these consolidated financial statements.</P>

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


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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt"><B>Adecoagro S.A.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Consolidated Statements of Financial
Position </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>as of December 31, 2016, 2015 and 2014</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(All amounts in US$ thousands, except shares
and per share data and as otherwise indicated)</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP>&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD NOWRAP STYLE="text-align: center; padding-bottom: 1pt">Note</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD NOWRAP COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2016</TD><TD STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD NOWRAP COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2015 (*)</TD><TD STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD NOWRAP COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2014 (*)</TD><TD STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-weight: bold">ASSETS</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; text-align: left">Non-Current Assets</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 52%; text-align: left">Property, plant and equipment, net</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 7%; text-align: center">12</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; text-align: right">802,608</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; text-align: right">696,889</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; text-align: right">991,581</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Investment property</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">13</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2,666</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">4,796</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">6,675</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">Intangible assets, net</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">14</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">17,252</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">16,661</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">23,778</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Biological assets</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">15</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">8,516</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">6,476</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">8,881</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">Investments in joint ventures</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">16</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2,752</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Deferred income tax assets</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">10</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">38,586</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">68,744</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">42,072</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">Trade and other receivables, net</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">18</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">17,412</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">21,795</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">50,590</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1pt">Other assets</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; text-align: center">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">566</TD><TD STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">651</TD><TD STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">587</TD><TD STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-weight: bold; text-align: left; padding-bottom: 1pt">Total Non-Current Assets</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; text-align: center">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">887,606</TD><TD STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">816,012</TD><TD STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">1,126,916</TD><TD STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; text-align: left">Current Assets</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">Biological assets</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">15</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">136,888</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">105,342</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">115,855</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD>Inventories</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">19</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">111,754</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">85,286</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">117,106</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">Trade and other receivables, net</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">18</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">157,528</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">145,011</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">164,526</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Derivative financial instruments</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">17</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">3,398</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">4,849</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">7,966</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">Other assets</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">24</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1pt">Cash and cash equivalents</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; text-align: center">20</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">158,568</TD><TD STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">198,894</TD><TD STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">113,795</TD><TD STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-weight: bold; text-align: left; padding-bottom: 1pt">Total Current Assets</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; text-align: center">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">568,160</TD><TD STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">539,382</TD><TD STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">519,248</TD><TD STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; text-align: left; padding-bottom: 2.25pt">TOTAL ASSETS</TD><TD STYLE="padding-bottom: 2.25pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 2.25pt; text-align: center">&nbsp;</TD><TD STYLE="padding-bottom: 2.25pt; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 2.25pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.25pt double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.25pt double; font-weight: bold; text-align: right">1,455,766</TD><TD STYLE="border-bottom: Black 2.25pt double; font-weight: bold; text-align: right">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 2.25pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.25pt double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.25pt double; font-weight: bold; text-align: right">1,355,394</TD><TD STYLE="border-bottom: Black 2.25pt double; font-weight: bold; text-align: right">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 2.25pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.25pt double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.25pt double; font-weight: bold; text-align: right">1,646,164</TD><TD STYLE="border-bottom: Black 2.25pt double; font-weight: bold; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-weight: bold; text-align: left">SHAREHOLDERS EQUITY</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; text-align: left">Capital and reserves attributable to equity holders of the parent</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD>Share capital</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">22</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">183,573</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">183,573</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">183,573</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD>Share premium</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">22</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">937,250</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">937,674</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">933,044</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">Cumulative translation adjustment</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(527,364</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(568,316</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(397,560</TD><TD STYLE="text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Equity-settled compensation</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">17,218</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">16,631</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">16,735</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">Cash flow hedge</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">2</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(37,299</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(137,911</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(43,064</TD><TD STYLE="text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD>Treasury shares</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(1,859</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(1,936</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(2,840</TD><TD STYLE="text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">Reserve from the sale of non-controlling interests in subsidiaries</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">21</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">41,574</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">41,574</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">25,508</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1pt">Retained earnings</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; text-align: center">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">50,998</TD><TD STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">48,795</TD><TD STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">54,242</TD><TD STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-weight: bold; text-align: left; padding-bottom: 1pt">Equity attributable to equity holders of the parent</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; text-align: center">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">664,091</TD><TD STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">520,084</TD><TD STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">769,638</TD><TD STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1pt">Non-controlling interest</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; text-align: center">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">7,582</TD><TD STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">7,335</TD><TD STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">7,589</TD><TD STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-weight: bold; text-align: left; padding-bottom: 1pt">TOTAL SHAREHOLDERS EQUITY</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; text-align: center">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">671,673</TD><TD STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">527,419</TD><TD STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">777,227</TD><TD STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold">LIABILITIES</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-weight: bold; text-align: left">Non-Current Liabilities</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Trade and other payables</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">25</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,427</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,911</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2,391</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD>Borrowings</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">26</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">430,304</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">483,651</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">491,324</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Deferred income tax liabilities</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">10</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">14,689</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">15,636</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">39,635</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">Payroll and social liabilities</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">27</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,235</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,236</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,278</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Derivatives financial instruments</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">17</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">662</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">119</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">39</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-bottom: 1pt">Provisions for other liabilities</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; text-align: center">28</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">3,299</TD><TD STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">1,653</TD><TD STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">2,013</TD><TD STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; text-align: left; padding-bottom: 1pt">Total Non-Current Liabilities</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; text-align: center">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">451,616</TD><TD STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">504,206</TD><TD STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">536,680</TD><TD STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-weight: bold; text-align: left">Current Liabilities</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Trade and other payables</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">25</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">92,158</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">53,731</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">83,100</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">Current income tax liabilities</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,387</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">962</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">76</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Payroll and social liabilities</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">27</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">26,844</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">22,153</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">27,315</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD>Borrowings</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">26</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">205,092</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">239,688</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">207,182</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Derivative financial instruments</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">17</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">6,406</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">6,575</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">13,860</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-bottom: 1pt">Provisions for other liabilities</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; text-align: center">28</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">590</TD><TD STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">660</TD><TD STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">724</TD><TD STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; text-align: left; padding-bottom: 1pt">Total Current Liabilities</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; text-align: center">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">332,477</TD><TD STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">323,769</TD><TD STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">332,257</TD><TD STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-weight: bold; text-align: left; padding-bottom: 1pt">TOTAL LIABILITIES</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; text-align: center">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">784,093</TD><TD STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">827,975</TD><TD STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">868,937</TD><TD STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; text-align: left; padding-bottom: 1pt">TOTAL SHAREHOLDERS EQUITY AND LIABILITIES</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; text-align: center">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">1,455,766</TD><TD STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">1,355,394</TD><TD STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">1,646,164</TD><TD STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"></TD></TR>
</TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"><B>(*)</B>: The prior years have been adjusted to reflect the
Company&rsquo;s adoption of amendments to IAS 16 and IAS 41 as further described in Note 32.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt">The accompanying notes are an integral part of these consolidated financial statements.</P>

<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="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt"><B>Adecoagro S.A.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Consolidated Statements of Changes in
Shareholders&rsquo; Equity</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>for the years ended December 31, 2016,
2015 and 2014</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(All amounts in US$ thousands, except shares
and per share data and as otherwise indicated)</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 8pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom; font-size: 8pt">
    <TD NOWRAP STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; padding-bottom: 1pt; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD NOWRAP COLSPAN="38" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid; font-size: 8pt"><FONT STYLE="font-size: 8pt">Attributable
    to equity holders of the parent</FONT></TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD NOWRAP COLSPAN="2" STYLE="text-align: center; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD NOWRAP COLSPAN="2" STYLE="text-align: center; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font-size: 8pt">
    <TD NOWRAP STYLE="padding-bottom: 1pt; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; padding-bottom: 1pt; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD NOWRAP COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid; font-size: 8pt; vertical-align: middle"><FONT STYLE="font-size: 8pt">Share
    Capital <BR> (Note 22)</FONT></TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; border-bottom: Black 1pt solid; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; padding-bottom: 1pt; border-bottom: Black 1pt solid; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD NOWRAP COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid; font-size: 8pt; vertical-align: middle"><FONT STYLE="font-size: 8pt">Share
    <BR> Premium <BR> (Note 22)</FONT></TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; border-bottom: Black 1pt solid; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; padding-bottom: 1pt; border-bottom: Black 1pt solid; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD NOWRAP COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid; font-size: 8pt; vertical-align: middle"><FONT STYLE="font-size: 8pt">Cumulative
    <BR> Translation <BR> Adjustment</FONT></TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; border-bottom: Black 1pt solid; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; padding-bottom: 1pt; border-bottom: Black 1pt solid; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD NOWRAP COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid; font-size: 8pt; vertical-align: middle"><FONT STYLE="font-size: 8pt">Equity-settled
    <BR> Compensation</FONT></TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; border-bottom: Black 1pt solid; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; padding-bottom: 1pt; border-bottom: Black 1pt solid; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD NOWRAP COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid; font-size: 8pt; vertical-align: middle"><FONT STYLE="font-size: 8pt">Cash
    flow <BR> hedge<BR> (*)</FONT></TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; border-bottom: Black 1pt solid; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; padding-bottom: 1pt; border-bottom: Black 1pt solid; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD NOWRAP COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid; font-size: 8pt; vertical-align: middle"><FONT STYLE="font-size: 8pt">Other
    <BR> reserves</FONT></TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; border-bottom: Black 1pt solid; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; padding-bottom: 1pt; border-bottom: Black 1pt solid; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD NOWRAP COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid; font-size: 8pt; vertical-align: middle"><FONT STYLE="font-size: 8pt">Treasury
    <BR> shares</FONT></TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; border-bottom: Black 1pt solid; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; padding-bottom: 1pt; border-bottom: Black 1pt solid; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD NOWRAP COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid; font-size: 8pt"><FONT STYLE="font-size: 8pt">Reserve
    <BR> from the <BR> sale of non-<BR> controlling <BR> interests in <BR> subsidiaries</FONT></TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; border-bottom: Black 1pt solid; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; padding-bottom: 1pt; border-bottom: Black 1pt solid; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD NOWRAP COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid; font-size: 8pt; vertical-align: middle"><FONT STYLE="font-size: 8pt">Retained
    <BR> Earnings</FONT></TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; border-bottom: Black 1pt solid; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; padding-bottom: 1pt; border-bottom: Black 1pt solid; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD NOWRAP COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid; font-size: 8pt; vertical-align: middle"><FONT STYLE="font-size: 8pt">Subtotal</FONT></TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; border-bottom: Black 1pt solid; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; padding-bottom: 1pt; border-bottom: Black 1pt solid; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD NOWRAP COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid; font-size: 8pt; vertical-align: middle"><FONT STYLE="font-size: 8pt">Non-<BR>
    controlling <BR> Interest</FONT></TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; border-bottom: Black 1pt solid; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; padding-bottom: 1pt; border-bottom: Black 1pt solid; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD NOWRAP COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid; font-size: 8pt; vertical-align: middle"><FONT STYLE="font-size: 8pt">Total
    <BR> Shareholders&rsquo; <BR> Equity</FONT></TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; border-bottom: Black 1pt solid; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font-size: 8pt">
    <TD NOWRAP STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD NOWRAP COLSPAN="2" STYLE="text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD NOWRAP COLSPAN="2" STYLE="text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD NOWRAP COLSPAN="2" STYLE="text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD NOWRAP COLSPAN="2" STYLE="text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD NOWRAP COLSPAN="2" STYLE="text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD NOWRAP COLSPAN="2" STYLE="text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD NOWRAP COLSPAN="2" STYLE="text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD NOWRAP COLSPAN="2" STYLE="text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD NOWRAP COLSPAN="2" STYLE="text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD NOWRAP COLSPAN="2" STYLE="text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD NOWRAP COLSPAN="2" STYLE="text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD NOWRAP COLSPAN="2" STYLE="text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255); font-size: 8pt">
    <TD STYLE="width: 28%; font-weight: bold; font-size: 8pt"><FONT STYLE="font-size: 8pt">Balance at January 1, 2014</FONT></TD><TD STYLE="width: 1%; font-weight: bold; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; font-weight: bold; text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="width: 3%; font-weight: bold; text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">183,573</FONT></TD><TD STYLE="width: 1%; font-weight: bold; text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="width: 1%; font-weight: bold; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; font-weight: bold; text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="width: 3%; font-weight: bold; text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">939,072</FONT></TD><TD STYLE="width: 1%; font-weight: bold; text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="width: 1%; font-weight: bold; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; font-weight: bold; text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="width: 3%; font-weight: bold; text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">(311,807</FONT></TD><TD STYLE="width: 1%; font-weight: bold; text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">)</FONT></TD><TD STYLE="width: 1%; font-weight: bold; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; font-weight: bold; text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="width: 3%; font-weight: bold; text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">17,352</FONT></TD><TD STYLE="width: 1%; font-weight: bold; text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="width: 1%; font-weight: bold; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; font-weight: bold; text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="width: 3%; font-weight: bold; text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">(15,782</FONT></TD><TD STYLE="width: 1%; font-weight: bold; text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">)</FONT></TD><TD STYLE="width: 1%; font-weight: bold; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; font-weight: bold; text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="width: 3%; font-weight: bold; text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">(161</FONT></TD><TD STYLE="width: 1%; font-weight: bold; text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">)</FONT></TD><TD STYLE="width: 1%; font-weight: bold; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; font-weight: bold; text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="width: 3%; font-weight: bold; text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">(961</FONT></TD><TD STYLE="width: 1%; font-weight: bold; text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">)</FONT></TD><TD STYLE="width: 1%; font-weight: bold; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; font-weight: bold; text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="width: 3%; font-weight: bold; text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="width: 1%; font-weight: bold; text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="width: 1%; font-weight: bold; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; font-weight: bold; text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="width: 3%; font-weight: bold; text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">43,018</FONT></TD><TD STYLE="width: 1%; font-weight: bold; text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="width: 1%; font-weight: bold; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; font-weight: bold; text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="width: 3%; font-weight: bold; text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">854,304</FONT></TD><TD STYLE="width: 1%; font-weight: bold; text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="width: 1%; font-weight: bold; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; font-weight: bold; text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="width: 3%; font-weight: bold; text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">45</FONT></TD><TD STYLE="width: 1%; font-weight: bold; text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="width: 1%; font-weight: bold; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; font-weight: bold; text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="width: 3%; font-weight: bold; text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">854,349</FONT></TD><TD STYLE="width: 1%; font-weight: bold; text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White; font-size: 8pt">
    <TD STYLE="text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">Profit for the year</FONT></TD><TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">11,116</FONT></TD><TD STYLE="text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">11,116</FONT></TD><TD STYLE="text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">(80</FONT></TD><TD STYLE="text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">)</FONT></TD><TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">11,036</FONT></TD><TD STYLE="text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255); font-size: 8pt">
    <TD STYLE="text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">Other comprehensive income:</FONT></TD><TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White; font-size: 8pt">
    <TD STYLE="text-align: left; text-indent: -7.1pt; padding-left: 7.1pt; font-size: 8pt"><FONT STYLE="font-size: 8pt">-&nbsp;&nbsp;Items
    that may be reclassified subsequently to profit or loss:</FONT></TD><TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255); font-size: 8pt">
    <TD STYLE="text-align: left; padding-left: 7.1pt; font-size: 8pt"><FONT STYLE="font-size: 8pt">Exchange differences on translating
    foreign operations</FONT></TD><TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">(101,578</FONT></TD><TD STYLE="text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">)</FONT></TD><TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">(101,578</FONT></TD><TD STYLE="text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">)</FONT></TD><TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">(381</FONT></TD><TD STYLE="text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">)</FONT></TD><TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">(101,959</FONT></TD><TD STYLE="text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White; font-size: 8pt">
    <TD STYLE="text-align: left; padding-bottom: 1pt; text-indent: 7.1pt; font-size: 8pt"><FONT STYLE="font-size: 8pt">Cash flow
    hedge</FONT></TD><TD STYLE="padding-bottom: 1pt; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: left; border-bottom: Black 1pt solid; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt; border-bottom: Black 1pt solid; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: left; border-bottom: Black 1pt solid; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt; border-bottom: Black 1pt solid; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: left; border-bottom: Black 1pt solid; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt; border-bottom: Black 1pt solid; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: left; border-bottom: Black 1pt solid; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt; border-bottom: Black 1pt solid; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">(27,282</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: left; border-bottom: Black 1pt solid; font-size: 8pt"><FONT STYLE="font-size: 8pt">)</FONT></TD><TD STYLE="padding-bottom: 1pt; border-bottom: Black 1pt solid; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: left; border-bottom: Black 1pt solid; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt; border-bottom: Black 1pt solid; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: left; border-bottom: Black 1pt solid; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt; border-bottom: Black 1pt solid; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: left; border-bottom: Black 1pt solid; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt; border-bottom: Black 1pt solid; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: left; border-bottom: Black 1pt solid; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt; border-bottom: Black 1pt solid; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">(27,282</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: left; border-bottom: Black 1pt solid; font-size: 8pt"><FONT STYLE="font-size: 8pt">)</FONT></TD><TD STYLE="padding-bottom: 1pt; border-bottom: Black 1pt solid; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">(5</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: left; border-bottom: Black 1pt solid; font-size: 8pt"><FONT STYLE="font-size: 8pt">)</FONT></TD><TD STYLE="padding-bottom: 1pt; border-bottom: Black 1pt solid; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">(27,287</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: left; border-bottom: Black 1pt solid; font-size: 8pt"><FONT STYLE="font-size: 8pt">)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255); font-size: 8pt">
    <TD STYLE="text-align: left; padding-bottom: 1pt; text-indent: 7.1pt; font-size: 8pt"><FONT STYLE="font-size: 8pt">Other comprehensive income
    for the year</FONT></TD><TD STYLE="padding-bottom: 1pt; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: left; border-bottom: Black 1pt solid; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt; border-bottom: Black 1pt solid; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: left; border-bottom: Black 1pt solid; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt; border-bottom: Black 1pt solid; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">(101,578</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: left; border-bottom: Black 1pt solid; font-size: 8pt"><FONT STYLE="font-size: 8pt">)</FONT></TD><TD STYLE="padding-bottom: 1pt; border-bottom: Black 1pt solid; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: left; border-bottom: Black 1pt solid; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt; border-bottom: Black 1pt solid; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">(27,282</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: left; border-bottom: Black 1pt solid; font-size: 8pt"><FONT STYLE="font-size: 8pt">)</FONT></TD><TD STYLE="padding-bottom: 1pt; border-bottom: Black 1pt solid; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: left; border-bottom: Black 1pt solid; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt; border-bottom: Black 1pt solid; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: left; border-bottom: Black 1pt solid; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt; border-bottom: Black 1pt solid; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: left; border-bottom: Black 1pt solid; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt; border-bottom: Black 1pt solid; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: left; border-bottom: Black 1pt solid; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt; border-bottom: Black 1pt solid; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">(128,860</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: left; border-bottom: Black 1pt solid; font-size: 8pt"><FONT STYLE="font-size: 8pt">)</FONT></TD><TD STYLE="padding-bottom: 1pt; border-bottom: Black 1pt solid; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">(386</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: left; border-bottom: Black 1pt solid; font-size: 8pt"><FONT STYLE="font-size: 8pt">)</FONT></TD><TD STYLE="padding-bottom: 1pt; border-bottom: Black 1pt solid; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">(129,246</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: left; border-bottom: Black 1pt solid; font-size: 8pt"><FONT STYLE="font-size: 8pt">)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White; font-size: 8pt">
    <TD STYLE="text-align: left; padding-bottom: 1pt; text-indent: 7.1pt; font-size: 8pt"><FONT STYLE="font-size: 8pt">Total comprehensive income
    for the year</FONT></TD><TD STYLE="padding-bottom: 1pt; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: left; border-bottom: Black 1pt solid; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt; border-bottom: Black 1pt solid; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: left; border-bottom: Black 1pt solid; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt; border-bottom: Black 1pt solid; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">(101,578</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: left; border-bottom: Black 1pt solid; font-size: 8pt"><FONT STYLE="font-size: 8pt">)</FONT></TD><TD STYLE="padding-bottom: 1pt; border-bottom: Black 1pt solid; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: left; border-bottom: Black 1pt solid; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt; border-bottom: Black 1pt solid; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">(27,282</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: left; border-bottom: Black 1pt solid; font-size: 8pt"><FONT STYLE="font-size: 8pt">)</FONT></TD><TD STYLE="padding-bottom: 1pt; border-bottom: Black 1pt solid; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: left; border-bottom: Black 1pt solid; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt; border-bottom: Black 1pt solid; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: left; border-bottom: Black 1pt solid; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt; border-bottom: Black 1pt solid; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: left; border-bottom: Black 1pt solid; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt; border-bottom: Black 1pt solid; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">11,116</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: left; border-bottom: Black 1pt solid; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt; border-bottom: Black 1pt solid; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">(117,744</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: left; border-bottom: Black 1pt solid; font-size: 8pt"><FONT STYLE="font-size: 8pt">)</FONT></TD><TD STYLE="padding-bottom: 1pt; border-bottom: Black 1pt solid; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">(466</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: left; border-bottom: Black 1pt solid; font-size: 8pt"><FONT STYLE="font-size: 8pt">)</FONT></TD><TD STYLE="padding-bottom: 1pt; border-bottom: Black 1pt solid; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">(118,210</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: left; border-bottom: Black 1pt solid; font-size: 8pt"><FONT STYLE="font-size: 8pt">)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255); font-size: 8pt">
    <TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White; font-size: 8pt">
    <TD STYLE="text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">Employee share options (Note 23)</FONT></TD><TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255); font-size: 8pt">
    <TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">- Value of employee services</FONT></TD><TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">308</FONT></TD><TD STYLE="text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">308</FONT></TD><TD STYLE="text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="font-weight: bold; text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">308</FONT></TD><TD STYLE="text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White; font-size: 8pt">
    <TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">- Exercised</FONT></TD><TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">955</FONT></TD><TD STYLE="text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">(326</FONT></TD><TD STYLE="text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">)</FONT></TD><TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">210</FONT></TD><TD STYLE="text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">839</FONT></TD><TD STYLE="text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="font-weight: bold; text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">839</FONT></TD><TD STYLE="text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255); font-size: 8pt">
    <TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">- Forfeited</FONT></TD><TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">(108</FONT></TD><TD STYLE="text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">)</FONT></TD><TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">108</FONT></TD><TD STYLE="text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="font-weight: bold; text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White; font-size: 8pt">
    <TD STYLE="text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">Restricted shares (Note 23):</FONT></TD><TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255); font-size: 8pt">
    <TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">- Value of employee services</FONT></TD><TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">3,559</FONT></TD><TD STYLE="text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">3,559</FONT></TD><TD STYLE="text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="font-weight: bold; text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">3,559</FONT></TD><TD STYLE="text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White; font-size: 8pt">
    <TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">- Vested</FONT></TD><TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">3,444</FONT></TD><TD STYLE="text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">(4,050</FONT></TD><TD STYLE="text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">)</FONT></TD><TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">160</FONT></TD><TD STYLE="text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">446</FONT></TD><TD STYLE="text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="font-weight: bold; text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255); font-size: 8pt">
    <TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">- Forfeited</FONT></TD><TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">1</FONT></TD><TD STYLE="text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">(1</FONT></TD><TD STYLE="text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">)</FONT></TD><TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="font-weight: bold; text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White; font-size: 8pt">
    <TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">Purchase of own shares (Note 22)</FONT></TD><TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">(10,427</FONT></TD><TD STYLE="text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">)</FONT></TD><TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">(2,534</FONT></TD><TD STYLE="text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">)</FONT></TD><TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">(12,961</FONT></TD><TD STYLE="text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">)</FONT></TD><TD STYLE="font-weight: bold; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="font-weight: bold; text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">(12,961</FONT></TD><TD STYLE="text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255); font-size: 8pt">
    <TD STYLE="text-align: left; padding-bottom: 1pt; font-size: 8pt"><FONT STYLE="font-size: 8pt">Sale of non-controlling interests
    in subsidiaries (Note 21)</FONT></TD><TD STYLE="padding-bottom: 1pt; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: left; border-bottom: Black 1pt solid; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt; border-bottom: Black 1pt solid; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: left; border-bottom: Black 1pt solid; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt; border-bottom: Black 1pt solid; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">15,825</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: left; border-bottom: Black 1pt solid; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt; border-bottom: Black 1pt solid; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: left; border-bottom: Black 1pt solid; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt; border-bottom: Black 1pt solid; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: left; border-bottom: Black 1pt solid; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt; border-bottom: Black 1pt solid; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: left; border-bottom: Black 1pt solid; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt; border-bottom: Black 1pt solid; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: left; border-bottom: Black 1pt solid; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt; border-bottom: Black 1pt solid; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">25,508</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: left; border-bottom: Black 1pt solid; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt; border-bottom: Black 1pt solid; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: left; border-bottom: Black 1pt solid; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt; border-bottom: Black 1pt solid; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">41,333</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: left; border-bottom: Black 1pt solid; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt; border-bottom: Black 1pt solid; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">8,010</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: left; border-bottom: Black 1pt solid; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt; border-bottom: Black 1pt solid; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">49,343</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: left; border-bottom: Black 1pt solid; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White; font-size: 8pt">
    <TD STYLE="font-weight: bold; padding-bottom: 2.25pt; font-size: 8pt"><FONT STYLE="font-size: 8pt">Balance at December 31,
    2014</FONT></TD><TD STYLE="font-weight: bold; padding-bottom: 2.25pt; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.25pt double; font-weight: bold; text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 2.25pt double; font-weight: bold; text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">183,573</FONT></TD><TD STYLE="border-bottom: Black 2.25pt double; font-weight: bold; text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 2.25pt double; font-weight: bold; text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.25pt double; font-weight: bold; text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 2.25pt double; font-weight: bold; text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">933,044</FONT></TD><TD STYLE="border-bottom: Black 2.25pt double; font-weight: bold; text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 2.25pt double; font-weight: bold; text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.25pt double; font-weight: bold; text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 2.25pt double; font-weight: bold; text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">(397,560</FONT></TD><TD STYLE="border-bottom: Black 2.25pt double; font-weight: bold; text-align: left; vertical-align: bottom; font-size: 8pt"><FONT STYLE="font-size: 8pt">)</FONT></TD><TD STYLE="border-bottom: Black 2.25pt double; font-weight: bold; text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.25pt double; font-weight: bold; text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 2.25pt double; font-weight: bold; text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">16,735</FONT></TD><TD STYLE="border-bottom: Black 2.25pt double; font-weight: bold; text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 2.25pt double; font-weight: bold; text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.25pt double; font-weight: bold; text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 2.25pt double; font-weight: bold; text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">(43,064</FONT></TD><TD STYLE="border-bottom: Black 2.25pt double; font-weight: bold; text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">)</FONT></TD><TD STYLE="border-bottom: Black 2.25pt double; font-weight: bold; text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.25pt double; font-weight: bold; text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 2.25pt double; font-weight: bold; text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="border-bottom: Black 2.25pt double; font-weight: bold; text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 2.25pt double; font-weight: bold; text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.25pt double; font-weight: bold; text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 2.25pt double; font-weight: bold; text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">(2,840</FONT></TD><TD STYLE="border-bottom: Black 2.25pt double; font-weight: bold; text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">)</FONT></TD><TD STYLE="border-bottom: Black 2.25pt double; font-weight: bold; text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.25pt double; font-weight: bold; text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 2.25pt double; font-weight: bold; text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">25,508</FONT></TD><TD STYLE="border-bottom: Black 2.25pt double; font-weight: bold; text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 2.25pt double; font-weight: bold; text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.25pt double; font-weight: bold; text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 2.25pt double; font-weight: bold; text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">54,242</FONT></TD><TD STYLE="border-bottom: Black 2.25pt double; font-weight: bold; text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 2.25pt double; font-weight: bold; text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.25pt double; font-weight: bold; text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 2.25pt double; font-weight: bold; text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">769,638</FONT></TD><TD STYLE="border-bottom: Black 2.25pt double; font-weight: bold; text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 2.25pt double; font-weight: bold; text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.25pt double; font-weight: bold; text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 2.25pt double; font-weight: bold; text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">7,589</FONT></TD><TD STYLE="border-bottom: Black 2.25pt double; font-weight: bold; text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 2.25pt double; font-weight: bold; text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.25pt double; font-weight: bold; text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 2.25pt double; font-weight: bold; text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">777,227</FONT></TD><TD STYLE="border-bottom: Black 2.25pt double; font-weight: bold; text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
</TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt">(*): Net
of 14,149 of Income Tax</FONT></P>



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

<P STYLE="margin-top: 0; margin-bottom: 0; text-align: center">The accompanying notes are an integral part of these consolidated financial statements.</P>

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


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

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt"><B>Adecoagro S.A.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Consolidated Statements of Changes in
Shareholders&rsquo; Equity</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>for the years ended December 31, 2016,
2015 and 2014</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(All amounts in US$ thousands, except shares
and per share data and as otherwise indicated)</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 8pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom; font-size: 8pt">
    <TD NOWRAP STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; padding-bottom: 1pt; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD NOWRAP COLSPAN="34" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid; font-size: 8pt"><FONT STYLE="font-size: 8pt">Attributable
    to equity holders of the parent</FONT></TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD NOWRAP COLSPAN="2" STYLE="text-align: center; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD NOWRAP COLSPAN="2" STYLE="text-align: center; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font-size: 8pt">
    <TD NOWRAP STYLE="padding-bottom: 1pt; font-size: 8pt; text-align: center; vertical-align: middle"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; padding-bottom: 1pt; font-size: 8pt; text-align: center; vertical-align: middle"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD NOWRAP COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid; font-size: 8pt; vertical-align: middle"><FONT STYLE="font-size: 8pt">Share
    Capital <BR> (Note 22)</FONT></TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; border-bottom: Black 1pt solid; font-size: 8pt; text-align: center; vertical-align: middle"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; padding-bottom: 1pt; border-bottom: Black 1pt solid; font-size: 8pt; text-align: center; vertical-align: middle"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD NOWRAP COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid; font-size: 8pt; vertical-align: middle"><FONT STYLE="font-size: 8pt">Share
    <BR> Premium <BR> (Note 22)</FONT></TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; border-bottom: Black 1pt solid; font-size: 8pt; text-align: center; vertical-align: middle"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; padding-bottom: 1pt; border-bottom: Black 1pt solid; font-size: 8pt; text-align: center; vertical-align: middle"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD NOWRAP COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid; font-size: 8pt; vertical-align: middle"><FONT STYLE="font-size: 8pt">Cumulative
    <BR> Translation <BR> Adjustment</FONT></TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; border-bottom: Black 1pt solid; font-size: 8pt; text-align: center; vertical-align: middle"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; padding-bottom: 1pt; border-bottom: Black 1pt solid; font-size: 8pt; text-align: center; vertical-align: middle"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD NOWRAP COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid; font-size: 8pt; vertical-align: middle"><FONT STYLE="font-size: 8pt">Equity-settled
    <BR> Compensation</FONT></TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; border-bottom: Black 1pt solid; font-size: 8pt; text-align: center; vertical-align: middle"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; padding-bottom: 1pt; border-bottom: Black 1pt solid; font-size: 8pt; text-align: center; vertical-align: middle"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD NOWRAP COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid; font-size: 8pt; vertical-align: middle"><FONT STYLE="font-size: 8pt">Cash
    flow <BR> hedge<BR> (*)</FONT></TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; border-bottom: Black 1pt solid; font-size: 8pt; text-align: center; vertical-align: middle"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; padding-bottom: 1pt; border-bottom: Black 1pt solid; font-size: 8pt; text-align: center; vertical-align: middle"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD NOWRAP COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid; font-size: 8pt; vertical-align: middle"><FONT STYLE="font-size: 8pt">Treasury
    <BR> shares</FONT></TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; border-bottom: Black 1pt solid; font-size: 8pt; text-align: center; vertical-align: middle"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; padding-bottom: 1pt; border-bottom: Black 1pt solid; font-size: 8pt; text-align: center; vertical-align: middle"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD NOWRAP COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid; font-size: 8pt; vertical-align: middle"><FONT STYLE="font-size: 8pt">Reserve
    <BR> from the <BR> sale of non-<BR> controlling <BR> interests in <BR> subsidiaries</FONT></TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; border-bottom: Black 1pt solid; font-size: 8pt; text-align: center; vertical-align: middle"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; padding-bottom: 1pt; border-bottom: Black 1pt solid; font-size: 8pt; text-align: center; vertical-align: middle"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD NOWRAP COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid; font-size: 8pt; vertical-align: middle"><FONT STYLE="font-size: 8pt">Retained
    <BR> Earnings</FONT></TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; border-bottom: Black 1pt solid; font-size: 8pt; text-align: center; vertical-align: middle"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; padding-bottom: 1pt; border-bottom: Black 1pt solid; font-size: 8pt; text-align: center; vertical-align: middle"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD NOWRAP COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid; font-size: 8pt; vertical-align: middle"><FONT STYLE="font-size: 8pt">Subtotal</FONT></TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; border-bottom: Black 1pt solid; font-size: 8pt; text-align: center; vertical-align: middle"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; padding-bottom: 1pt; border-bottom: Black 1pt solid; font-size: 8pt; text-align: center; vertical-align: middle"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD NOWRAP COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid; font-size: 8pt; vertical-align: middle"><FONT STYLE="font-size: 8pt">Non-<BR>
    controlling <BR> Interest</FONT></TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; border-bottom: Black 1pt solid; font-size: 8pt; text-align: center; vertical-align: middle"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; padding-bottom: 1pt; border-bottom: Black 1pt solid; font-size: 8pt; text-align: center; vertical-align: middle"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD NOWRAP COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid; font-size: 8pt; vertical-align: middle"><FONT STYLE="font-size: 8pt">Total
    <BR> Shareholders&rsquo; <BR> Equity</FONT></TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; border-bottom: Black 1pt solid; font-size: 8pt; text-align: center; vertical-align: middle"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font-size: 8pt">
    <TD NOWRAP STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD NOWRAP COLSPAN="2" STYLE="text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD NOWRAP COLSPAN="2" STYLE="text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD NOWRAP COLSPAN="2" STYLE="text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD NOWRAP COLSPAN="2" STYLE="text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD NOWRAP COLSPAN="2" STYLE="text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD NOWRAP COLSPAN="2" STYLE="text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD NOWRAP COLSPAN="2" STYLE="text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD NOWRAP COLSPAN="2" STYLE="text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD NOWRAP COLSPAN="2" STYLE="text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD NOWRAP COLSPAN="2" STYLE="text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD NOWRAP COLSPAN="2" STYLE="text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255); font-size: 8pt">
    <TD STYLE="width: 34%; font-weight: bold; font-size: 8pt"><FONT STYLE="font-size: 8pt">Balance at January 1, 2015</FONT></TD><TD STYLE="width: 1%; font-weight: bold; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; font-weight: bold; text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="width: 3%; font-weight: bold; text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">183,573</FONT></TD><TD STYLE="width: 1%; font-weight: bold; text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="width: 1%; font-weight: bold; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; font-weight: bold; text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="width: 3%; font-weight: bold; text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">933,044</FONT></TD><TD STYLE="width: 1%; font-weight: bold; text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="width: 1%; font-weight: bold; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; font-weight: bold; text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="width: 3%; font-weight: bold; text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">(395,804</FONT></TD><TD STYLE="width: 1%; font-weight: bold; text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">)</FONT></TD><TD STYLE="width: 1%; font-weight: bold; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; font-weight: bold; text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="width: 3%; font-weight: bold; text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">16,735</FONT></TD><TD STYLE="width: 1%; font-weight: bold; text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="width: 1%; font-weight: bold; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; font-weight: bold; text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="width: 3%; font-weight: bold; text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">(43,064</FONT></TD><TD STYLE="width: 1%; font-weight: bold; text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">)</FONT></TD><TD STYLE="width: 1%; font-weight: bold; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; font-weight: bold; text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="width: 3%; font-weight: bold; text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">(2,840</FONT></TD><TD STYLE="width: 1%; font-weight: bold; text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">)</FONT></TD><TD STYLE="width: 1%; font-weight: bold; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; font-weight: bold; text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="width: 3%; font-weight: bold; text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">25,508</FONT></TD><TD STYLE="width: 1%; font-weight: bold; text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="width: 1%; font-weight: bold; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; font-weight: bold; text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="width: 3%; font-weight: bold; text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">45,644</FONT></TD><TD STYLE="width: 1%; font-weight: bold; text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="width: 1%; font-weight: bold; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; font-weight: bold; text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="width: 3%; font-weight: bold; text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">762,796</FONT></TD><TD STYLE="width: 1%; font-weight: bold; text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="width: 1%; font-weight: bold; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; font-weight: bold; text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="width: 3%; font-weight: bold; text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">7,589</FONT></TD><TD STYLE="width: 1%; font-weight: bold; text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="width: 1%; font-weight: bold; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; font-weight: bold; text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="width: 3%; font-weight: bold; text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">770,385</FONT></TD><TD STYLE="width: 1%; font-weight: bold; text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White; font-size: 8pt">
    <TD STYLE="text-align: left; padding-bottom: 1pt; font-size: 8pt"><FONT STYLE="font-size: 8pt">Changes in Accounting Standard
    (see Note 32)</FONT></TD><TD STYLE="padding-bottom: 1pt; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: left; border-bottom: Black 1pt solid; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt; border-bottom: Black 1pt solid; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: left; border-bottom: Black 1pt solid; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt; border-bottom: Black 1pt solid; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">(1,756</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: left; border-bottom: Black 1pt solid; font-size: 8pt"><FONT STYLE="font-size: 8pt">)</FONT></TD><TD STYLE="padding-bottom: 1pt; border-bottom: Black 1pt solid; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: left; border-bottom: Black 1pt solid; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt; border-bottom: Black 1pt solid; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: left; border-bottom: Black 1pt solid; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt; border-bottom: Black 1pt solid; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: left; border-bottom: Black 1pt solid; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt; border-bottom: Black 1pt solid; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: left; border-bottom: Black 1pt solid; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt; border-bottom: Black 1pt solid; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">8,598</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: left; border-bottom: Black 1pt solid; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt; border-bottom: Black 1pt solid; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">6,842</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: left; border-bottom: Black 1pt solid; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt; border-bottom: Black 1pt solid; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: left; border-bottom: Black 1pt solid; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt; border-bottom: Black 1pt solid; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">6,842</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: left; border-bottom: Black 1pt solid; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255); font-size: 8pt">
    <TD STYLE="font-weight: bold; text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">Total equity at the beginning
    of the financial year</FONT></TD><TD STYLE="font-weight: bold; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">183,573</FONT></TD><TD STYLE="font-weight: bold; text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">933,044</FONT></TD><TD STYLE="font-weight: bold; text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">(397,560</FONT></TD><TD STYLE="font-weight: bold; text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">)</FONT></TD><TD STYLE="font-weight: bold; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">16,735</FONT></TD><TD STYLE="font-weight: bold; text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">(43,064</FONT></TD><TD STYLE="font-weight: bold; text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">)</FONT></TD><TD STYLE="font-weight: bold; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">(2,840</FONT></TD><TD STYLE="font-weight: bold; text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">)</FONT></TD><TD STYLE="font-weight: bold; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">25,508</FONT></TD><TD STYLE="font-weight: bold; text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">54,242</FONT></TD><TD STYLE="font-weight: bold; text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">769,638</FONT></TD><TD STYLE="font-weight: bold; text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">7,589</FONT></TD><TD STYLE="font-weight: bold; text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">777,227</FONT></TD><TD STYLE="font-weight: bold; text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White; font-size: 8pt">
    <TD STYLE="text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">Loss for the year</FONT></TD><TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">(5,593</FONT></TD><TD STYLE="text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">)</FONT></TD><TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">(5,593</FONT></TD><TD STYLE="text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">)</FONT></TD><TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">1,242</FONT></TD><TD STYLE="text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">(4,351</FONT></TD><TD STYLE="text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255); font-size: 8pt">
    <TD STYLE="text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">Other comprehensive income:</FONT></TD><TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White; font-size: 8pt">
    <TD STYLE="text-align: left; text-indent: -7.1pt; padding-left: 7.1pt; font-size: 8pt"><FONT STYLE="font-size: 8pt">- Items
    that may be reclassified subsequently to profit or loss:</FONT></TD><TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255); font-size: 8pt">
    <TD STYLE="text-align: left; padding-left: 7.1pt; font-size: 8pt"><FONT STYLE="font-size: 8pt">Exchange differences on translating
    foreign operations</FONT></TD><TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">(174,637</FONT></TD><TD STYLE="text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">)</FONT></TD><TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">(174,637</FONT></TD><TD STYLE="text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">)</FONT></TD><TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">(3,509</FONT></TD><TD STYLE="text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">)</FONT></TD><TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">(178,146</FONT></TD><TD STYLE="text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White; font-size: 8pt">
    <TD STYLE="text-align: left; padding-bottom: 1pt; text-indent: 7.1pt; font-size: 8pt"><FONT STYLE="font-size: 8pt">Cash flow
    hedge (*)</FONT></TD><TD STYLE="padding-bottom: 1pt; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: left; border-bottom: Black 1pt solid; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt; border-bottom: Black 1pt solid; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: left; border-bottom: Black 1pt solid; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt; border-bottom: Black 1pt solid; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: left; border-bottom: Black 1pt solid; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt; border-bottom: Black 1pt solid; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: left; border-bottom: Black 1pt solid; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt; border-bottom: Black 1pt solid; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">(94,847</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: left; border-bottom: Black 1pt solid; font-size: 8pt"><FONT STYLE="font-size: 8pt">)</FONT></TD><TD STYLE="padding-bottom: 1pt; border-bottom: Black 1pt solid; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: left; border-bottom: Black 1pt solid; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt; border-bottom: Black 1pt solid; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: left; border-bottom: Black 1pt solid; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt; border-bottom: Black 1pt solid; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: left; border-bottom: Black 1pt solid; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt; border-bottom: Black 1pt solid; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">(94,847</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: left; border-bottom: Black 1pt solid; font-size: 8pt"><FONT STYLE="font-size: 8pt">)</FONT></TD><TD STYLE="padding-bottom: 1pt; border-bottom: Black 1pt solid; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">(4</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: left; border-bottom: Black 1pt solid; font-size: 8pt"><FONT STYLE="font-size: 8pt">)</FONT></TD><TD STYLE="padding-bottom: 1pt; border-bottom: Black 1pt solid; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">(94,851</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: left; border-bottom: Black 1pt solid; font-size: 8pt"><FONT STYLE="font-size: 8pt">)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255); font-size: 8pt">
    <TD STYLE="text-align: left; padding-bottom: 1pt; text-indent: 7.1pt; font-size: 8pt"><FONT STYLE="font-size: 8pt">Other comprehensive income
    for the year</FONT></TD><TD STYLE="padding-bottom: 1pt; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: left; border-bottom: Black 1pt solid; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt; border-bottom: Black 1pt solid; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: left; border-bottom: Black 1pt solid; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt; border-bottom: Black 1pt solid; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">(174,637</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: left; border-bottom: Black 1pt solid; font-size: 8pt"><FONT STYLE="font-size: 8pt">)</FONT></TD><TD STYLE="padding-bottom: 1pt; border-bottom: Black 1pt solid; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: left; border-bottom: Black 1pt solid; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt; border-bottom: Black 1pt solid; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">(94,847</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: left; border-bottom: Black 1pt solid; font-size: 8pt"><FONT STYLE="font-size: 8pt">)</FONT></TD><TD STYLE="padding-bottom: 1pt; border-bottom: Black 1pt solid; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: left; border-bottom: Black 1pt solid; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt; border-bottom: Black 1pt solid; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: left; border-bottom: Black 1pt solid; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt; border-bottom: Black 1pt solid; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: left; border-bottom: Black 1pt solid; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt; border-bottom: Black 1pt solid; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">(269,484</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: left; border-bottom: Black 1pt solid; font-size: 8pt"><FONT STYLE="font-size: 8pt">)</FONT></TD><TD STYLE="padding-bottom: 1pt; border-bottom: Black 1pt solid; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">(3,513</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: left; border-bottom: Black 1pt solid; font-size: 8pt"><FONT STYLE="font-size: 8pt">)</FONT></TD><TD STYLE="padding-bottom: 1pt; border-bottom: Black 1pt solid; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">(272,997</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: left; border-bottom: Black 1pt solid; font-size: 8pt"><FONT STYLE="font-size: 8pt">)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White; font-size: 8pt">
    <TD STYLE="text-align: left; padding-bottom: 1pt; font-size: 8pt"><FONT STYLE="font-size: 8pt">Total comprehensive income
    for the year</FONT></TD><TD STYLE="padding-bottom: 1pt; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: left; border-bottom: Black 1pt solid; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt; border-bottom: Black 1pt solid; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: left; border-bottom: Black 1pt solid; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt; border-bottom: Black 1pt solid; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">(174,637</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: left; border-bottom: Black 1pt solid; font-size: 8pt"><FONT STYLE="font-size: 8pt">)</FONT></TD><TD STYLE="padding-bottom: 1pt; border-bottom: Black 1pt solid; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: left; border-bottom: Black 1pt solid; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt; border-bottom: Black 1pt solid; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">(94,847</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: left; border-bottom: Black 1pt solid; font-size: 8pt"><FONT STYLE="font-size: 8pt">)</FONT></TD><TD STYLE="padding-bottom: 1pt; border-bottom: Black 1pt solid; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: left; border-bottom: Black 1pt solid; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt; border-bottom: Black 1pt solid; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: left; border-bottom: Black 1pt solid; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt; border-bottom: Black 1pt solid; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">(5,593</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: left; border-bottom: Black 1pt solid; font-size: 8pt"><FONT STYLE="font-size: 8pt">)</FONT></TD><TD STYLE="padding-bottom: 1pt; border-bottom: Black 1pt solid; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">(275,077</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: left; border-bottom: Black 1pt solid; font-size: 8pt"><FONT STYLE="font-size: 8pt">)</FONT></TD><TD STYLE="padding-bottom: 1pt; border-bottom: Black 1pt solid; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">(2,271</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: left; border-bottom: Black 1pt solid; font-size: 8pt"><FONT STYLE="font-size: 8pt">)</FONT></TD><TD STYLE="padding-bottom: 1pt; border-bottom: Black 1pt solid; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">(277,348</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: left; border-bottom: Black 1pt solid; font-size: 8pt"><FONT STYLE="font-size: 8pt">)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255); font-size: 8pt">
    <TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White; font-size: 8pt">
    <TD STYLE="text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">Employee share options (Note 23)</FONT></TD><TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255); font-size: 8pt">
    <TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">- Exercised</FONT></TD><TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">1,786</FONT></TD><TD STYLE="text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">(603</FONT></TD><TD STYLE="text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">)</FONT></TD><TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">316</FONT></TD><TD STYLE="text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">1,499</FONT></TD><TD STYLE="text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">1,499</FONT></TD><TD STYLE="text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White; font-size: 8pt">
    <TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">- Forfeited</FONT></TD><TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">(146</FONT></TD><TD STYLE="text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">)</FONT></TD><TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">146</FONT></TD><TD STYLE="text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255); font-size: 8pt">
    <TD STYLE="text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">Restricted shares (Note 23):</FONT></TD><TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White; font-size: 8pt">
    <TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">- Value of employee services</FONT></TD><TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">4,396</FONT></TD><TD STYLE="text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">4,396</FONT></TD><TD STYLE="text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">4,396</FONT></TD><TD STYLE="text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255); font-size: 8pt">
    <TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">- Vested</FONT></TD><TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">3,103</FONT></TD><TD STYLE="text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">(3,751</FONT></TD><TD STYLE="text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">)</FONT></TD><TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">648</FONT></TD><TD STYLE="text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White; font-size: 8pt">
    <TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">- Forfeited</FONT></TD><TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255); font-size: 8pt">
    <TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">Purchase of own shares (Note 22)</FONT></TD><TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">(259</FONT></TD><TD STYLE="text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">)</FONT></TD><TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">(60</FONT></TD><TD STYLE="text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">)</FONT></TD><TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">(319</FONT></TD><TD STYLE="text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">)</FONT></TD><TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">(319</FONT></TD><TD STYLE="text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White; font-size: 8pt">
    <TD STYLE="text-align: left; padding-bottom: 1pt; font-size: 8pt"><FONT STYLE="font-size: 8pt">Sale of non-controlling interests
    in subsidiaries (Note 21)</FONT></TD><TD STYLE="padding-bottom: 1pt; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: left; border-bottom: Black 1pt solid; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt; border-bottom: Black 1pt solid; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: left; border-bottom: Black 1pt solid; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt; border-bottom: Black 1pt solid; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">3,881</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: left; border-bottom: Black 1pt solid; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt; border-bottom: Black 1pt solid; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: left; border-bottom: Black 1pt solid; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt; border-bottom: Black 1pt solid; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: left; border-bottom: Black 1pt solid; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt; border-bottom: Black 1pt solid; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: left; border-bottom: Black 1pt solid; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt; border-bottom: Black 1pt solid; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">16,066</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: left; border-bottom: Black 1pt solid; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt; border-bottom: Black 1pt solid; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: left; border-bottom: Black 1pt solid; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt; border-bottom: Black 1pt solid; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">19,947</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: left; border-bottom: Black 1pt solid; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt; border-bottom: Black 1pt solid; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">2,017</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: left; border-bottom: Black 1pt solid; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt; border-bottom: Black 1pt solid; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">21,964</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: left; border-bottom: Black 1pt solid; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255); font-size: 8pt">
    <TD STYLE="font-weight: bold; padding-bottom: 2.25pt; font-size: 8pt"><FONT STYLE="font-size: 8pt">Balance at December 31,
    2015</FONT></TD><TD STYLE="font-weight: bold; padding-bottom: 2.25pt; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.25pt double; font-weight: bold; text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 2.25pt double; font-weight: bold; text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">183,573</FONT></TD><TD STYLE="padding-bottom: 2.25pt; font-weight: bold; text-align: left; border-bottom: Black 2.25pt double; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; padding-bottom: 2.25pt; border-bottom: Black 2.25pt double; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.25pt double; font-weight: bold; text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 2.25pt double; font-weight: bold; text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">937,674</FONT></TD><TD STYLE="padding-bottom: 2.25pt; font-weight: bold; text-align: left; border-bottom: Black 2.25pt double; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; padding-bottom: 2.25pt; border-bottom: Black 2.25pt double; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.25pt double; font-weight: bold; text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 2.25pt double; font-weight: bold; text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">(568,316</FONT></TD><TD STYLE="border-bottom: Black 2.25pt double; font-weight: bold; text-align: left; vertical-align: bottom; font-size: 8pt"><FONT STYLE="font-size: 8pt">)</FONT></TD><TD STYLE="font-weight: bold; padding-bottom: 2.25pt; border-bottom: Black 2.25pt double; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.25pt double; font-weight: bold; text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 2.25pt double; font-weight: bold; text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">16,631</FONT></TD><TD STYLE="padding-bottom: 2.25pt; font-weight: bold; text-align: left; border-bottom: Black 2.25pt double; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; padding-bottom: 2.25pt; border-bottom: Black 2.25pt double; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.25pt double; font-weight: bold; text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 2.25pt double; font-weight: bold; text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">(137,911</FONT></TD><TD STYLE="border-bottom: Black 2.25pt double; font-weight: bold; text-align: left; vertical-align: bottom; font-size: 8pt"><FONT STYLE="font-size: 8pt">)</FONT></TD><TD STYLE="font-weight: bold; padding-bottom: 2.25pt; border-bottom: Black 2.25pt double; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.25pt double; font-weight: bold; text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 2.25pt double; font-weight: bold; text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">(1,936</FONT></TD><TD STYLE="border-bottom: Black 2.25pt double; font-weight: bold; text-align: left; vertical-align: bottom; font-size: 8pt"><FONT STYLE="font-size: 8pt">)</FONT></TD><TD STYLE="font-weight: bold; padding-bottom: 2.25pt; border-bottom: Black 2.25pt double; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.25pt double; font-weight: bold; text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 2.25pt double; font-weight: bold; text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">41,574</FONT></TD><TD STYLE="padding-bottom: 2.25pt; font-weight: bold; text-align: left; border-bottom: Black 2.25pt double; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; padding-bottom: 2.25pt; border-bottom: Black 2.25pt double; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.25pt double; font-weight: bold; text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 2.25pt double; font-weight: bold; text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">48,795</FONT></TD><TD STYLE="padding-bottom: 2.25pt; font-weight: bold; text-align: left; border-bottom: Black 2.25pt double; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; padding-bottom: 2.25pt; border-bottom: Black 2.25pt double; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.25pt double; font-weight: bold; text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 2.25pt double; font-weight: bold; text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">520,084</FONT></TD><TD STYLE="padding-bottom: 2.25pt; font-weight: bold; text-align: left; border-bottom: Black 2.25pt double; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; padding-bottom: 2.25pt; border-bottom: Black 2.25pt double; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.25pt double; font-weight: bold; text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 2.25pt double; font-weight: bold; text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">7,335</FONT></TD><TD STYLE="padding-bottom: 2.25pt; font-weight: bold; text-align: left; border-bottom: Black 2.25pt double; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; padding-bottom: 2.25pt; border-bottom: Black 2.25pt double; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.25pt double; font-weight: bold; text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 2.25pt double; font-weight: bold; text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">527,419</FONT></TD><TD STYLE="padding-bottom: 2.25pt; font-weight: bold; text-align: left; border-bottom: Black 2.25pt double; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
</TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: left; margin-bottom: 0pt">(*) Net of 49,106 of Income
Tax.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt">The accompanying notes are an integral part of these consolidated financial statements.</P>

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


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

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt"><B>Adecoagro S.A.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Consolidated Statements of Changes in
Shareholders&rsquo; Equity</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>for the years ended December 31, 2016,
2015 and 2014</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(All amounts in US$ thousands, except shares
and per share data and as otherwise indicated)</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 8pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom; font-size: 8pt">
    <TD NOWRAP STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; padding-bottom: 1pt; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD NOWRAP COLSPAN="34" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid; font-size: 8pt"><FONT STYLE="font-size: 8pt">Attributable
    to equity holders of the parent</FONT></TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD NOWRAP COLSPAN="2" STYLE="text-align: center; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD NOWRAP COLSPAN="2" STYLE="text-align: center; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font-size: 8pt">
    <TD NOWRAP STYLE="font-size: 8pt; padding-bottom: 1pt; text-align: center; vertical-align: middle"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; padding-bottom: 1pt; font-size: 8pt; text-align: center; vertical-align: middle"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD NOWRAP COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid; font-size: 8pt; vertical-align: middle"><FONT STYLE="font-size: 8pt">Share
    Capital <BR> (Note 22)</FONT></TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; font-size: 8pt; border-bottom: Black 1pt solid; text-align: center; vertical-align: middle"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; padding-bottom: 1pt; font-size: 8pt; border-bottom: Black 1pt solid; text-align: center; vertical-align: middle"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD NOWRAP COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid; font-size: 8pt; vertical-align: middle"><FONT STYLE="font-size: 8pt">Share
    <BR> Premium <BR> (Note 22)</FONT></TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; font-size: 8pt; border-bottom: Black 1pt solid; text-align: center; vertical-align: middle"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; padding-bottom: 1pt; font-size: 8pt; border-bottom: Black 1pt solid; text-align: center; vertical-align: middle"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD NOWRAP COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid; font-size: 8pt; vertical-align: middle"><FONT STYLE="font-size: 8pt">Cumulative
    <BR> Translation <BR> Adjustment</FONT></TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; font-size: 8pt; border-bottom: Black 1pt solid; text-align: center; vertical-align: middle"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; padding-bottom: 1pt; font-size: 8pt; border-bottom: Black 1pt solid; text-align: center; vertical-align: middle"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD NOWRAP COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid; font-size: 8pt; vertical-align: middle"><FONT STYLE="font-size: 8pt">Equity-settled
    <BR> Compensation</FONT></TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; font-size: 8pt; border-bottom: Black 1pt solid; text-align: center; vertical-align: middle"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; padding-bottom: 1pt; font-size: 8pt; border-bottom: Black 1pt solid; text-align: center; vertical-align: middle"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD NOWRAP COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid; font-size: 8pt; vertical-align: middle"><FONT STYLE="font-size: 8pt">Cash
    flow <BR> hedge<BR> (*)</FONT></TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; font-size: 8pt; border-bottom: Black 1pt solid; text-align: center; vertical-align: middle"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; padding-bottom: 1pt; font-size: 8pt; border-bottom: Black 1pt solid; text-align: center; vertical-align: middle"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD NOWRAP COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid; font-size: 8pt; vertical-align: middle"><FONT STYLE="font-size: 8pt">Treasury
    <BR> shares</FONT></TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; font-size: 8pt; border-bottom: Black 1pt solid; text-align: center; vertical-align: middle"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; padding-bottom: 1pt; font-size: 8pt; border-bottom: Black 1pt solid; text-align: center; vertical-align: middle"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD NOWRAP COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid; font-size: 8pt; vertical-align: middle"><FONT STYLE="font-size: 8pt">Reserve
    <BR> from the <BR> sale of non-<BR> controlling <BR> interests in <BR> subsidiaries</FONT></TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; font-size: 8pt; border-bottom: Black 1pt solid; text-align: center; vertical-align: middle"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; padding-bottom: 1pt; font-size: 8pt; border-bottom: Black 1pt solid; text-align: center; vertical-align: middle"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD NOWRAP COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid; font-size: 8pt; vertical-align: middle"><FONT STYLE="font-size: 8pt">Retained
    <BR> Earnings</FONT></TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; font-size: 8pt; border-bottom: Black 1pt solid; text-align: center; vertical-align: middle"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; padding-bottom: 1pt; font-size: 8pt; border-bottom: Black 1pt solid; text-align: center; vertical-align: middle"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD NOWRAP COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid; font-size: 8pt; vertical-align: middle"><FONT STYLE="font-size: 8pt">Subtotal</FONT></TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; font-size: 8pt; border-bottom: Black 1pt solid; text-align: center; vertical-align: middle"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; padding-bottom: 1pt; font-size: 8pt; border-bottom: Black 1pt solid; text-align: center; vertical-align: middle"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD NOWRAP COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid; font-size: 8pt; vertical-align: middle"><FONT STYLE="font-size: 8pt">Non-<BR>
    Controlling <BR> Interest</FONT></TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; font-size: 8pt; border-bottom: Black 1pt solid; text-align: center; vertical-align: middle"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; padding-bottom: 1pt; font-size: 8pt; border-bottom: Black 1pt solid; text-align: center; vertical-align: middle"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD NOWRAP COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid; font-size: 8pt; vertical-align: middle"><FONT STYLE="font-size: 8pt">Total
    <BR> Shareholders&rsquo; <BR> Equity</FONT></TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; font-size: 8pt; border-bottom: Black 1pt solid; text-align: center; vertical-align: middle"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font-size: 8pt">
    <TD NOWRAP STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD NOWRAP COLSPAN="2" STYLE="text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD NOWRAP COLSPAN="2" STYLE="text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD NOWRAP COLSPAN="2" STYLE="text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD NOWRAP COLSPAN="2" STYLE="text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD NOWRAP COLSPAN="2" STYLE="text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD NOWRAP COLSPAN="2" STYLE="text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD NOWRAP COLSPAN="2" STYLE="text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD NOWRAP COLSPAN="2" STYLE="text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD NOWRAP COLSPAN="2" STYLE="text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD NOWRAP COLSPAN="2" STYLE="text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD NOWRAP COLSPAN="2" STYLE="text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255); font-size: 8pt">
    <TD STYLE="width: 34%; font-weight: bold; font-size: 8pt"><FONT STYLE="font-size: 8pt">Balance at January 1, 2016</FONT></TD><TD STYLE="width: 1%; font-weight: bold; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; font-weight: bold; text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="width: 3%; font-weight: bold; text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">183,573</FONT></TD><TD STYLE="width: 1%; font-weight: bold; text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="width: 1%; font-weight: bold; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; font-weight: bold; text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="width: 3%; font-weight: bold; text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">937,674</FONT></TD><TD STYLE="width: 1%; font-weight: bold; text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="width: 1%; font-weight: bold; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; font-weight: bold; text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="width: 3%; font-weight: bold; text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">(567,133</FONT></TD><TD STYLE="width: 1%; font-weight: bold; text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">)</FONT></TD><TD STYLE="width: 1%; font-weight: bold; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; font-weight: bold; text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="width: 3%; font-weight: bold; text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">16,631</FONT></TD><TD STYLE="width: 1%; font-weight: bold; text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="width: 1%; font-weight: bold; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; font-weight: bold; text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="width: 3%; font-weight: bold; text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">(137,911</FONT></TD><TD STYLE="width: 1%; font-weight: bold; text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">)</FONT></TD><TD STYLE="width: 1%; font-weight: bold; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; font-weight: bold; text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="width: 3%; font-weight: bold; text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">(1,936</FONT></TD><TD STYLE="width: 1%; font-weight: bold; text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">)</FONT></TD><TD STYLE="width: 1%; font-weight: bold; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; font-weight: bold; text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="width: 3%; font-weight: bold; text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">41,574</FONT></TD><TD STYLE="width: 1%; font-weight: bold; text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="width: 1%; font-weight: bold; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; font-weight: bold; text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="width: 3%; font-weight: bold; text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">62,923</FONT></TD><TD STYLE="width: 1%; font-weight: bold; text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="width: 1%; font-weight: bold; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; font-weight: bold; text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="width: 3%; font-weight: bold; text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">535,395</FONT></TD><TD STYLE="width: 1%; font-weight: bold; text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="width: 1%; font-weight: bold; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; font-weight: bold; text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="width: 3%; font-weight: bold; text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">7,335</FONT></TD><TD STYLE="width: 1%; font-weight: bold; text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="width: 1%; font-weight: bold; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; font-weight: bold; text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="width: 3%; font-weight: bold; text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">542,730</FONT></TD><TD STYLE="width: 1%; font-weight: bold; text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White; font-size: 8pt">
    <TD STYLE="text-align: left; padding-bottom: 1pt; font-size: 8pt"><FONT STYLE="font-size: 8pt">Changes in Accounting Standard
    (see Note 32)</FONT></TD><TD STYLE="padding-bottom: 1pt; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: left; font-size: 8pt; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt; font-size: 8pt; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: left; font-size: 8pt; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt; font-size: 8pt; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">(1,183</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: left; font-size: 8pt; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">)</FONT></TD><TD STYLE="padding-bottom: 1pt; font-size: 8pt; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: left; font-size: 8pt; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt; font-size: 8pt; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: left; font-size: 8pt; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt; font-size: 8pt; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: left; font-size: 8pt; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt; font-size: 8pt; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: left; font-size: 8pt; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt; font-size: 8pt; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">(14,128</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: left; font-size: 8pt; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">)</FONT></TD><TD STYLE="padding-bottom: 1pt; font-size: 8pt; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">(15,311</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: left; font-size: 8pt; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">)</FONT></TD><TD STYLE="font-weight: bold; padding-bottom: 1pt; font-size: 8pt; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; text-align: left; font-size: 8pt; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt; font-size: 8pt; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">(15,311</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: left; font-size: 8pt; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255); font-size: 8pt">
    <TD STYLE="font-weight: bold; text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">Total equity at the beginning
    of the financial year</FONT></TD><TD STYLE="font-weight: bold; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">183,573</FONT></TD><TD STYLE="font-weight: bold; text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">937,674</FONT></TD><TD STYLE="font-weight: bold; text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">(568,316</FONT></TD><TD STYLE="font-weight: bold; text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">)</FONT></TD><TD STYLE="font-weight: bold; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">16,631</FONT></TD><TD STYLE="font-weight: bold; text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">(137,911</FONT></TD><TD STYLE="font-weight: bold; text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">)</FONT></TD><TD STYLE="font-weight: bold; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">(1,936</FONT></TD><TD STYLE="font-weight: bold; text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">)</FONT></TD><TD STYLE="font-weight: bold; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">41,574</FONT></TD><TD STYLE="font-weight: bold; text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">48,795</FONT></TD><TD STYLE="font-weight: bold; text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">520,084</FONT></TD><TD STYLE="font-weight: bold; text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">7,335</FONT></TD><TD STYLE="font-weight: bold; text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">527,419</FONT></TD><TD STYLE="font-weight: bold; text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White; font-size: 8pt">
    <TD STYLE="text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">Profit for the year</FONT></TD><TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">2,039</FONT></TD><TD STYLE="text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">2,039</FONT></TD><TD STYLE="text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">1,700</FONT></TD><TD STYLE="text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">3,739</FONT></TD><TD STYLE="text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255); font-size: 8pt">
    <TD STYLE="text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">Other comprehensive income:</FONT></TD><TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White; font-size: 8pt">
    <TD STYLE="text-align: left; text-indent: -7.1pt; padding-left: 7.1pt; font-size: 8pt"><FONT STYLE="font-size: 8pt">- Items
    that may be reclassified subsequently to profit or loss:</FONT></TD><TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255); font-size: 8pt">
    <TD STYLE="text-align: left; padding-left: 7.1pt; font-size: 8pt"><FONT STYLE="font-size: 8pt">Exchange differences on translating
    foreign operations</FONT></TD><TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">40,952</FONT></TD><TD STYLE="text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">40,952</FONT></TD><TD STYLE="text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">(1,456</FONT></TD><TD STYLE="text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">)</FONT></TD><TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">39,496</FONT></TD><TD STYLE="text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White; font-size: 8pt">
    <TD STYLE="text-align: left; padding-bottom: 1pt; text-indent: 7.1pt; font-size: 8pt"><FONT STYLE="font-size: 8pt">Cash flow
    hedge (*)</FONT></TD><TD STYLE="padding-bottom: 1pt; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: left; font-size: 8pt; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt; font-size: 8pt; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: left; font-size: 8pt; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt; font-size: 8pt; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: left; font-size: 8pt; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt; font-size: 8pt; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: left; font-size: 8pt; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt; font-size: 8pt; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">100,612</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: left; font-size: 8pt; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt; font-size: 8pt; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: left; font-size: 8pt; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt; font-size: 8pt; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: left; font-size: 8pt; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt; font-size: 8pt; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: left; font-size: 8pt; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt; font-size: 8pt; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">100,612</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: left; font-size: 8pt; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt; font-size: 8pt; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">3</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: left; font-size: 8pt; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt; font-size: 8pt; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">100,615</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: left; font-size: 8pt; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255); font-size: 8pt">
    <TD STYLE="text-align: left; padding-bottom: 1pt; font-size: 8pt"><FONT STYLE="font-size: 8pt">Other comprehensive income
    for the year</FONT></TD><TD STYLE="padding-bottom: 1pt; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: left; font-size: 8pt; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt; font-size: 8pt; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: left; font-size: 8pt; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt; font-size: 8pt; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">40,952</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: left; font-size: 8pt; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt; font-size: 8pt; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: left; font-size: 8pt; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt; font-size: 8pt; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">100,612</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: left; font-size: 8pt; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt; font-size: 8pt; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: left; font-size: 8pt; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt; font-size: 8pt; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: left; font-size: 8pt; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt; font-size: 8pt; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: left; font-size: 8pt; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt; font-size: 8pt; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">141,564</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: left; font-size: 8pt; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt; font-size: 8pt; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">(1,453</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: left; font-size: 8pt; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">)</FONT></TD><TD STYLE="padding-bottom: 1pt; font-size: 8pt; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">140,111</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: left; font-size: 8pt; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White; font-size: 8pt">
    <TD STYLE="text-align: left; padding-bottom: 1pt; font-size: 8pt"><FONT STYLE="font-size: 8pt">Total comprehensive income
    for the year</FONT></TD><TD STYLE="padding-bottom: 1pt; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: left; font-size: 8pt; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt; font-size: 8pt; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: left; font-size: 8pt; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt; font-size: 8pt; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">40,952</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: left; font-size: 8pt; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt; font-size: 8pt; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: left; font-size: 8pt; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt; font-size: 8pt; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">100,612</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: left; font-size: 8pt; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt; font-size: 8pt; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: left; font-size: 8pt; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt; font-size: 8pt; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: left; font-size: 8pt; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt; font-size: 8pt; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">2,039</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: left; font-size: 8pt; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt; font-size: 8pt; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">143,603</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: left; font-size: 8pt; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt; font-size: 8pt; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">247</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: left; font-size: 8pt; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt; font-size: 8pt; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">143,850</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: left; font-size: 8pt; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255); font-size: 8pt">
    <TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White; font-size: 8pt">
    <TD STYLE="text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">Employee share options (Note 23):</FONT></TD><TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255); font-size: 8pt">
    <TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">- Exercised</FONT></TD><TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">438</FONT></TD><TD STYLE="text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">(140</FONT></TD><TD STYLE="text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">)</FONT></TD><TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">82</FONT></TD><TD STYLE="text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">380</FONT></TD><TD STYLE="text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">380</FONT></TD><TD STYLE="text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White; font-size: 8pt">
    <TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">- Forfeited</FONT></TD><TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">(164</FONT></TD><TD STYLE="text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">)</FONT></TD><TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">164</FONT></TD><TD STYLE="text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255); font-size: 8pt">
    <TD STYLE="text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">Restricted shares (Note 23):</FONT></TD><TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White; font-size: 8pt">
    <TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">- Value of employee services</FONT></TD><TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">4,796</FONT></TD><TD STYLE="text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">4,796</FONT></TD><TD STYLE="text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">4,796</FONT></TD><TD STYLE="text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255); font-size: 8pt">
    <TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">- Vested</FONT></TD><TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">3,225</FONT></TD><TD STYLE="text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">(3,905</FONT></TD><TD STYLE="text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">)</FONT></TD><TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">680</FONT></TD><TD STYLE="text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White; font-size: 8pt">
    <TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">- Forfeited</FONT></TD><TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255); font-size: 8pt">
    <TD STYLE="padding-bottom: 1pt; font-size: 8pt"><FONT STYLE="font-size: 8pt">Purchase of own shares (Note 22)</FONT></TD><TD STYLE="padding-bottom: 1pt; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: left; font-size: 8pt; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt; font-size: 8pt; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">(4,087</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: left; font-size: 8pt; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">)</FONT></TD><TD STYLE="padding-bottom: 1pt; font-size: 8pt; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: left; font-size: 8pt; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt; font-size: 8pt; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: left; font-size: 8pt; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt; font-size: 8pt; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: left; font-size: 8pt; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt; font-size: 8pt; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">(685</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: left; font-size: 8pt; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">)</FONT></TD><TD STYLE="padding-bottom: 1pt; font-size: 8pt; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: left; font-size: 8pt; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt; font-size: 8pt; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: left; font-size: 8pt; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt; font-size: 8pt; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">(4,772</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: left; font-size: 8pt; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">)</FONT></TD><TD STYLE="padding-bottom: 1pt; font-size: 8pt; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: left; font-size: 8pt; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt; font-size: 8pt; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">(4,772</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: left; font-size: 8pt; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White; font-size: 8pt">
    <TD STYLE="font-weight: bold; padding-bottom: 2.25pt; font-size: 8pt"><FONT STYLE="font-size: 8pt">Balance at December 31,
    2016</FONT></TD><TD STYLE="font-weight: bold; padding-bottom: 2.25pt; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.25pt double; font-weight: bold; text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 2.25pt double; font-weight: bold; text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">183,573</FONT></TD><TD STYLE="padding-bottom: 2.25pt; font-weight: bold; text-align: left; font-size: 8pt; border-bottom: Black 2.25pt double"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; padding-bottom: 2.25pt; font-size: 8pt; border-bottom: Black 2.25pt double"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.25pt double; font-weight: bold; text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 2.25pt double; font-weight: bold; text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">937,250</FONT></TD><TD STYLE="padding-bottom: 2.25pt; font-weight: bold; text-align: left; font-size: 8pt; border-bottom: Black 2.25pt double"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; padding-bottom: 2.25pt; font-size: 8pt; border-bottom: Black 2.25pt double"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.25pt double; font-weight: bold; text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 2.25pt double; font-weight: bold; text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">(527,364</FONT></TD><TD STYLE="border-bottom: Black 2.25pt double; font-weight: bold; text-align: left; vertical-align: bottom"><FONT STYLE="font-size: 8pt">)</FONT></TD><TD STYLE="font-weight: bold; padding-bottom: 2.25pt; font-size: 8pt; border-bottom: Black 2.25pt double"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.25pt double; font-weight: bold; text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 2.25pt double; font-weight: bold; text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">17,218</FONT></TD><TD STYLE="padding-bottom: 2.25pt; font-weight: bold; text-align: left; font-size: 8pt; border-bottom: Black 2.25pt double"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; padding-bottom: 2.25pt; font-size: 8pt; border-bottom: Black 2.25pt double"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.25pt double; font-weight: bold; text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 2.25pt double; font-weight: bold; text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">(37,299</FONT></TD><TD STYLE="border-bottom: Black 2.25pt double; font-weight: bold; text-align: left; vertical-align: bottom"><FONT STYLE="font-size: 8pt">)</FONT></TD><TD STYLE="font-weight: bold; padding-bottom: 2.25pt; font-size: 8pt; border-bottom: Black 2.25pt double"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.25pt double; font-weight: bold; text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 2.25pt double; font-weight: bold; text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">(1,859</FONT></TD><TD STYLE="border-bottom: Black 2.25pt double; font-weight: bold; text-align: left; vertical-align: bottom"><FONT STYLE="font-size: 8pt">)</FONT></TD><TD STYLE="font-weight: bold; padding-bottom: 2.25pt; font-size: 8pt; border-bottom: Black 2.25pt double"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.25pt double; font-weight: bold; text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 2.25pt double; font-weight: bold; text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">41,574</FONT></TD><TD STYLE="padding-bottom: 2.25pt; font-weight: bold; text-align: left; font-size: 8pt; border-bottom: Black 2.25pt double"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; padding-bottom: 2.25pt; font-size: 8pt; border-bottom: Black 2.25pt double"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.25pt double; font-weight: bold; text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 2.25pt double; font-weight: bold; text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">50,998</FONT></TD><TD STYLE="padding-bottom: 2.25pt; font-weight: bold; text-align: left; font-size: 8pt; border-bottom: Black 2.25pt double"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; padding-bottom: 2.25pt; font-size: 8pt; border-bottom: Black 2.25pt double"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.25pt double; font-weight: bold; text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 2.25pt double; font-weight: bold; text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">664,091</FONT></TD><TD STYLE="padding-bottom: 2.25pt; font-weight: bold; text-align: left; font-size: 8pt; border-bottom: Black 2.25pt double"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; padding-bottom: 2.25pt; font-size: 8pt; border-bottom: Black 2.25pt double"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.25pt double; font-weight: bold; text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 2.25pt double; font-weight: bold; text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">7,582</FONT></TD><TD STYLE="padding-bottom: 2.25pt; font-weight: bold; text-align: left; font-size: 8pt; border-bottom: Black 2.25pt double"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; padding-bottom: 2.25pt; font-size: 8pt; border-bottom: Black 2.25pt double"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.25pt double; font-weight: bold; text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 2.25pt double; font-weight: bold; text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">671,673</FONT></TD><TD STYLE="padding-bottom: 2.25pt; font-weight: bold; text-align: left; font-size: 8pt; border-bottom: Black 2.25pt double"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
</TABLE>

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

<P STYLE="font-family: Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt">(*) Net
of (52,282) of Income Tax.</FONT></P>



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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt">The accompanying notes are an integral part of these consolidated financial statements.</P>

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


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    <!-- Field: /Page -->

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt"><B>Adecoagro S.A.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 70.8pt; text-align: center; text-indent: -52.8pt"><B>Consolidated
Statements of Cash Flows</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>for the years ended December 31, 2016,
2015 and 2014</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(All amounts in US$ thousands, except shares
and per share data and as otherwise indicated)</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="width: 51%; padding-bottom: 1pt; text-align: center">&nbsp;</TD><TD STYLE="width: 1%; padding-bottom: 1pt; text-align: center">&nbsp;</TD>
    <TD STYLE="width: 1%; padding-bottom: 1pt; text-align: center">&nbsp;</TD><TD STYLE="width: 7%; padding-bottom: 1pt; text-align: center">Note</TD><TD STYLE="width: 1%; text-align: center">&nbsp;</TD><TD STYLE="width: 1%; font-weight: bold; padding-bottom: 1pt; text-align: center">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: Black 1pt solid; font-weight: bold; text-align: center">&nbsp;</TD><TD STYLE="width: 10%; border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2016</TD><TD STYLE="width: 1%; border-bottom: Black 1pt solid; font-weight: bold; text-align: center">&nbsp;</TD><TD STYLE="width: 1%; font-weight: bold; padding-bottom: 1pt; text-align: center">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: Black 1pt solid; font-weight: bold; text-align: center">&nbsp;</TD><TD STYLE="width: 10%; border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2015 (*)</TD><TD STYLE="width: 1%; border-bottom: Black 1pt solid; font-weight: bold; text-align: center"></TD><TD STYLE="width: 1%; font-weight: bold; padding-bottom: 1pt; text-align: center">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: Black 1pt solid; font-weight: bold; text-align: center">&nbsp;</TD><TD STYLE="width: 10%; border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2014 (*)</TD><TD STYLE="width: 1%; border-bottom: Black 1pt solid; font-weight: bold; text-align: center"></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-weight: bold; text-align: left">Cash flows from operating activities:</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; text-align: left">Profit / (Loss) for the year</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">3,739</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(4,351</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">11,036</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-style: italic; text-align: left">Adjustments for:</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Income tax expense / (benefit)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: center">10</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">9,387</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(7,954</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">10,535</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD>Depreciation</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: center">12</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">126,799</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">103,816</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">137,165</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD>Amortization</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: center">14</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">701</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">585</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">509</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">Gain from disposal of farmlands and other assets</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: center">8</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(7,914</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Loss/(Gain) from the disposal of other property items</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: center">8</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,255</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(721</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(985</TD><TD STYLE="text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">Equity settled share-based compensation granted</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: center">7</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">4,796</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">4,396</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">3,867</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Loss/(Gain) from derivative financial instruments and forwards</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">8, 9</FONT></TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">21,745</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(17,686</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(6,548</TD><TD STYLE="text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">Interest and other financial expense, net</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: center">9</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">44,734</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">43,822</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">50,941</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Initial recognition and changes in fair value of non harvested biological assets (unrealized)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: center">3</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(9,811</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(11,326</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(12,635</TD><TD STYLE="text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">Changes in net realizable value of agricultural produce after harvest (unrealized)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: center">3</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">90</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(4,406</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(1,134</TD><TD STYLE="text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Provision and allowances</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">341</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(79</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">355</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">Share of loss from joint venture</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: center">16</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2,685</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">924</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Foreign exchange losses, net</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: center">9</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">19,062</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">23,423</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">9,246</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-bottom: 1pt">Cash flow hedge &ndash; transfer from equity</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: center">9</TD><TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">85,214</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">32,700</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">12,031</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD>Subtotal</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">308,052</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">156,990</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">215,307</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-weight: bold; text-align: left">Changes in operating assets and liabilities:</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">(Increase) in trade and other receivables</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(30,996</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(2,300</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(38,622</TD><TD STYLE="text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">(Increase) in inventories</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(22,301</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(9,275</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(34,841</TD><TD STYLE="text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">(Increase) in biological assets</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(23,677</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(20,154</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(38,213</TD><TD STYLE="text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">Decrease / (Increase) in other assets</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">83</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(871</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">21</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">(Increase) / Decrease in derivative financial instruments</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(17,892</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">25,880</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">4,493</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">Increase / (Decrease) in trade and other payables</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">39,054</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(9,871</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">6,390</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Increase in payroll and social security liabilities</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">3,052</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">4,996</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">6,253</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-bottom: 1pt">Increase / (Decrease) in provisions for other liabilities</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: center">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">1,175</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">21</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(179</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Net cash generated from operating activities before taxes paid</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">256,550</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">145,416</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">120,609</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-bottom: 1pt">Income tax paid</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: center">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(1,149</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">)</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(230</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">)</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(458</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; text-align: left; padding-bottom: 1pt">Net cash generated from operating activities</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: center">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">255,401</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">145,186</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">120,151</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD></TR>
</TABLE>


<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>(*)</B>: The prior years have been adjusted to reflect the
Company&rsquo;s adoption of amendments to IAS 16 and IAS 41 as further described in Note 32.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt">The accompanying notes are an integral part of these consolidated financial statements.</P>

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


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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt"><B>&nbsp;</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt"><B>Adecoagro S.A.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 70.8pt; text-align: center; text-indent: -52.8pt"><B>Consolidated
Statements of Cash Flows (Continued)</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>for the years ended December 31, 2016,
2015 and 2014</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(All amounts in US$ thousands, except shares
and per share data and as otherwise indicated)</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="width: 51%; padding-bottom: 1pt; text-align: center">&nbsp;</TD><TD STYLE="width: 1%; padding-bottom: 1pt; text-align: center">&nbsp;</TD>
    <TD STYLE="width: 1%; padding-bottom: 1pt; text-align: center">&nbsp;</TD><TD STYLE="width: 7%; padding-bottom: 1pt; text-align: center">Note</TD><TD STYLE="width: 1%; text-align: center">&nbsp;</TD><TD STYLE="width: 1%; font-weight: bold; padding-bottom: 1pt; text-align: center">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: Black 1pt solid; font-weight: bold; text-align: center">&nbsp;</TD><TD STYLE="width: 10%; border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2016</TD><TD STYLE="width: 1%; border-bottom: Black 1pt solid; font-weight: bold; text-align: center">&nbsp;</TD><TD STYLE="width: 1%; font-weight: bold; padding-bottom: 1pt; text-align: center">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: Black 1pt solid; font-weight: bold; text-align: center">&nbsp;</TD><TD STYLE="width: 10%; border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2015 (*)</TD><TD STYLE="width: 1%; border-bottom: Black 1pt solid; font-weight: bold; text-align: center"></TD><TD STYLE="width: 1%; font-weight: bold; padding-bottom: 1pt; text-align: center">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: Black 1pt solid; font-weight: bold; text-align: center">&nbsp;</TD><TD STYLE="width: 10%; border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2014 (*)</TD><TD STYLE="width: 1%; border-bottom: Black 1pt solid; font-weight: bold; text-align: center"></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-weight: bold; text-align: left">Cash flows from investing activities:</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Purchases of property, plant and equipment</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: center">12</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(134,105</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(141,770</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(305,728</TD><TD STYLE="text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">Purchases of intangible assets</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: center">14</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(1,218</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(1,203</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(2,098</TD><TD STYLE="text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Interest received</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: center">9</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">7,671</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">8,201</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">7,068</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">Proceeds from disposal of other property items,</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2,215</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,303</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,024</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Proceeds from sale of farmland and other assets</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: center">21</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">12,610</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">Proceeds from disposal of subsidiaries</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: center">21</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">3,423</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">3,890</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,318</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Investment in joint ventures</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: center">16</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(1,372</TD><TD STYLE="text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">Payment of seller financing arising on subsidiaries acquired</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(684</TD><TD STYLE="text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1pt">Loans to joint venture</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: center">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">-</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(8,082</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">)</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">-</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-weight: bold; text-align: left; padding-bottom: 1pt">Net cash used in investing activities</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: center">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">(122,014</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">)</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">(125,051</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">)</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">(300,472</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-weight: bold; text-align: left">Cash flows from financing activities:</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Net proceeds from the sale of non-controlling interest in subsidiaries</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: center">21</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">21,964</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">49,343</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">Proceeds from equity settled shared-based compensation exercised</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">380</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,259</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">839</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Proceeds from long-term borrowings</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: center">26</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">167,385</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">299,343</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">180,048</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">Payments of long-term borrowings</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: center">26</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(277,913</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(165,455</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(177,027</TD><TD STYLE="text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Interest paid</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(48,400</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(48,438</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(48,899</TD><TD STYLE="text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">Proceeds from short-term borrowings</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: center">26</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">257,395</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">211,045</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">152,216</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Payments of short-term borrowings</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: center">26</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(272,033</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(208,309</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(70,239</TD><TD STYLE="text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">Payment of derivatives financial instruments</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(3,724</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(18,676</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-bottom: 1pt">Purchase of own shares</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: center">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(4,772</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">)</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(320</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">)</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(12,992</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-weight: bold; text-align: left; padding-bottom: 1pt">Net cash generated from financing activities</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: center">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">(181,682</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">)</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">92,413</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">73,289</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; text-align: left; padding-bottom: 2.25pt">Net increase / (decrease) in cash and cash equivalents</TD><TD STYLE="padding-bottom: 2.25pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 2.25pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.25pt; text-align: center">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 2.25pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.25pt double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.25pt double; font-weight: bold; text-align: right">(48,295</TD><TD STYLE="border-bottom: Black 2.25pt double; font-weight: bold; text-align: left">)</TD><TD STYLE="font-weight: bold; padding-bottom: 2.25pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.25pt double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.25pt double; font-weight: bold; text-align: right">112,548</TD><TD STYLE="border-bottom: Black 2.25pt double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 2.25pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.25pt double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.25pt double; font-weight: bold; text-align: right">(107,032</TD><TD STYLE="border-bottom: Black 2.25pt double; font-weight: bold; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">Cash and cash equivalents at beginning of year</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">198,894</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">113,795</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">232,147</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1pt">Effect of exchange rate changes on cash and cash equivalents</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: center">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">7,969</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(27,449</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">)</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(11,320</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-weight: bold; text-align: left; padding-bottom: 2.25pt">Cash and cash equivalents at end of year</TD><TD STYLE="padding-bottom: 2.25pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 2.25pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.25pt; text-align: center">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 2.25pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.25pt double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.25pt double; font-weight: bold; text-align: right">158,568</TD><TD STYLE="border-bottom: Black 2.25pt double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 2.25pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.25pt double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.25pt double; font-weight: bold; text-align: right">198,894</TD><TD STYLE="border-bottom: Black 2.25pt double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 2.25pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.25pt double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.25pt double; font-weight: bold; text-align: right">113,795</TD><TD STYLE="border-bottom: Black 2.25pt double; font-weight: bold; text-align: left">&nbsp;</TD></TR>
</TABLE>


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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>(*)</B>: The prior years have been adjusted to reflect the
Company&rsquo;s adoption of amendments to IAS 16 and IAS 41 as further described in Note 32.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt">The accompanying notes are an integral part of these consolidated financial statements.</P>

<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="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt"><B>Adecoagro S.A.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Notes to the Consolidated Financial Statements
(Continued)</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 2.85pt 0pt 0; text-align: center">(All amounts in US$ thousands,
except shares and per share data and as otherwise indicated)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 2.85pt 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><B>1.</B></TD><TD STYLE="text-align: justify"><B>General information </B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 35.45pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 35.45pt">Adecoagro S.A. (the
&quot;Company&quot; or &quot;Adecoagro&quot;) is the Group&rsquo;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 &quot;Group&quot;. 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 3 to these consolidated financial statements.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 35.45pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 35.45pt">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="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 35.45pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 35.45pt">These consolidated
financial statements have been approved for issue by the Board of Directors on March&nbsp;14, 2017.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 35.45pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><B>2.</B></TD><TD STYLE="text-align: justify"><B>Financial risk management</B></TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B>Risk management
principles and processes</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Group&rsquo;s activities
are exposed to a variety of financial risks. The Group&rsquo;s overall risk management program focuses on the unpredictability
of financial markets and seeks to minimize the Group&rsquo;s capital costs by using suitable means of financing and to manage and
control the Group&rsquo;s financial risks effectively. The Group uses financial instruments to hedge certain risk exposures.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 35.45pt">The Group&rsquo;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.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 35.45pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 35.45pt">The principal financial
risks are related to raw material price, end-product price, exchange rate, interest rate, liquidity and credit. This section provides
a description of the principal risks and uncertainties that could have a material adverse effect on the Group&rsquo;s strategy,
performance, results of operations and financial condition. These risks do not appear in any particular order of potential materiality
or probability of occurrence.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 27pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="text-align: justify"><B>Exchange rate risk </B></TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Group&rsquo;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="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">A significant majority
of the Group&rsquo;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,
mainly the US dollars. As such, these subsidiaries may hold US dollar denominated monetary balances at each year-end as indicated
in the tables below.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Group&rsquo;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="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">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.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">The accompanying notes are an integral part of these consolidated financial statements.</P>

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


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

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt"><B>Adecoagro S.A.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Notes to the Consolidated Financial Statements
(Continued)</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 2.85pt 0pt 0; text-align: center">(All amounts in US$ thousands,
except shares and per share data and as otherwise indicated)</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><B>2.</B></TD><TD STYLE="text-align: justify"><B>Financial risk management (continued)</B></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 93%; font: 10pt Times New Roman, Times, Serif; margin-left: 0.5in">
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="text-align: justify; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD NOWRAP COLSPAN="18" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2016</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="text-align: justify; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD NOWRAP COLSPAN="18" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Subsidiaries&rsquo; functional currency</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid; vertical-align: middle">Net monetary position <BR> (Liability)/ Asset</TD><TD STYLE="font-weight: bold; border-bottom: Black 1pt solid; text-align: center; vertical-align: middle">&nbsp;</TD>
    <TD NOWRAP COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid; vertical-align: middle">Argentine <BR> Peso</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: center; vertical-align: middle">&nbsp;</TD><TD STYLE="font-weight: bold; border-bottom: Black 1pt solid; text-align: center; vertical-align: middle">&nbsp;</TD>
    <TD NOWRAP COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid; vertical-align: middle">Brazilian <BR> Reais</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: center; vertical-align: middle">&nbsp;</TD><TD STYLE="font-weight: bold; border-bottom: Black 1pt solid; text-align: center; vertical-align: middle">&nbsp;</TD>
    <TD NOWRAP COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid; vertical-align: middle">Uruguayan <BR> Peso</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: center; vertical-align: middle">&nbsp;</TD><TD STYLE="font-weight: bold; border-bottom: Black 1pt solid; text-align: center; vertical-align: middle">&nbsp;</TD>
    <TD NOWRAP COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid; vertical-align: middle">US Dollar</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: center; vertical-align: middle">&nbsp;</TD><TD STYLE="font-weight: bold; border-bottom: Black 1pt solid; text-align: center; vertical-align: middle">&nbsp;</TD>
    <TD NOWRAP COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid; vertical-align: middle">Total</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: center; vertical-align: middle">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 45%; text-align: left">Argentine Peso</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 8%; text-align: right">1,518</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 8%; text-align: right">-</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 8%; text-align: right">-</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 8%; text-align: right">-</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font-weight: bold">&nbsp;</TD>
    <TD STYLE="width: 1%; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="width: 8%; font-weight: bold; text-align: right">1,518</TD><TD STYLE="width: 1%; font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Brazilian Reais</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(203,070</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">(203,070</TD><TD STYLE="font-weight: bold; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">US Dollar</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(44,088</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(307,088</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(7,714</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">78,801</TD><TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">(280,089</TD><TD STYLE="font-weight: bold; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1pt">Uruguayan Peso</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">-</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">-</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(35</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">)</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">-</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">(35</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-weight: bold; padding-bottom: 2.25pt">Total</TD><TD STYLE="font-weight: bold; border-bottom: Black 2.25pt double">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.25pt double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.25pt double; font-weight: bold; text-align: right">(42,570</TD><TD STYLE="border-bottom: Black 2.25pt double; font-weight: bold; text-align: left">)</TD><TD STYLE="font-weight: bold; border-bottom: Black 2.25pt double">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.25pt double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.25pt double; font-weight: bold; text-align: right">(510,158</TD><TD STYLE="border-bottom: Black 2.25pt double; font-weight: bold; text-align: left">)</TD><TD STYLE="font-weight: bold; border-bottom: Black 2.25pt double">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.25pt double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.25pt double; font-weight: bold; text-align: right">(7,749</TD><TD STYLE="border-bottom: Black 2.25pt double; font-weight: bold; text-align: left">)</TD><TD STYLE="font-weight: bold; border-bottom: Black 2.25pt double">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.25pt double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.25pt double; font-weight: bold; text-align: right">78,801</TD><TD STYLE="border-bottom: Black 2.25pt double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; border-bottom: Black 2.25pt double">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.25pt double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.25pt double; font-weight: bold; text-align: right">(481,676</TD><TD STYLE="border-bottom: Black 2.25pt double; font-weight: bold; text-align: left">)</TD></TR>
</TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 93%; font: 10pt Times New Roman, Times, Serif; margin-left: 0.5in">
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="padding-bottom: 1pt">&nbsp;</TD><TD STYLE="font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD NOWRAP COLSPAN="18" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2015</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="padding-bottom: 1pt">&nbsp;</TD><TD STYLE="font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD NOWRAP COLSPAN="18" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Subsidiaries&rsquo; functional currency</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid; vertical-align: middle">Net monetary position <BR> (Liability)/ Asset</TD><TD STYLE="font-weight: bold; border-bottom: Black 1pt solid; text-align: center; vertical-align: middle">&nbsp;</TD>
    <TD NOWRAP COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid; vertical-align: middle">Argentine <BR> Peso</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: center; vertical-align: middle">&nbsp;</TD><TD STYLE="font-weight: bold; border-bottom: Black 1pt solid; text-align: center; vertical-align: middle">&nbsp;</TD>
    <TD NOWRAP COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid; vertical-align: middle">Brazilian <BR> Reais</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: center; vertical-align: middle">&nbsp;</TD><TD STYLE="font-weight: bold; border-bottom: Black 1pt solid; text-align: center; vertical-align: middle">&nbsp;</TD>
    <TD NOWRAP COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid; vertical-align: middle">Uruguayan <BR> Peso</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: center; vertical-align: middle">&nbsp;</TD><TD STYLE="font-weight: bold; border-bottom: Black 1pt solid; text-align: center; vertical-align: middle">&nbsp;</TD>
    <TD NOWRAP COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid; vertical-align: middle">US Dollar</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: center; vertical-align: middle">&nbsp;</TD><TD STYLE="font-weight: bold; border-bottom: Black 1pt solid; text-align: center; vertical-align: middle">&nbsp;</TD>
    <TD NOWRAP COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid; vertical-align: middle">Total</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: center; vertical-align: middle">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 45%; text-align: left">Argentine Peso</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 8%; text-align: right">(7,513</TD><TD STYLE="width: 1%; text-align: left">)</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 8%; text-align: right">-</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 8%; text-align: right">-</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 8%; text-align: right">-</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font-weight: bold">&nbsp;</TD>
    <TD STYLE="width: 1%; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="width: 8%; font-weight: bold; text-align: right">(7,513</TD><TD STYLE="width: 1%; font-weight: bold; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Brazilian Reais</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(174,145</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">(174,145</TD><TD STYLE="font-weight: bold; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">US Dollar</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(61,256</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(376,757</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">32,560</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">95,251</TD><TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">(310,202</TD><TD STYLE="font-weight: bold; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1pt">Uruguayan Peso</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">-</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">-</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(1,083</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">)</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">-</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">(1,083</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-weight: bold; padding-bottom: 2.25pt">Total</TD><TD STYLE="font-weight: bold; border-bottom: Black 2.25pt double">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.25pt double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.25pt double; font-weight: bold; text-align: right">(68,769</TD><TD STYLE="border-bottom: Black 2.25pt double; font-weight: bold; text-align: left">)</TD><TD STYLE="font-weight: bold; border-bottom: Black 2.25pt double">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.25pt double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.25pt double; font-weight: bold; text-align: right">(550,902</TD><TD STYLE="border-bottom: Black 2.25pt double; font-weight: bold; text-align: left">)</TD><TD STYLE="font-weight: bold; border-bottom: Black 2.25pt double">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.25pt double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.25pt double; font-weight: bold; text-align: right">31,477</TD><TD STYLE="border-bottom: Black 2.25pt double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; border-bottom: Black 2.25pt double">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.25pt double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.25pt double; font-weight: bold; text-align: right">95,251</TD><TD STYLE="border-bottom: Black 2.25pt double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; border-bottom: Black 2.25pt double">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.25pt double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.25pt double; font-weight: bold; text-align: right">(492,943</TD><TD STYLE="border-bottom: Black 2.25pt double; font-weight: bold; text-align: left">)</TD></TR>
</TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Group&rsquo;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/depreciation of the US dollar against the respective
functional currencies for the years ended December 31, 2016 and 2015 would have decreased/increased the Group&rsquo;s <B>Profit
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. A portion of this effect would have been recognized as other comprehensive income since
a portion of the Company&rsquo;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="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP COLSPAN="3" STYLE="text-align: center; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD NOWRAP COLSPAN="18" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Functional currency</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="3" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid; vertical-align: middle">Net monetary position</TD><TD STYLE="font-weight: bold; border-bottom: Black 1pt solid; text-align: center; vertical-align: middle">&nbsp;</TD>
    <TD NOWRAP COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid; vertical-align: middle">Argentine <BR> Peso</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: center; vertical-align: middle">&nbsp;</TD><TD STYLE="font-weight: bold; border-bottom: Black 1pt solid; text-align: center; vertical-align: middle">&nbsp;</TD>
    <TD NOWRAP COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid; vertical-align: middle">Brazilian <BR> Reais</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: center; vertical-align: middle">&nbsp;</TD><TD STYLE="font-weight: bold; border-bottom: Black 1pt solid; text-align: center; vertical-align: middle">&nbsp;</TD>
    <TD NOWRAP COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid; vertical-align: middle">Uruguayan<BR>
Peso</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: center; vertical-align: middle">&nbsp;</TD><TD STYLE="font-weight: bold; border-bottom: Black 1pt solid; text-align: center; vertical-align: middle">&nbsp;</TD>
    <TD NOWRAP COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid; vertical-align: middle">US Dollar</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: center; vertical-align: middle">&nbsp;</TD><TD STYLE="font-weight: bold; border-bottom: Black 1pt solid; text-align: center; vertical-align: middle">&nbsp;</TD>
    <TD NOWRAP COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid; vertical-align: middle">Total</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: center; vertical-align: middle">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 10%; text-align: justify">2016</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 34%; text-align: left">US Dollar</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 8%; text-align: right">(4,409</TD><TD STYLE="width: 1%; text-align: left">)</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 8%; text-align: right">(30,709</TD><TD STYLE="width: 1%; text-align: left">)</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 8%; text-align: right">(771</TD><TD STYLE="width: 1%; text-align: left">)</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 8%; text-align: right">-</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font-weight: bold">&nbsp;</TD>
    <TD STYLE="width: 1%; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="width: 8%; font-weight: bold; text-align: right">(35,889</TD><TD STYLE="width: 1%; font-weight: bold; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: justify">2015</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">US Dollar</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(6,126</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(37,676</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">3,256</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">(40,546</TD><TD STYLE="font-weight: bold; text-align: left">)</TD></TR>
</TABLE>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The tables above only
consider the effect of a hypothetical appreciation / depreciation of the US dollars on the Group&rsquo;s net financial position.
A hypothetical appreciation / depreciation of the US dollar against the functional currencies of the Group&rsquo;s subsidiaries
has historically had a positive / negative effect, respectively, on the fair value of the Group&rsquo;s biological assets and the
end prices of the Group&rsquo;s agriculture produce, both of which are generally linked to the US dollar.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B>Hedge Accounting
- Cash Flow Hedge </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Effective July 1, 2013,
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="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">The accompanying notes are an integral part of these consolidated financial statements.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>


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    <!-- Field: /Page -->

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

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt"><B>Adecoagro S.A.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Notes to the Consolidated Financial Statements
(Continued)</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 2.85pt 0pt 0; text-align: center">(All amounts in US$ thousands,
except shares and per share data and as otherwise indicated)</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><B>2.</B></TD><TD STYLE="text-align: justify"><B>Financial risk management (continued)</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">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 operations in Brazil and Argentine Peso/US Dollar in Argentina, respectively. As of December 31, 2016
and 2015, approximately 18.1% and 28.4%, respectively, of projected sales qualify as highly probable forecast transactions for
hedge accounting purposes and were designated as hedged items.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">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&rsquo;s Risk Management Policy, 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="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 35.45pt">Under cash flow hedge
accounting, 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 periods when the future sales occur, thus
allowing for a more appropriate presentation of the results for the period reflecting the strategy in the Group&rsquo;s Risk Management
Policy.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 252.3pt; text-align: justify; text-indent: -216.3pt">The
Company expects that the cash flows will occur and affect profit or loss between 2017 and 2021.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">For the year ended
December 31, 2016, a total amount before income tax of 67,683 gain (US$ 176,657 loss in 2015) was recognized in other comprehensive
income and an amount of US$ 85,214 loss (US$ 32,700 loss in 2015) was reclassified from equity to profit or loss within &ldquo;Financial
results, net&rdquo;.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="text-align: justify"><B>Raw material price risk</B></TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">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&rsquo;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="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 27pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="text-align: justify"><B>End-product price risk </B></TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">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 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 and sugar 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="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">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="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">The accompanying notes are an integral part of these consolidated financial statements.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>


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    <!-- Field: /Page -->

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt"><B>Adecoagro S.A.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Notes to the Consolidated Financial Statements
(Continued)</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 2.85pt 0pt 0; text-align: center">(All amounts in US$ thousands,
except shares and per share data and as otherwise indicated)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 2.85pt 0pt 0; text-align: center">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><B>2.</B></TD><TD STYLE="text-align: justify"><B>Financial risk management (continued)</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 27pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="text-align: justify"><B>Liquidity risk </B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Group is exposed
to liquidity risks, including risks associated with refinancing borrowings as they mature, and that borrowing facilities are not
available to meet cash requirements. Failure to manage liquidity risks could have a material impact on the Group&rsquo;s cash flow
and statement of financial position.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">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. The Group'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="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">As of December 31,
2016, cash and cash equivalents of the Group totaled U$S&nbsp;158.6 million, which could be used for managing liquidity risk.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The tables below analyzes
the Group&rsquo;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.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt; text-align: left; vertical-align: top">At 31 December 2016</TD><TD STYLE="font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD NOWRAP COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Less than<BR> 1 year</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD NOWRAP COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Between<BR> 1 and 2 years</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD NOWRAP COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Between 2<BR> and 5 years</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD NOWRAP COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Over<BR> 5 Years</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD NOWRAP COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid; vertical-align: middle">Total</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 35%; text-align: left">Trade and other payables</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; text-align: right">79,715</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; text-align: right">1,082</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; text-align: right">19</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; text-align: right">326</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; text-align: right">81,142</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD>Borrowings</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">239,588</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">218,717</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">221,036</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">35,702</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">715,043</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-bottom: 1pt">Derivative financial instruments</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">6,406</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">662</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">-</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">-</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">7,068</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; padding-bottom: 2.25pt">Total</TD><TD STYLE="font-weight: bold; border-bottom: Black 2.25pt double">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.25pt double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.25pt double; font-weight: bold; text-align: right">325,709</TD><TD STYLE="border-bottom: Black 2.25pt double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; border-bottom: Black 2.25pt double">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.25pt double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.25pt double; font-weight: bold; text-align: right">220,461</TD><TD STYLE="border-bottom: Black 2.25pt double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; border-bottom: Black 2.25pt double">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.25pt double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.25pt double; font-weight: bold; text-align: right">221,055</TD><TD STYLE="border-bottom: Black 2.25pt double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; border-bottom: Black 2.25pt double">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.25pt double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.25pt double; font-weight: bold; text-align: right">36,028</TD><TD STYLE="border-bottom: Black 2.25pt double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; border-bottom: Black 2.25pt double">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.25pt double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.25pt double; font-weight: bold; text-align: right">803,253</TD><TD STYLE="border-bottom: Black 2.25pt double; font-weight: bold; text-align: left">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt; text-align: left; vertical-align: top">At 31 December 2015</TD><TD STYLE="font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD NOWRAP COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Less than<BR> 1 year</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD NOWRAP COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Between<BR> 1 and 2 years</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD NOWRAP COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Between 2<BR> and 5 years</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD NOWRAP COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Over<BR> 5 Years</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD NOWRAP COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid; vertical-align: middle">Total</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 35%; text-align: left">Trade and other payables</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; text-align: right">48,177</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; text-align: right">566</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; text-align: right">1,062</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; text-align: right">283</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; text-align: right">50,088</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD>Borrowings</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">275,914</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">176,712</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">372,672</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">66,689</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">891,987</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-bottom: 1pt">Derivative financial instruments</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">6,575</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">119</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">-</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">-</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">6,694</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; padding-bottom: 2.25pt">Total</TD><TD STYLE="font-weight: bold; border-bottom: Black 2.25pt double">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.25pt double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.25pt double; font-weight: bold; text-align: right">330,666</TD><TD STYLE="border-bottom: Black 2.25pt double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; border-bottom: Black 2.25pt double">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.25pt double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.25pt double; font-weight: bold; text-align: right">177,397</TD><TD STYLE="border-bottom: Black 2.25pt double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; border-bottom: Black 2.25pt double">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.25pt double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.25pt double; font-weight: bold; text-align: right">373,734</TD><TD STYLE="border-bottom: Black 2.25pt double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; border-bottom: Black 2.25pt double">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.25pt double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.25pt double; font-weight: bold; text-align: right">66,972</TD><TD STYLE="border-bottom: Black 2.25pt double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; border-bottom: Black 2.25pt double">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.25pt double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.25pt double; font-weight: bold; text-align: right">948,769</TD><TD STYLE="border-bottom: Black 2.25pt double; font-weight: bold; text-align: left">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">The accompanying notes are an integral part of these consolidated financial statements.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt"><B>Adecoagro S.A.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Notes to the Consolidated Financial Statements
(Continued)</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 2.85pt 0pt 0; text-align: center">(All amounts in US$ thousands,
except shares and per share data and as otherwise indicated)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><B>2.</B></TD><TD STYLE="text-align: justify"><B>Financial risk management (continued)</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 27pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="text-align: justify"><B>Interest rate risk </B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Group&rsquo;s interest
rate risk arises from long-term borrowings at floating rates, which 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's borrowings is
set out in Note 26.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">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="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The following tables
show a breakdown of the Group&rsquo;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="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 28.35pt">The analysis for
the year ended December 31, 2016 and 2015 is as follows:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 85%; font: 10pt Times New Roman, Times, Serif; margin-left: 0.5in">
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="text-align: center; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD NOWRAP COLSPAN="14" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2016</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="text-align: center; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD NOWRAP COLSPAN="14" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Subsidiaries&rsquo; functional currency</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid; vertical-align: middle">Rate per currency denomination</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD NOWRAP COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Argentine <BR> Peso</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD NOWRAP COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Brazilian <BR> Reais</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD NOWRAP COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Uruguayan <BR> Peso</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD NOWRAP COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid; vertical-align: middle">Total</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-weight: bold; text-align: left">Fixed rate:</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="width: 56%; text-align: left">Argentine Peso</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 8%; text-align: right">1,005</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 8%; text-align: right">-</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 8%; text-align: right">-</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 8%; text-align: right">1,005</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">Brazilian Reais</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">131,495</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">131,495</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1pt">US Dollar</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">15,065</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">37,937</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">29,069</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">82,071</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-weight: bold; text-align: left; padding-bottom: 1pt">Subtotal Fixed-rate borrowings</TD><TD STYLE="font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">16,070</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">169,432</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">29,069</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">214,571</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; text-align: left">Variable rate:</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">Brazilian Reais</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">65,408</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">65,408</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1pt">US Dollar</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">48,677</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">306,559</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">-</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">355,236</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-weight: bold; text-align: left; padding-bottom: 1pt">Subtotal Variable-rate borrowings</TD><TD STYLE="font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">48,677</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">371,967</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">-</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">420,644</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; padding-bottom: 1pt">Total borrowings as per analysis</TD><TD STYLE="font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">64,747</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">541,399</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">29,069</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">635,215</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-bottom: 1pt">Finance leases</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">181</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">-</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">-</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">181</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; text-align: left; padding-bottom: 2.25pt">Total borrowings as per statement of financial position</TD><TD STYLE="font-weight: bold; border-bottom: Black 2.25pt double">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.25pt double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.25pt double; font-weight: bold; text-align: right">64,928</TD><TD STYLE="border-bottom: Black 2.25pt double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; border-bottom: Black 2.25pt double">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.25pt double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.25pt double; font-weight: bold; text-align: right">541,399</TD><TD STYLE="border-bottom: Black 2.25pt double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; border-bottom: Black 2.25pt double">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.25pt double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.25pt double; font-weight: bold; text-align: right">29,069</TD><TD STYLE="border-bottom: Black 2.25pt double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; border-bottom: Black 2.25pt double">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.25pt double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.25pt double; font-weight: bold; text-align: right">635,396</TD><TD STYLE="border-bottom: Black 2.25pt double; font-weight: bold; text-align: left">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 85%; font: 10pt Times New Roman, Times, Serif; margin-left: 0.5in">
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="text-align: center; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD NOWRAP COLSPAN="14" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2015</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="text-align: center; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD NOWRAP COLSPAN="14" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Subsidiaries&rsquo; functional currency</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt; text-align: center; border-bottom: Black 1pt solid; vertical-align: middle">Rate per currency denomination</TD><TD STYLE="font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD NOWRAP COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Argentine <BR> Peso</TD><TD STYLE="font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD NOWRAP COLSPAN="2" STYLE="text-align: center; border-bottom: Black 1pt solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Brazilian </B></P> <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Reais</B></P></TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD NOWRAP COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Uruguayan <BR> Peso</TD><TD STYLE="font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD NOWRAP COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid; vertical-align: middle">Total</TD><TD STYLE="font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-weight: bold; text-align: left">Fixed rate:</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="width: 56%; text-align: left">Argentine Peso</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 8%; text-align: right">3,125</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 8%; text-align: right">-</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 8%; text-align: right">-</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 8%; text-align: right">3,125</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">Brazilian Reais</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">145,114</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">145,114</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1pt">US Dollar</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">58,378</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">20,362</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">-</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">78,740</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-weight: bold; text-align: left; padding-bottom: 1pt">Subtotal Fixed-rate borrowings</TD><TD STYLE="font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">61,503</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">165,476</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">-</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">226,979</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; text-align: left">Variable rate:</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">Brazilian Reais</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">48,231</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">48,231</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1pt">US Dollar</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">13,180</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">434,670</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">-</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">447,850</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-weight: bold; text-align: left; padding-bottom: 1pt">Subtotal Variable-rate borrowings</TD><TD STYLE="font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">13,180</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">482,901</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">-</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">496,081</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; padding-bottom: 1pt">Total borrowings as per analysis</TD><TD STYLE="font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">74,683</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">648,377</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">-</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">723,060</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-bottom: 1pt">Finance leases</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">279</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">-</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">-</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">279</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; text-align: left; padding-bottom: 2.25pt">Total borrowings as per statement of financial position</TD><TD STYLE="font-weight: bold; border-bottom: Black 2.25pt double">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.25pt double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.25pt double; font-weight: bold; text-align: right">74,962</TD><TD STYLE="border-bottom: Black 2.25pt double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; border-bottom: Black 2.25pt double">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.25pt double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.25pt double; font-weight: bold; text-align: right">648,377</TD><TD STYLE="border-bottom: Black 2.25pt double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; border-bottom: Black 2.25pt double">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.25pt double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.25pt double; font-weight: bold; text-align: right">-</TD><TD STYLE="border-bottom: Black 2.25pt double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; border-bottom: Black 2.25pt double">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.25pt double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.25pt double; font-weight: bold; text-align: right">723,339</TD><TD STYLE="border-bottom: Black 2.25pt double; font-weight: bold; text-align: left">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">The accompanying notes are an integral part of these consolidated financial statements.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt"><B>Adecoagro S.A.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Notes to the Consolidated Financial Statements
(Continued)</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 2.85pt 0pt 0; text-align: center">(All amounts in US$ thousands,
except shares and per share data and as otherwise indicated)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><B>2.</B></TD><TD STYLE="text-align: justify"><B>Financial risk management (continued)</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">For the years ended
December 31, 2016 and 2015, if interest rates on floating-rate borrowings had been 1% higher with all other variables held constant,
the Group&rsquo;s <B>Profit Before Income Tax</B> for the years would have decreased as shown below. A 1% decrease in interest
rates would have an equal and opposite effect on the income statement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 85%; font: 10pt Times New Roman, Times, Serif; margin-left: 0.5in">
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="text-align: center; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD NOWRAP COLSPAN="14" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2016</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="text-align: center; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD NOWRAP COLSPAN="14" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Subsidiaries&rsquo; functional currency</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid; vertical-align: middle">Rate per currency denomination</TD><TD STYLE="font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD NOWRAP COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Argentine <BR> Peso</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD NOWRAP COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Brazilian <BR> Reais</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD NOWRAP COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Uruguayan <BR> Peso</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD NOWRAP COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid; vertical-align: middle">Total</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-weight: bold; text-align: left">Variable rate:</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="width: 56%; text-align: left">Brazilian Reais</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 8%; text-align: right">-</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 8%; text-align: right">(654</TD><TD STYLE="width: 1%; text-align: left">)</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 8%; text-align: right">-</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 8%; text-align: right">(654</TD><TD STYLE="width: 1%; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-bottom: 1pt">US Dollar</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(487</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">)</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(3,066</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">)</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">-</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(3,553</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; text-align: left; padding-bottom: 2.25pt">Total effects on Profit Before Income Tax</TD><TD STYLE="font-weight: bold; border-bottom: Black 2.25pt double">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.25pt double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.25pt double; font-weight: bold; text-align: right">(487</TD><TD STYLE="border-bottom: Black 2.25pt double; font-weight: bold; text-align: left">)</TD><TD STYLE="font-weight: bold; border-bottom: Black 2.25pt double">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.25pt double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.25pt double; font-weight: bold; text-align: right">(3,720</TD><TD STYLE="border-bottom: Black 2.25pt double; font-weight: bold; text-align: left">)</TD><TD STYLE="font-weight: bold; border-bottom: Black 2.25pt double">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.25pt double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.25pt double; font-weight: bold; text-align: right">-</TD><TD STYLE="border-bottom: Black 2.25pt double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; border-bottom: Black 2.25pt double">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.25pt double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.25pt double; font-weight: bold; text-align: right">(4,207</TD><TD STYLE="border-bottom: Black 2.25pt double; font-weight: bold; text-align: left">)</TD></TR>
</TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 85%; font: 10pt Times New Roman, Times, Serif; margin-left: 0.5in">
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="text-align: center; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD NOWRAP COLSPAN="14" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2015</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="text-align: center; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD NOWRAP COLSPAN="14" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Subsidiaries&rsquo; functional currency</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="font-weight: bold; border-bottom: Black 1pt solid; text-align: center; vertical-align: middle">Rate per currency denomination</TD><TD STYLE="font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD NOWRAP COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Argentine <BR> Peso</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD NOWRAP COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Brazilian <BR> Reias</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD NOWRAP COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Uruguayan <BR> Peso</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD NOWRAP COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Argentine <BR> Peso</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-weight: bold; text-align: left">Variable rate:</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="width: 56%; text-align: left">Brazilian Reais</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 8%; text-align: right">-</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 8%; text-align: right">(482</TD><TD STYLE="width: 1%; text-align: left">)</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 8%; text-align: right">-</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 8%; text-align: right">(482</TD><TD STYLE="width: 1%; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-bottom: 1pt">US Dollar</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(132</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">)</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(4,347</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">)</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">-</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(4,479</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; text-align: left; padding-bottom: 2.25pt">Total effects on Profit Before Income Tax</TD><TD STYLE="font-weight: bold; border-bottom: Black 2.25pt double">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.25pt double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.25pt double; font-weight: bold; text-align: right">(132</TD><TD STYLE="border-bottom: Black 2.25pt double; font-weight: bold; text-align: left">)</TD><TD STYLE="font-weight: bold; border-bottom: Black 2.25pt double">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.25pt double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.25pt double; font-weight: bold; text-align: right">(4,829</TD><TD STYLE="border-bottom: Black 2.25pt double; font-weight: bold; text-align: left">)</TD><TD STYLE="font-weight: bold; border-bottom: Black 2.25pt double">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.25pt double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.25pt double; font-weight: bold; text-align: right">-</TD><TD STYLE="border-bottom: Black 2.25pt double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; border-bottom: Black 2.25pt double">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.25pt double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.25pt double; font-weight: bold; text-align: right">(4,961</TD><TD STYLE="border-bottom: Black 2.25pt double; font-weight: bold; text-align: left">)</TD></TR>
</TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">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'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="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 27pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="text-align: justify"><B>Credit risk</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Group&rsquo;s exposures
to credit risk 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="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Group&rsquo;s policy
is to manage credit exposure to trading counterparties within defined trading limits. All of the Group&rsquo;s significant counterparties
are assigned internal credit limits.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">The accompanying notes are an integral part of these consolidated financial statements.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>


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

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt"><B>Adecoagro S.A.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Notes to the Consolidated Financial Statements
(Continued)</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 2.85pt 0pt 0; text-align: center">(All amounts in US$ thousands,
except shares and per share data and as otherwise indicated)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><B>2.</B></TD><TD STYLE="text-align: justify"><B>Financial risk management (continued)</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Group sells to
a large base of customers. Type and class of customers may differ depending on the Group&rsquo;s business segments. For the years
ended December 31, 2016 and 2015, more than 95% and 95%, respectively, of the Group&rsquo;s sales of crops were sold to 121 and
95 well-known customers (both multinational and local) with good credit history with the Group. In the Sugar, Ethanol and Energy
segment, sales of ethanol were concentrated in 35 and 25 customers, which represented 96&nbsp;% and 96&nbsp;% of total sales of
ethanol for the years ended December&nbsp;31, 2016 and 2015, respectively. Approximately 71&nbsp;% and 82&nbsp;% of the Group&rsquo;s
sales of sugar were concentrated in 20 and 13 well-known traders for the years ended December&nbsp;31, 2016 and 2015, respectively.
The remaining 3&nbsp;% and 18&nbsp;%, which mainly relates to &ldquo;crystal sugar&rdquo;, were dispersed among several customers.
In 2016 and 2015, energy sales are 96&nbsp;% and 96&nbsp;% concentrated in 14 major customers. In the dairy segment, 85&nbsp;%
and 92&nbsp;% of the sales were concentrated in 14 and 14 well-known customers in 2016 and 2015, respectively.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">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&rsquo;s customers are independently rated, these ratings are used. Otherwise, the Group assesses the credit quality
of the customer taking into account its financial position, past experience and other factors (see Note 18 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&rsquo;s exposure of
credit risk arising from trade receivables is set out in Note 18.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">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. As of December&nbsp;31, 2016 and 2015, 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 &ldquo;BBB+&rdquo;
or higher. As of December&nbsp;31, 2016 and 2015, 4 and 3 banks (primarily HSBC, Rabobank, Citibank and Banco do Brasil) accounted
for more than 85&nbsp;% and 86&nbsp;%, 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, 2016, the Group invested in fixed-term bank deposits
with mainly two banks (Banco do Brasil and Citibank) and also entered into derivative contracts (currency forward). 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&rsquo;s exposure of credit risk arising from cash and cash equivalents is set out in Note 20.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Group&rsquo;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'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's
obligations exceed the obligations with that counterparty.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Group arranged
interest rate swaps with HSBC and Itau in Brazil. 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="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">The accompanying notes are an integral part of these consolidated financial statements.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt"><B>Adecoagro S.A.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Notes to the Consolidated Financial Statements
(Continued)</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 2.85pt 0pt 0; text-align: center">(All amounts in US$ thousands,
except shares and per share data and as otherwise indicated)</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><B>2.</B></TD><TD STYLE="text-align: justify"><B>Financial risk management (continued)</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 27pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="text-align: justify"><B>Capital risk management</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Group&rsquo;s objectives
when managing capital are to safeguard the Group&rsquo;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 by own 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&nbsp;31,
2016, the strategy was to maintain the gearing ratio within 0.45 to 0.60, as follows:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" ALIGN="CENTER" STYLE="border-collapse: collapse; width: 70%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="width: 70%; text-align: center; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="width: 1%; font-weight: bold; padding-bottom: 1pt; text-align: center">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: Black 1pt solid; font-weight: bold; text-align: center">&nbsp;</TD><TD STYLE="width: 12%; border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2016</TD><TD STYLE="width: 1%; border-bottom: Black 1pt solid; font-weight: bold; text-align: center">&nbsp;</TD><TD STYLE="width: 1%; font-weight: bold; padding-bottom: 1pt; text-align: center">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: Black 1pt solid; font-weight: bold; text-align: center">&nbsp;</TD><TD STYLE="width: 12%; border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2015 (*)</TD><TD STYLE="width: 1%; border-bottom: Black 1pt solid; font-weight: bold; text-align: center"></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">Total Debt</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">635,396</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">723,339</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1pt">Total Equity</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">671,673</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">527,419</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-bottom: 1pt">Total Capital</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">1,307,069</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">1,250,758</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; text-align: left; padding-bottom: 2.25pt">Gearing Ratio</TD><TD STYLE="font-weight: bold; padding-bottom: 2.25pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.25pt double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.25pt double; font-weight: bold; text-align: right">0.49</TD><TD STYLE="border-bottom: Black 2.25pt double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 2.25pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.25pt double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.25pt double; font-weight: bold; text-align: right">0.58</TD><TD STYLE="border-bottom: Black 2.25pt double; font-weight: bold; text-align: left">&nbsp;</TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">(*)&nbsp;The prior years have been adjusted to reflect the Company&rsquo;s
adoption of amendments to IAS 16 and IAS 41 as further described in Note 32.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 27pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="text-align: justify"><B>Derivative financial instruments</B></TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">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. As part of this strategy, the Group may enter into derivatives of (i) interest rate to manage the composition of floating
and fixed rate debt; (ii) currency to manage exchange rate risk, 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&rsquo;s policy is not
to use derivatives for speculative purposes.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 35.45pt">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&rsquo;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&rsquo;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&rsquo; obligations
under the contracts exceed the Group&rsquo;s obligations to the counterparties.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 35.45pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">The accompanying notes are an integral part of these consolidated financial statements.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 35.45pt">&nbsp;</P>


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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt"><B>&nbsp;</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt"><B>Adecoagro S.A.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Notes to the Consolidated Financial Statements
(Continued)</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 2.85pt 0pt 0; text-align: center">(All amounts in US$ thousands,
except shares and per share data and as otherwise indicated)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 2.85pt 0pt 0; text-align: center">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><B>2.</B></TD><TD STYLE="text-align: justify"><B>Financial risk management (continued)</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.5in"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 35.45pt">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="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Wingdings; font-size: 10pt">&sect;</FONT></TD><TD STYLE="text-align: justify"><B>Futures/ options</B></TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify">As of December 31, 2016:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 93%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="text-align: center">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt; text-align: center">&nbsp;</TD>
    <TD NOWRAP COLSPAN="15" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2016</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Type of<BR>
<BR>
derivative contract</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt; text-align: center">&nbsp;</TD>
    <TD NOWRAP COLSPAN="3" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Quantities<BR>
(thousands)<BR> (**)</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt; text-align: center">&nbsp;</TD>
    <TD NOWRAP COLSPAN="3" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Notional<BR>
<BR>
amount</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt; text-align: center">&nbsp;</TD>
    <TD NOWRAP COLSPAN="3" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Fair<BR>
Value Asset/<BR>
 (Liability)</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt; text-align: center">&nbsp;</TD>
    <TD NOWRAP COLSPAN="3" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid; vertical-align: middle">(Loss)/Gain<BR>
(*)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-weight: bold">Futures:</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; font-style: italic">Sale</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 40%">Corn</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 12%; text-align: right">66</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 12%; text-align: right">9,436</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 12%; text-align: right">46</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 12%; text-align: right">46</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD>Soybean</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">120</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">42,330</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(1,171</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(1,170</TD><TD STYLE="text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD>Sugar</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">17,020</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">9,144</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">722</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">64</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD>Ethanol</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">6,900</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">3,978</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(40</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(40</TD><TD STYLE="text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-weight: bold">Options:</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; font-style: italic; text-align: left">Buy put</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD>Soybean</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">14</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">464</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">644</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">181</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD>Sugar</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">70,510</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(6,734</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">5,374</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">352</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-weight: bold; font-style: italic; text-align: left">Sell call</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD>Sugar</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">54,597</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">3,058</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(3,219</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(105</TD><TD STYLE="text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-weight: bold; font-style: italic; text-align: left">Sell put</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-bottom: 1pt">Sugar</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">14,528</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">748</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(763</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">)</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(1,625</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-weight: bold; padding-bottom: 2.25pt">Total</TD><TD STYLE="font-weight: bold; padding-bottom: 2.25pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.25pt double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.25pt double; font-weight: bold; text-align: right">163,755</TD><TD STYLE="border-bottom: Black 2.25pt double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 2.25pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.25pt double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.25pt double; font-weight: bold; text-align: right">62,424</TD><TD STYLE="border-bottom: Black 2.25pt double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 2.25pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.25pt double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.25pt double; font-weight: bold; text-align: right">1,593</TD><TD STYLE="border-bottom: Black 2.25pt double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 2.25pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.25pt double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.25pt double; font-weight: bold; text-align: right">(2,297</TD><TD STYLE="border-bottom: Black 2.25pt double; font-weight: bold; text-align: left">)</TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify">As of December 31, 2015:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 93%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="text-align: center">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD NOWRAP COLSPAN="15" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2015</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Type of<BR>
<BR>
derivative contract</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD NOWRAP COLSPAN="3" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Quantities<BR>
(thousands)<BR>
(**)</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD NOWRAP COLSPAN="3" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Notional<BR>
<BR>
amount</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD NOWRAP COLSPAN="3" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Fair<BR>
Value Asset/<BR>
 (Liability)</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD NOWRAP COLSPAN="3" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid; vertical-align: middle">(Loss)/Gain<BR>
(*)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-weight: bold">Futures:</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; font-style: italic">Sale</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 40%">Corn</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 12%; text-align: right">115</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 12%; text-align: right">18,870</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 12%; text-align: right">2,090</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 12%; text-align: right">2,090</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD>Soybean</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">183</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">49,721</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,546</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,546</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD>Sugar</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">103,592</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">34,353</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(2,686</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(5,976</TD><TD STYLE="text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD>Ethanol</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2,400</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">885</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(10</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(10</TD><TD STYLE="text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-weight: bold">OTC:</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD>Sugar</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">24,892</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">9,241</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(2,041</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(2,021</TD><TD STYLE="text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-weight: bold">Options:</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; font-style: italic; text-align: left">Buy put</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD>Soybean</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">12</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">210</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">228</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">18</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD>Sugar</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">25,146</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,704</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">837</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(819</TD><TD STYLE="text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-weight: bold; font-style: italic; text-align: left">Sell call</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD>Sugar</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">25,095</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">736</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(1,300</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(570</TD><TD STYLE="text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-weight: bold; font-style: italic; text-align: left">Sell put</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-bottom: 1pt">Sugar</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">9,601</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">372</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(182</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">)</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">188</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-weight: bold; padding-bottom: 2.25pt">Total</TD><TD STYLE="font-weight: bold; padding-bottom: 2.25pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.25pt double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.25pt double; font-weight: bold; text-align: right">191,036</TD><TD STYLE="border-bottom: Black 2.25pt double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 2.25pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.25pt double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.25pt double; font-weight: bold; text-align: right">116,092</TD><TD STYLE="border-bottom: Black 2.25pt double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 2.25pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.25pt double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.25pt double; font-weight: bold; text-align: right">(1,518</TD><TD STYLE="border-bottom: Black 2.25pt double; font-weight: bold; text-align: left">)</TD><TD STYLE="font-weight: bold; padding-bottom: 2.25pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.25pt double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.25pt double; font-weight: bold; text-align: right">(5,554</TD><TD STYLE="border-bottom: Black 2.25pt double; font-weight: bold; text-align: left">)</TD></TR>
</TABLE>


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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">(*) Included in the line item &ldquo;(Loss)&nbsp;/&nbsp;Gain
from commodity derivative financial instruments&rdquo; of Note 8.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">(**) All quantities expressed in tons and
m<SUP>3</SUP>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Commodity future contract fair values are
computed with reference to quoted market prices on future exchanges.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">The accompanying notes are an integral part of these consolidated financial statements.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt"><B>Adecoagro S.A.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Notes to the Consolidated Financial Statements
(Continued)</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 2.85pt 0pt 0; text-align: center">(All amounts in US$ thousands,
except shares and per share data and as otherwise indicated)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 2.85pt 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><B>2.</B></TD><TD STYLE="text-align: justify"><B>Financial risk management (continued)</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Wingdings; font-size: 10pt">&sect;</FONT></TD><TD STYLE="text-align: justify"><B>Foreign currency floating-to-fixed interest rate swap</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2in; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In July 2016 the Group's
subsidiary in Brazil, Adecoagro Vale do Ivinhema entered into a Reais 90 million (US$ 27.8 as of that date) loan with Bradesco.
The loan bears interest at a variable rate of CDI (an interbanking floating interest rate in USD) plus 2.1% per year. At same moment
and with same bank, the Company entered into a swap operation, which intention is to effectively convert the principal amount and
interest rate denominated in Reais, to a principal amount an interest rate denominated in US$, plus a fixed rate of 6.55&nbsp;%.
The swap expires according to the due dates of the loan, until May 2019. As of December&nbsp;31, 2016, the Group recorded a liability
of US$&nbsp;0.7 million representing the estimated fair value of the swap as of that date.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Wingdings; font-size: 10pt">&sect;</FONT></TD><TD STYLE="text-align: justify"><B>Currency forward</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">During the year ended
December 31, 2016, 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$ 57.2 million. The currency forward contracts entered
in 2016 had maturity dates ranging between March 2016 and April 2017. The outstanding contracts resulted in a recognition of a
loss of US$ 16.9 million in 2016.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">During the year ended
on December 31, 2016, 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$ 30.2 million. The currency forward contracts maturity
date were in February 2016 and May 2017. The outstanding contracts resulted in the recognition of a loss amounting to US$ 0.3 million
in 2016.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">During the year ended
on December 31, 2016, 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$&nbsp;10.7 million. The currency forward contracts maturity date is March 2017.
The outstanding contracts resulted in the recognition of a gain amounting to US$&nbsp;0.6 million in 2016.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Gains and losses on
currency forward contracts are included within &ldquo;Financial results, net&rdquo; in the statement of income.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">The accompanying notes are an integral part of these consolidated financial statements.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt"><B>Adecoagro S.A.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Notes to the Consolidated Financial Statements
(Continued)</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 2.85pt 0pt 0; text-align: center">(All amounts in US$ thousands,
except shares and per share data and as otherwise indicated)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><B>3.</B></TD><TD STYLE="text-align: justify"><B>Segment information</B></TD></TR></TABLE>

<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; text-align: justify; text-indent: 35.45pt">According to IFRS&nbsp;8,
operating segments are identified based on the &lsquo;management approach&rsquo;. Operating segments are components of an entity
about which separate financial information is available that is evaluated regularly by the chief operating decision maker (&ldquo;CODM&rdquo;)
in deciding how to allocate resources and in assessing performance (the Management committee in the case of the Company). This
classification is based on the differences in the nature of its operations, products and services. This approach stipulates external
segment reporting based on the Group&rsquo;s internal organizational and management structure and on internal financial reporting
to the chief operating decision maker.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 35.45pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Group operates
in three major lines of business, namely, Farming; Sugar, Ethanol and Energy; and Land Transformation. The Coffee and Cattle businesses
are now presented within &ldquo;Farming &ndash; All Other Segments&rdquo; because they not meet the quantitive threshold for disclosure.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 35.45pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">The Group&rsquo;s <B>&lsquo;Farming&rsquo;</B> is further comprised of five reportable segments:</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 42.55pt"></TD><TD STYLE="width: 14.15pt"><FONT STYLE="font-family: Wingdings; font-size: 10pt">&sect;</FONT></TD><TD STYLE="text-align: justify">The Group&rsquo;s <B>&lsquo;Crops&rsquo;</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.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 56.7pt; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 42.55pt"></TD><TD STYLE="width: 14.15pt"><FONT STYLE="font-family: Wingdings; font-size: 10pt">&sect;</FONT></TD><TD STYLE="text-align: justify">The Group&rsquo;s <B>&lsquo;Rice&rsquo; </B>Segment consists of planting, harvesting, processing
and marketing of rice;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 56.7pt; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 42.55pt"></TD><TD STYLE="width: 14.15pt"><FONT STYLE="font-family: Wingdings; font-size: 10pt">&sect;</FONT></TD><TD STYLE="text-align: justify">The Group&rsquo;s <B>&lsquo;Dairy&rsquo;</B> Segment consists of the production and sale of raw
milk and other dairy products,</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 56.7pt; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 42.55pt"></TD><TD STYLE="width: 14.15pt"><FONT STYLE="font-family: Wingdings; font-size: 10pt">&sect;</FONT></TD><TD STYLE="text-align: justify">The Group&rsquo;s <B>&lsquo;All Other Segments&rsquo; </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's management
does not consider them to be of continuing significance as from January&nbsp;1,&nbsp;2014, namely, Coffee and Cattle.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">The Group&rsquo;s <B>&lsquo;Sugar, Ethanol and Energy&rsquo;</B> Segment consists of cultivating
sugarcane which is processed in owned sugar mills, transformed into ethanol, sugar and electricity and marketed;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 35.45pt"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">The Group&rsquo;s <B>&lsquo;Land Transformation&rsquo;</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).</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The measurement principles
for the Group&rsquo;s segment reporting structure are based on the IFRS principles adopted in the consolidated financial statements.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The following table
presents information with respect to the Group&rsquo;s reportable segments. Certain other activities of a holding function nature
not allocable to the segments are disclosed in the column <B>&lsquo;Corporate&rsquo;</B>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">The accompanying
notes are an integral part of these consolidated financial statements.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt"><B>Adecoagro S.A.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Notes to the Consolidated Financial Statements
(Continued)</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 2.85pt 0pt 0; text-align: center">(All amounts in US$ thousands,
except shares and per share data and as otherwise indicated)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 2.85pt 0pt 0; text-align: center">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><B>3.</B></TD><TD STYLE="text-align: justify"><B>Segment information (continued)</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Segment analysis for
the year ended December 31, 2016</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 8pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom; font-size: 8pt">
    <TD NOWRAP STYLE="text-align: center; font-size: 8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; font-size: 8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD NOWRAP COLSPAN="19" STYLE="border-bottom: Black 1pt solid; text-align: center; font-size: 8pt; border-top: Black 1pt solid; vertical-align: middle"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B><I>Farming</I></B></FONT></TD>
    <TD STYLE="padding-bottom: 1pt; font-size: 8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD NOWRAP COLSPAN="3" STYLE="padding-bottom: 1pt; text-align: center; font-size: 8pt; border-top: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B><I>Sugar,</I></B><BR>
    <B><I>Ethanol and</I></B></FONT></TD>
    <TD STYLE="padding-bottom: 1pt; font-size: 8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD NOWRAP COLSPAN="3" STYLE="padding-bottom: 1pt; font-size: 8pt; border-top: Black 1pt solid; text-align: center; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;<B><I>Land
    </I></B></FONT></TD>
    <TD STYLE="padding-bottom: 1pt; font-size: 8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD NOWRAP COLSPAN="3" STYLE="padding-bottom: 1pt; font-size: 8pt; border-top: Black 1pt solid; text-align: center; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B><I>Corporate</I></B></FONT></TD>
    <TD STYLE="padding-bottom: 1pt; font-size: 8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD NOWRAP COLSPAN="3" STYLE="padding-bottom: 1pt; font-size: 8pt; border-top: Black 1pt solid; text-align: center; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;<B><I>Total</I></B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font-size: 8pt">
    <TD NOWRAP STYLE="text-align: center; font-size: 8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; font-size: 8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD NOWRAP COLSPAN="3" STYLE="border-bottom: black 1pt solid; text-align: center; font-size: 8pt; vertical-align: middle"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>Crops</B></FONT></TD>
    <TD STYLE="padding-bottom: 1pt; font-size: 8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD NOWRAP COLSPAN="3" STYLE="border-bottom: black 1pt solid; text-align: center; font-size: 8pt; vertical-align: middle"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>Rice</B></FONT></TD>
    <TD STYLE="padding-bottom: 1pt; font-size: 8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD NOWRAP COLSPAN="3" STYLE="border-bottom: black 1pt solid; text-align: center; font-size: 8pt; vertical-align: middle"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>Dairy</B></FONT></TD>
    <TD STYLE="padding-bottom: 1pt; font-size: 8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD NOWRAP COLSPAN="3" STYLE="border-bottom: black 1pt solid; text-align: center; font-size: 8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>All
    other </B><BR>
    <B>segments</B></FONT></TD>
    <TD STYLE="padding-bottom: 1pt; font-size: 8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD NOWRAP COLSPAN="3" STYLE="border-bottom: black 1pt solid; text-align: center; font-size: 8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B><I>Farming<BR>

subtotal</I></B></FONT></TD>
    <TD STYLE="padding-bottom: 1pt; font-size: 8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD NOWRAP COLSPAN="3" STYLE="border-bottom: black 1pt solid; text-align: center; font-size: 8pt; vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B><I>Energy</I></B></FONT></TD>
    <TD STYLE="padding-bottom: 1pt; font-size: 8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD NOWRAP COLSPAN="3" STYLE="border-bottom: black 1pt solid; text-align: center; font-size: 8pt; vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B><I>Transformation</I></B></FONT></TD>
    <TD STYLE="padding-bottom: 1pt; font-size: 8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="3" STYLE="border-bottom: black 1pt solid; text-align: center; font-size: 8pt; vertical-align: top"></TD>
    <TD STYLE="padding-bottom: 1pt; font-size: 8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="3" STYLE="border-bottom: black 1pt solid; text-align: center; font-size: 8pt; vertical-align: top"></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #CCEEFF; font-size: 8pt">
    <TD STYLE="width: 46%; font-size: 8pt"><FONT STYLE="font-size: 8pt">Sales of goods and services rendered</FONT></TD>
    <TD STYLE="width: 1%; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 3%; text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">142,124</FONT></TD>
    <TD STYLE="width: 1%; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 3%; text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">96,562</FONT></TD>
    <TD STYLE="width: 1%; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 3%; text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">32,897</FONT></TD>
    <TD STYLE="width: 1%; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 3%; text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">960</FONT></TD>
    <TD STYLE="width: 1%; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 3%; text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt"><B>272,543</B></FONT></TD>
    <TD STYLE="width: 1%; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 3%; text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">596,692</FONT></TD>
    <TD STYLE="width: 1%; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 3%; text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD STYLE="width: 1%; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 3%; text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD STYLE="width: 1%; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 3%; text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt"><B>869,235</B></FONT></TD>
    <TD STYLE="width: 1%; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white; font-size: 8pt">
    <TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">Cost of goods sold and services rendered</FONT></TD>
    <TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">(141,731</FONT></TD>
    <TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">)</FONT></TD>
    <TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">(83,574</FONT></TD>
    <TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">)</FONT></TD>
    <TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">(32,571</FONT></TD>
    <TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">)</FONT></TD>
    <TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">(212</FONT></TD>
    <TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">)</FONT></TD>
    <TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt"><B>(258,088</B></FONT></TD>
    <TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt"><B>)</B></FONT></TD>
    <TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">(420,493</FONT></TD>
    <TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">)</FONT></TD>
    <TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt"><B>(678,581</B></FONT></TD>
    <TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt"><B>)</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #CCEEFF; font-size: 8pt">
    <TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">Initial recognition and changes in fair value of biological assets
    and agricultural produce</FONT></TD>
    <TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">48,790</FONT></TD>
    <TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">10,498</FONT></TD>
    <TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">5,476</FONT></TD>
    <TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">(13</FONT></TD>
    <TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">)</FONT></TD>
    <TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt"><B>64,751</B></FONT></TD>
    <TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">60,705</FONT></TD>
    <TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt"><B>125,456</B></FONT></TD>
    <TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white; font-size: 8pt">
    <TD STYLE="padding-bottom: 1pt; font-size: 8pt"><FONT STYLE="font-size: 8pt">Changes in net realizable value of agricultural
    produce after harvest</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">(5,841</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; font-size: 8pt"><FONT STYLE="font-size: 8pt">)</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt"><B>(5,841</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; font-size: 8pt"><FONT STYLE="font-size: 8pt"><B>)</B></FONT></TD>
    <TD STYLE="padding-bottom: 1pt; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt"><B>(5,841</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; font-size: 8pt"><FONT STYLE="font-size: 8pt"><B>)</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #CCEEFF; font-size: 8pt">
    <TD STYLE="padding-bottom: 1pt; font-size: 8pt"><FONT STYLE="font-size: 8pt"><B>Margin on Manufacturing and Agricultural Activities
    Before Operating Expenses</B></FONT></TD>
    <TD STYLE="padding-bottom: 1pt; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt"><B>43,342</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt"><B>23,486</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt"><B>5,802</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt"><B>735</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt"><B>73,365</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt"><B>236,904</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt"><B>-</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt"><B>-</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt"><B>310,269</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white; font-size: 8pt">
    <TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">General and administrative expenses</FONT></TD>
    <TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">(2,770</FONT></TD>
    <TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">)</FONT></TD>
    <TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">(3,373</FONT></TD>
    <TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">)</FONT></TD>
    <TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">(983</FONT></TD>
    <TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">)</FONT></TD>
    <TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">(290</FONT></TD>
    <TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">)</FONT></TD>
    <TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt"><B>(7,416</B></FONT></TD>
    <TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt"><B>)</B></FONT></TD>
    <TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">(22,648</FONT></TD>
    <TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">)</FONT></TD>
    <TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">(20,686</FONT></TD>
    <TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">)</FONT></TD>
    <TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt"><B>(50,750</B></FONT></TD>
    <TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt"><B>)</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #CCEEFF; font-size: 8pt">
    <TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">Selling expenses</FONT></TD>
    <TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">(5,692</FONT></TD>
    <TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">)</FONT></TD>
    <TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">(11,583</FONT></TD>
    <TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">)</FONT></TD>
    <TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">(752</FONT></TD>
    <TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">)</FONT></TD>
    <TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">(49</FONT></TD>
    <TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">)</FONT></TD>
    <TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt"><B>(18,076</B></FONT></TD>
    <TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt"><B>)</B></FONT></TD>
    <TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">(62,518</FONT></TD>
    <TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">)</FONT></TD>
    <TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">(79</FONT></TD>
    <TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">)</FONT></TD>
    <TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt"><B>(80,673</B></FONT></TD>
    <TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt"><B>)</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white; font-size: 8pt">
    <TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">Other operating income, net</FONT></TD>
    <TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">(8,787</FONT></TD>
    <TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">)</FONT></TD>
    <TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">402</FONT></TD>
    <TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">686</FONT></TD>
    <TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">8,497</FONT></TD>
    <TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt"><B>798</B></FONT></TD>
    <TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">(8,903</FONT></TD>
    <TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">)</FONT></TD>
    <TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">(192</FONT></TD>
    <TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">)</FONT></TD>
    <TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt"><B>(8,297</B></FONT></TD>
    <TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt"><B>)</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #CCEEFF; font-size: 8pt">
    <TD STYLE="padding-bottom: 1pt; font-size: 8pt"><FONT STYLE="font-size: 8pt">Share of loss of joint ventures</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt"><B>-</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt"><B>-</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white; font-size: 8pt">
    <TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt"><B>Profit / (loss) from Operations Before Financing and Taxation</B></FONT></TD>
    <TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt"><B>26,093</B></FONT></TD>
    <TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt"><B>8,932</B></FONT></TD>
    <TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt"><B>4,753</B></FONT></TD>
    <TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt"><B>8,893</B></FONT></TD>
    <TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt"><B>48,671</B></FONT></TD>
    <TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt"><B>142,835</B></FONT></TD>
    <TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt"><B>-</B></FONT></TD>
    <TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt"><B>(20,957</B></FONT></TD>
    <TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt"><B>)</B></FONT></TD>
    <TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt"><B>170,549</B></FONT></TD>
    <TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #CCEEFF; font-size: 8pt">
    <TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white; font-size: 8pt">
    <TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">Depreciation and amortization</FONT></TD>
    <TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">(1,369</FONT></TD>
    <TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">)</FONT></TD>
    <TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">(2,766</FONT></TD>
    <TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">)</FONT></TD>
    <TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">(964</FONT></TD>
    <TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">)</FONT></TD>
    <TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">(192</FONT></TD>
    <TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">)</FONT></TD>
    <TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt"><B>(5,291</B></FONT></TD>
    <TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt"><B>)</B></FONT></TD>
    <TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt"><B>(122,209</B></FONT></TD>
    <TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt"><B>)</B></FONT></TD>
    <TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt"><B>-</B></FONT></TD>
    <TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt"><B>-</B></FONT></TD>
    <TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt"><B>(127,500</B></FONT></TD>
    <TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt"><B>)</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #CCEEFF; font-size: 8pt">
    <TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">Initial recognition and changes in fair value of biological assets
    and agricultural produce (unrealized)</FONT></TD>
    <TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">5,790</FONT></TD>
    <TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">2,316</FONT></TD>
    <TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">1,319</FONT></TD>
    <TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">107</FONT></TD>
    <TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt"><B>9,532</B></FONT></TD>
    <TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt"><B>279</B></FONT></TD>
    <TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt"><B>-</B></FONT></TD>
    <TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt"><B>-</B></FONT></TD>
    <TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt"><B>9,811</B></FONT></TD>
    <TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white; font-size: 8pt">
    <TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">Initial recognition and changes in fair value of biological assets
    and agricultural produce (realized)</FONT></TD>
    <TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">43,000</FONT></TD>
    <TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">8,182</FONT></TD>
    <TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">4,157</FONT></TD>
    <TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">(120</FONT></TD>
    <TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">)</FONT></TD>
    <TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt"><B>55,219</B></FONT></TD>
    <TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt"><B>60,426</B></FONT></TD>
    <TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt"><B>-</B></FONT></TD>
    <TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt"><B>-</B></FONT></TD>
    <TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt"><B>115,645</B></FONT></TD>
    <TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #CCEEFF; font-size: 8pt">
    <TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">Changes in net realizable value of agricultural produce after harvest
    (unrealized)</FONT></TD>
    <TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">(90</FONT></TD>
    <TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">)</FONT></TD>
    <TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt"><B>(90</B></FONT></TD>
    <TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt"><B>)</B></FONT></TD>
    <TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt"><B>(90</B></FONT></TD>
    <TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt"><B>)</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white; font-size: 8pt">
    <TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">Changes in net realizable value of agricultural produce after harvest
    (realized)</FONT></TD>
    <TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">(5,751</FONT></TD>
    <TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">)</FONT></TD>
    <TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt"><B>(5,751</B></FONT></TD>
    <TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt"><B>)</B></FONT></TD>
    <TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt"><B>(5,751</B></FONT></TD>
    <TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt"><B>)</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #CCEEFF; font-size: 8pt">
    <TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">Farmlands and farmland improvements, net</FONT></TD>
    <TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">68,224</FONT></TD>
    <TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">18,868</FONT></TD>
    <TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">168</FONT></TD>
    <TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">5,504</FONT></TD>
    <TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt"><B>92,764</B></FONT></TD>
    <TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt"><B>26,734</B></FONT></TD>
    <TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt"><B>-</B></FONT></TD>
    <TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt"><B>-</B></FONT></TD>
    <TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt"><B>119,498</B></FONT></TD>
    <TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white; font-size: 8pt">
    <TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">Machinery, equipment and other fixed assets, net</FONT></TD>
    <TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">3,892</FONT></TD>
    <TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">14,949</FONT></TD>
    <TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">7,449</FONT></TD>
    <TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">467</FONT></TD>
    <TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt"><B>26,757</B></FONT></TD>
    <TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt"><B>418,543</B></FONT></TD>
    <TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt"><B>-</B></FONT></TD>
    <TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt"><B>-</B></FONT></TD>
    <TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt"><B>445,300</B></FONT></TD>
    <TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #CCEEFF; font-size: 8pt">
    <TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">Bearer plants, net</FONT></TD>
    <TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">1,860</FONT></TD>
    <TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt"><B>1,860</B></FONT></TD>
    <TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt"><B>214,309</B></FONT></TD>
    <TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt"><B>-</B></FONT></TD>
    <TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt"><B>-</B></FONT></TD>
    <TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt"><B>216,169</B></FONT></TD>
    <TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white; font-size: 8pt">
    <TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">Work in progress</FONT></TD>
    <TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">1,100</FONT></TD>
    <TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">3,274</FONT></TD>
    <TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">2,727</FONT></TD>
    <TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt"><B>7,101</B></FONT></TD>
    <TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt"><B>14,540</B></FONT></TD>
    <TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt"><B>-</B></FONT></TD>
    <TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt"><B>-</B></FONT></TD>
    <TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt"><B>21,641</B></FONT></TD>
    <TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #CCEEFF; font-size: 8pt">
    <TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">Investment property</FONT></TD>
    <TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">2,666</FONT></TD>
    <TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt"><B>2,666</B></FONT></TD>
    <TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt"><B>-</B></FONT></TD>
    <TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt"><B>-</B></FONT></TD>
    <TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt"><B>-</B></FONT></TD>
    <TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt"><B>2,666</B></FONT></TD>
    <TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white; font-size: 8pt">
    <TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">Goodwill</FONT></TD>
    <TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">3,782</FONT></TD>
    <TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">1,737</FONT></TD>
    <TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">1,186</FONT></TD>
    <TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt"><B>6,705</B></FONT></TD>
    <TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt"><B>6,700</B></FONT></TD>
    <TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt"><B>-</B></FONT></TD>
    <TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt"><B>-</B></FONT></TD>
    <TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt"><B>13,405</B></FONT></TD>
    <TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #CCEEFF; font-size: 8pt">
    <TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">Biological assets</FONT></TD>
    <TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">28,189</FONT></TD>
    <TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">25,575</FONT></TD>
    <TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">6,827</FONT></TD>
    <TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">2,433</FONT></TD>
    <TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt"><B>63,024</B></FONT></TD>
    <TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt"><B>82,380</B></FONT></TD>
    <TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt"><B>-</B></FONT></TD>
    <TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt"><B>-</B></FONT></TD>
    <TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt"><B>145,404</B></FONT></TD>
    <TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white; font-size: 8pt">
    <TD STYLE="padding-bottom: 1pt; font-size: 8pt"><FONT STYLE="font-size: 8pt">Inventories</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">29,562</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">12,102</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">2,060</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt"><B>43,724</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt"><B>68,030</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt"><B>-</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt"><B>111,754</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #CCEEFF; font-size: 8pt">
    <TD STYLE="padding-bottom: 2.25pt; font-size: 8pt"><FONT STYLE="font-size: 8pt"><B>Total segment assets</B></FONT></TD>
    <TD STYLE="padding-bottom: 2.25pt; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt"><B>134,749</B></FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 2.25pt; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt"><B>76,505</B></FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 2.25pt; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt"><B>19,231</B></FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 2.25pt; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt"><B>14,116</B></FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 2.25pt; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt"><B>244,601</B></FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 2.25pt; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt"><B>831,236</B></FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 2.25pt; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt"><B>-</B></FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 2.25pt; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt"><B>-</B></FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 2.25pt; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt"><B>1,075,837</B></FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white; font-size: 8pt">
    <TD STYLE="padding-bottom: 1pt; font-size: 8pt"><FONT STYLE="font-size: 8pt">Borrowings</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">43,878</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">47,156</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">616</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">10,449</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt"><B>102,099</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt"><B>533,297</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt"><B>-</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt"><B>-</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt"><B>635,396</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #CCEEFF; font-size: 8pt">
    <TD STYLE="padding-bottom: 2.25pt; font-size: 8pt"><FONT STYLE="font-size: 8pt"><B>Total segment liabilities</B></FONT></TD>
    <TD STYLE="padding-bottom: 2.25pt; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt"><B>43,878</B></FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 2.25pt; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt"><B>47,156</B></FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 2.25pt; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt"><B>616</B></FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 2.25pt; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt"><B>10,449</B></FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 2.25pt; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt"><B>102,099</B></FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 2.25pt; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt"><B>533,297</B></FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 2.25pt; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt"><B>-</B></FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 2.25pt; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt"><B>-</B></FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 2.25pt; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt"><B>635,396</B></FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">The accompanying
notes are an integral part of these consolidated financial statements.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: -0.25in"><B>&nbsp;</B></P>


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<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt"><B>Adecoagro S.A.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Notes to the Consolidated Financial Statements
(Continued)</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 2.85pt 0pt 0; text-align: center">(All amounts in US$ thousands,
except shares and per share data and as otherwise indicated)</P>


<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><B>3.</B></TD><TD STYLE="text-align: justify"><B>Segment information (continued)</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Segment analysis for
the year ended December 31, 2015</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&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; font-size: 8pt">
    <TD NOWRAP STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; font-size: 8pt">&nbsp;</TD>
    <TD NOWRAP COLSPAN="19" STYLE="border-bottom: Black 1pt solid; text-align: center; border-top: Black 1pt solid; font-size: 8pt; vertical-align: middle"><B><I>Farming</I></B></TD>
    <TD STYLE="padding-bottom: 1pt; font-size: 8pt">&nbsp;</TD>
    <TD NOWRAP COLSPAN="3" STYLE="padding-bottom: 1pt; text-align: center; border-top: Black 1pt solid; font-size: 8pt"><B><I>Sugar,</I></B><BR>
    <B><I>Ethanol and </I></B></TD>
    <TD STYLE="padding-bottom: 1pt; font-size: 8pt">&nbsp;</TD>
    <TD NOWRAP COLSPAN="3" STYLE="padding-bottom: 1pt; text-align: center; vertical-align: bottom; border-top: Black 1pt solid; font-size: 8pt">&nbsp;<B><I>Land</I></B></TD>
    <TD STYLE="padding-bottom: 1pt; font-size: 8pt">&nbsp;</TD>
    <TD NOWRAP COLSPAN="3" STYLE="padding-bottom: 1pt; border-top: Black 1pt solid; font-size: 8pt; text-align: center; vertical-align: bottom"><B><I>Corporate</I></B></TD>
    <TD STYLE="padding-bottom: 1pt; font-size: 8pt">&nbsp;</TD>
    <TD NOWRAP COLSPAN="3" STYLE="padding-bottom: 1pt; border-top: Black 1pt solid; font-size: 8pt; text-align: center; vertical-align: bottom">&nbsp;<B><I>Total</I></B></TD></TR>
<TR STYLE="vertical-align: bottom; font-size: 8pt">
    <TD NOWRAP STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; font-size: 8pt">&nbsp;</TD>
    <TD NOWRAP COLSPAN="3" STYLE="border-bottom: black 1pt solid; text-align: center; vertical-align: middle; font-size: 8pt"><B>Crops</B></TD>
    <TD STYLE="padding-bottom: 1pt; font-size: 8pt">&nbsp;</TD>
    <TD NOWRAP COLSPAN="3" STYLE="border-bottom: black 1pt solid; text-align: center; vertical-align: middle; font-size: 8pt"><B>Rice</B></TD>
    <TD STYLE="padding-bottom: 1pt; font-size: 8pt">&nbsp;</TD>
    <TD NOWRAP COLSPAN="3" STYLE="border-bottom: black 1pt solid; text-align: center; vertical-align: middle; font-size: 8pt"><B>Dairy</B></TD>
    <TD STYLE="padding-bottom: 1pt; font-size: 8pt">&nbsp;</TD>
    <TD NOWRAP COLSPAN="3" STYLE="border-bottom: black 1pt solid; text-align: center; font-size: 8pt"><B>All other</B><BR>
    <B>segments</B></TD>
    <TD STYLE="padding-bottom: 1pt; font-size: 8pt">&nbsp;</TD>
    <TD NOWRAP COLSPAN="3" STYLE="border-bottom: black 1pt solid; text-align: center; font-size: 8pt"><B><I>Farming</I></B><BR>
    <B><I>subtotal</I></B></TD>
    <TD STYLE="padding-bottom: 1pt; font-size: 8pt">&nbsp;</TD>
    <TD NOWRAP COLSPAN="3" STYLE="border-bottom: black 1pt solid; text-align: center; vertical-align: top; font-size: 8pt"><B><I>Energy</I></B></TD>
    <TD STYLE="padding-bottom: 1pt; font-size: 8pt">&nbsp;</TD>
    <TD NOWRAP COLSPAN="3" STYLE="border-bottom: black 1pt solid; text-align: center; vertical-align: top; font-size: 8pt"><B><I>Transformation</I></B></TD>
    <TD STYLE="padding-bottom: 1pt; font-size: 8pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="border-bottom: black 1pt solid; text-align: center; vertical-align: top; font-size: 8pt"></TD>
    <TD STYLE="padding-bottom: 1pt; font-size: 8pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="border-bottom: black 1pt solid; text-align: center; vertical-align: top; font-size: 8pt"></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #CCEEFF">
    <TD STYLE="width: 46%"><FONT STYLE="font-size: 8pt">Sales of goods and services rendered</FONT></TD>
    <TD STYLE="width: 1%"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 3%; text-align: right"><FONT STYLE="font-size: 8pt">154,741</FONT></TD>
    <TD STYLE="width: 1%"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 3%; text-align: right"><FONT STYLE="font-size: 8pt">84,668</FONT></TD>
    <TD STYLE="width: 1%"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 3%; text-align: right"><FONT STYLE="font-size: 8pt">32,981</FONT></TD>
    <TD STYLE="width: 1%"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 3%; text-align: right"><FONT STYLE="font-size: 8pt">1,302</FONT></TD>
    <TD STYLE="width: 1%"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 3%; text-align: right"><FONT STYLE="font-size: 8pt"><B>273,692</B></FONT></TD>
    <TD STYLE="width: 1%"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 3%; text-align: right"><FONT STYLE="font-size: 8pt">400,622</FONT></TD>
    <TD STYLE="width: 1%"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 3%; text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD STYLE="width: 1%"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 3%; text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD STYLE="width: 1%"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 3%; text-align: right"><FONT STYLE="font-size: 8pt"><B>674,314</B></FONT></TD>
    <TD STYLE="width: 1%"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD><FONT STYLE="font-size: 8pt">Cost of goods sold and services rendered</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">(154,287</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">)</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">(69,075</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">)</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">(33,030</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">)</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">(603</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">)</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt"><B>(256,995</B></FONT></TD>
    <TD><FONT STYLE="font-size: 8pt"><B>)</B></FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">(300,791</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">)</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt"><B>(557,786</B></FONT></TD>
    <TD><FONT STYLE="font-size: 8pt"><B>)</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #CCEEFF">
    <TD><FONT STYLE="font-size: 8pt">Initial recognition and changes in fair value of biological assets and agricultural produce</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">11,561</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">2,822</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">7,542</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">(181</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">)</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt"><B>21,744</B></FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">32,784</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt"><B>54,528</B></FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">Changes in net realizable value of agricultural produce after
    harvest</FONT></TD>
    <TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font-size: 8pt">14,691</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font-size: 8pt"><B>14,691</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font-size: 8pt"><B>14,691</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #CCEEFF">
    <TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 8pt"><B>Margin on Manufacturing and Agricultural Activities Before
    Operating Expenses</B></FONT></TD>
    <TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font-size: 8pt"><B>26,706</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font-size: 8pt"><B>18,415</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font-size: 8pt"><B>7,493</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font-size: 8pt"><B>518</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font-size: 8pt"><B>53,132</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font-size: 8pt"><B>132,615</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font-size: 8pt"><B>-</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font-size: 8pt"><B>-</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font-size: 8pt"><B>185,747</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD><FONT STYLE="font-size: 8pt">General and administrative expenses</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">(3,987</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">)</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">(3,136</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">)</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">(1,451</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">)</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">(74</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">)</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt"><B>(8,648</B></FONT></TD>
    <TD><FONT STYLE="font-size: 8pt"><B>)</B></FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">(18,301</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">)</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">(21,476</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">)</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt"><B>(48,425</B></FONT></TD>
    <TD><FONT STYLE="font-size: 8pt"><B>)</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #CCEEFF">
    <TD><FONT STYLE="font-size: 8pt">Selling expenses</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">(5,672</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">)</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">(12,592</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">)</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">(663</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">)</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">(49</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">)</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt"><B>(18,976</B></FONT></TD>
    <TD><FONT STYLE="font-size: 8pt"><B>)</B></FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">(50,729</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">)</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">(563</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">)</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt"><B>(70,268</B></FONT></TD>
    <TD><FONT STYLE="font-size: 8pt"><B>)</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD><FONT STYLE="font-size: 8pt">Other operating income, net</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">16,422</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">600</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">(479</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">)</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">6</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt"><B>16,549</B></FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">6,340</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">7,914</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">263</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt"><B>31,066</B></FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #CCEEFF">
    <TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">Share of loss of joint ventures</FONT></TD>
    <TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font-size: 8pt">(2,685</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid"><FONT STYLE="font-size: 8pt">)</FONT></TD>
    <TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font-size: 8pt"><B>(2,685</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid"><FONT STYLE="font-size: 8pt"><B>)</B></FONT></TD>
    <TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font-size: 8pt"><B>(2,685</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid"><FONT STYLE="font-size: 8pt"><B>)</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD><FONT STYLE="font-size: 8pt"><B>Profit / (loss) from Operations Before Financing and Taxation</B></FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt"><B>30,784</B></FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt"><B>3,287</B></FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt"><B>4,900</B></FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt"><B>401</B></FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt"><B>39,372</B></FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt"><B>69,925</B></FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt"><B>7,914</B></FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt"><B>(21,776</B></FONT></TD>
    <TD><FONT STYLE="font-size: 8pt"><B>)</B></FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt"><B>95,435</B></FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #CCEEFF">
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD><FONT STYLE="font-size: 8pt">Reserve from the sale of non-controlling interests in subsidiaries (see Note 21)</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt"><B>-</B></FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">16,066</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt"><B>16,066</B></FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #CCEEFF">
    <TD><FONT STYLE="font-size: 8pt">Depreciation and amortization</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">(2,427</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">)</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">(2,987</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">)</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">(1,456</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">)</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">(276</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">)</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt"><B>(7,146</B></FONT></TD>
    <TD><FONT STYLE="font-size: 8pt"><B>)</B></FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">(97,255</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">)</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt"><B>(104,401</B></FONT></TD>
    <TD><FONT STYLE="font-size: 8pt"><B>)</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD><FONT STYLE="font-size: 8pt">Initial recognition and changes in fair value of biological assets and agricultural produce
    (unrealized)</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">2,234</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">587</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">207</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt"><B>3,028</B></FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">8,298</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt"><B>11,326</B></FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #CCEEFF">
    <TD><FONT STYLE="font-size: 8pt">Initial recognition and changes in fair value of biological assets and agricultural produce
    (realized)</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">9,327</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">2,235</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">7,542</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">(388</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">)</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt"><B>18,716</B></FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">24,486</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt"><B>43,202</B></FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD><FONT STYLE="font-size: 8pt">Changes in net realizable value of agricultural produce after harvest (unrealized)</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">4,406</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt"><B>4,406</B></FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt"><B>4,406</B></FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #CCEEFF">
    <TD><FONT STYLE="font-size: 8pt">Changes in net realizable value of agricultural produce after harvest (realized)</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">10,285</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt"><B>10,285</B></FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt"><B>10,285</B></FONT></TD>
    <TD><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><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #CCEEFF">
    <TD><FONT STYLE="font-size: 8pt">Farmlands and farmland improvements, net</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">75,702</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">16,053</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">289</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">5,265</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt"><B>97,309</B></FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">22,359</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt"><B>119,668</B></FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD><FONT STYLE="font-size: 8pt">Machinery, equipment and other fixed assets, net</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">3,853</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">14,367</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">9,422</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">611</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt"><B>28,253</B></FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">369,184</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt"><B>397,437</B></FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #CCEEFF">
    <TD><FONT STYLE="font-size: 8pt">Bearer plants, net</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt"><B>-</B></FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">156,671</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt"><B>156,671</B></FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD><FONT STYLE="font-size: 8pt">Work in progress</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">935</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">5,604</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">495</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt"><B>7,034</B></FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">16,079</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt"><B>23,113</B></FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #CCEEFF">
    <TD><FONT STYLE="font-size: 8pt">Investment property</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">4,796</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt"><B>4,796</B></FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt"><B>4,796</B></FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD><FONT STYLE="font-size: 8pt">Goodwill</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">4,609</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">2,117</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">1,192</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt"><B>7,918</B></FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">5,592</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt"><B>13,510</B></FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #CCEEFF">
    <TD><FONT STYLE="font-size: 8pt">Biological assets</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">22,536</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">23,131</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">6,786</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">288</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt"><B>52,741</B></FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">59,077</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt"><B>111,818</B></FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">Inventories</FONT></TD>
    <TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font-size: 8pt">27,770</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font-size: 8pt">13,584</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font-size: 8pt">1,741</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font-size: 8pt"><B>43,095</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font-size: 8pt">42,191</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font-size: 8pt"><B>85,286</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #CCEEFF">
    <TD STYLE="padding-bottom: 2.25pt"><FONT STYLE="font-size: 8pt"><B>Total segment assets</B></FONT></TD>
    <TD STYLE="padding-bottom: 2.25pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; text-align: right"><FONT STYLE="font-size: 8pt"><B>135,405</B></FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 2.25pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; text-align: right"><FONT STYLE="font-size: 8pt"><B>74,856</B></FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 2.25pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; text-align: right"><FONT STYLE="font-size: 8pt"><B>18,733</B></FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 2.25pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; text-align: right"><FONT STYLE="font-size: 8pt"><B>12,152</B></FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 2.25pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; text-align: right"><FONT STYLE="font-size: 8pt"><B>241,146</B></FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 2.25pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; text-align: right"><FONT STYLE="font-size: 8pt"><B>671,153</B></FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 2.25pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; text-align: right"><FONT STYLE="font-size: 8pt"><B>-</B></FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 2.25pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; text-align: right"><FONT STYLE="font-size: 8pt"><B>-</B></FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 2.25pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; text-align: right"><FONT STYLE="font-size: 8pt"><B>912,299</B></FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">Borrowings</FONT></TD>
    <TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font-size: 8pt">54,321</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font-size: 8pt">24,932</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font-size: 8pt">5,318</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font-size: 8pt">1,273</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font-size: 8pt"><B>85,844</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font-size: 8pt"><B>637,495</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font-size: 8pt">723,339</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #CCEEFF">
    <TD STYLE="padding-bottom: 2.25pt"><FONT STYLE="font-size: 8pt"><B>Total segment liabilities</B></FONT></TD>
    <TD STYLE="padding-bottom: 2.25pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; text-align: right"><FONT STYLE="font-size: 8pt"><B>54,321</B></FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 2.25pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; text-align: right"><FONT STYLE="font-size: 8pt"><B>24,932</B></FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 2.25pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; text-align: right"><FONT STYLE="font-size: 8pt"><B>5,318</B></FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 2.25pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; text-align: right"><FONT STYLE="font-size: 8pt"><B>1,273</B></FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 2.25pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; text-align: right"><FONT STYLE="font-size: 8pt"><B>85,844</B></FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 2.25pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; text-align: right"><FONT STYLE="font-size: 8pt"><B>637,495</B></FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 2.25pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; text-align: right"><FONT STYLE="font-size: 8pt"><B>-</B></FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 2.25pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; text-align: right"><FONT STYLE="font-size: 8pt"><B>-</B></FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 2.25pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; text-align: right"><FONT STYLE="font-size: 8pt"><B>723,339</B></FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">The accompanying notes are an integral
part of these consolidated financial statements.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>


<!-- Field: Page; Sequence: 203; Value: 2 -->
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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.5in"><B>&nbsp;</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt"><B>Adecoagro S.A.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Notes to the Consolidated Financial Statements
(Continued)</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 2.85pt 0pt 0; text-align: center">(All amounts in US$ thousands,
except shares and per share data and as otherwise indicated)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><B>3.</B></TD><TD STYLE="text-align: justify"><B>Segment information (continued)</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Segment analysis for the year ended December
31, 2014</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; font-style: italic; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD NOWRAP COLSPAN="19" STYLE="font-weight: bold; font-style: italic; text-align: center; border-bottom: Black 1pt solid; border-top: Black 1pt solid; vertical-align: middle"><FONT STYLE="font-size: 8pt">Farming</FONT></TD><TD STYLE="font-weight: bold; font-style: italic; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD NOWRAP COLSPAN="3" STYLE="font-weight: bold; font-style: italic; text-align: center; padding-bottom: 1pt; border-top: Black 1pt solid"><FONT STYLE="font-size: 8pt">Sugar,<BR>
    Ethanol</FONT></TD><TD STYLE="font-weight: bold; font-style: italic; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD NOWRAP COLSPAN="3" STYLE="font-weight: bold; font-style: italic; text-align: center; padding-bottom: 1pt; border-top: Black 1pt solid"><FONT STYLE="font-size: 8pt">Land</FONT></TD><TD STYLE="font-weight: bold; font-style: italic; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD NOWRAP COLSPAN="3" STYLE="font-weight: bold; font-style: italic; text-align: center; padding-bottom: 1pt; border-top: Black 1pt solid"><FONT STYLE="font-size: 8pt">Corporate</FONT></TD><TD STYLE="font-weight: bold; font-style: italic; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD NOWRAP COLSPAN="3" STYLE="font-weight: bold; font-style: italic; text-align: center; padding-bottom: 1pt; border-top: Black 1pt solid"><FONT STYLE="font-size: 8pt">Total</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD NOWRAP COLSPAN="3" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid; vertical-align: middle"><FONT STYLE="font-size: 8pt">Crops</FONT></TD><TD STYLE="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD NOWRAP COLSPAN="3" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid; vertical-align: middle"><FONT STYLE="font-size: 8pt">Rice</FONT></TD><TD STYLE="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD NOWRAP COLSPAN="3" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid; vertical-align: middle"><FONT STYLE="font-size: 8pt">Dairy</FONT></TD><TD STYLE="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD NOWRAP COLSPAN="3" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">All
    other<BR>
    segments</FONT></TD><TD STYLE="font-weight: bold; font-style: italic; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD NOWRAP COLSPAN="3" STYLE="font-weight: bold; font-style: italic; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">Farming<BR>
    subtotal</FONT></TD><TD STYLE="font-weight: bold; font-style: italic; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD NOWRAP COLSPAN="3" STYLE="font-weight: bold; font-style: italic; text-align: center; border-bottom: Black 1pt solid; vertical-align: top"><FONT STYLE="font-size: 8pt">and
    Energy</FONT></TD><TD STYLE="font-weight: bold; font-style: italic; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD NOWRAP COLSPAN="3" STYLE="font-weight: bold; font-style: italic; text-align: center; border-bottom: Black 1pt solid; vertical-align: top"><FONT STYLE="font-size: 8pt">Transformation</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; font-style: italic; text-align: center; border-bottom: Black 1pt solid; vertical-align: top"></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; font-style: italic; text-align: center; border-bottom: Black 1pt solid; vertical-align: top"></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 46%; text-align: left"><FONT STYLE="font-size: 8pt">Sales of goods sold and services rendered</FONT></TD><TD STYLE="width: 1%"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="width: 3%; text-align: right"><FONT STYLE="font-size: 8pt">177,662</FONT></TD><TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="width: 1%"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="width: 3%; text-align: right"><FONT STYLE="font-size: 8pt">103,682</FONT></TD><TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="width: 1%"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="width: 3%; text-align: right"><FONT STYLE="font-size: 8pt">32,968</FONT></TD><TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="width: 1%"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="width: 3%; text-align: right"><FONT STYLE="font-size: 8pt">1,525</FONT></TD><TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="width: 1%; font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="width: 3%; font-weight: bold; text-align: right"><FONT STYLE="font-size: 8pt">315,837</FONT></TD><TD STYLE="width: 1%; font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="width: 1%"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="width: 3%; text-align: right"><FONT STYLE="font-size: 8pt">407,129</FONT></TD><TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="width: 1%"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="width: 3%; text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="width: 1%"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="width: 3%; text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="width: 1%; font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="width: 3%; font-weight: bold; text-align: right"><FONT STYLE="font-size: 8pt">722,966</FONT></TD><TD STYLE="width: 1%; font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">Cost of goods sold and services rendered</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">(177,473</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">)</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">(84,199</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">)</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">(33,034</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">)</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">(842</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">)</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; text-align: right"><FONT STYLE="font-size: 8pt">(295,548</FONT></TD><TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">)</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">(309,777</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">)</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; text-align: right"><FONT STYLE="font-size: 8pt">(605,325</FONT></TD><TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">Initial recognition and changes in fair value of biological assets
    and agricultural produce</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">40,267</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">8,559</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">9,891</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">(10</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">)</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; text-align: right"><FONT STYLE="font-size: 8pt">58,707</FONT></TD><TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; text-align: right"><FONT STYLE="font-size: 8pt">41,509</FONT></TD><TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; text-align: right"><FONT STYLE="font-size: 8pt">100,216</FONT></TD><TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">Changes in net realizable value of agricultural
    produce after harvest</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 8pt">3,401</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"><FONT STYLE="font-size: 8pt">3,401</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"><FONT STYLE="font-size: 8pt">3,401</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-weight: bold; text-align: left; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">Margin on Manufacturing
    and Agricultural Activities Before Operating Expenses</FONT></TD><TD STYLE="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"><FONT STYLE="font-size: 8pt">43,857</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"><FONT STYLE="font-size: 8pt">28,042</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"><FONT STYLE="font-size: 8pt">9,825</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"><FONT STYLE="font-size: 8pt">673</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"><FONT STYLE="font-size: 8pt">82,397</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"><FONT STYLE="font-size: 8pt">138,861</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"><FONT STYLE="font-size: 8pt">221,258</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">General and administrative expenses</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">(4,343</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">)</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">(3,218</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">)</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">(1,554</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">)</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">(166</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">)</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; text-align: right"><FONT STYLE="font-size: 8pt">(9,281</FONT></TD><TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">)</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; text-align: right"><FONT STYLE="font-size: 8pt">(22,054</FONT></TD><TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">)</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; text-align: right"><FONT STYLE="font-size: 8pt">(21,360</FONT></TD><TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">)</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; text-align: right"><FONT STYLE="font-size: 8pt">(52,695</FONT></TD><TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">Selling expenses</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">(4,201</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">)</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">(14,367</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">)</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">(596</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">)</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">(29</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">)</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; text-align: right"><FONT STYLE="font-size: 8pt">(19,193</FONT></TD><TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">)</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; text-align: right"><FONT STYLE="font-size: 8pt">(57,815</FONT></TD><TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">)</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; text-align: right"><FONT STYLE="font-size: 8pt">(1,856</FONT></TD><TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">)</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; text-align: right"><FONT STYLE="font-size: 8pt">(78,864</FONT></TD><TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">Other operating income, net</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">356</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">480</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">437</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">(190</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">)</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; text-align: right"><FONT STYLE="font-size: 8pt">1,083</FONT></TD><TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; text-align: right"><FONT STYLE="font-size: 8pt">10,911</FONT></TD><TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; text-align: right"><FONT STYLE="font-size: 8pt">(17</FONT></TD><TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">)</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; text-align: right"><FONT STYLE="font-size: 8pt">11,977</FONT></TD><TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">Share of loss of joint ventures</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 8pt">(924</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-size: 8pt">)</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"><FONT STYLE="font-size: 8pt">(924</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">)</FONT></TD><TD STYLE="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"><FONT STYLE="font-size: 8pt">(924</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">Profit / (loss) from Operations Before Financing
    and Taxation</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; text-align: right"><FONT STYLE="font-size: 8pt">34,745</FONT></TD><TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; text-align: right"><FONT STYLE="font-size: 8pt">10,937</FONT></TD><TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; text-align: right"><FONT STYLE="font-size: 8pt">8,112</FONT></TD><TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; text-align: right"><FONT STYLE="font-size: 8pt">288</FONT></TD><TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; text-align: right"><FONT STYLE="font-size: 8pt">54,082</FONT></TD><TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; text-align: right"><FONT STYLE="font-size: 8pt">69,903</FONT></TD><TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; text-align: right"><FONT STYLE="font-size: 8pt">(23,233</FONT></TD><TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">)</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; text-align: right"><FONT STYLE="font-size: 8pt">100,752</FONT></TD><TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">Reserve from the sale of non-controlling interests in subsidiaries
    (see Note 21)</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">25,508</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; text-align: right"><FONT STYLE="font-size: 8pt">25,508</FONT></TD><TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">Depreciation and amortization</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">(1,926</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">)</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">(3,261</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">)</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">(1,551</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">)</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">(398</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">)</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; text-align: right"><FONT STYLE="font-size: 8pt">(7,136</FONT></TD><TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">)</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; text-align: right"><FONT STYLE="font-size: 8pt">(130,538</FONT></TD><TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">)</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; text-align: right"><FONT STYLE="font-size: 8pt">(137,674</FONT></TD><TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">Initial recognition and changes in fair value of biological assets
    and agricultural produce (unrealized)</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">2,813</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">(2,340</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">)</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">1,128</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">353</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; text-align: right"><FONT STYLE="font-size: 8pt">1,954</FONT></TD><TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; text-align: right"><FONT STYLE="font-size: 8pt">10,681</FONT></TD><TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; text-align: right"><FONT STYLE="font-size: 8pt">12,635</FONT></TD><TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">Initial recognition and changes in fair value of biological assets
    and agricultural produce (realized)</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">37,454</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">10,899</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">8,763</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">(363</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">)</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; text-align: right"><FONT STYLE="font-size: 8pt">56,753</FONT></TD><TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; text-align: right"><FONT STYLE="font-size: 8pt">30,828</FONT></TD><TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; text-align: right"><FONT STYLE="font-size: 8pt">87,581</FONT></TD><TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">Gain from changes in net realizable value of agricultural produce
    after harvest (unrealized)</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">1,134</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; text-align: right"><FONT STYLE="font-size: 8pt">1,134</FONT></TD><TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; text-align: right"><FONT STYLE="font-size: 8pt">1,134</FONT></TD><TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">Gain from changes in net realizable value of agricultural produce
    after harvest (realized)</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">2,267</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; text-align: right"><FONT STYLE="font-size: 8pt">2,267</FONT></TD><TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; text-align: right"><FONT STYLE="font-size: 8pt">2,267</FONT></TD><TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">The accompanying
notes are an integral part of these consolidated financial statements.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>


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    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt"><B>Adecoagro S.A.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Notes to the Consolidated Financial Statements
(Continued)</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 2.85pt 0pt 0; text-align: center">(All amounts in US$ thousands,
except shares and per share data and as otherwise indicated)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 2.85pt 0pt 0; text-align: center">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><B>3.</B></TD><TD STYLE="text-align: justify"><B>Segment information (continued)</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Total segment assets
and liabilities are measured in a manner consistent with that of the consolidated financial statements. These assets and
liabilities are allocated based on the operations of the segment and the physical location of the asset. The Group&rsquo;s investment
in CHS Agro S.A. is allocated to the &lsquo;Crops&rsquo; segment. Therefore, the Group&rsquo;s share of profit or loss after income
taxes and its carrying amount are reported in this segment.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Total reportable segments&rsquo;
assets and liabilities are reconciled to total assets as per the statement of financial position as follows:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" ALIGN="CENTER" STYLE="border-collapse: collapse; width: 75%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD NOWRAP COLSPAN="3" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2016</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD NOWRAP COLSPAN="3" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2015</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 70%; font-weight: bold; text-align: left">Total reportable assets as per Segment Information</TD><TD STYLE="width: 1%; font-weight: bold">&nbsp;</TD>
    <TD STYLE="width: 1%; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="width: 12%; font-weight: bold; text-align: right">1,075,837</TD><TD STYLE="width: 1%; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font-weight: bold">&nbsp;</TD>
    <TD STYLE="width: 1%; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="width: 12%; font-weight: bold; text-align: right">912,299</TD><TD STYLE="width: 1%; font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Intangible assets (excluding goodwill)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">3,847</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">3,151</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">Deferred income tax assets</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">38,586</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">68,744</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Trade and other receivables</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">174,940</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">166,806</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">Other assets</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">590</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">651</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Derivative financial instruments</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">3,398</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">4,849</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-bottom: 1pt">Cash and cash equivalents</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">158,568</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">198,894</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; text-align: left; padding-bottom: 2.25pt">Total assets as per the Statement of Financial Position</TD><TD STYLE="font-weight: bold; padding-bottom: 2.25pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.25pt double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.25pt double; font-weight: bold; text-align: right">1,455,766</TD><TD STYLE="border-bottom: Black 2.25pt double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 2.25pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.25pt double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.25pt double; font-weight: bold; text-align: right">1,355,394</TD><TD STYLE="border-bottom: Black 2.25pt double; font-weight: bold; text-align: left">&nbsp;</TD></TR>
</TABLE>




<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" ALIGN="CENTER" STYLE="border-collapse: collapse; width: 75%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD NOWRAP COLSPAN="3" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2016</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD NOWRAP COLSPAN="3" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2015</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 70%; font-weight: bold; text-align: left">Total reportable liabilities as per Segment Information</TD><TD STYLE="width: 1%; font-weight: bold">&nbsp;</TD>
    <TD STYLE="width: 1%; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="width: 12%; font-weight: bold; text-align: right">635,396</TD><TD STYLE="width: 1%; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font-weight: bold">&nbsp;</TD>
    <TD STYLE="width: 1%; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="width: 12%; font-weight: bold; text-align: right">723,339</TD><TD STYLE="width: 1%; font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Trade and other payables</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">93,585</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">55,642</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">Deferred income tax liabilities</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">14,689</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">15,636</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Payroll and social liabilities</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">28,079</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">23,389</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">Provisions for other liabilities</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">3,889</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2,313</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Current income tax liabilities</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,387</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">962</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-bottom: 1pt">Derivative financial instruments</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">7,068</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">6,694</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; text-align: left; padding-bottom: 2.25pt">Total liabilities as per the Statement of Financial Position</TD><TD STYLE="font-weight: bold; padding-bottom: 2.25pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.25pt double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.25pt double; font-weight: bold; text-align: right">784,093</TD><TD STYLE="border-bottom: Black 2.25pt double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 2.25pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.25pt double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.25pt double; font-weight: bold; text-align: right">827,975</TD><TD STYLE="border-bottom: Black 2.25pt double; font-weight: bold; text-align: left">&nbsp;</TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">The accompanying
notes are an integral part of these consolidated financial statements.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt"><B>Adecoagro S.A.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Notes to the Consolidated Financial Statements
(Continued)</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 2.85pt 0pt 0; text-align: center">(All amounts in US$ thousands,
except shares and per share data and as otherwise indicated)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><B>3.</B></TD><TD STYLE="text-align: justify"><B>Segment information (continued)</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">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.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">As of and for the year
ended December 31, 2016:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD NOWRAP COLSPAN="3" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Argentina</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD NOWRAP COLSPAN="3" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Brazil</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD NOWRAP COLSPAN="3" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Uruguay</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD NOWRAP COLSPAN="3" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Total</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 48%; text-align: left">Property, plant and equipment</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; text-align: right">101,513</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; text-align: right">694,137</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; text-align: right">6,958</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font-weight: bold">&nbsp;</TD>
    <TD STYLE="width: 1%; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; font-weight: bold; text-align: right">802,608</TD><TD STYLE="width: 1%; font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Investment property</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2,666</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">2,666</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD>Goodwill</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">5,980</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">7,425</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">13,405</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Non-current portion of biological assets</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">8,516</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">8,516</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Initial recognition and changes in fair value of biological assets and agricultural produce</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">62,970</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">62,556</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(70</TD><TD STYLE="text-align: left">)</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">125,456</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">(Loss) from changes in net realizable value of agricultural produce after harvest</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(4,491</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(958</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(392</TD><TD STYLE="text-align: left">)</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">(5,841</TD><TD STYLE="font-weight: bold; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Sales of goods and services rendered</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">164,264</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">432,468</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">272,503</TD><TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">869,235</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">As of and for the year
ended December 31, 2015:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD NOWRAP COLSPAN="3" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Argentina</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD NOWRAP COLSPAN="3" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Brazil</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD NOWRAP COLSPAN="3" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Uruguay</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD NOWRAP COLSPAN="3" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Total</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 48%; text-align: left">Property, plant and equipment</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; text-align: right">110,218</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; text-align: right">579,694</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; text-align: right">6,977</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font-weight: bold">&nbsp;</TD>
    <TD STYLE="width: 1%; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; font-weight: bold; text-align: right">696,889</TD><TD STYLE="width: 1%; font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Investment property</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">4,796</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">4,796</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD>Goodwill</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">7,287</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">6,223</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">13,510</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Non-current portion of biological assets</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">6,476</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">6,476</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Initial recognition and changes in fair value of biological assets and agricultural produce</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">16,637</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">37,097</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">794</TD><TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">54,528</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">Gain / (Loss) from changes in net realizable value of agricultural produce after harvest</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">16,139</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(32</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(1,416</TD><TD STYLE="text-align: left">)</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">14,691</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Sales of goods and services rendered</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">166,447</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">295,456</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">212,411</TD><TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">674,314</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">As of and for the year
ended December 31, 2014:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD NOWRAP COLSPAN="3" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Argentina</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD NOWRAP COLSPAN="3" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Brazil</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD NOWRAP COLSPAN="3" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Uruguay</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD NOWRAP COLSPAN="3" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Total</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD NOWRAP COLSPAN="3" STYLE="text-align: right">&nbsp;</TD><TD>&nbsp;</TD>
    <TD NOWRAP COLSPAN="3" STYLE="text-align: right">&nbsp;</TD><TD>&nbsp;</TD>
    <TD NOWRAP COLSPAN="3" STYLE="text-align: right">&nbsp;</TD><TD>&nbsp;</TD>
    <TD NOWRAP COLSPAN="3" STYLE="text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 48%; text-align: left">Initial recognition and changes in fair value of biological assets and agricultural produce</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; text-align: right">57,369</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; text-align: right">42,042</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; text-align: right">805</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font-weight: bold">&nbsp;</TD>
    <TD STYLE="width: 1%; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; font-weight: bold; text-align: right">100,216</TD><TD STYLE="width: 1%; font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Gain / (Loss) from changes in net realizable value of agricultural produce after harvest</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,629</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(345</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2,117</TD><TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">3,401</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">Sales of goods and services rendered</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">192,820</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">328,512</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">201,634</TD><TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">722,966</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD></TR>
</TABLE>


<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-top: 0pt; text-align: center; margin-bottom: 0pt">The accompanying
notes are an integral part of these consolidated financial statements.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>


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    <!-- Field: /Page -->

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt"><B>Adecoagro S.A.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Notes to the Consolidated Financial Statements
(Continued)</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 2.85pt 0pt 0; text-align: center">(All amounts in US$ thousands,
except shares and per share data and as otherwise indicated)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><B>4.</B></TD><TD STYLE="text-align: justify"><B>Sales</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 90%; font: 10pt Times New Roman, Times, Serif; margin-left: 0.5in">
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP>&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD NOWRAP COLSPAN="3" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2016</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD NOWRAP COLSPAN="3" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2015</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD NOWRAP COLSPAN="3" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2014</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-weight: bold; text-align: left">Manufactured products and services rendered:</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="width: 61%">Rice</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; text-align: right">94,331</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; text-align: right">82,797</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; text-align: right">99,339</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD>Ethanol</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">211,451</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">176,150</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">165,870</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD>Sugar</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">330,895</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">177,801</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">174,459</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">Soybean oil and meal</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2,071</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD>Energy</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">53,995</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">46,671</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">66,800</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">Powder milk</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">4,816</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,042</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2,948</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD>Services</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,160</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,545</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2,093</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">Operating Leases</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">984</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,309</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,593</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-bottom: 1pt">Others</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">1,423</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">1,233</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">25</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">699,055</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">490,619</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">513,127</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; text-align: left">Agricultural produce and biological assets:</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD>Soybean</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">63,797</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">75,361</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">79,515</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Cattle for dairy</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">3,059</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">3,656</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2,553</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD>Corn</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">48,502</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">41,813</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">69,636</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD>Cotton</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,434</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">3,317</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">9,081</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD>Milk</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">24,561</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">27,906</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">27,467</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD>Wheat</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">16,951</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">16,116</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">7,669</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD>Sunflower</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">7,275</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">12,659</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">10,016</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD>Sorghum</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">111</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">84</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD>Rice</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">950</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,117</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD>Barley</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,240</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">634</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,150</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD>Seeds</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">625</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">648</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,244</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-bottom: 1pt">Others</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">1,786</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">1,474</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">307</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">170,180</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">183,695</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">209,839</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; text-align: left; padding-bottom: 2.25pt">Total sales</TD><TD STYLE="font-weight: bold; padding-bottom: 2.25pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.25pt double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.25pt double; font-weight: bold; text-align: right">869,235</TD><TD STYLE="border-bottom: Black 2.25pt double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 2.25pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.25pt double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.25pt double; font-weight: bold; text-align: right">674,314</TD><TD STYLE="border-bottom: Black 2.25pt double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 2.25pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.25pt double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.25pt double; font-weight: bold; text-align: right">722,966</TD><TD STYLE="border-bottom: Black 2.25pt double; font-weight: bold; text-align: left">&nbsp;</TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B><I>Commitments to
sell commodities at a future date</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">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&rsquo;s expected sales. Accordingly, as
the own use exception criteria are met; those contracts are not recorded as derivatives.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The notional amount
of these contracts is US$&nbsp;111.8 million as of December 31, 2016 (2015: US$&nbsp;62.4 million; 2014: US$&nbsp;31.5 million)
comprised primarily of 146,524 tons of sugar (US$&nbsp;59.5 million), 10,005 m3 of ethanol (US$&nbsp;4.5 million), 464,697 mwh
of energy (US$&nbsp;28.0 million), 23,179 tons of soybean (U$S&nbsp;6.1 million), 31,598 tons of wheat (US$&nbsp;5.4 million),
and 52,918 tons of corn (US$&nbsp;8.1 million) which expire between February 2017 and December 2017.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">The accompanying
notes are an integral part of these consolidated financial statements.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt"><B>Adecoagro S.A.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Notes to the Consolidated Financial Statements
(Continued)</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 2.85pt 0pt 0; text-align: center">(All amounts in US$ thousands,
except shares and per share data and as otherwise indicated)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><B>5.</B></TD><TD STYLE="text-align: justify"><B>Cost of goods sold and services rendered</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">As of December 31, 2016:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD NOWRAP COLSPAN="23" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2016</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD NOWRAP COLSPAN="3" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid; vertical-align: middle">Crops</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD NOWRAP COLSPAN="3" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid; vertical-align: middle">Rice</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD NOWRAP COLSPAN="3" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid; vertical-align: middle">Dairy</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD NOWRAP COLSPAN="3" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid; vertical-align: middle">All other <BR> segments</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD NOWRAP COLSPAN="3" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Sugar, <BR> Ethanol and <BR> Energy</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD NOWRAP COLSPAN="3" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid; vertical-align: middle">Total</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 40%; font-weight: bold; text-align: left">Finished goods at the beginning of 2016 (Note 19)</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 7%; text-align: right">16,034</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 7%; text-align: right">6,904</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 7%; text-align: right">55</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 7%; text-align: right">-</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 7%; text-align: right">24,631</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 7%; text-align: right">47,624</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Cost of production of manufactured products (Note 6)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">478</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">61,254</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">371</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">206</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">376,791</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">439,100</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">Purchases</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">25,954</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">22,303</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">4,414</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">89,745</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">142,416</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Agricultural produce</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">110,252</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">27,628</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">137,880</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">Transfer to raw material</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(8,603</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(8,603</TD><TD STYLE="text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Direct agricultural selling expenses</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">19,077</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">19,077</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">Tax recoveries (i)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(24,156</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(24,156</TD><TD STYLE="text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Changes in net realizable value of agricultural produce after harvest</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(5,841</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(5,841</TD><TD STYLE="text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">Finished goods at the end of December 31, 2016 (Note 19)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(13,117</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(5,473</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(49,601</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(68,191</TD><TD STYLE="text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1pt">Exchange differences</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(2,503</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">)</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(1,414</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">)</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">103</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">6</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">3,083</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(725</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-weight: bold; text-align: left; padding-bottom: 1pt">Cost of goods sold and services rendered, and direct agricultural selling expenses year</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">141,731</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">83,574</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">32,571</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">212</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">420,493</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">678,581</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD></TR>
</TABLE>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">(i): Correspond to the presumed credit
of ICMS over the sale values.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">As of December 31, 2015:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD NOWRAP COLSPAN="23" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2015</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD NOWRAP COLSPAN="3" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid; vertical-align: middle">Crops</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD NOWRAP COLSPAN="3" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid; vertical-align: middle">Rice</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD NOWRAP COLSPAN="3" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid; vertical-align: middle">Dairy</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD NOWRAP COLSPAN="3" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid; vertical-align: middle">All other <BR> segments</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD NOWRAP COLSPAN="3" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Sugar, <BR> Ethanol and <BR> Energy</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD NOWRAP COLSPAN="3" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid; vertical-align: middle">Total</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 40%; font-weight: bold; text-align: left">Finished goods at the beginning of 2015 (Note 19)</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 7%; text-align: right">21,056</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 7%; text-align: right">4,656</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 7%; text-align: right">76</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 7%; text-align: right">-</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 7%; text-align: right">50,087</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 7%; text-align: right">75,875</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Cost of production of manufactured products (Note 6)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">67</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">60,445</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">624</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">603</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">273,127</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">334,866</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">Purchases</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">27,625</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">13,520</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">920</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">48,610</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">90,675</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Agricultural produce</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">93,536</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">31,563</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">125,099</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">Transfer to raw material</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(6,237</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(6,237</TD><TD STYLE="text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Direct agricultural selling expenses</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">29,179</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">29,179</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">Tax recoveries (i)</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">-</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">-</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">-</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">-</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(16,196</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(16,196</TD><TD STYLE="text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Changes in net realizable value of agricultural produce after harvest</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">14,691</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">14,691</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">Finished goods at the end of December 31, 2015 (Note 19)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(16,034</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(6,904</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(55</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(24,631</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(47,624</TD><TD STYLE="text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1pt">Exchange differences</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(9,596</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">)</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(2,642</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">)</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(98</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">)</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">-</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(30,206</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">)</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(42,542</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-weight: bold; text-align: left; padding-bottom: 1pt">Cost of goods sold and services rendered, and direct agricultural selling expenses year</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">154,287</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">69,075</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">33,030</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">603</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">300,791</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">557,786</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">(i): Correspond to the presumed credit
of ICMS over the sale values.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">As of December 31, 2014:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD NOWRAP COLSPAN="23" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2014</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD NOWRAP COLSPAN="3" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid; vertical-align: middle">Crops</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD NOWRAP COLSPAN="3" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid; vertical-align: middle">Rice</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD NOWRAP COLSPAN="3" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid; vertical-align: middle">Dairy</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD NOWRAP COLSPAN="3" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid; vertical-align: middle">All other <BR> segments</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD NOWRAP COLSPAN="3" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Sugar, <BR> Ethanol and <BR>
    Energy</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD NOWRAP COLSPAN="3" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid; vertical-align: middle">Total</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 40%; font-weight: bold; text-align: left">Finished goods at the beginning of 2014 (Note 19)</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 7%; text-align: right">12,863</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 7%; text-align: right">5,061</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 7%; text-align: right">-</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 7%; text-align: right">-</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 7%; text-align: right">50,224</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 7%; text-align: right">68,148</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Cost of production of manufactured products (Note 6)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">70,095</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">3,034</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">842</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">323,766</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">397,737</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: justify">Purchases</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">37,705</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">15,810</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">117</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">16,402</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">70,034</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: justify">Agricultural produce</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">132,216</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">30,020</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">162,236</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: justify">Transfer to raw material</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(7,191</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: justify">Direct agricultural selling expenses</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">24,280</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">24,280</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: justify">Tax recoveries (i)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(13,778</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(13,778</TD><TD STYLE="text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Changes in net realizable value of agricultural produce after harvest</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">3,401</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">3,401</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">Finished goods at the end of December 31, 2014 (Note 19)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(21,056</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(4,656</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(76</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(50,087</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(75,875</TD><TD STYLE="text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: justify; padding-bottom: 1pt">Exchange differences</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(4,745</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">)</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(2,111</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">)</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(61</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">)</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">-</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(16,750</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">)</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(23,667</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-weight: bold; text-align: left; padding-bottom: 1pt">Cost of goods sold and services rendered, and direct agricultural selling expenses year</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">177,473</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">84,199</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">33,034</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">842</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">309,777</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">605,325</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">(i): Correspond to the presumed credit of
ICMS over the sale values.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">The accompanying
notes are an integral part of these consolidated financial statements.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>


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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt"><B>Adecoagro S.A.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Notes to the Consolidated Financial Statements
(Continued)</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 2.85pt 0pt 0; text-align: center">(All amounts in US$ thousands,
except shares and per share data and as otherwise indicated)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 2.85pt 0pt 0; text-align: center">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><B>6.</B></TD><TD STYLE="text-align: justify"><B>Expenses by nature</B></TD></TR></TABLE>

<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; text-indent: 0.5in">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 &ldquo;cost of goods sold and direct agricultural selling expenses&rdquo;, &ldquo;general and administrative expenses&rdquo;
and &ldquo;selling expenses&rdquo;.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The following table
provides the additional disclosure required on the nature of expenses and their relationship to the function within the Group:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 7.1pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 7.1pt">Expenses by nature
for the year ended December 31, 2016:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 7.1pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP>&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD NOWRAP COLSPAN="23" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid; border-top: Black 1pt solid">Cost of production of manufactured products (Note 5)</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD NOWRAP COLSPAN="3" STYLE="text-align: right; border-top: Black 1pt solid">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD NOWRAP COLSPAN="3" STYLE="text-align: right; border-top: Black 1pt solid">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD NOWRAP COLSPAN="3" STYLE="text-align: right; border-top: Black 1pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="text-align: justify">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD NOWRAP COLSPAN="3" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid; vertical-align: middle">Crops</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD NOWRAP COLSPAN="3" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid; vertical-align: middle">Rice</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD NOWRAP COLSPAN="3" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid; vertical-align: middle">Dairy</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD NOWRAP COLSPAN="3" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid; vertical-align: middle">All other <BR> segments</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD NOWRAP COLSPAN="3" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Sugar, <BR> Ethanol and <BR> Energy</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD NOWRAP COLSPAN="3" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid; vertical-align: middle">Total</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD NOWRAP COLSPAN="3" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">General and <BR> Administrative <BR> Expenses</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD NOWRAP COLSPAN="3" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid; vertical-align: middle">Selling <BR> Expenses</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD NOWRAP COLSPAN="3" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid; vertical-align: middle">Total</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 28%; text-align: left">Salaries, social security expenses and employee benefits</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 5%; text-align: right">-</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 5%; text-align: right">5,590</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 5%; text-align: right">-</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 5%; text-align: right">206</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 5%; text-align: right">54,225</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font-weight: bold">&nbsp;</TD>
    <TD STYLE="width: 1%; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="width: 5%; font-weight: bold; text-align: right">60,021</TD><TD STYLE="width: 1%; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 5%; text-align: right">30,935</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 5%; text-align: right">5,358</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font-weight: bold">&nbsp;</TD>
    <TD STYLE="width: 1%; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="width: 5%; font-weight: bold; text-align: right">96,314</TD><TD STYLE="width: 1%; font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Raw materials and consumables</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">468</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">3,927</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">7,025</TD><TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">11,420</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">11,420</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">Depreciation and amortization</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">856</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">102,620</TD><TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">103,476</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">5,006</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">695</TD><TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">109,177</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Fuel, lubricants and others</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">86</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">26,307</TD><TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">26,393</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">450</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">368</TD><TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">27,211</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">Maintenance and repairs</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,408</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">21,641</TD><TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">23,049</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">931</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">390</TD><TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">24,370</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD>Freights</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">4,901</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">14</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">330</TD><TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">5,245</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">29,976</TD><TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">35,221</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">Export taxes / selling taxes</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">-</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">29,375</TD><TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">29,375</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Export expenses</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">-</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">3,649</TD><TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">3,649</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">Contractors and services</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">10</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">39</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">4,374</TD><TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">4,423</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">4,423</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Energy transmission</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">-</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2,890</TD><TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">2,890</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">Energy power</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">913</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,007</TD><TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">1,920</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">795</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">211</TD><TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">2,926</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Professional fees</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">90</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">387</TD><TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">477</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">5,495</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,105</TD><TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">7,077</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">Other taxes</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">58</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2,012</TD><TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">2,070</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">653</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">8</TD><TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">2,731</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD>Contingencies</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">-</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,835</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">1,835</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">Lease expense and similar arrangements</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">145</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">145</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,185</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">51</TD><TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">1,381</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Third parties raw materials</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">3,001</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">26,552</TD><TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">29,553</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">29,553</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">Tax recoveries</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(11,527</TD><TD STYLE="text-align: left">)</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">(11,527</TD><TD STYLE="font-weight: bold; text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">(11,527</TD><TD STYLE="font-weight: bold; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-bottom: 1pt">Others</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">-</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">1,344</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">-</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">-</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">4,428</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">5,772</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">3,465</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">6,597</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">15,834</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-weight: bold; padding-bottom: 2.25pt">Subtotal</TD><TD STYLE="font-weight: bold; padding-bottom: 2.25pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.25pt double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.25pt double; font-weight: bold; text-align: right">478</TD><TD STYLE="border-bottom: Black 2.25pt double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 2.25pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.25pt double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.25pt double; font-weight: bold; text-align: right">22,319</TD><TD STYLE="border-bottom: Black 2.25pt double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 2.25pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.25pt double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.25pt double; font-weight: bold; text-align: right">53</TD><TD STYLE="border-bottom: Black 2.25pt double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 2.25pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.25pt double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.25pt double; font-weight: bold; text-align: right">206</TD><TD STYLE="border-bottom: Black 2.25pt double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 2.25pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.25pt double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.25pt double; font-weight: bold; text-align: right">239,381</TD><TD STYLE="border-bottom: Black 2.25pt double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 2.25pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.25pt double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.25pt double; font-weight: bold; text-align: right">262,437</TD><TD STYLE="border-bottom: Black 2.25pt double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 2.25pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.25pt double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.25pt double; font-weight: bold; text-align: right">50,750</TD><TD STYLE="border-bottom: Black 2.25pt double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 2.25pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.25pt double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.25pt double; font-weight: bold; text-align: right">80,673</TD><TD STYLE="border-bottom: Black 2.25pt double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 2.25pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.25pt double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.25pt double; font-weight: bold; text-align: right">393,860</TD><TD STYLE="border-bottom: Black 2.25pt double; font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1pt">Own agricultural produce consumed</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">-</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">38,935</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">318</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">-</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">137,410</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">176,663</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">-</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">-</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">176,663</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-weight: bold; padding-bottom: 2.5pt">Total</TD><TD STYLE="font-weight: bold; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">478</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">61,254</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">371</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">206</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">376,791</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">439,100</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">50,750</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">80,673</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">570,523</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">&nbsp;</TD></TR>
</TABLE>





<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 7.1pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">The accompanying
notes are an integral part of these consolidated financial statements.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 7.1pt">&nbsp;</P>


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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt"><B>Adecoagro S.A.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Notes to the Consolidated Financial Statements
(Continued)</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 2.85pt 0pt 0; text-align: center">(All amounts in US$ thousands,
except shares and per share data and as otherwise indicated)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 2.85pt 0pt 0; text-align: center">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><B>6.</B></TD><TD STYLE="text-align: justify"><B>Expenses by nature (continued)</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Expenses by nature for the year ended December
31, 2015:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="text-align: justify">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD NOWRAP COLSPAN="23" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid; border-top: Black 1pt solid">Cost of production of manufactured products (Note 5)</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD NOWRAP COLSPAN="3" STYLE="border-top: Black 1pt solid">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD NOWRAP COLSPAN="3" STYLE="border-top: Black 1pt solid">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD NOWRAP COLSPAN="3" STYLE="border-top: Black 1pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="text-align: justify">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD NOWRAP COLSPAN="3" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid; vertical-align: middle">Crops</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD NOWRAP COLSPAN="3" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid; vertical-align: middle">Rice</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD NOWRAP COLSPAN="3" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid; vertical-align: middle">Dairy</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD NOWRAP COLSPAN="3" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid; vertical-align: middle">All other <BR> segments</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD NOWRAP COLSPAN="3" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Sugar, <BR> Ethanol and <BR> Energy</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD NOWRAP COLSPAN="3" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid; vertical-align: middle">Total</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD NOWRAP COLSPAN="3" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">General and <BR> Administrative <BR> Expenses</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD NOWRAP COLSPAN="3" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid; vertical-align: middle">Selling <BR> Expenses</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD NOWRAP COLSPAN="3" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid; vertical-align: middle">Total</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP>&nbsp;</TD><TD>&nbsp;</TD>
    <TD NOWRAP COLSPAN="3" STYLE="text-align: right">&nbsp;</TD><TD>&nbsp;</TD>
    <TD NOWRAP COLSPAN="3" STYLE="text-align: right">&nbsp;</TD><TD>&nbsp;</TD>
    <TD NOWRAP COLSPAN="3" STYLE="text-align: right">&nbsp;</TD><TD>&nbsp;</TD>
    <TD NOWRAP COLSPAN="3" STYLE="text-align: right">&nbsp;</TD><TD>&nbsp;</TD>
    <TD NOWRAP COLSPAN="3" STYLE="text-align: right">&nbsp;</TD><TD>&nbsp;</TD>
    <TD NOWRAP COLSPAN="3" STYLE="text-align: right">&nbsp;</TD><TD>&nbsp;</TD>
    <TD NOWRAP COLSPAN="3" STYLE="text-align: right">&nbsp;</TD><TD>&nbsp;</TD>
    <TD NOWRAP COLSPAN="3" STYLE="text-align: right">&nbsp;</TD><TD>&nbsp;</TD>
    <TD NOWRAP COLSPAN="3" STYLE="text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 28%; text-align: left">Salaries, social security expenses and employee benefits</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 5%; text-align: right">-</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 5%; text-align: right">5,952</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 5%; text-align: right">-</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 5%; text-align: right">551</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 5%; text-align: right">49,454</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font-weight: bold">&nbsp;</TD>
    <TD STYLE="width: 1%; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="width: 5%; font-weight: bold; text-align: right">55,957</TD><TD STYLE="width: 1%; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 5%; text-align: right">28,354</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 5%; text-align: right">5,053</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font-weight: bold">&nbsp;</TD>
    <TD STYLE="width: 1%; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="width: 5%; font-weight: bold; text-align: right">89,364</TD><TD STYLE="width: 1%; font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Raw materials and consumables</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">56</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">3,760</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">86</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">7,143</TD><TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">11,045</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">11,045</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">Depreciation and amortization</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,305</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">82,711</TD><TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">84,016</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">5,762</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">765</TD><TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">90,543</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Fertilizers, agrochemicals and seeds</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">52</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">52</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">52</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">Fuel, lubricants and others</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">102</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">20,034</TD><TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">20,136</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">468</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">66</TD><TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">20,670</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Maintenance and repairs</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,167</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">13,934</TD><TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">15,101</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">937</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">356</TD><TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">16,394</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD>Freights</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">9</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">4,303</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">38</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">4,350</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">16</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">20,930</TD><TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">25,296</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Export taxes / selling taxes</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">-</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">29,110</TD><TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">29,110</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">Export expenses</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">-</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">3,223</TD><TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">3,223</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Contractors and services</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">82</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">3,297</TD><TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">3,379</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">3,379</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">Energy transmission</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">-</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2,386</TD><TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">2,386</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Energy power</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">622</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,039</TD><TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">1,661</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">793</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">27</TD><TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">2,481</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">Professional fees</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">84</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">349</TD><TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">433</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">6,008</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,257</TD><TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">7,698</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Other taxes</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">85</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,260</TD><TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">1,345</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">716</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">2,061</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD>Contingencies</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">-</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,482</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">1,482</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Lease expense and similar arrangements</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">77</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">216</TD><TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">293</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,107</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">43</TD><TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">1,443</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">Third parties raw materials</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">9,506</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">24,182</TD><TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">33,688</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">33,688</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Tax recoveries</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(14,395</TD><TD STYLE="text-align: left">)</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">(14,395</TD><TD STYLE="font-weight: bold; text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">(14,395</TD><TD STYLE="font-weight: bold; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-bottom: 1pt">Others</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">2</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">691</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">-</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">-</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">5,087</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">5,780</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">2,782</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">7,052</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">15,614</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; padding-bottom: 2.25pt">Subtotal</TD><TD STYLE="font-weight: bold; padding-bottom: 2.25pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.25pt double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.25pt double; font-weight: bold; text-align: right">67</TD><TD STYLE="border-bottom: Black 2.25pt double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 2.25pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.25pt double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.25pt double; font-weight: bold; text-align: right">27,654</TD><TD STYLE="border-bottom: Black 2.25pt double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 2.25pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.25pt double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.25pt double; font-weight: bold; text-align: right">206</TD><TD STYLE="border-bottom: Black 2.25pt double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 2.25pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.25pt double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.25pt double; font-weight: bold; text-align: right">603</TD><TD STYLE="border-bottom: Black 2.25pt double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 2.25pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.25pt double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.25pt double; font-weight: bold; text-align: right">194,311</TD><TD STYLE="border-bottom: Black 2.25pt double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 2.25pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.25pt double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.25pt double; font-weight: bold; text-align: right">222,841</TD><TD STYLE="border-bottom: Black 2.25pt double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 2.25pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.25pt double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.25pt double; font-weight: bold; text-align: right">48,425</TD><TD STYLE="border-bottom: Black 2.25pt double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 2.25pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.25pt double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.25pt double; font-weight: bold; text-align: right">70,268</TD><TD STYLE="border-bottom: Black 2.25pt double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 2.25pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.25pt double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.25pt double; font-weight: bold; text-align: right">341,534</TD><TD STYLE="border-bottom: Black 2.25pt double; font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-bottom: 1pt">Own agricultural produce consumed</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">-</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">32,791</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">418</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">-</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">78,816</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">112,025</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">-</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">-</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">112,025</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; padding-bottom: 2.25pt">Total</TD><TD STYLE="font-weight: bold; padding-bottom: 2.25pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.25pt double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.25pt double; font-weight: bold; text-align: right">67</TD><TD STYLE="border-bottom: Black 2.25pt double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 2.25pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.25pt double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.25pt double; font-weight: bold; text-align: right">60,445</TD><TD STYLE="border-bottom: Black 2.25pt double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 2.25pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.25pt double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.25pt double; font-weight: bold; text-align: right">624</TD><TD STYLE="border-bottom: Black 2.25pt double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 2.25pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.25pt double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.25pt double; font-weight: bold; text-align: right">603</TD><TD STYLE="border-bottom: Black 2.25pt double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 2.25pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.25pt double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.25pt double; font-weight: bold; text-align: right">273,127</TD><TD STYLE="border-bottom: Black 2.25pt double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 2.25pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.25pt double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.25pt double; font-weight: bold; text-align: right">334,866</TD><TD STYLE="border-bottom: Black 2.25pt double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 2.25pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.25pt double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.25pt double; font-weight: bold; text-align: right">48,425</TD><TD STYLE="border-bottom: Black 2.25pt double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 2.25pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.25pt double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.25pt double; font-weight: bold; text-align: right">70,268</TD><TD STYLE="border-bottom: Black 2.25pt double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 2.25pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.25pt double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.25pt double; font-weight: bold; text-align: right">453,559</TD><TD STYLE="border-bottom: Black 2.25pt double; font-weight: bold; text-align: left">&nbsp;</TD></TR>
</TABLE>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">The accompanying
notes are an integral part of these consolidated financial statements.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font-size: 12pt"><B>Adecoagro
S.A.</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Notes to the Consolidated Financial Statements
(Continued)</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 2.85pt 0pt 0; text-align: center">(All amounts in US$ thousands,
except shares and per share data and as otherwise indicated)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 2.85pt 0pt 0; text-align: center">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><B>6.</B></TD><TD STYLE="text-align: justify"><B>Expenses by nature (continued)</B></TD></TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Expenses by nature for the year ended December
31, 2014:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="text-align: justify"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD NOWRAP COLSPAN="23" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid; border-top: Black 1pt solid"><FONT STYLE="font-size: 8pt">Cost
    of production of manufactured products (Note 5)</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD NOWRAP COLSPAN="3" STYLE="text-align: center; border-top: Black 1pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD NOWRAP COLSPAN="3" STYLE="text-align: center; border-top: Black 1pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD NOWRAP COLSPAN="3" STYLE="text-align: center; border-top: Black 1pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="text-align: justify"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD NOWRAP COLSPAN="3" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid; vertical-align: middle"><FONT STYLE="font-size: 8pt">Crops</FONT></TD><TD STYLE="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD NOWRAP COLSPAN="3" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid; vertical-align: middle"><FONT STYLE="font-size: 8pt">Rice</FONT></TD><TD STYLE="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD NOWRAP COLSPAN="3" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid; vertical-align: middle"><FONT STYLE="font-size: 8pt">Dairy</FONT></TD><TD STYLE="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD NOWRAP COLSPAN="3" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid; vertical-align: middle"><FONT STYLE="font-size: 8pt">All
    other<BR>
    segments</FONT></TD><TD STYLE="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD NOWRAP COLSPAN="3" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">Sugar,
    <BR> Ethanol and<BR>
 Energy</FONT></TD><TD STYLE="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD NOWRAP COLSPAN="3" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid; vertical-align: middle"><FONT STYLE="font-size: 8pt">Total</FONT></TD><TD STYLE="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD NOWRAP COLSPAN="3" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">General
    and <BR> Administrative <BR> Expenses</FONT></TD><TD STYLE="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD NOWRAP COLSPAN="3" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid; vertical-align: middle"><FONT STYLE="font-size: 8pt">Selling
    <BR> Expenses</FONT></TD><TD STYLE="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD NOWRAP COLSPAN="3" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid; vertical-align: middle"><FONT STYLE="font-size: 8pt">Total</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD NOWRAP COLSPAN="3" STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD NOWRAP COLSPAN="3" STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD NOWRAP COLSPAN="3" STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD NOWRAP COLSPAN="3" STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD NOWRAP COLSPAN="3" STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD NOWRAP COLSPAN="3" STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD NOWRAP COLSPAN="3" STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD NOWRAP COLSPAN="3" STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD NOWRAP COLSPAN="3" STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 28%; text-align: left"><FONT STYLE="font-size: 8pt">Salaries, social security expenses and employee benefits</FONT></TD><TD STYLE="width: 1%"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="width: 5%; text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="width: 1%"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="width: 5%; text-align: right"><FONT STYLE="font-size: 8pt">5,842</FONT></TD><TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="width: 1%"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="width: 5%; text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="width: 1%"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="width: 5%; text-align: right"><FONT STYLE="font-size: 8pt">563</FONT></TD><TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="width: 1%"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="width: 5%; text-align: right"><FONT STYLE="font-size: 8pt">55,136</FONT></TD><TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="width: 1%; font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="width: 5%; font-weight: bold; text-align: right"><FONT STYLE="font-size: 8pt">61,541</FONT></TD><TD STYLE="width: 1%; font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="width: 1%"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="width: 5%; text-align: right"><FONT STYLE="font-size: 8pt">32,237</FONT></TD><TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="width: 1%"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="width: 5%; text-align: right"><FONT STYLE="font-size: 8pt">5,467</FONT></TD><TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="width: 1%; font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="width: 5%; font-weight: bold; text-align: right"><FONT STYLE="font-size: 8pt">99,245</FONT></TD><TD STYLE="width: 1%; font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">Raw materials and consumables</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">8,814</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; text-align: right"><FONT STYLE="font-size: 8pt">8,814</FONT></TD><TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; text-align: right"><FONT STYLE="font-size: 8pt">8,814</FONT></TD><TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">Depreciation and amortization</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">1,322</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">61</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">114,026</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; text-align: right"><FONT STYLE="font-size: 8pt">115,409</FONT></TD><TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">5,962</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">1,113</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; text-align: right"><FONT STYLE="font-size: 8pt">122,484</FONT></TD><TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">Fuel, lubricants and others</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">108</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">25</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">20,938</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; text-align: right"><FONT STYLE="font-size: 8pt">21,071</FONT></TD><TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">475</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">49</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; text-align: right"><FONT STYLE="font-size: 8pt">21,595</FONT></TD><TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">Maintenance and repairs</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">1,383</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">56</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">17,857</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; text-align: right"><FONT STYLE="font-size: 8pt">19,296</FONT></TD><TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">994</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">367</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; text-align: right"><FONT STYLE="font-size: 8pt">20,657</FONT></TD><TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD><FONT STYLE="font-size: 8pt">Freights</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">5,906</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">174</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; text-align: right"><FONT STYLE="font-size: 8pt">6,080</FONT></TD><TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">8</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">25,145</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; text-align: right"><FONT STYLE="font-size: 8pt">31,233</FONT></TD><TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">Export taxes / selling taxes</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">32,697</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; text-align: right"><FONT STYLE="font-size: 8pt">32,697</FONT></TD><TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">Export expenses</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">2,204</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; text-align: right"><FONT STYLE="font-size: 8pt">2,204</FONT></TD><TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">Contractors and services</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">587</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">4,560</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; text-align: right"><FONT STYLE="font-size: 8pt">5,147</FONT></TD><TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; text-align: right"><FONT STYLE="font-size: 8pt">5,147</FONT></TD><TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">Energy transmission</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">1,703</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; text-align: right"><FONT STYLE="font-size: 8pt">1,703</FONT></TD><TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">Veterinary expenses</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">23</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; text-align: right"><FONT STYLE="font-size: 8pt">23</FONT></TD><TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; text-align: right"><FONT STYLE="font-size: 8pt">23</FONT></TD><TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">Energy power</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">654</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">2</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">1,113</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; text-align: right"><FONT STYLE="font-size: 8pt">1,769</FONT></TD><TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">295</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">28</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; text-align: right"><FONT STYLE="font-size: 8pt">2,092</FONT></TD><TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">Professional fees</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">122</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">753</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; text-align: right"><FONT STYLE="font-size: 8pt">875</FONT></TD><TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">7,470</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">1,067</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; text-align: right"><FONT STYLE="font-size: 8pt">9,412</FONT></TD><TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">Other taxes</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">100</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">1,333</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; text-align: right"><FONT STYLE="font-size: 8pt">1,433</FONT></TD><TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">784</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">5</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; text-align: right"><FONT STYLE="font-size: 8pt">2,222</FONT></TD><TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD><FONT STYLE="font-size: 8pt">Contingencies</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">1,236</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; text-align: right"><FONT STYLE="font-size: 8pt">1,236</FONT></TD><TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">Lease expense and similar arrangements</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">84</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">6</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; text-align: right"><FONT STYLE="font-size: 8pt">90</FONT></TD><TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">1,195</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">87</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; text-align: right"><FONT STYLE="font-size: 8pt">1,372</FONT></TD><TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">Third parties raw materials</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">8,392</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">27,948</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; text-align: right"><FONT STYLE="font-size: 8pt">36,340</FONT></TD><TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; text-align: right"><FONT STYLE="font-size: 8pt">36,340</FONT></TD><TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">Tax recoveries</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">(18,828</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">)</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; text-align: right"><FONT STYLE="font-size: 8pt">(18,828</FONT></TD><TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">)</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; text-align: right"><FONT STYLE="font-size: 8pt">(18,828</FONT></TD><TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">Others</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 8pt">6</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 8pt">8,489</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"><FONT STYLE="font-size: 8pt">8,495</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 8pt">2,039</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 8pt">8,932</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"><FONT STYLE="font-size: 8pt">19,466</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; padding-bottom: 2.25pt"><FONT STYLE="font-size: 8pt">Subtotal</FONT></TD><TD STYLE="font-weight: bold; padding-bottom: 2.25pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.25pt double; font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 2.25pt double; font-weight: bold; text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="border-bottom: Black 2.25pt double; font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; padding-bottom: 2.25pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.25pt double; font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 2.25pt double; font-weight: bold; text-align: right"><FONT STYLE="font-size: 8pt">23,813</FONT></TD><TD STYLE="border-bottom: Black 2.25pt double; font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; padding-bottom: 2.25pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.25pt double; font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 2.25pt double; font-weight: bold; text-align: right"><FONT STYLE="font-size: 8pt">761</FONT></TD><TD STYLE="border-bottom: Black 2.25pt double; font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; padding-bottom: 2.25pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.25pt double; font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 2.25pt double; font-weight: bold; text-align: right"><FONT STYLE="font-size: 8pt">842</FONT></TD><TD STYLE="border-bottom: Black 2.25pt double; font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; padding-bottom: 2.25pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.25pt double; font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 2.25pt double; font-weight: bold; text-align: right"><FONT STYLE="font-size: 8pt">242,139</FONT></TD><TD STYLE="border-bottom: Black 2.25pt double; font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; padding-bottom: 2.25pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.25pt double; font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 2.25pt double; font-weight: bold; text-align: right"><FONT STYLE="font-size: 8pt">267,555</FONT></TD><TD STYLE="border-bottom: Black 2.25pt double; font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; padding-bottom: 2.25pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.25pt double; font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 2.25pt double; font-weight: bold; text-align: right"><FONT STYLE="font-size: 8pt">52,695</FONT></TD><TD STYLE="border-bottom: Black 2.25pt double; font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; padding-bottom: 2.25pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.25pt double; font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 2.25pt double; font-weight: bold; text-align: right"><FONT STYLE="font-size: 8pt">78,864</FONT></TD><TD STYLE="border-bottom: Black 2.25pt double; font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; padding-bottom: 2.25pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.25pt double; font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 2.25pt double; font-weight: bold; text-align: right"><FONT STYLE="font-size: 8pt">399,114</FONT></TD><TD STYLE="border-bottom: Black 2.25pt double; font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">Own agricultural produce consumed</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 8pt">46,282</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 8pt">2,273</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 8pt">81,627</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 8pt">130,182</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"><FONT STYLE="font-size: 8pt">130,182</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; padding-bottom: 2.25pt"><FONT STYLE="font-size: 8pt">Total</FONT></TD><TD STYLE="font-weight: bold; padding-bottom: 2.25pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.25pt double; font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 2.25pt double; font-weight: bold; text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="border-bottom: Black 2.25pt double; font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; padding-bottom: 2.25pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.25pt double; font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 2.25pt double; font-weight: bold; text-align: right"><FONT STYLE="font-size: 8pt">70,095</FONT></TD><TD STYLE="border-bottom: Black 2.25pt double; font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; padding-bottom: 2.25pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.25pt double; font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 2.25pt double; font-weight: bold; text-align: right"><FONT STYLE="font-size: 8pt">3,034</FONT></TD><TD STYLE="border-bottom: Black 2.25pt double; font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; padding-bottom: 2.25pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.25pt double; font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 2.25pt double; font-weight: bold; text-align: right"><FONT STYLE="font-size: 8pt">842</FONT></TD><TD STYLE="border-bottom: Black 2.25pt double; font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; padding-bottom: 2.25pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.25pt double; font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 2.25pt double; font-weight: bold; text-align: right"><FONT STYLE="font-size: 8pt">323,766</FONT></TD><TD STYLE="border-bottom: Black 2.25pt double; font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; padding-bottom: 2.25pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.25pt double; font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 2.25pt double; font-weight: bold; text-align: right"><FONT STYLE="font-size: 8pt">397,737</FONT></TD><TD STYLE="border-bottom: Black 2.25pt double; font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; padding-bottom: 2.25pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.25pt double; font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 2.25pt double; font-weight: bold; text-align: right"><FONT STYLE="font-size: 8pt">52,695</FONT></TD><TD STYLE="border-bottom: Black 2.25pt double; font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; padding-bottom: 2.25pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.25pt double; font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 2.25pt double; font-weight: bold; text-align: right"><FONT STYLE="font-size: 8pt">78,864</FONT></TD><TD STYLE="border-bottom: Black 2.25pt double; font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; padding-bottom: 2.25pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.25pt double; font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 2.25pt double; font-weight: bold; text-align: right"><FONT STYLE="font-size: 8pt">529,296</FONT></TD><TD STYLE="border-bottom: Black 2.25pt double; font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
</TABLE>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">The accompanying notes
are an integral part of these consolidated financial statements.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B>&nbsp;</B></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt"><B>Adecoagro S.A.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Notes to the Consolidated Financial Statements
(Continued)</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 2.85pt 0pt 0; text-align: center">(All amounts in US$ thousands,
except shares and per share data and as otherwise indicated)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 2.85pt 0pt 0; text-align: center">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><B>7.</B></TD><TD STYLE="text-align: justify"><B>Salaries and social security expenses</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="text-align: justify">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD NOWRAP COLSPAN="3" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2016</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD NOWRAP COLSPAN="3" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2015</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD NOWRAP COLSPAN="3" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2014</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 61%; text-align: left">Wages and salaries (i)</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; text-align: right">117,423</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; text-align: right">104,216</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; text-align: right">133,573</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Social security costs</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">28,849</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">23,111</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">28,646</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-bottom: 1pt">Equity-settled share-based compensation</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">4,796</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">4,396</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">3,867</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-bottom: 2.25pt">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 2.25pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.25pt double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.25pt double; font-weight: bold; text-align: right">151,068</TD><TD STYLE="border-bottom: Black 2.25pt double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 2.25pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.25pt double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.25pt double; font-weight: bold; text-align: right">131,723</TD><TD STYLE="border-bottom: Black 2.25pt double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 2.25pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.25pt double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.25pt double; font-weight: bold; text-align: right">166,086</TD><TD STYLE="border-bottom: Black 2.25pt double; font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-bottom: 2.25pt">Number of employees</TD><TD STYLE="padding-bottom: 2.25pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.25pt double; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.25pt double; text-align: right">8,326</TD><TD STYLE="border-bottom: Black 2.25pt double; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.25pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.25pt double; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.25pt double; text-align: right">8,089</TD><TD STYLE="border-bottom: Black 2.25pt double; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.25pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.25pt double; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.25pt double; text-align: right">8,109</TD><TD STYLE="border-bottom: Black 2.25pt double; text-align: left">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.5in">(i)</TD><TD>Includes US$ 28,475, US$ 16,708 and US$ 42,354, capitalized in Property, Plant and Equipment for the years 2016, 2015 and 2014,
respectively.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><B>8.</B></TD><TD STYLE="text-align: justify"><B>Other operating income, net</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="text-align: justify">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD NOWRAP COLSPAN="3" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2016</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD NOWRAP COLSPAN="3" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2015</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD NOWRAP COLSPAN="3" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2014</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 61%; text-align: left">Gain from disposal of farmland and other assets (Note&nbsp;21)</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; text-align: right">-</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; text-align: right">7,914</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; text-align: right">-</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">(Loss) / Gain from commodity derivative financial instrument</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(16,007</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">22,148</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">9,937</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">Loss from onerous contracts &ndash; forwards</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(44</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(25</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(157</TD><TD STYLE="text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">(Loss) /Gain from disposal of other property items</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(1,255</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">721</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">985</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">Settlement agreement (Nota 29)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">8,489</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-bottom: 1pt">Others</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">520</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">308</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">1,212</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-bottom: 2.25pt">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 2.25pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.25pt double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.25pt double; font-weight: bold; text-align: right">(8,297</TD><TD STYLE="border-bottom: Black 2.25pt double; font-weight: bold; text-align: left">)</TD><TD STYLE="font-weight: bold; padding-bottom: 2.25pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.25pt double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.25pt double; font-weight: bold; text-align: right">31,066</TD><TD STYLE="border-bottom: Black 2.25pt double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 2.25pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.25pt double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.25pt double; font-weight: bold; text-align: right">11,977</TD><TD STYLE="border-bottom: Black 2.25pt double; font-weight: bold; text-align: left">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><B>9.</B></TD><TD STYLE="text-align: justify"><B>Financial results, net</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="text-align: justify">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD NOWRAP COLSPAN="3" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2016</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD NOWRAP COLSPAN="3" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2015</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD NOWRAP COLSPAN="3" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2014</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">Finance income:</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="width: 61%; text-align: left">- Interest income</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; text-align: right">7,671</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; text-align: right">8,201</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; text-align: right">7,068</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-bottom: 1pt">- Other income</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">286</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">949</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">223</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; text-align: left; padding-bottom: 1pt">Finance income</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">7,957</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">9,150</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">7,291</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Finance costs:</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">- Interest expense</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(48,198</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(49,491</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(54,915</TD><TD STYLE="text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">- Cash flow hedge &ndash; transfer from equity (Note 2)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(85,214</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(32,700</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(12,031</TD><TD STYLE="text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">- Foreign exchange losses, net</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(19,062</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(23,423</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(9,246</TD><TD STYLE="text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD>- Taxes</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(2,719</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(3,358</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(3,731</TD><TD STYLE="text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">- Loss from interest rate/foreign exchange rate derivative financial instruments</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(5,694</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(4,437</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(3,232</TD><TD STYLE="text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1pt">- Other expenses</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(4,493</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">)</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(3,481</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">)</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(3,317</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-weight: bold; text-align: left; padding-bottom: 1pt">Finance costs</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">(165,380</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">)</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">(116,890</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">)</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">(86,472</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; text-align: left; padding-bottom: 1pt">Total financial results, net</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">(157,423</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">)</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">(107,740</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">)</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">(79,181</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">)</TD></TR>
</TABLE>

<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-top: 0pt; text-align: center; margin-bottom: 0pt">The accompanying
notes are an integral part of these consolidated financial statements.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt"><B>Adecoagro S.A.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Notes to the Consolidated Financial Statements
(Continued)</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 2.85pt 0pt 0; text-align: center">(All amounts in US$ thousands,
except shares and per share data and as otherwise indicated)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><B>10.</B></TD><TD STYLE="text-align: justify"><B>Taxation</B></TD></TR></TABLE>

<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; text-align: justify; text-indent: 0.5in">Adecoagro is subject
to the applicable general tax regulations in Luxembourg.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Group&rsquo;s income
tax has been calculated on the estimated assessable taxable results 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&rsquo; losses against subsidiaries&rsquo; income. The details of the provision for the Group&rsquo;s consolidated
income tax are as follows:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 80%; font: 10pt Times New Roman, Times, Serif; margin-left: 0.25in">
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD NOWRAP COLSPAN="3" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2016</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD NOWRAP COLSPAN="3" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2015</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD NOWRAP COLSPAN="3" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2014</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 61%; text-align: left">Current income tax</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; text-align: right">(21,505</TD><TD STYLE="width: 1%; text-align: left">)</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; text-align: right">(2,163</TD><TD STYLE="width: 1%; text-align: left">)</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; text-align: right">(124</TD><TD STYLE="width: 1%; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1pt">Deferred income tax</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">12,118</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">10,117</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(10,411</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-weight: bold; text-align: left; padding-bottom: 2.25pt">Income tax (expense) / benefit</TD><TD STYLE="font-weight: bold; padding-bottom: 2.25pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.25pt double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.25pt double; font-weight: bold; text-align: right">(9,387</TD><TD STYLE="border-bottom: Black 2.25pt double; font-weight: bold; text-align: left">)</TD><TD STYLE="font-weight: bold; padding-bottom: 2.25pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.25pt double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.25pt double; font-weight: bold; text-align: right">7,954</TD><TD STYLE="border-bottom: Black 2.25pt double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 2.25pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.25pt double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.25pt double; font-weight: bold; text-align: right">(10,535</TD><TD STYLE="border-bottom: Black 2.25pt double; font-weight: bold; text-align: left">)</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The statutory tax rate in the countries
where the Group operates for all of the years presented are:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 40%; font: 10pt Times New Roman, Times, Serif; margin-left: 0.25in">
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Tax Jurisdiction</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD NOWRAP COLSPAN="4" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Income Tax Rate</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 48%">Argentina</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD>
    <TD STYLE="width: 9%">&nbsp;</TD><TD STYLE="width: 40%; text-align: right">35%</TD><TD STYLE="width: 1%; text-align: left"></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD>Brazil</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD>&nbsp;</TD><TD STYLE="text-align: right">34%</TD><TD STYLE="text-align: left"></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD>Uruguay</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD>&nbsp;</TD><TD STYLE="text-align: right">25%</TD><TD STYLE="text-align: left"></TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Deferred tax assets
and liabilities of the Group as of December 31, 2016 and 2015, without taking into consideration the offsetting of balances within
the same tax jurisdiction, will be recovered or settled as follows:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 75%; font: 10pt Times New Roman, Times, Serif; margin-left: 0.25in">
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="text-align: justify">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD NOWRAP COLSPAN="3" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2016</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD NOWRAP COLSPAN="3" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2015</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 74%; text-align: left">Deferred income tax asset to be recovered after more than 12 months</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; text-align: right">96,822</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; text-align: right">88,466</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1pt">Deferred income tax asset to be recovered within 12 months</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">17,504</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">36,569</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-weight: bold; text-align: left; padding-bottom: 1pt">Deferred income tax assets</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">114,326</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">125,035</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">Deferred income tax liability to be settled after more than 12 months</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(86,573</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(68,102</TD><TD STYLE="text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1pt">Deferred income tax liability to be settled within 12 months</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(3,856</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">)</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(3,825</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-weight: bold; text-align: left; padding-bottom: 1pt">Deferred income tax liability</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">(90,429</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">)</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">(71,927</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; text-align: left; padding-bottom: 2.25pt">Deferred income tax assets, net</TD><TD STYLE="font-weight: bold; padding-bottom: 2.25pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.25pt double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.25pt double; font-weight: bold; text-align: right">23,897</TD><TD STYLE="border-bottom: Black 2.25pt double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 2.25pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.25pt double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.25pt double; font-weight: bold; text-align: right">53,108</TD><TD STYLE="border-bottom: Black 2.25pt double; font-weight: bold; text-align: left">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">The gross movement on the deferred income tax account
is as follows:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 80%; font: 10pt Times New Roman, Times, Serif; margin-left: 0.25in">
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD NOWRAP COLSPAN="3" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2016</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD NOWRAP COLSPAN="3" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2015</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD NOWRAP COLSPAN="3" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2014</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 61%">Beginning of year</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; text-align: right">53,108</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; text-align: right">2,437</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; text-align: right">(9,255</TD><TD STYLE="width: 1%; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Exchange differences</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">10,953</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(8,552</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">7,954</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">Tax (charge) benefit relating to cash flow hedge (i)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(52,282</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">49,106</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">14,149</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1pt">Income tax (expense) / benefit</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">12,118</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">10,117</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(10,411</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-weight: bold; padding-bottom: 2.25pt">End of year</TD><TD STYLE="font-weight: bold; padding-bottom: 2.25pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.25pt double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.25pt double; font-weight: bold; text-align: right">23,897</TD><TD STYLE="border-bottom: Black 2.25pt double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 2.25pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.25pt double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.25pt double; font-weight: bold; text-align: right">53,108</TD><TD STYLE="border-bottom: Black 2.25pt double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 2.25pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.25pt double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.25pt double; font-weight: bold; text-align: right">2,437</TD><TD STYLE="border-bottom: Black 2.25pt double; font-weight: bold; text-align: left">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">(i): Relates to the gain or loss before
income tax of cash flow hedge recognized in other comprehensive income amounting to US$ (67,683) for the year ended December 31,
2016 (2015: US$ 176,657; 2014: US$ 53,584); net of the reclassification from Equity to Income Statements of US$ (85,214) for the
year ended December 31, 2016 (2015: US$ (32,700); 2014: (12,031))</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">The accompanying
notes are an integral part of these consolidated financial statements.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>


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    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt"><B>Adecoagro S.A.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Notes to the Consolidated Financial Statements
(Continued)</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 2.85pt 0pt 0; text-align: center">(All amounts in US$ thousands,
except shares and per share data and as otherwise indicated)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><B>10.</B></TD><TD STYLE="text-align: justify"><B>Taxation (continued)</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">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:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 85%; font: 10pt Times New Roman, Times, Serif; margin-left: 0.5in">
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid; vertical-align: middle">Deferred income tax <BR> liabilities</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD NOWRAP COLSPAN="3" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Property, <BR> plant and <BR> equipment</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD NOWRAP COLSPAN="3" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid; vertical-align: middle">Biological <BR> assets</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD NOWRAP COLSPAN="3" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid; vertical-align: middle">Others</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD NOWRAP COLSPAN="3" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid; vertical-align: middle">Total</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 48%; font-weight: bold">At January 1, 2014</TD><TD STYLE="width: 1%; font-weight: bold">&nbsp;</TD>
    <TD STYLE="width: 1%; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; font-weight: bold; text-align: right">77,038</TD><TD STYLE="width: 1%; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font-weight: bold">&nbsp;</TD>
    <TD STYLE="width: 1%; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; font-weight: bold; text-align: right">11,152</TD><TD STYLE="width: 1%; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font-weight: bold">&nbsp;</TD>
    <TD STYLE="width: 1%; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; font-weight: bold; text-align: right">14,425</TD><TD STYLE="width: 1%; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font-weight: bold">&nbsp;</TD>
    <TD STYLE="width: 1%; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; font-weight: bold; text-align: right">102,615</TD><TD STYLE="width: 1%; font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Charged/(credited) to the statement of income</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(6,446</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">3,469</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">6,014</TD><TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">3,037</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-bottom: 1pt">Exchange differences</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(16,367</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">)</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(2,137</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">)</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(2,936</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">)</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">(21,440</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; padding-bottom: 1pt">At December 31, 2014</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">54,225</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">12,484</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">17,503</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">84,212</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">(Credited)/charged to the statement of income</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">22,310</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">8,260</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(12,460</TD><TD STYLE="text-align: left">)</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">18,110</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1pt">Exchange differences</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(20,571</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">)</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(4,781</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">)</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(5,043</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">)</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">(30,395</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-weight: bold; padding-bottom: 1pt">At December 31, 2015</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">55,964</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">15,963</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">-</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">71,927</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">(Credited) /charged to the statement of income</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">3,380</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(2,752</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">16,787</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">17,415</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-bottom: 1pt">Exchange differences</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(512</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">)</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">911</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">688</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">1,087</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; padding-bottom: 2.25pt">At December 31, 2016</TD><TD STYLE="font-weight: bold; padding-bottom: 2.25pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.25pt double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.25pt double; font-weight: bold; text-align: right">58,832</TD><TD STYLE="border-bottom: Black 2.25pt double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 2.25pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.25pt double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.25pt double; font-weight: bold; text-align: right">14,122</TD><TD STYLE="border-bottom: Black 2.25pt double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 2.25pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.25pt double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.25pt double; font-weight: bold; text-align: right">17,475</TD><TD STYLE="border-bottom: Black 2.25pt double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 2.25pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.25pt double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.25pt double; font-weight: bold; text-align: right">90,429</TD><TD STYLE="border-bottom: Black 2.25pt double; font-weight: bold; text-align: left">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.45pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid; vertical-align: middle">Deferred income tax <BR> assets</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD NOWRAP COLSPAN="3" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid; vertical-align: middle">Provisions</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD NOWRAP COLSPAN="3" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Tax loss<BR> Carry <BR> forwards</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD NOWRAP COLSPAN="3" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Equity-settled <BR> share-based <BR> compensation</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD NOWRAP COLSPAN="3" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid; vertical-align: middle">Biological<BR> Assets</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD NOWRAP COLSPAN="3" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid; vertical-align: middle">Others</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD NOWRAP COLSPAN="3" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid; vertical-align: middle">Total</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 22%; font-weight: bold">At January 1, 2014</TD><TD STYLE="width: 1%; font-weight: bold">&nbsp;</TD>
    <TD STYLE="width: 1%; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; font-weight: bold; text-align: right">5,827</TD><TD STYLE="width: 1%; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font-weight: bold">&nbsp;</TD>
    <TD STYLE="width: 1%; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; font-weight: bold; text-align: right">69,620</TD><TD STYLE="width: 1%; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font-weight: bold">&nbsp;</TD>
    <TD STYLE="width: 1%; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; font-weight: bold; text-align: right">6,417</TD><TD STYLE="width: 1%; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font-weight: bold">&nbsp;</TD>
    <TD STYLE="width: 1%; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; font-weight: bold; text-align: right">4,874</TD><TD STYLE="width: 1%; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font-weight: bold">&nbsp;</TD>
    <TD STYLE="width: 1%; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; font-weight: bold; text-align: right">6,622</TD><TD STYLE="width: 1%; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font-weight: bold">&nbsp;</TD>
    <TD STYLE="width: 1%; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; font-weight: bold; text-align: right">93,360</TD><TD STYLE="width: 1%; font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Charged/(credited) to the statement of income</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(3,745</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(2,636</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(522</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(1,568</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,097</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(7,374</TD><TD STYLE="text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">Tax charge relating to cash flow hedge</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">14,149</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">14,149</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1pt">Exchange differences</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(313</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">)</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(12,780</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">)</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">-</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">507</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(900</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">)</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(13,486</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-weight: bold; padding-bottom: 1pt">At December 31, 2014</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">1,769</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">68,353</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">5,895</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">3,813</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">6,819</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">86,649</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Charged/(credited) to the statement of income</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">770</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">24,541</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(275</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(1,293</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">4,484</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">28,227</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">Tax charge relating to cash flow hedge</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">49,106</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">49,106</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1pt">Exchange differences</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(750</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">)</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(34,809</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">)</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(793</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">)</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(2,595</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">)</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(38,947</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-weight: bold; padding-bottom: 1pt">At December 31, 2015</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">1,789</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">107,191</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">5,620</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">1,727</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">8,708</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">125,035</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Charged/(credited) to the statement of income</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">353</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">31,074</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">20</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(2,063</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">149</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">29,533</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">Tax charge relating to cash flow hedge</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(52,282</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(52,282</TD><TD STYLE="text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1pt">Exchange differences</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">289</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">11,135</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">-</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">336</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">280</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">12,040</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-weight: bold; padding-bottom: 2.25pt">At December 31, 2016</TD><TD STYLE="font-weight: bold; padding-bottom: 2.25pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.25pt double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.25pt double; font-weight: bold; text-align: right">2,431</TD><TD STYLE="border-bottom: Black 2.25pt double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 2.25pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.25pt double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.25pt double; font-weight: bold; text-align: right">97,118</TD><TD STYLE="border-bottom: Black 2.25pt double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 2.25pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.25pt double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.25pt double; font-weight: bold; text-align: right">5,640</TD><TD STYLE="border-bottom: Black 2.25pt double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 2.25pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.25pt double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.25pt double; font-weight: bold; text-align: right">-</TD><TD STYLE="border-bottom: Black 2.25pt double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 2.25pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.25pt double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.25pt double; font-weight: bold; text-align: right">9,137</TD><TD STYLE="border-bottom: Black 2.25pt double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 2.25pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.25pt double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.25pt double; font-weight: bold; text-align: right">114,326</TD><TD STYLE="border-bottom: Black 2.25pt double; font-weight: bold; text-align: left">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">The accompanying notes are an integral
part of these consolidated financial statements.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>


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    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt"><B>Adecoagro S.A.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Notes to the Consolidated Financial Statements
(Continued)</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 2.85pt 0pt 0; text-align: center">(All amounts in US$ thousands,
except shares and per share data and as otherwise indicated)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><B>10.</B></TD><TD STYLE="text-align: justify"><B>Taxation (continued)</B></TD></TR></TABLE>

<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; text-align: justify; text-indent: 0.5in">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 loss carry forward up to a maximum of 30&nbsp;%.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">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, 2016, 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="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">As of December 31,
2016, the Group&rsquo;s tax loss carry forwards and their corresponding jurisdictions are as follows:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 80%; font: 10pt Times New Roman, Times, Serif; margin-left: 0.5in">
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Jurisdiction</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD NOWRAP COLSPAN="3" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Tax loss carry forward</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Expiration Period</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 41%">Argentina</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; text-align: right">62,480</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 45%">5 years</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD>Brazil</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">219,840</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">No expiration date.</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD>Uruguay</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,773</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD>5 years</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">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$&nbsp;4.0 million in respect of losses
amounting to US$&nbsp;11.8 million that can be carried forward against future taxable income.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The tax on the Group&rsquo;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:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 85%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="text-align: justify">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD NOWRAP COLSPAN="3" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2016</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD NOWRAP COLSPAN="3" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2015</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD NOWRAP COLSPAN="3" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2014</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 61%; text-align: left">Tax calculated at the tax rates applicable to profits in the respective countries</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; text-align: right">(3,644</TD><TD STYLE="width: 1%; text-align: left">)</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; text-align: right">3,842</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; text-align: right">(7,804</TD><TD STYLE="width: 1%; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Non-deductible items</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(3,304</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(133</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(441</TD><TD STYLE="text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">Non-deductible items &ndash; changes in estimates on previous year</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(1,182</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">-</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Tax losses where no deferred tax asset was recognized</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(569</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(317</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(2,383</TD><TD STYLE="text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">Non-taxable income</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">4,625</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">199</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-bottom: 1pt">Others</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(688</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">)</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(63</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">)</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(106</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-weight: bold; text-align: left; padding-bottom: 2.25pt">Income tax (expense) / benefit</TD><TD STYLE="font-weight: bold; padding-bottom: 2.25pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.25pt double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.25pt double; font-weight: bold; text-align: right">(9,387</TD><TD STYLE="border-bottom: Black 2.25pt double; font-weight: bold; text-align: left">)</TD><TD STYLE="font-weight: bold; padding-bottom: 2.25pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.25pt double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.25pt double; font-weight: bold; text-align: right">7,954</TD><TD STYLE="border-bottom: Black 2.25pt double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 2.25pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.25pt double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.25pt double; font-weight: bold; text-align: right">(10,535</TD><TD STYLE="border-bottom: Black 2.25pt double; font-weight: bold; text-align: left">)</TD></TR>
</TABLE>

<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-top: 0pt; margin-bottom: 0pt; text-align: center">The accompanying
notes are an integral part of these consolidated financial statements.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>


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    <!-- Field: /Page -->

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt"><B>Adecoagro S.A.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Notes to the Consolidated Financial Statements
(Continued)</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 2.85pt 0pt 0; text-align: center">(All amounts in US$ thousands,
except shares and per share data and as otherwise indicated)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 2.85pt 0pt 0; text-align: center">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><B>11.</B></TD><TD STYLE="text-align: justify"><B>Earnings per share </B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B><I>(a) Basic</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">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 22).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 85%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD NOWRAP COLSPAN="3" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2016</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD NOWRAP COLSPAN="3" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2015</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD NOWRAP COLSPAN="3" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2014</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP>&nbsp;</TD><TD>&nbsp;</TD>
    <TD NOWRAP COLSPAN="3" STYLE="text-align: center">&nbsp;</TD><TD>&nbsp;</TD>
    <TD NOWRAP COLSPAN="3" STYLE="text-align: center">&nbsp;</TD><TD>&nbsp;</TD>
    <TD NOWRAP COLSPAN="3" STYLE="text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 61%; text-align: left; padding-bottom: 1pt">Profit/(Loss) from operations attributable to equity holders of the Group</TD><TD STYLE="width: 1%; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; border-bottom: Black 1pt solid; text-align: right">2,039</TD><TD STYLE="width: 1%; border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; border-bottom: Black 1pt solid; text-align: right">(5,593</TD><TD STYLE="width: 1%; border-bottom: Black 1pt solid; text-align: left">)</TD><TD STYLE="width: 1%; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; border-bottom: Black 1pt solid; text-align: right">11,116</TD><TD STYLE="width: 1%; border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-bottom: 1pt">Weighted average number of shares in issue (thousands)</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">121,421</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">120,901</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">120,562</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-weight: bold; text-align: left; padding-bottom: 2.25pt">Basic earnings / (loss) per share from operations</TD><TD STYLE="font-weight: bold; padding-bottom: 2.25pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.25pt double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.25pt double; font-weight: bold; text-align: right">0.017</TD><TD STYLE="border-bottom: Black 2.25pt double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 2.25pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.25pt double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.25pt double; font-weight: bold; text-align: right">(0.046</TD><TD STYLE="border-bottom: Black 2.25pt double; font-weight: bold; text-align: left">)</TD><TD STYLE="font-weight: bold; padding-bottom: 2.25pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.25pt double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.25pt double; font-weight: bold; text-align: right">0.092</TD><TD STYLE="border-bottom: Black 2.25pt double; font-weight: bold; text-align: left">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B><I>(b) Diluted</I></B></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; text-align: justify; text-indent: 0.5in">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 two categories of dilutive potential shares: equity-settled share options and restricted units. 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. As of December
31, 2016, there were 1,658 thousands (2015:&nbsp;1,701 thousands; 2014:&nbsp;1,729 thousands) share options/restricted units outstanding
that could potentially have a dilutive impact in the future but were antidilutive for the periods presented.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 85%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD NOWRAP COLSPAN="3" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2016</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD NOWRAP COLSPAN="3" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2015</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD NOWRAP COLSPAN="3" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2014</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP>&nbsp;</TD><TD>&nbsp;</TD>
    <TD NOWRAP COLSPAN="3" STYLE="text-align: center">&nbsp;</TD><TD>&nbsp;</TD>
    <TD NOWRAP COLSPAN="3" STYLE="text-align: center">&nbsp;</TD><TD>&nbsp;</TD>
    <TD NOWRAP COLSPAN="3" STYLE="text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 61%; text-align: left; padding-bottom: 1pt">Profit / (Loss) from operations attributable to equity holders of the Group</TD><TD STYLE="width: 1%; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; border-bottom: Black 1pt solid; text-align: right">2,039</TD><TD STYLE="width: 1%; border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; border-bottom: Black 1pt solid; text-align: right">(5,593</TD><TD STYLE="width: 1%; border-bottom: Black 1pt solid; text-align: left">)</TD><TD STYLE="width: 1%; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; border-bottom: Black 1pt solid; text-align: right">11,116</TD><TD STYLE="width: 1%; border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD>Weighted average number of shares in issue (thousands)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">121,421</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">120,901</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">120,562</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">Adjustments for:</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1pt">- Employee share options and restricted units (thousands)</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">1,695</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">1,445</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">1,055</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-bottom: 1pt">Weighted average number of shares for diluted earnings per share (thousands)</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">123,116</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">122,346</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">121,617</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; text-align: left; padding-bottom: 2.25pt">Diluted earnings / (loss) per share from operations</TD><TD STYLE="font-weight: bold; padding-bottom: 2.25pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.25pt double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.25pt double; font-weight: bold; text-align: right">0.017</TD><TD STYLE="border-bottom: Black 2.25pt double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 2.25pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.25pt double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.25pt double; font-weight: bold; text-align: right">(0.046</TD><TD STYLE="border-bottom: Black 2.25pt double; font-weight: bold; text-align: left">)-</TD><TD STYLE="font-weight: bold; padding-bottom: 2.25pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.25pt double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.25pt double; font-weight: bold; text-align: right">0.091</TD><TD STYLE="border-bottom: Black 2.25pt double; font-weight: bold; text-align: left">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt">The accompanying
notes are an integral part of these consolidated financial statements.</P>

<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="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt"><B>Adecoagro S.A.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Notes to the Consolidated Financial Statements
(Continued)</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 2.85pt 0pt 0; text-align: center">(All amounts in US$ thousands,
except shares and per share data and as otherwise indicated)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 2.85pt 0pt 0; text-align: center">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><B>12.</B></TD><TD STYLE="text-align: justify"><B>Property, plant and equipment</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Changes in the Group&rsquo;s property, plant
and equipment in 2016 and 2015 were as follows:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: left; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="text-align: center; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD NOWRAP COLSPAN="3" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid; vertical-align: middle; border-top: Black 1pt solid">Farmlands</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD NOWRAP COLSPAN="3" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid; vertical-align: middle; border-top: Black 1pt solid">Farmland <BR> improvements</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD NOWRAP COLSPAN="3" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid; vertical-align: middle; border-top: Black 1pt solid">Buildings and &nbsp;<BR> facilities</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD NOWRAP COLSPAN="3" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid; border-top: Black 1pt solid">Machinery, &nbsp;<BR> equipment, &nbsp;<BR> furniture and <BR> fittings</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD NOWRAP COLSPAN="3" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid; vertical-align: middle; border-top: Black 1pt solid">Bearer plants</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD NOWRAP COLSPAN="3" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid; vertical-align: middle; border-top: Black 1pt solid">Others</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD NOWRAP COLSPAN="3" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid; vertical-align: middle; border-top: Black 1pt solid">Work in &nbsp;<BR> progress</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD NOWRAP COLSPAN="3" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid; vertical-align: middle; border-top: Black 1pt solid">Total</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-weight: bold; text-align: left">At January1, 2015</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="width: 36%">Cost</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 5%; text-align: right">174,420</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 5%; text-align: right">13,855</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 5%; text-align: right">284,994</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 5%; text-align: right">541,400</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 5%; text-align: right">259,193</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 5%; text-align: right">12,743</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 5%; text-align: right">120,176</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 5%; text-align: right">1,406,781</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-bottom: 1pt">Accumulated depreciation</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: left; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="text-align: right; border-bottom: Black 1pt solid">-</TD><TD STYLE="font-weight: bold; text-align: right; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: left; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="text-align: right; border-bottom: Black 1pt solid">(8,454</TD><TD STYLE="text-align: left; padding-bottom: 1pt; border-bottom: Black 1pt solid">)</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: left; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="text-align: right; border-bottom: Black 1pt solid">(90,223</TD><TD STYLE="text-align: left; padding-bottom: 1pt; border-bottom: Black 1pt solid">)</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: left; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="text-align: right; border-bottom: Black 1pt solid">(263,814</TD><TD STYLE="text-align: left; padding-bottom: 1pt; border-bottom: Black 1pt solid">)</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: left; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="text-align: right; border-bottom: Black 1pt solid">(44,517</TD><TD STYLE="text-align: left; padding-bottom: 1pt; border-bottom: Black 1pt solid">)</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: left; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="text-align: right; border-bottom: Black 1pt solid">(8,192</TD><TD STYLE="text-align: left; padding-bottom: 1pt; border-bottom: Black 1pt solid">)</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: left; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="text-align: right; border-bottom: Black 1pt solid">-</TD><TD STYLE="text-align: left; padding-bottom: 1pt; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: left; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="text-align: right; border-bottom: Black 1pt solid">(415,200</TD><TD STYLE="text-align: left; padding-bottom: 1pt; border-bottom: Black 1pt solid">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1pt">Net book amount</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right; border-bottom: Black 1pt solid">174,420</TD><TD STYLE="font-weight: bold; text-align: left; padding-bottom: 1pt; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right; border-bottom: Black 1pt solid">5,401</TD><TD STYLE="font-weight: bold; text-align: left; padding-bottom: 1pt; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right; border-bottom: Black 1pt solid">194,771</TD><TD STYLE="font-weight: bold; text-align: left; padding-bottom: 1pt; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right; border-bottom: Black 1pt solid">277,586</TD><TD STYLE="font-weight: bold; text-align: left; padding-bottom: 1pt; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right; border-bottom: Black 1pt solid">214,676</TD><TD STYLE="font-weight: bold; text-align: left; padding-bottom: 1pt; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right; border-bottom: Black 1pt solid">4,551</TD><TD STYLE="font-weight: bold; text-align: left; padding-bottom: 1pt; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right; border-bottom: Black 1pt solid">120,176</TD><TD STYLE="font-weight: bold; text-align: left; padding-bottom: 1pt; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right; border-bottom: Black 1pt solid">991,581</TD><TD STYLE="font-weight: bold; text-align: left; padding-bottom: 1pt; border-bottom: Black 1pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-weight: bold">Year ended December31, 2015</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Opening net book amount</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">174,420</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">5,401</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">194,771</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">277,586</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">214,676</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">4,551</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">120,176</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">991,581</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">Exchange differences</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(56,498</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(1,588</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(70,454</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(106,957</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(68,889</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(1,829</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(22,824</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(329,039</TD><TD STYLE="text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD>Additions</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">48</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">11,666</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">47,926</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">44,018</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2,302</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">45,513</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">151,473</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">Reclassification to investment property (Note 13)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(580</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(580</TD><TD STYLE="text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD>Transfers</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">430</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2,574</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">43,879</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">68,136</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">392</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(115,411</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD>Disposals</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(3,245</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(1,564</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(1,728</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(64</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(6,601</TD><TD STYLE="text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Reclassification to non-income tax credits (*)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(1,048</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(740</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(4,341</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(6,129</TD><TD STYLE="text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-bottom: 1pt">Depreciation (Note 6)</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: left; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="text-align: right; border-bottom: Black 1pt solid">-</TD><TD STYLE="text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: left; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="text-align: right; border-bottom: Black 1pt solid">(1,294</TD><TD STYLE="text-align: left; padding-bottom: 1pt; border-bottom: Black 1pt solid">)</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: left; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="text-align: right; border-bottom: Black 1pt solid">(9,782</TD><TD STYLE="text-align: left; padding-bottom: 1pt; border-bottom: Black 1pt solid">)</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: left; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="text-align: right; border-bottom: Black 1pt solid">(58,174</TD><TD STYLE="text-align: left; padding-bottom: 1pt; border-bottom: Black 1pt solid">)</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: left; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="text-align: right; border-bottom: Black 1pt solid">(33,134</TD><TD STYLE="text-align: left; padding-bottom: 1pt; border-bottom: Black 1pt solid">)</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: left; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="text-align: right; border-bottom: Black 1pt solid">(1,432</TD><TD STYLE="text-align: left; padding-bottom: 1pt; border-bottom: Black 1pt solid">)</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: left; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="text-align: right; border-bottom: Black 1pt solid">-</TD><TD STYLE="text-align: left; padding-bottom: 1pt; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: left; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="text-align: right; border-bottom: Black 1pt solid">(103,816</TD><TD STYLE="text-align: left; padding-bottom: 1pt; border-bottom: Black 1pt solid">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; text-align: left; padding-bottom: 2.5pt">Closing net book amount</TD><TD STYLE="font-weight: bold; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left; padding-bottom: 2.5pt">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right; border-bottom: Black 2.5pt double">114,527</TD><TD STYLE="font-weight: bold; text-align: right; border-bottom: Black 2.5pt double">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left; padding-bottom: 2.5pt">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right; border-bottom: Black 2.5pt double">5,141</TD><TD STYLE="font-weight: bold; text-align: right; border-bottom: Black 2.5pt double">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left; padding-bottom: 2.5pt">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right; border-bottom: Black 2.5pt double">167,468</TD><TD STYLE="font-weight: bold; text-align: right; border-bottom: Black 2.5pt double">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left; padding-bottom: 2.5pt">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right; border-bottom: Black 2.5pt double">226,049</TD><TD STYLE="font-weight: bold; text-align: right; border-bottom: Black 2.5pt double">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left; padding-bottom: 2.5pt">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right; border-bottom: Black 2.5pt double">156,671</TD><TD STYLE="font-weight: bold; text-align: left; border-bottom: Black 2.5pt double">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left; padding-bottom: 2.5pt">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right; border-bottom: Black 2.5pt double">3,920</TD><TD STYLE="font-weight: bold; text-align: right; border-bottom: Black 2.5pt double">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left; padding-bottom: 2.5pt">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right; border-bottom: Black 2.5pt double">23,113</TD><TD STYLE="font-weight: bold; text-align: right; border-bottom: Black 2.5pt double">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left; padding-bottom: 2.5pt">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right; border-bottom: Black 2.5pt double">696,889</TD><TD STYLE="font-weight: bold; text-align: right; border-bottom: Black 2.5pt double">&nbsp;</TD></TR>
</TABLE>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: left; margin-bottom: 0pt"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt">The accompanying notes
are an integral part of these consolidated financial statements.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: left; margin-bottom: 0pt"><B>&nbsp;</B></P>


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    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"><B>&nbsp;</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt"><B>Adecoagro S.A.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Notes to the Consolidated Financial Statements
(Continued)</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 2.85pt 0pt 0; text-align: center">(All amounts in US$ thousands,
except shares and per share data and as otherwise indicated)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 2.85pt 0pt 0; text-align: center">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><B>12.</B></TD><TD><B>Property, plant and equipment (continued)</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD NOWRAP COLSPAN="3" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid; vertical-align: middle; border-top: Black 1pt solid">Farmlands</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD NOWRAP COLSPAN="3" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid; vertical-align: middle; border-top: Black 1pt solid">Farmland <BR> improvements</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD NOWRAP COLSPAN="3" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid; vertical-align: middle; border-top: Black 1pt solid">Buildings and <BR> facilities</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD NOWRAP COLSPAN="3" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid; border-top: Black 1pt solid">Machinery, <BR> equipment, <BR> furniture and<BR> fittings</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD NOWRAP COLSPAN="3" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid; vertical-align: middle; border-top: Black 1pt solid">Bearer plants</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD NOWRAP COLSPAN="3" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid; vertical-align: middle; border-top: Black 1pt solid">Others</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD NOWRAP COLSPAN="3" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid; vertical-align: middle; border-top: Black 1pt solid">Work in <BR> progress</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD NOWRAP COLSPAN="3" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid; vertical-align: middle; border-top: Black 1pt solid">Total</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-weight: bold; text-align: left">At December31, 2015</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="width: 36%; text-align: left">Cost</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 5%; text-align: right">114,527</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 5%; text-align: right">14,889</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 5%; text-align: right">267,473</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 5%; text-align: right">548,037</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 5%; text-align: right">234,322</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 5%; text-align: right">13,544</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 5%; text-align: right">23,113</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 5%; text-align: right">1,215,905</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-bottom: 1pt">Accumulated depreciation</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">-</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(9,748</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">)</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(100,005</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">)</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(321,988</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">)</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(77,651</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">)</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(9,624</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">)</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">-</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(519,016</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1pt">Net book amount</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">114,527</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">5,141</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">167,468</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">226,049</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">156,671</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">3,920</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">23,113</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">696,889</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-weight: bold; text-align: left">Year ended December31, 2016</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Opening net book amount</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">114,527</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">5,141</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">167,468</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">226,049</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">156,671</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">3,920</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">23,113</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">696,889</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">Exchange differences</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(6,004</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(838</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">26,675</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">46,053</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">33,169</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">103</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(924</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">98,234</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Additions</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">7,420</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">36,190</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">74,175</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,484</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">19,454</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">138,723</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">Reclassification to investment property (Note 13)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,335</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,335</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Transfers</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">6,856</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">6,491</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">6,608</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">8</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(19,963</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">Disposals</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(1,078</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(3,125</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(72</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(4,275</TD><TD STYLE="text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Reclassification to non-income tax credits (*)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(1,233</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(227</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(39</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(1,499</TD><TD STYLE="text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-bottom: 1pt">Depreciation (Note 6)</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">-</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(1,519</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">)</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(15,688</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">)</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(60,238</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">)</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(47,846</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">)</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(1,508</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">)</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">-</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(126,799</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; text-align: left; padding-bottom: 2.25pt">Closing net book amount</TD><TD STYLE="font-weight: bold; padding-bottom: 2.25pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.25pt double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.25pt double; font-weight: bold; text-align: right">109,858</TD><TD STYLE="border-bottom: Black 2.25pt double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 2.25pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.25pt double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.25pt double; font-weight: bold; text-align: right">9,640</TD><TD STYLE="border-bottom: Black 2.25pt double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 2.25pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.25pt double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.25pt double; font-weight: bold; text-align: right">190,055</TD><TD STYLE="border-bottom: Black 2.25pt double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 2.25pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.25pt double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.25pt double; font-weight: bold; text-align: right">251,310</TD><TD STYLE="border-bottom: Black 2.25pt double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 2.25pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.25pt double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.25pt double; font-weight: bold; text-align: right">216,169</TD><TD STYLE="border-bottom: Black 2.25pt double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 2.25pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.25pt double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.25pt double; font-weight: bold; text-align: right">3,935</TD><TD STYLE="border-bottom: Black 2.25pt double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 2.25pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.25pt double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.25pt double; font-weight: bold; text-align: right">21,641</TD><TD STYLE="border-bottom: Black 2.25pt double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 2.25pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.25pt double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.25pt double; font-weight: bold; text-align: right">802,608</TD><TD STYLE="border-bottom: Black 2.25pt double; font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-weight: bold; text-align: left">At December31, 2016</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Cost</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">109,858</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">20,907</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">305,748</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">633,536</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">341,666</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">15,067</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">21,641</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,448,423</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-bottom: 1pt">Accumulated depreciation</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">-</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(11,267</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">)</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(115,693</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">)</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(382,226</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">)</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(125,497</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">)</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(11,132</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">)</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">-</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(645,815</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; text-align: left; padding-bottom: 1pt">Net book amount</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">109,858</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">9,640</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">190,055</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">251,310</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">216,169</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">3,935</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">21,641</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">802,608</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">(*) 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, 2016 and 2015, ICMS tax credits were reclassified
to trade and other receivables.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt">The accompanying
notes are an integral part of these consolidated financial statements.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt"><B>Adecoagro S.A.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Notes to the Consolidated Financial Statements
(Continued)</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 2.85pt 0pt 0; text-align: center">(All amounts in US$ thousands,
except shares and per share data and as otherwise indicated)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 2.85pt 0pt 0; text-align: center">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><B>12.</B></TD><TD><B>Property, plant and equipment (continued)</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 35.45pt">Depreciation is calculated
using the straight-line method to allocated their cost over the estimated usefull lives. Farmlands are not depreciated.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" ALIGN="CENTER" STYLE="font: 10pt Times New Roman, Times, Serif; width: 70%; border-collapse: collapse; margin-left: 0.5in">
<TR>
    <TD STYLE="width: 63%">Farmland improvements</TD>
    <TD STYLE="vertical-align: top; width: 37%; text-align: right">5-25 years</TD></TR>
<TR>
    <TD>Buildings and facilities</TD>
    <TD STYLE="vertical-align: top; text-align: right">20 years</TD></TR>
<TR>
    <TD>Furniture and fittings</TD>
    <TD STYLE="vertical-align: top; text-align: right">10 years</TD></TR>
<TR>
    <TD>Computer equipment</TD>
    <TD STYLE="vertical-align: top; text-align: right">3-5 years</TD></TR>
<TR>
    <TD>Machinery and equipment</TD>
    <TD STYLE="vertical-align: top; text-align: right">4-10 years</TD></TR>
<TR>
    <TD>Vehicles</TD>
    <TD STYLE="vertical-align: top; text-align: right">4-5 years</TD></TR>
<TR>
    <TD>Bearer plants</TD>
    <TD STYLE="vertical-align: top; text-align: right">6 years</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 35.45pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 35.45pt">The assets&rsquo;
residual values and useful lives are reviewed, and adjusted if appropriate, at each statement of financial position date.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 35.45pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Depreciation charges
are included in &ldquo;Cost of production of Biological Assets&rdquo;, &ldquo;Cost of production of manufactures products&rdquo;,
&ldquo;General and administrative expenses&rdquo;, &ldquo;Selling expenses&rdquo; and capitalized in &ldquo;Property, plant and
equipment&rdquo; for the years ended December 31, 2016, 2015 and 2014, respectively.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">During the year ended
December 31, 2016, borrowing costs of US$&nbsp;4,654 (2015:&nbsp;US$&nbsp;7,684, 2014: US$ 6,864) were capitalized as components
of the cost of acquisition or construction for qualifying assets.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 34pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Certain of the Group&rsquo;s
assets have been pledged as collateral to secure the Group&rsquo;s borrowings and other payables. The net book value of the pledged
assets amounts to US$&nbsp;575,882 as of December&nbsp;31,&nbsp;2016 (2015:&nbsp;US$&nbsp;416,393).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><B>13.</B></TD><TD STYLE="text-align: justify"><B>Investment property</B></TD></TR></TABLE>

<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; text-indent: 35.45pt">Changes in the Group&rsquo;s investment
property in 2016 and 2015 were as follows:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 70%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD NOWRAP COLSPAN="3" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2016</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD NOWRAP COLSPAN="3" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2015</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 70%; text-align: left">Beginning of the year</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 12%; text-align: right">4,796</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 12%; text-align: right">6,675</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Reclassification (to)/from property, plant and equipment (i)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(1,335</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">580</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-bottom: 1pt">Exchange difference</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(795</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">)</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(2,459</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; text-align: left; padding-bottom: 2.25pt">End of the year</TD><TD STYLE="font-weight: bold; padding-bottom: 2.25pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.25pt double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.25pt double; font-weight: bold; text-align: right">2,666</TD><TD STYLE="border-bottom: Black 2.25pt double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 2.25pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.25pt double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.25pt double; font-weight: bold; text-align: right">4,796</TD><TD STYLE="border-bottom: Black 2.25pt double; font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD>Cost</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2,666</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">4,796</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1pt">Accumulated depreciation</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">-</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">-</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-bottom: 1pt">Net book amount</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">2,666</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">4,796</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD></TR>
</TABLE>

<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; text-align: justify">(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Relates
to new contracts with third parties.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 35.45pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 35.45pt">As of December 31,
2016, the fair value (level 3) of investment property was US$&nbsp;57 million (2015:&nbsp;US$&nbsp;55 million).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">The accompanying notes are an integral
part of these consolidated financial statements.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>


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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt"><B>&nbsp;</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt"><B>Adecoagro S.A.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Notes to the Consolidated Financial Statements
(Continued)</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 2.85pt 0pt 0; text-align: center">(All amounts in US$ thousands,
except shares and per share data and as otherwise indicated)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 2.85pt 0pt 0; text-align: center">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><B>14.</B></TD><TD STYLE="text-align: justify"><B>Intangible assets</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Changes in the Group&rsquo;s intangible
assets in 2016 and 2015 were as follows:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD NOWRAP COLSPAN="3" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Goodwill</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD NOWRAP COLSPAN="3" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Trademarks</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD NOWRAP COLSPAN="3" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Software</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD NOWRAP COLSPAN="3" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Others</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD NOWRAP COLSPAN="3" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Total</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-weight: bold">At January 1,2015</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="width: 45%">Cost</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 8%; text-align: right">20,172</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 8%; text-align: right">2,498</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 8%; text-align: right">3,910</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 8%; text-align: right">142</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 8%; text-align: right">26,722</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-bottom: 1pt">Accumulated amortization</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">-</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(1,539</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">)</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(1,276</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">)</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(129</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">)</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(2,944</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1pt">Net book amount</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">20,172</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">959</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">2,634</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">13</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">23,778</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-weight: bold">Year ended December 31, 2015</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Opening net book amount</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">20,172</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">959</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2,634</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">13</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">23,778</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">Exchange differences</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(6,662</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(29</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(1,026</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(18</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(7,735</TD><TD STYLE="text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD>Additions</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,160</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">43</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,203</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-bottom: 1pt">Amortization charge (i)</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">-</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">-</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(568</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">)</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(17</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">)</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(585</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; text-align: left; padding-bottom: 2.25pt">Closing net book amount</TD><TD STYLE="font-weight: bold; padding-bottom: 2.25pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.25pt double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.25pt double; font-weight: bold; text-align: right">13,510</TD><TD STYLE="border-bottom: Black 2.25pt double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 2.25pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.25pt double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.25pt double; font-weight: bold; text-align: right">930</TD><TD STYLE="border-bottom: Black 2.25pt double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 2.25pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.25pt double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.25pt double; font-weight: bold; text-align: right">2,200</TD><TD STYLE="border-bottom: Black 2.25pt double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 2.25pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.25pt double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.25pt double; font-weight: bold; text-align: right">21</TD><TD STYLE="border-bottom: Black 2.25pt double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 2.25pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.25pt double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.25pt double; font-weight: bold; text-align: right">16,661</TD><TD STYLE="border-bottom: Black 2.25pt double; font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-weight: bold">At December 31, 2015</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD>Cost</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">13,510</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2,469</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">4,044</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">167</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">20,190</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-bottom: 1pt">Accumulated amortization</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">-</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(1,539</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">)</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(1,844</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">)</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(146</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">)</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(3,529</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1pt">Net book amount</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">13,510</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">930</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">2,200</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">21</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">16,661</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-weight: bold">Year ended December 31, 2016</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Opening net book amount</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">13,510</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">930</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2,200</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">21</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">16,661</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">Exchange differences</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(105</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(8</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">186</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">74</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD>Additions</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,176</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">42</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,218</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-bottom: 1pt">Amortization charge (i)</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">-</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">-</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(661</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">)</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(40</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">)</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(701</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; text-align: left; padding-bottom: 2.25pt">Closing net book amount</TD><TD STYLE="font-weight: bold; padding-bottom: 2.25pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.25pt double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.25pt double; font-weight: bold; text-align: right">13,405</TD><TD STYLE="border-bottom: Black 2.25pt double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 2.25pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.25pt double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.25pt double; font-weight: bold; text-align: right">922</TD><TD STYLE="border-bottom: Black 2.25pt double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 2.25pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.25pt double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.25pt double; font-weight: bold; text-align: right">2,901</TD><TD STYLE="border-bottom: Black 2.25pt double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 2.25pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.25pt double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.25pt double; font-weight: bold; text-align: right">24</TD><TD STYLE="border-bottom: Black 2.25pt double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 2.25pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.25pt double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.25pt double; font-weight: bold; text-align: right">17,252</TD><TD STYLE="border-bottom: Black 2.25pt double; font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-weight: bold">At December 31, 2016</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD>Cost</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">13,405</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2,461</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">5,406</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">210</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">21,482</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-bottom: 1pt">Accumulated amortization</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">-</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(1,539</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">)</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(2,505</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">)</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(186</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">)</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(4,230</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1pt">Net book amount</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">13,405</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">922</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">2,901</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">24</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">17,252</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.5in">(i)</TD><TD STYLE="text-align: justify">Amortization charges are included in &ldquo;General and administrative expenses&rdquo; and &ldquo;Selling
expenses&rdquo; for the years ended December 31, 2016 and 2015, respectively. There were no impairment charges for any of the years
presented (see Note 33 (a)).</TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<P STYLE="margin-top: 0; margin-bottom: 0; text-align: center">The accompanying
notes are an integral part of these consolidated financial statements.</P>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>


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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt"><B>&nbsp;</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt"><B>Adecoagro S.A.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Notes to the Consolidated Financial Statements
(Continued)</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 2.85pt 0pt 0; text-align: center">(All amounts in US$ thousands,
except shares and per share data and as otherwise indicated)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><B>15.</B></TD><TD STYLE="text-align: justify"><B>Biological assets</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Changes in the Group&rsquo;s biological
assets in 2016 and 2015 were as follows:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD NOWRAP COLSPAN="23" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2016</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD NOWRAP COLSPAN="3" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Crops<BR> (ii)</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD NOWRAP COLSPAN="3" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Rice<BR> (ii)</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD NOWRAP COLSPAN="3" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid; vertical-align: middle">Dairy</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD NOWRAP COLSPAN="3" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">All other <BR> segments</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD NOWRAP COLSPAN="3" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Sugarcane<BR> (ii)</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD NOWRAP COLSPAN="3" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid; vertical-align: middle">Total</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 34%; font-weight: bold; text-align: left">Beginning of the year</TD><TD STYLE="width: 1%; font-weight: bold">&nbsp;</TD>
    <TD STYLE="width: 1%; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="width: 8%; font-weight: bold; text-align: right">22,536</TD><TD STYLE="width: 1%; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font-weight: bold">&nbsp;</TD>
    <TD STYLE="width: 1%; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="width: 8%; font-weight: bold; text-align: right">23,131</TD><TD STYLE="width: 1%; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font-weight: bold">&nbsp;</TD>
    <TD STYLE="width: 1%; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="width: 8%; font-weight: bold; text-align: right">6,786</TD><TD STYLE="width: 1%; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font-weight: bold">&nbsp;</TD>
    <TD STYLE="width: 1%; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="width: 8%; font-weight: bold; text-align: right">288</TD><TD STYLE="width: 1%; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font-weight: bold">&nbsp;</TD>
    <TD STYLE="width: 1%; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="width: 8%; font-weight: bold; text-align: right">59,077</TD><TD STYLE="width: 1%; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font-weight: bold">&nbsp;</TD>
    <TD STYLE="width: 1%; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="width: 8%; font-weight: bold; text-align: right">111,818</TD><TD STYLE="width: 1%; font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Increase due to purchases</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,713</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,713</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">Initial recognition and changes in fair value of biological assets (i)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">48,790</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">10,498</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">5,476</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(13</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">60,705</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">125,456</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Decrease due to harvest / disposals</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(110,252</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(38,508</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(27,946</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(141,645</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(318,351</TD><TD STYLE="text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">Costs incurred during the year</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">68,607</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">33,839</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">23,885</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">558</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">91,235</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">218,124</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1pt">Exchange differences</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(1,492</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">)</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(3,385</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">)</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(1,374</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">)</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(113</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">)</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">13,008</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">6,644</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-weight: bold; text-align: left; padding-bottom: 1pt">End of the year year</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">28,189</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">25,575</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">6,827</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">2,433</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">82,380</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">145,404</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD NOWRAP COLSPAN="23" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2015</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD NOWRAP COLSPAN="3" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Crops<BR> (ii)</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD NOWRAP COLSPAN="3" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Rice<BR> (ii)</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD NOWRAP COLSPAN="3" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid; vertical-align: middle">Dairy</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD NOWRAP COLSPAN="3" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">All other <BR> segments</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD NOWRAP COLSPAN="3" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Sugarcane<BR> (ii)</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD NOWRAP COLSPAN="3" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid; vertical-align: middle">Total</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 34%; font-weight: bold; text-align: left">Beginning of the year</TD><TD STYLE="width: 1%; font-weight: bold">&nbsp;</TD>
    <TD STYLE="width: 1%; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="width: 8%; font-weight: bold; text-align: right">31,011</TD><TD STYLE="width: 1%; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font-weight: bold">&nbsp;</TD>
    <TD STYLE="width: 1%; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="width: 8%; font-weight: bold; text-align: right">23,875</TD><TD STYLE="width: 1%; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font-weight: bold">&nbsp;</TD>
    <TD STYLE="width: 1%; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="width: 8%; font-weight: bold; text-align: right">9,183</TD><TD STYLE="width: 1%; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font-weight: bold">&nbsp;</TD>
    <TD STYLE="width: 1%; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="width: 8%; font-weight: bold; text-align: right">-</TD><TD STYLE="width: 1%; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font-weight: bold">&nbsp;</TD>
    <TD STYLE="width: 1%; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="width: 8%; font-weight: bold; text-align: right">60,667</TD><TD STYLE="width: 1%; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font-weight: bold">&nbsp;</TD>
    <TD STYLE="width: 1%; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="width: 8%; font-weight: bold; text-align: right">124,736</TD><TD STYLE="width: 1%; font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Increase due to purchases</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">306</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">306</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">Initial recognition and changes in fair value of biological assets (i)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">11,561</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2,822</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">7,542</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(181</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">32,784</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">54,528</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Decrease due to harvest / disposals</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(93,536</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(39,488</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(31,563</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(81,108</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(245,695</TD><TD STYLE="text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">Costs incurred during the year</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">81,725</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">44,024</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">25,120</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">253</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">67,460</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">218,582</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1pt">Exchange differences</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(8,225</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">)</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(8,102</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">)</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(3,496</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">)</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(90</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">)</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(20,726</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">)</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(40,639</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-weight: bold; text-align: left; padding-bottom: 1pt">End of the year year</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">22,536</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">23,131</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">6,786</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">288</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">59,077</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">111,818</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD></TR>
</TABLE>

<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; text-align: justify">(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Biological
asset with a production cycle of more than one year (that is dairy and cattle) generated &ldquo;Initial recognition and changes
in fair value of biological assets&rdquo; amounting to US$&nbsp;66,168 for the year ended December&nbsp;31, 2016 (2015: US$ 40,145;
2014: US$ 51,390). In 2016, an amount of US$&nbsp;56,783 (2015: US$&nbsp;44,236; 2014: US$&nbsp;105,466) was attributable to price
changes, and an amount of US$&nbsp;9,385 (2015: US$ (4,091); 2014: US$&nbsp;(54,076)) was attributable to physical changes.</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 21.3pt">(ii)</TD><TD STYLE="text-align: justify">Biological assets that are measured at fair value within level 3 of the hierarchy.</TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<P STYLE="margin-top: 0; margin-bottom: 0; text-align: center">The accompanying
notes are an integral part of these consolidated financial statements.</P>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt"><B>Adecoagro S.A.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Notes to the Consolidated Financial Statements
(Continued)</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 2.85pt 0pt 0; text-align: center">(All amounts in US$ thousands,
except shares and per share data and as otherwise indicated)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 2.85pt 0pt 0; text-align: center">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><B>15.</B></TD><TD STYLE="text-align: justify"><B>Biological assets (continued)</B></TD></TR></TABLE>

<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; text-align: justify">Cost of production as of December 31, 2016:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="text-align: justify"></TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD NOWRAP COLSPAN="3" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid; vertical-align: middle; border-top: Black 1pt solid">Crops</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD NOWRAP COLSPAN="3" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid; vertical-align: middle; border-top: Black 1pt solid">Rice</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD NOWRAP COLSPAN="3" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid; vertical-align: middle; border-top: Black 1pt solid">Dairy</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD NOWRAP COLSPAN="3" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid; vertical-align: middle; border-top: Black 1pt solid">All other <BR> segments</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD NOWRAP COLSPAN="3" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid; border-top: Black 1pt solid">Sugar, <BR> Ethanol and <BR> Energy</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD NOWRAP COLSPAN="3" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid; vertical-align: middle; border-top: Black 1pt solid">Total</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 34%; text-align: left">Salaries, social security expenses and employee benefits</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 8%; text-align: right">3,786</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 8%; text-align: right">5,820</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 8%; text-align: right">3,849</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 8%; text-align: right">214</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 8%; text-align: right">12,610</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font-weight: bold">&nbsp;</TD>
    <TD STYLE="width: 1%; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="width: 8%; font-weight: bold; text-align: right">26,279</TD><TD STYLE="width: 1%; font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Depreciation and amortization</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">395</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">5,880</TD><TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">6,275</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">Fertilizers, agrochemicals and seeds</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">24,774</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">8,047</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">80</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">24,087</TD><TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">56,988</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Fuel, lubricants and others</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">971</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,527</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">772</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">17</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">3,385</TD><TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">6,672</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">Maintenance and repairs</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,253</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2,811</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,787</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">92</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2,519</TD><TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">8,462</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Freights</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,421</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">479</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">127</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">19</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">2,046</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">Contractors and services</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">23,769</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">13,248</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2,651</TD><TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">39,668</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Feeding expenses</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">9,053</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">21</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">9,074</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">Veterinary expenses</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,624</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">69</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">1,693</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Energy power</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">119</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">853</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">492</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">1,464</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">Professional fees</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">131</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">85</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">169</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">145</TD><TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">530</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Other taxes</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,561</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">131</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">8</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">100</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">116</TD><TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">1,916</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">Lease expense and similar arrangements</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">6,965</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">97</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">8</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">38,555</TD><TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">45,625</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1pt">Others</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">3,462</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">741</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">563</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">26</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">1,287</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">6,079</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-weight: bold; text-align: left; padding-bottom: 2.25pt">Subtotal</TD><TD STYLE="font-weight: bold; padding-bottom: 2.25pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.25pt double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.25pt double; font-weight: bold; text-align: right">68,607</TD><TD STYLE="border-bottom: Black 2.25pt double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 2.25pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.25pt double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.25pt double; font-weight: bold; text-align: right">33,839</TD><TD STYLE="border-bottom: Black 2.25pt double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 2.25pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.25pt double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.25pt double; font-weight: bold; text-align: right">18,532</TD><TD STYLE="border-bottom: Black 2.25pt double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 2.25pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.25pt double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.25pt double; font-weight: bold; text-align: right">558</TD><TD STYLE="border-bottom: Black 2.25pt double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 2.25pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.25pt double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.25pt double; font-weight: bold; text-align: right">91,235</TD><TD STYLE="border-bottom: Black 2.25pt double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 2.25pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.25pt double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.25pt double; font-weight: bold; text-align: right">212,771</TD><TD STYLE="border-bottom: Black 2.25pt double; font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1pt">Own agricultural produce consumed</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">-</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">-</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">5,353</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">-</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">-</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">5,353</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-weight: bold; text-align: left; padding-bottom: 1pt">Total</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">68,607</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">33,839</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">23,885</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">558</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">91,235</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">218,124</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD></TR>
</TABLE>

<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; text-align: justify">Cost of production as of December 31, 2015:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="text-align: justify">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD NOWRAP COLSPAN="3" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid; vertical-align: middle; border-top: Black 1pt solid">Crops</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD NOWRAP COLSPAN="3" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid; vertical-align: middle; border-top: Black 1pt solid">Rice</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD NOWRAP COLSPAN="3" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid; vertical-align: middle; border-top: Black 1pt solid">Dairy</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD NOWRAP COLSPAN="3" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid; vertical-align: middle; border-top: Black 1pt solid">All other <BR> segments</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD NOWRAP COLSPAN="3" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid; border-top: Black 1pt solid">Sugar, <BR> Ethanol and <BR> Energy</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD NOWRAP COLSPAN="3" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid; vertical-align: middle; border-top: Black 1pt solid">Total</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 34%; text-align: left">Salaries, social security expenses and employee benefits</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 8%; text-align: right">4,573</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 8%; text-align: right">7,729</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 8%; text-align: right">4,765</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 8%; text-align: right">6</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 8%; text-align: right">8,578</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font-weight: bold">&nbsp;</TD>
    <TD STYLE="width: 1%; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="width: 8%; font-weight: bold; text-align: right">25,651</TD><TD STYLE="width: 1%; font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Depreciation and amortization</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">461</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">11</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">4,711</TD><TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">5,183</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">Fertilizers, agrochemicals and seeds</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">30,639</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">10,370</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">16,519</TD><TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">57,528</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Fuel, lubricants and others</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,645</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2,783</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">908</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">12</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2,588</TD><TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">7,936</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">Maintenance and repairs</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">973</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">3,610</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,972</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">55</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,401</TD><TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">8,011</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Freights</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">616</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,063</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">125</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">15</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">1,819</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">Contractors and services</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">27,364</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">16,512</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2,823</TD><TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">46,699</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Feeding expenses</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">9,742</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">9,744</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">Veterinary expenses</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,913</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">38</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">1,951</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Energy power</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">149</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">608</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">423</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">1,180</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">Professional fees</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">155</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">215</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">386</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">3</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">58</TD><TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">817</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Other taxes</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,534</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">146</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">16</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">122</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">50</TD><TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">1,868</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">Lease expense and similar arrangements</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">10,459</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">358</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">30,035</TD><TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">40,854</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1pt">Others</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">3,157</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">619</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">422</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">-</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">697</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">4,895</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-weight: bold; text-align: left; padding-bottom: 2.25pt">Subtotal</TD><TD STYLE="font-weight: bold; padding-bottom: 2.25pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.25pt double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.25pt double; font-weight: bold; text-align: right">81,725</TD><TD STYLE="border-bottom: Black 2.25pt double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 2.25pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.25pt double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.25pt double; font-weight: bold; text-align: right">44,024</TD><TD STYLE="border-bottom: Black 2.25pt double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 2.25pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.25pt double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.25pt double; font-weight: bold; text-align: right">20,674</TD><TD STYLE="border-bottom: Black 2.25pt double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 2.25pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.25pt double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.25pt double; font-weight: bold; text-align: right">253</TD><TD STYLE="border-bottom: Black 2.25pt double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 2.25pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.25pt double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.25pt double; font-weight: bold; text-align: right">67,460</TD><TD STYLE="border-bottom: Black 2.25pt double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 2.25pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.25pt double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.25pt double; font-weight: bold; text-align: right">214,136</TD><TD STYLE="border-bottom: Black 2.25pt double; font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1pt">Own agricultural produce consumed</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">-</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">-</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">4,446</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">-</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">-</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">4,446</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-weight: bold; text-align: left; padding-bottom: 2.25pt">Total</TD><TD STYLE="font-weight: bold; padding-bottom: 2.25pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.25pt double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.25pt double; font-weight: bold; text-align: right">81,725</TD><TD STYLE="border-bottom: Black 2.25pt double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 2.25pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.25pt double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.25pt double; font-weight: bold; text-align: right">44,024</TD><TD STYLE="border-bottom: Black 2.25pt double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 2.25pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.25pt double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.25pt double; font-weight: bold; text-align: right">25,120</TD><TD STYLE="border-bottom: Black 2.25pt double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 2.25pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.25pt double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.25pt double; font-weight: bold; text-align: right">253</TD><TD STYLE="border-bottom: Black 2.25pt double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 2.25pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.25pt double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.25pt double; font-weight: bold; text-align: right">67,460</TD><TD STYLE="border-bottom: Black 2.25pt double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 2.25pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.25pt double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.25pt double; font-weight: bold; text-align: right">218,582</TD><TD STYLE="border-bottom: Black 2.25pt double; font-weight: bold; text-align: left">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt">The accompanying
notes are an integral part of these consolidated financial statements.</P>

<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="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt"><B>Adecoagro S.A.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Notes to the Consolidated Financial Statements
(Continued)</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 2.85pt 0pt 0; text-align: center">(All amounts in US$ thousands,
except shares and per share data and as otherwise indicated)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 2.85pt 0pt 0; text-align: center"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><B>15.</B></TD><TD STYLE="text-align: justify"><B>Biological assets (continued)</B></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">Biological assets in 2016 and 2015 were
as follows:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 75%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD NOWRAP COLSPAN="3" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2016</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD NOWRAP COLSPAN="3" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2015</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-weight: bold; text-align: left">Non-current</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="width: 70%; text-align: left">Cattle for dairy production (i)</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 12%; text-align: right">6,584</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 12%; text-align: right">6,460</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">Breeding cattle (ii)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,533</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1pt">Other cattle (ii)</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">399</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">16</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">8,516</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">6,476</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; text-align: left">Current</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">Breeding cattle (iii)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">501</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Other cattle (iii)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">243</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">598</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">Sown land &ndash; crops (ii)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">28,189</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">22,536</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Sown land &ndash; rice (ii)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">25,575</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">23,131</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-bottom: 1pt">Sown land &ndash; sugarcane (ii)</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">82,380</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">59,077</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">136,888</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">105,342</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-weight: bold; text-align: left; padding-bottom: 2.25pt">Total biological assets</TD><TD STYLE="font-weight: bold; padding-bottom: 2.25pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.25pt double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.25pt double; font-weight: bold; text-align: right">145,404</TD><TD STYLE="border-bottom: Black 2.25pt double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 2.25pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.25pt double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.25pt double; font-weight: bold; text-align: right">111,818</TD><TD STYLE="border-bottom: Black 2.25pt double; font-weight: bold; text-align: left">&nbsp;</TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 42.55pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 21.3pt">(i)</TD><TD STYLE="text-align: justify">Classified as bearer and mature biological assets.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 21.3pt">(ii)</TD><TD STYLE="text-align: justify">Classified as consumable and immature biological assets.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 21.3pt; text-align: left">(iii)</TD><TD STYLE="text-align: justify">Classified as consumable and mature biological assets.</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 35.45pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 35.45pt">The fair value less
estimated point of sale costs of agricultural produce at the point of harvest amounted to US$&nbsp;141,645 for the year ended December
31, 2016 (2015: US$&nbsp;81,108).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 35.45pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 35.45pt">The following table
presents the Group&acute;s biological assets that are measured at fair value at December&nbsp;31, 2016 and 2015 (see Note 17 to
see the description of each fair value level):</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 35.45pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP>&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD NOWRAP COLSPAN="15" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2016</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD NOWRAP COLSPAN="15" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2015</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP>&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD NOWRAP COLSPAN="3" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Level 1</TD><TD STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD NOWRAP COLSPAN="3" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Level 2</TD><TD STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Level 3</TD><TD STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD NOWRAP COLSPAN="3" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Total</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Level 1</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD NOWRAP COLSPAN="3" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Level 2</TD><TD STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD NOWRAP COLSPAN="3" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Level 3</TD><TD STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD NOWRAP COLSPAN="3" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Total</TD></TR>
<TR STYLE="vertical-align: bottom; font-size: 8pt">
    <TD NOWRAP STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 36%; text-align: left">Cattle for dairy production</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 5%; text-align: right">-</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 5%; text-align: right">6,584</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 5%; text-align: right">-</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 5%; text-align: right">6,584</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 5%; text-align: right">-</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 5%; text-align: right">6,460</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 5%; text-align: right">-</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 5%; text-align: right">6,460</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Breeding cattle</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2,034</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2,034</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">Other cattle</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">642</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">642</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">614</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">614</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Sown land &ndash; sugarcane</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">82,380</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">82,380</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">59,077</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">59,077</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">Sown land &ndash; crops</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">28,189</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">28,189</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">22,536</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">22,536</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Sown land &ndash; rice</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">25,575</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">25,575</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">23,131</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">23,131</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 35.45pt">There were no transfers between any levels
during the year.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 35.45pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt">The accompanying notes are an integral part of these consolidated financial statements.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 35.45pt">&nbsp;</P>


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<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0"></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>Adecoagro S.A.</B></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="margin-top: 0pt; text-align: center; margin-bottom: 0pt">(All amounts in US$ thousands, except shares and per share data and as otherwise indicated)</P>



<P STYLE="margin: 0"></P>

<P STYLE="margin: 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><B>15.</B></TD><TD><B>Biological assets (continued)</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 35.45pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 35.45pt">The following significant
unobservable inputs were used to measure the Group&acute;s biological assets using the discounted cash flow valuation technique:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 35.45pt">&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">
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 8pt"><B>Description</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 8pt"><B>Unobservable</B><BR>
    <B>inputs</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="3" NOWRAP STYLE="border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 8pt"><B>Range&nbsp;of&nbsp;unobservable&nbsp;inputs</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 8pt"><B>Relationship&nbsp;of&nbsp;unobservable</B><BR>
    <B>inputs&nbsp;to&nbsp;fair&nbsp;value</B></FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; width: 12%; text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 1%; text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 18%; text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 1%; text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; width: 18%; text-align: center"><FONT STYLE="font-size: 8pt"><B>2016</B></FONT></TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 18%; text-align: center"><FONT STYLE="font-size: 8pt"><B>2015</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 1%; text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 30%; text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 8pt">Sown land &ndash; sugarcane</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 8pt">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)</FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></P></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 8pt">-Sugarcane yield: 60-100
        tn/ha</FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 8pt">-Sugarcane TRS: 120-140
        kg of sugar/ton of cane</FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 8pt">-Maintenance costs: 500-600
        US$/ha</FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 8pt">-Harvest costs: 9.0 -14.0
        US$/ton of cane</FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 8pt">-Leasing costs: 12.0-14.4
        tn/ha</FONT></P></TD>
    <TD>&nbsp;</TD>
    <TD><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 8pt">-Sugarcane yield: 60-90
        tn/ha</FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 8pt">-Sugarcane TRS: 130-140
        kg of sugar/ton of cane</FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 8pt">-Maintenance costs: 440-530
        US$/ha</FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 8pt">-Harvest costs: 7.0 -10.0
        US$/ton of cane</FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 8pt">-Leasing costs: 12.0-14.4
        tn/ha</FONT></P></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 8pt">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.</FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 8pt">Sown land &ndash; crops</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 8pt">Crops yield &ndash; tonnes
        per hectare; Commercial Costs &ndash; usd per hectare;</FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 8pt">Production Costs &ndash;
        US$ per hectare.</FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></P></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 8pt">- Crops yield: 2.0 &ndash;
        2.8 tn/ha for Wheat, 5.4 &ndash; 7.7&nbsp; tn/ha for Corn, 2mentira.7 - 3.8 tn/ha for Soybean and 1.5-2.1 for Sunflower<BR>
        - Commercial Costs: 66-97 US$/ha for Wheat, 150-225 US$/ha for Corn, 70-110 US$/ha for Soybean and 65-90 US$/ha for Sunflower<BR>
        - Production Costs: 170-250 US$/ha for Wheat, 350-550 US$/ha for Corn, 270-400 US$/ha for Soybean and 200-300 US$/ha for
        Sunflower</FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></P></TD>
    <TD>&nbsp;</TD>
    <TD><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 8pt">- Crops yield: 1.8 - 2.5
        tn/ha for Wheat, 5.0 - 8.0 tn/ha for Corn, 2.0 - 3.2 tn/ha for Soybean and 1.6-2.3 for Sunflower<BR>
        - Commercial Costs: 60-95 US$/ha for Wheat, 175-265 US$/ha for Corn, 75-110 US$/ha for Soybean and 65-90 US$/ha for Sunflower<BR>
        - Production Costs: 170-250 US$/ha for Wheat, 340-500 US$/ha for Corn, 270-430 US$/ha for Soybean and 250-350 US$/ha for
        Sunflower</FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></P></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 8pt">The higher the crops yield,
        the higher the fair value. The higher the commercial and direct costs per hectare, the lower the fair value.</FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 8pt">Sown land &ndash; rice</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 8pt">Rice yield &ndash; tonnes
        per hectare;</FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 8pt">Commercial Costs &ndash;
        usd per hectare;</FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 8pt">Production Costs &ndash;
        US$ per hectare.</FONT></P></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">-Rice yield: 5.1 -6.1 tn/ha<BR>
    -Commercial Costs: 8-15 US$/ha<BR>
    -Production Costs: 750-1,000 US$/ha</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 8pt">-Rice yield: 4.4 -6.8
        tn/ha<BR>
        -Commercial Costs: 6-15 US$/ha<BR>
        -Production Costs: 705-1,150 US$/ha</FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></P></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 8pt">The higher the rice yield,
        the higher the fair value. The higher the commercial and direct costs per hectare, the lower the fair value.</FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></P></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 35.45pt">As of December 31,
2015, the impact of a reasonable 10&nbsp;% increase (decrease) in estimated costs, with all other variables held constant, would
result in a decrease (increase) in the fair value of the Group&rsquo;s plantations less cost to sell of US$&nbsp;9.1 million for
sugarcane, US$&nbsp;1.1 million for crops and US$&nbsp;2.8 million for rice.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 35.45pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 35.45pt">As of December 31,
2016, the impact of a reasonable 10&nbsp;% increase (decrease) in estimated costs, with all other variables held constant, would
result in a decrease (increase) in the fair value of the Group&rsquo;s plantations less cost to sell of US$&nbsp;10.8 million for
sugarcane, US$&nbsp;1.0 million for crops and US$&nbsp;2.7 million for rice.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">The accompanying
notes are an integral part of these consolidated financial statements.&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>Adecoagro S.A.</B></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="margin-top: 0pt; text-align: center; margin-bottom: 0pt">(All amounts in US$ thousands, except shares and per share
data and as otherwise indicated)</P>

<P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><B>16.</B></TD><TD STYLE="text-align: justify"><B>Investments in joint ventures </B></TD></TR></TABLE>

<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; text-align: justify; text-indent: 35.45pt">The table below lists
the Group&rsquo;s investment in joint ventures for the years ended December 31, 2016, 2016 and 2015:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 35.45pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="text-align: center">&nbsp;</TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD NOWRAP STYLE="font-weight: bold; text-align: center; padding-bottom: 1pt"></TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="10" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">%&nbsp;of&nbsp;ownership&nbsp;interest&nbsp;held</TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="font-weight: bold; text-align: center; vertical-align: top">Name&nbsp;of&nbsp;the&nbsp;entity</TD><TD NOWRAP STYLE="font-weight: bold">&nbsp;</TD>
    <TD NOWRAP STYLE="font-weight: bold; text-align: center">Country&nbsp;of<BR>
incorporation&nbsp;and<BR> </TD><TD NOWRAP STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center">December&nbsp;31,<BR> 2016</TD><TD NOWRAP STYLE="font-weight: bold">&nbsp;</TD><TD NOWRAP STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center">December&nbsp;31,<BR> 2015</TD><TD NOWRAP STYLE="font-weight: bold">&nbsp;</TD><TD NOWRAP STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center">December&nbsp;31,<BR> 2014</TD><TD NOWRAP STYLE="font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">&nbsp;</TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">operation</TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">&nbsp;</TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">&nbsp;</TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">&nbsp;</TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 40%; text-align: justify">CHS AGRO S.A.</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 20%; text-align: center">Argentina</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; text-align: right">50</TD><TD STYLE="width: 1%; text-align: left">%</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; text-align: right">50</TD><TD STYLE="width: 1%; text-align: left">%</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; text-align: right">50</TD><TD STYLE="width: 1%; text-align: left">%</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 35.45pt">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&nbsp;% interest in CHS AGRO. On October 2014, CHS AGRO finished its sunflower processing
plant in the city of Pehuajo, Province of Buenos Aires, Argentina.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 70%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2016</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2015</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 66%; text-align: left">At the beginning of the year</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 14%; text-align: right">-</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 14%; text-align: right">2,752</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD>Share of loss</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(2,685</TD><TD STYLE="text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-bottom: 1pt">Exchange differences</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">-</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(67</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; text-align: left; padding-bottom: 2.5pt">At the end of the year</TD><TD STYLE="font-weight: bold; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">-</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">-</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">&nbsp;</TD></TR>
</TABLE>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 35.45pt">The following amounts
represent the assets (including goodwill) and liabilities, and income and expenses of the joint ventures:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 70%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2016</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2015</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-weight: bold">Assets:</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="width: 66%; text-align: left">Non-current assets</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 14%; text-align: right">17,185</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 14%; text-align: right">17,592</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-bottom: 1pt">Current assets</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">9316</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">11,179</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">26,501</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">28,771</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-weight: bold">Liabilities:</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Non-current liabilities</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">22,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">22,207</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-bottom: 1pt">Current liabilities</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">15,273</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">14,341</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">37,273</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">36,548</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-weight: bold; text-align: left; padding-bottom: 2.5pt">Net assets of joint venture</TD><TD STYLE="font-weight: bold; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">(10,772</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">)</TD><TD STYLE="font-weight: bold; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">(7,777</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">)</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 93%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2016</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2015</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2014</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 49%">Income</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 14%; text-align: right">9,390</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 14%; text-align: right">14,201</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 14%; text-align: right">-</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-bottom: 1pt">Expenses</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(16,048</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">)</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(22,934</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">)</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(1,848</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-weight: bold; text-align: left; padding-bottom: 2.5pt">Loss before income tax</TD><TD STYLE="font-weight: bold; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">(6,658</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">)</TD><TD STYLE="font-weight: bold; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">(8,733</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">)</TD><TD STYLE="font-weight: bold; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">(1,848</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">)</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.45pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 35.45pt">The shares in the
joint ventures were not publicly traded for any of the years presented.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 35.45pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 35.45pt">There are no contingent
liabilities relating to the Group&rsquo;s interest in the joint ventures, and no contingent liabilities of the ventures themselves.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 35.45pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 35.45pt">According to the
laws of certain of the countries in which the Group operates, 5&nbsp;% of the profit of the year is separated to constitute legal
reserves until they reach legal capped amounts (20&nbsp;% of total capital). These legal reserves are not available for dividend
distribution and can only be released to absorb losses. The Group&rsquo;s joint ventures have not reached the legal capped amounts.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 35.45pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">The accompanying
notes are an integral part of these consolidated financial statements.&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 35.45pt">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 35.45pt">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>Adecoagro S.A.</B></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="margin-top: 0pt; text-align: center; margin-bottom: 0pt">(All amounts in US$ thousands, except shares and per share data and as otherwise indicated)</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 35.45pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><B>17.</B></TD><TD STYLE="text-align: justify"><B>Financial instruments by category</B></TD></TR></TABLE>

<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; text-align: justify; text-indent: 0.5in">The Group classified
its financial assets in the following categories:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 35.45pt"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 35.45pt"><B><I>(a) Financial
assets at fair value through profit or loss</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">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. For all years presented, the Group&rsquo;s financial assets at fair value through profit or loss comprise
mainly derivative financial instruments.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 35.45pt"><B><I>(b) Loans and
receivables</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 35.45pt"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Loans and receivables
are non-derivative financial assets with fixed or determinable payments that are not quoted in an active market. Loans and receivables
comprise &ldquo;trade and other receivables&rdquo; and &ldquo;cash and cash equivalents&rdquo; in the statement of financial position.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">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 &ldquo;Trade and other
receivables, net&rdquo; and &ldquo;Trade and other payables&rdquo; 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 &ldquo;Non-financial assets&rdquo; and &ldquo;Non-financial liabilities&rdquo;.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="text-align: center; vertical-align: top">&nbsp;</TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt; text-align: center; vertical-align: top">&nbsp;</TD>
    <TD COLSPAN="3" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid; vertical-align: top">Loans&nbsp;and<BR> receivables</TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt; text-align: center; vertical-align: top">&nbsp;</TD>
    <TD COLSPAN="3" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid; vertical-align: top">Assets&nbsp;at&nbsp;fair<BR> value&nbsp;through<BR> profit&nbsp;or&nbsp;loss</TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt; text-align: center; vertical-align: top">&nbsp;</TD>
    <TD COLSPAN="3" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid; vertical-align: top">Subtotal<BR> financial<BR> assets</TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt; text-align: center; vertical-align: top">&nbsp;</TD>
    <TD COLSPAN="3" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid; vertical-align: top">Non-<BR> financial<BR> assets</TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt; text-align: center; vertical-align: top">&nbsp;</TD>
    <TD COLSPAN="3" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid; vertical-align: top">Total</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="3" STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="3" STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="3" STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="3" STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="3" STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-weight: bold">December 31,2016</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold">Assets as per statement of financial position</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 25%; text-align: left">Trade and other receivables</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 12%; text-align: right">79,964</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 12%; text-align: right">-</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 12%; text-align: right">79,964</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 12%; text-align: right">94,976</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 12%; text-align: right">174,940</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Derivative financial instruments</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">3,398</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">3,398</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">3,398</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-bottom: 1pt">Cash and cash equivalents</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">158,568</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">-</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">158,568</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">-</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">158,568</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; padding-bottom: 2.5pt">Total</TD><TD STYLE="font-weight: bold; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">238,532</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">3,398</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">241,930</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">94,976</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">336,906</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="text-align: center; vertical-align: top">&nbsp;</TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt; text-align: center; vertical-align: top">&nbsp;</TD>
    <TD COLSPAN="3" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid; vertical-align: top">Liabilities&nbsp;at<BR> fair&nbsp;value<BR> through&nbsp;profit<BR> or&nbsp;loss</TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt; text-align: center; vertical-align: top">&nbsp;</TD>
    <TD COLSPAN="3" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid; vertical-align: top">Other&nbsp;financial<BR> liabilities&nbsp;at<BR> amortized&nbsp;cost</TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt; text-align: center; vertical-align: top">&nbsp;</TD>
    <TD COLSPAN="3" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid; vertical-align: top">Subtotal<BR> financial<BR> liabilities</TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt; text-align: center; vertical-align: top">&nbsp;</TD>
    <TD COLSPAN="3" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid; vertical-align: top">Non-<BR> financial<BR> liabilities</TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt; text-align: center; vertical-align: top">&nbsp;</TD>
    <TD COLSPAN="3" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid; vertical-align: top">Total</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-weight: bold">Liabilities as per statement of financial position</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="width: 25%; text-align: left">Trade and other payables</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 12%; text-align: right">31,424</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 12%; text-align: right">49,718</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 12%; text-align: right">81,142</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 12%; text-align: right">12,443</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 12%; text-align: right">93,585</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">Borrowings (excluding finance lease liabilities)(i)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">635,215</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">635,215</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">635,215</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Finance leases</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">181</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">181</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">181</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-bottom: 1pt">Derivative financial instruments (i)</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">7,068</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">-</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">7,068</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">-</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">7,068</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; padding-bottom: 2.5pt">Total</TD><TD STYLE="font-weight: bold; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">38,492</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">685,114</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">723,606</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">12,443</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">736,049</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0in; text-indent: 0in; text-align: justify"><FONT STYLE="font-size: 10pt">(i)&nbsp;&nbsp;&nbsp;&nbsp;Effective July 1, 2013,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</FONT>,
<FONT STYLE="font-size: 10pt">currency forwards and foreign currency floating-to-fixed interest rate swaps (see Note 2).</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">The accompanying
notes are an integral part of these consolidated financial statements.&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>Adecoagro S.A.</B></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="margin-top: 0pt; text-align: center; margin-bottom: 0pt">(All amounts in US$ thousands, except shares and per share data and as otherwise indicated)</P>

<P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt">&nbsp;</P>


<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><B>17.</B></TD><TD STYLE="text-align: justify"><B>Financial instruments by category (continued) </B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="text-align: center; vertical-align: top">&nbsp;</TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt; text-align: center; vertical-align: top">&nbsp;</TD>
    <TD COLSPAN="3" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid; vertical-align: top">Loans&nbsp;and<BR> receivables</TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt; text-align: center; vertical-align: top">&nbsp;</TD>
    <TD COLSPAN="3" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid; vertical-align: top">Assets&nbsp;at&nbsp;fair<BR> value&nbsp;through<BR> profit&nbsp;or&nbsp;loss</TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt; text-align: center; vertical-align: top">&nbsp;</TD>
    <TD COLSPAN="3" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid; vertical-align: top">Subtotal<BR> financial&nbsp;assets</TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt; text-align: center; vertical-align: top">&nbsp;</TD>
    <TD COLSPAN="3" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid; vertical-align: top">Non-<BR> financial<BR> assets</TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt; text-align: center; vertical-align: top">&nbsp;</TD>
    <TD COLSPAN="3" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid; vertical-align: top">Total</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="3" STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="3" STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="3" STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="3" STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="3" STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-weight: bold">December 31, 2015</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold">Assets as per statement of financial position</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 25%; text-align: left">Trade and other receivables</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 12%; text-align: right">83,435</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 12%; text-align: right">-</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 12%; text-align: right">83,435</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 12%; text-align: right">83,371</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 12%; text-align: right">166,806</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Derivative financial instruments</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">4,849</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">4,849</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">4,849</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-bottom: 1pt">Cash and cash equivalents</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">198,894</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">-</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">198,894</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">-</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">198,894</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; padding-bottom: 2.5pt">Total</TD><TD STYLE="font-weight: bold; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">282,329</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">4,849</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">287,178</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">83,371</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">370,549</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="text-align: center; vertical-align: top">&nbsp;</TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt; text-align: center; vertical-align: top">&nbsp;</TD>
    <TD COLSPAN="3" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid; vertical-align: top">Liabilities&nbsp;at<BR> fair&nbsp;value<BR> through&nbsp;profit<BR> or&nbsp;loss</TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt; text-align: center; vertical-align: top">&nbsp;</TD>
    <TD COLSPAN="3" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid; vertical-align: top">Other<BR> financial<BR> liabilities&nbsp;at<BR> amortized<BR> cost</TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt; text-align: center; vertical-align: top">&nbsp;</TD>
    <TD COLSPAN="3" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid; vertical-align: top">Subtotal<BR> financial<BR> liabilities</TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt; text-align: center; vertical-align: top">&nbsp;</TD>
    <TD COLSPAN="3" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid; vertical-align: top">Non-<BR> financial<BR> liabilities</TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt; text-align: center; vertical-align: top">&nbsp;</TD>
    <TD COLSPAN="3" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid; vertical-align: top">Total</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-weight: bold">Liabilities as per statement of financial position</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="width: 25%; text-align: left">Trade and other payables</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 12%; text-align: right">19,734</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 12%; text-align: right">30,354</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 12%; text-align: right">50,088</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 12%; text-align: right">5,554</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 12%; text-align: right">55,642</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">Borrowings (excluding finance lease liabilities)(i)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">723,060</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">723,060</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">723,060</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Finance leases</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">279</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">279</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">279</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-bottom: 1pt">Derivative financial instruments (i)</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">6,694</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">-</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">6,694</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">-</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">6,694</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; padding-bottom: 2.5pt">Total</TD><TD STYLE="font-weight: bold; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">26,428</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">753,693</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">780,121</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">5,554</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">785,675</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 35.45pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0in; text-indent: 0in; text-align: justify"><FONT STYLE="font-size: 10pt">(i)&nbsp;&nbsp;&nbsp;&nbsp;Effective July 1, 2013,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</FONT>,
<FONT STYLE="font-size: 10pt">currency forwards and foreign currency floating-to-fixed interest rate swaps (see Note 2).</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 35.45pt">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="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 35.45pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 35.45pt">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 26.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">The accompanying
notes are an integral part of these consolidated financial statements.&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>Adecoagro S.A.</B></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="margin-top: 0pt; text-align: center; margin-bottom: 0pt">(All amounts in US$ thousands, except shares and per share data and as otherwise indicated)</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><B>17.</B></TD><TD STYLE="text-align: justify"><B>Financial instruments by category (continued) </B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 35.45pt">Income, expense,
gains and losses on financial instruments can be assigned to the following categories:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 35.45pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="text-align: center; vertical-align: top">&nbsp;</TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt; text-align: center; vertical-align: top">&nbsp;</TD>
    <TD COLSPAN="3" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid; vertical-align: top">Loans&nbsp;and<BR> receivables</TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt; text-align: center; vertical-align: top">&nbsp;</TD>
    <TD COLSPAN="3" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid; vertical-align: top">Assets/&nbsp;liabilities<BR> at&nbsp;fair&nbsp;value<BR> through&nbsp;profit&nbsp;or<BR> loss</TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt; text-align: center; vertical-align: top">&nbsp;</TD>
    <TD COLSPAN="3" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid; vertical-align: top">Other&nbsp;financial<BR> liabilities&nbsp;at<BR> amortized&nbsp;cost</TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt; text-align: center; vertical-align: top">&nbsp;</TD>
    <TD COLSPAN="3" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid; vertical-align: top">Total</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="3" STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="3" STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="3" STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="3" STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-weight: bold">December 31, 2016</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="width: 40%; text-align: left">Interest income (i)</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 12%; text-align: right">7,671</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 12%; text-align: right">-</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 12%; text-align: right">-</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 12%; text-align: right">7,671</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">Interest expense (i)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(39,533</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(8,665</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(48,198</TD><TD STYLE="text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Foreign exchange gains/ (losses) (i)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">4,737</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(12,288</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(11,511</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(19,062</TD><TD STYLE="text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-bottom: 1pt">Gain from derivative financial instruments(ii)</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">-</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(21,745</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">)</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">-</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(21,745</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; text-align: left; padding-bottom: 2.5pt">Net result</TD><TD STYLE="font-weight: bold; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">(27,125</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">)</TD><TD STYLE="font-weight: bold; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">(34,033</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">)</TD><TD STYLE="font-weight: bold; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">(20,176</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">)</TD><TD STYLE="font-weight: bold; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">(81,334</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">)</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="text-align: center; vertical-align: top">&nbsp;</TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt; text-align: center; vertical-align: top">&nbsp;</TD>
    <TD COLSPAN="3" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid; vertical-align: top">Loans&nbsp;and<BR> receivables</TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt; text-align: center; vertical-align: top">&nbsp;</TD>
    <TD COLSPAN="3" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid; vertical-align: top">Assets/&nbsp;liabilities<BR> at&nbsp;fair&nbsp;value<BR> through&nbsp;profit&nbsp;or<BR> loss</TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt; text-align: center; vertical-align: top">&nbsp;</TD>
    <TD COLSPAN="3" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid; vertical-align: top">Other&nbsp;financial<BR> liabilities&nbsp;at<BR> amortized&nbsp;cost</TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt; text-align: center; vertical-align: top">&nbsp;</TD>
    <TD COLSPAN="3" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid; vertical-align: top">Total</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="3" STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="3" STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="3" STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="3" STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-weight: bold">December 31, 2015</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="width: 40%; text-align: left">Interest income (i)</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 12%; text-align: right">8,201</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 12%; text-align: right">-</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 12%; text-align: right">-</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 12%; text-align: right">8,201</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">Interest expense (i)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(42,615</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(6,876</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(49,491</TD><TD STYLE="text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Foreign exchange gains/ (losses) (i)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,499</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(27,526</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2,604</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(23,423</TD><TD STYLE="text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-bottom: 1pt">Gain from derivative financial instruments(ii)</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">-</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">17,686</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">-</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">17,686</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; text-align: left; padding-bottom: 2.5pt">Net result</TD><TD STYLE="font-weight: bold; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">(32,915</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">)</TD><TD STYLE="font-weight: bold; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">(9,840</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">)</TD><TD STYLE="font-weight: bold; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">(4,272</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">)</TD><TD STYLE="font-weight: bold; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">(47,027</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">)</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.5in">(i)</TD><TD>Included in &ldquo;Financial Results, net&rdquo; in the statement of income.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.5in">(ii)</TD><TD>Included in &ldquo;Other operating income, net&rdquo; and &ldquo;Financial Results, net&rdquo; in the statement of income.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.5in"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">The accompanying
notes are an integral part of these consolidated financial statements.&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.5in"><B>&nbsp;</B></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.5in"><B>&nbsp;</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>Adecoagro S.A.</B></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="margin-top: 0pt; text-align: center; margin-bottom: 0pt">(All amounts in US$ thousands, except shares and per share
data and as otherwise indicated)</P>

<P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><B>17.</B></TD><TD STYLE="text-align: justify"><B>Financial instruments by category (continued) </B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 35.45pt"><B><I>Determining fair values </I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 35.45pt">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 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="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 35.45pt">As of December 31,
2016 and 2015, the financial instruments recognized at fair value on the statement of financial position comprise derivative financial
instruments.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 35.45pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 35.45pt">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="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 35.45pt">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="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 35.45pt">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="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 35.45pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">The accompanying
notes are an integral part of these consolidated financial statements.&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 35.45pt">&nbsp;</P>


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    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 35.45pt">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>Adecoagro S.A.</B></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="margin-top: 0pt; text-align: center; margin-bottom: 0pt">(All amounts in US$ thousands, except shares and per share data and as otherwise indicated)</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 35.45pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><B>17.</B></TD><TD STYLE="text-align: justify"><B>Financial instruments by category (continued)</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 35.45pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 35.45pt">The following tables
present the Group&rsquo;s financial assets and financial liabilities that are measured at fair value as of December 31, 2016 and
2015 and their allocation to the fair value hierarchy:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 35.45pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 90%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="text-align: center; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid; border-top: Black 1pt solid">Level 1</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt; border-top: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid; border-top: Black 1pt solid">Level 2</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt; border-top: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid; border-top: Black 1pt solid">Total</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-weight: bold">Assets</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="width: 48%; text-align: left">Derivative financial instruments</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; text-align: right">2016</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; text-align: right">2,789</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; text-align: right">609</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; text-align: right">3,398</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">Derivative financial instruments</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2015</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">4,849</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">4,849</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-weight: bold">Liabilities</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Derivative financial instruments</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2016</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(1,196</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(5,872</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(7,068</TD><TD STYLE="text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">Derivative financial instruments</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2015</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(4,326</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(2,368</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(6,694</TD><TD STYLE="text-align: left">)</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 35.45pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 35.45pt">There were no transfers within level 1
and 2 during the years ended December 31, 2016 and 2015.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 35.45pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 35.45pt">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:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 35.45pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="font-weight: bold; text-align: center; padding-left: 0"><FONT STYLE="font-size: 8pt">Class</FONT></TD><TD NOWRAP STYLE="font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="font-weight: bold; text-align: center"><FONT STYLE="font-size: 8pt">Pricing Method</FONT></TD><TD NOWRAP STYLE="font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="font-weight: bold; text-align: center"><FONT STYLE="font-size: 8pt">Parameters</FONT></TD><TD NOWRAP STYLE="font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="font-weight: bold; text-align: center"><FONT STYLE="font-size: 8pt">Pricing Model</FONT></TD><TD NOWRAP STYLE="font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="font-weight: bold; text-align: center"><FONT STYLE="font-size: 8pt">Level</FONT></TD><TD NOWRAP STYLE="font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="3" NOWRAP STYLE="font-weight: bold; text-align: center"><FONT STYLE="font-size: 8pt">Total</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid; padding-left: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="3" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="3"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 15%; padding-left: 8pt"><FONT STYLE="font-size: 8pt">Futures</FONT></TD><TD STYLE="width: 1%"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 20%"><FONT STYLE="font-size: 8pt">Quoted price</FONT></TD><TD STYLE="width: 1%"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 18%; text-align: center"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="width: 1%"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 18%; text-align: center"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="width: 1%"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 12%; text-align: center"><FONT STYLE="font-size: 8pt">1</FONT></TD><TD STYLE="width: 1%"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="width: 10%; text-align: right"><FONT STYLE="font-size: 8pt">(443</FONT></TD><TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-size: 8pt">)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 8pt"><FONT STYLE="font-size: 8pt">Options</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">Quoted price</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 8pt">1</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">2,036</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 8pt"><FONT STYLE="font-size: 8pt">NDF</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 8pt">2</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">(5,210</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-bottom: 1pt; padding-left: 8pt"><FONT STYLE="font-size: 8pt">Foreign-currency interest-rate
    swaps</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">Theoretical price</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">Swap curve; <BR>Money market interest-rate
    curve; <BR>Foreign-exchange curve.</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">Present value method</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">2</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 8pt">(53</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-size: 8pt">)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-bottom: 2.5pt; padding-left: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 2.5pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 2.5pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 2.5pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 2.5pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 2.5pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 2.5pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 2.5pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center; padding-bottom: 2.5pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; padding-bottom: 2.5pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right"><FONT STYLE="font-size: 8pt">(3,670</FONT></TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">)</FONT></TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 28.35pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 28.35pt"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt">The accompanying
notes are an integral part of these consolidated financial statements.&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 28.35pt">&nbsp;</P>


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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>Adecoagro S.A.</B></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="margin-top: 0pt; text-align: center; margin-bottom: 0pt">(All amounts in US$ thousands, except shares and per share
data and as otherwise indicated)</P>

<P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><B>18.</B></TD><TD STYLE="text-align: justify"><B>Trade and other receivables, net</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 90%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2016</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2015</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-weight: bold">Non-current</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="width: 66%; text-align: left; padding-bottom: 1pt; padding-left: 9pt">Trade receivables</TD><TD STYLE="width: 1%; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="width: 14%; border-bottom: Black 1pt solid; text-align: right">1,802</TD><TD STYLE="width: 1%; border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="width: 14%; border-bottom: Black 1pt solid; text-align: right">1,764</TD><TD STYLE="width: 1%; border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-weight: bold; text-align: left; padding-bottom: 1pt; padding-left: 9pt">Trade receivables</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">1,802</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">1,764</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 9pt">Advances to suppliers</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,930</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">8,476</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-left: 9pt">Income tax credits</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">7,472</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">6,428</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 9pt">Non-income tax credits (i)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,853</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,914</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-left: 9pt">Judicial deposits</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">3,280</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2,105</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1pt; padding-left: 9pt">Other receivables</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">1,075</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">1,108</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-weight: bold; text-align: left; padding-bottom: 1pt">Non-current portion</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">17,412</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">21,795</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold">Current</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-left: 9pt">Trade receivables</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">61,546</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">55,846</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 9pt">Receivables from related parties (Note 31)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">8,114</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">8,204</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-bottom: 1pt; padding-left: 9pt">Less: Allowance for trade receivables</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(643</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">)</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(481</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; text-align: left; padding-bottom: 1pt; padding-left: 9pt">Trade receivables &ndash; net</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">69,017</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">63,569</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-left: 9pt">Prepaid expenses</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">8,302</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">3,914</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 9pt">Advances to suppliers</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">21,451</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">12,182</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-left: 9pt">Income tax credits</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">7,116</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">5,438</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 9pt">Non-income tax credits (i)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">43,572</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">42,914</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-left: 9pt">Cash collateral</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">3,546</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">6</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 9pt">Receivables from related parties (Note 31)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">172</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">300</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-left: 9pt">Receivable from disposal of subsidiaries (Note 21)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2,997</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1pt; padding-left: 9pt">Other receivables</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">4,352</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">13,691</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-weight: bold; padding-bottom: 1pt">Subtotal</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">88,511</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">81,442</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; text-align: left; padding-bottom: 1pt">Current portion</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">157,528</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">145,011</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-weight: bold; text-align: left; padding-bottom: 2.5pt">Total trade and other receivables, net</TD><TD STYLE="font-weight: bold; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">174,940</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">166,806</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">(i)&nbsp;Includes US$&nbsp;1,499 (2015:
6,129) reclassified from Property, plant and equipment.</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; text-indent: 0.5in">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="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">The accompanying
notes are an integral part of these consolidated financial statements.&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>Adecoagro S.A.</B></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="margin-top: 0pt; text-align: center; margin-bottom: 0pt">(All amounts in US$ thousands, except shares and per share data and as otherwise indicated)</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><B>18.</B></TD><TD><B>Trade and other receivables, net (continued)</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The carrying amounts
of the Group&rsquo;s trade and other receivables are denominated in the following currencies (expressed in US dollars):</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 80%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2016</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2015</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-weight: bold">Currency</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="width: 66%; text-align: left">US Dollar</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 14%; text-align: right">54,012</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 14%; text-align: right">30,191</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">Argentine Peso</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">45,641</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">36,210</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Uruguayan Peso</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">762</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">566</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-bottom: 1pt">Brazilian Reais</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">74,525</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">99,839</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">174,940</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">166,806</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 35.45pt">As of December 31,
2016 trade receivables of US$&nbsp;14,641 (2015:&nbsp;US$&nbsp;7,542) were past due but not impaired. The ageing analysis of these
receivables indicates that 5,264 and 549 are over 6 months in 2016 and 2015, respectively.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">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="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 35.45pt">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="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Movements on the Group&rsquo;s
allowance for trade receivables are as follows:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 35.45pt"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 90%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2016</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2015</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2014</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 55%; font-weight: bold">At January 1</TD><TD STYLE="width: 1%; font-weight: bold">&nbsp;</TD>
    <TD STYLE="width: 1%; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="width: 12%; font-weight: bold; text-align: right">481</TD><TD STYLE="width: 1%; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font-weight: bold">&nbsp;</TD>
    <TD STYLE="width: 1%; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="width: 12%; font-weight: bold; text-align: right">527</TD><TD STYLE="width: 1%; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font-weight: bold">&nbsp;</TD>
    <TD STYLE="width: 1%; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="width: 12%; font-weight: bold; text-align: right">545</TD><TD STYLE="width: 1%; font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Charge of the year</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">387</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">152</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">192</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">Unused amounts reversed</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(178</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(27</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(83</TD><TD STYLE="text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Used during the year</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(7</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-bottom: 1pt">Exchange differences</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(47</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">)</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(164</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">)</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(127</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; padding-bottom: 2.5pt">At December 31</TD><TD STYLE="font-weight: bold; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">643</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">481</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">527</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 35.45pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The creation and release
of allowance for trade receivables have been included in &ldquo;Selling expenses&rdquo; 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="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 35.45pt">The maximum exposure
to credit risk at the reporting date is the carrying value of each class of receivable mentioned above.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 35.45pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 35.45pt">As of December 31,
2016, approximately 82% (2015: 73%) of the outstanding unimpaired trade receivables (neither past due not impaired) relate to sales
to 17 well-known multinational companies with good credit quality standing, including but not limited to Camara de Comercializacao
de Energia Electrica CCEE, Louis Dreyfus Commodities Suisse S.A.T, Alimport, Czarnikow Group Limited, Establecimientos Las Marias,
Mastellone Hnos.S.A., Bunge Agritrade S.A., ETG Commodities Ltd., among others. Most of these entities or their parent companies
are externally credit-rated. The Group reviews these external ratings from credit agencies.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt">The accompanying
notes are an integral part of these consolidated financial statements.&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


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    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>Adecoagro S.A.</B></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="margin-top: 0pt; text-align: center; margin-bottom: 0pt">(All amounts in US$ thousands, except shares and per share data and as otherwise indicated)</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><B>18.</B></TD><TD><B>Trade and other receivables, net (continued)</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 35.45pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 35.45pt">The remaining percentage
as of December 31, 2016 and 2015 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="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 35.45pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 35.45pt">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.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><B>19.</B></TD><TD STYLE="text-align: justify"><B>Inventories</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 80%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2016</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2015(*)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 66%; text-align: left">Raw materials</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 14%; text-align: right">42,108</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 14%; text-align: right">35,740</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Finished goods (Note 5)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">68,191</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">47,624</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">Stocks held by third parties</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,308</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,643</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-bottom: 1pt">Others</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">147</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">279</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">111,754</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">85,286</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">(*)&nbsp;The prior years have been adjusted to reflect the Company&rsquo;s
adoption of amendments to IAS 16 and IAS 41 as further described in Note 32.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><B>20.</B></TD><TD STYLE="text-align: justify"><B>Cash and cash equivalents</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 80%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2016</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2015</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 66%; text-align: left">Cash at bank and on hand</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 14%; text-align: right">130,001</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 14%; text-align: right">185,864</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1pt">Short-term bank deposits</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">28,567</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">13,030</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">158,568</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">198,894</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 35.45pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><B>21.</B></TD><TD STYLE="text-align: justify"><B>Disposals </B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 35.45pt"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 35.45pt"><I>Year ended December
31, 2014</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.45pt"><I>Sale of 49% of interest in Global Anceo S.L.U.
and Global Hisingen S.L.U. </I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In June, 2014, the
Group completed the sale of a 49&nbsp;% interest in both Global Anceo S.L.U. and Global Hisingen S.L.U., companies which main underlying
assets are 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$&nbsp;49.3 million.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">The accompanying
notes are an integral part of these consolidated financial statements.&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>


<!-- Field: Page; Sequence: 233; Value: 2 -->
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    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>Adecoagro S.A.</B></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="margin-top: 0pt; text-align: center; margin-bottom: 0pt">(All amounts in US$ thousands, except shares and per share data and as otherwise indicated)</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><B>21.</B></TD><TD STYLE="text-align: justify"><B>Disposals (continued)</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">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.The difference between the net proceeds received and the recognition of the non-controlling
interest was registered in Statement of Changes in Shareholders&rsquo; Equity under the line item &ldquo;Reserve from the sale
of non-controlling interests in subsidiaries&rdquo; for an amount of US$ 41.3 million (US$ 25.5 million in the column item &ldquo;Reserve
from the sale of non-controlling interests in subsidiaries&rdquo; and US$ 15.8 million in the column item &ldquo;Cumulative Translation
Adjustment&rdquo;) and also an increase in non-controlling interest of US$ 8.0 million.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 35.45pt"><I>Year ended December
31, 2015</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><I>Sale of La Ca&ntilde;ada
Farm.</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In November 2015, the
Group completed the sale of &ldquo;La Ca&ntilde;ada&rdquo;, a 3,399 hectare farm located in the province of San Luis, Argentina,
for a total consideration of US$ 12.6 million fully collected as of year-end. This transaction resulted in a gain of US$ 7.9 million
included within &ldquo;Other operating income, net&rdquo;.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.45pt"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.45pt"><I>Sale of 49% of interest in Global Acamante S.L.U.
Global Calidon S.L.U., Global Carelio S.L.U. and Global Mirabilis S.L.U. </I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In December, 2015,
the Group completed the sale of a 49&nbsp;% interest in Global Acamante S.L.U., Global Calidon S.L.U., Global Carelio S.L.U. and
Global Mirabilis S.L.U., companies which main underlying assets are El Orden and La Carolina farms, for an aggregate sale price
of US$ 22.0 million, which were fully collected at the time of the transaction.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The sale of the respective
equity interests did not result in the loss of control of these companies and therefore. The difference between the net proceeds
received and the recognition of the non-controlling interest was registered in Statement of Changes in Shareholders&rsquo; Equity
under the line item &ldquo;Reserve from the sale of non-controlling interests in subsidiaries&rdquo; for an amount of US$&nbsp;19.9
million (US$&nbsp;16.1 million in the column item &ldquo;Reserve from the sale of non-controlling interests in subsidiaries&rdquo;
and US$&nbsp;3.9 million in the column item &ldquo;Cumulative Translation Adjustment&rdquo;) and also an increase in non-controlling
interest of US$&nbsp;2.0 million.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">The accompanying
notes are an integral part of these consolidated financial statements.&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>Adecoagro S.A.</B></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="margin-top: 0pt; text-align: center; margin-bottom: 0pt">(All amounts in US$ thousands, except shares and per share data and as otherwise indicated)</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><B>22.</B></TD><TD STYLE="text-align: justify"><B>Shareholders&rsquo; contributions</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 35.45pt">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.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 35.45pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 80%; font: 8pt Times New Roman, Times, Serif; margin-left: 0.5in">
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP>&nbsp;</TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Number&nbsp;of&nbsp;shares</TD><TD NOWRAP STYLE="border-bottom: Black 1pt solid; font-weight: bold">&nbsp;</TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Share&nbsp;capital&nbsp;and<BR> share&nbsp;premium</TD><TD NOWRAP STYLE="border-bottom: Black 1pt solid; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 66%; font-weight: bold; padding-bottom: 1pt">At January 1 2014</TD><TD STYLE="width: 1%; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="width: 14%; border-bottom: Black 1pt solid; font-weight: bold; text-align: right">122,382</TD><TD STYLE="width: 1%; border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="width: 14%; border-bottom: Black 1pt solid; font-weight: bold; text-align: right">1,122,645</TD><TD STYLE="width: 1%; border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Employee share options exercised (Note 23) (1)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">955</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">Restricted shares and units vested (Note 23)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">3,444</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-bottom: 1pt">Purchase of own shares</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">-</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(10,427</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-weight: bold; padding-bottom: 1pt">At 31 December 2014</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">122,382</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">1,116,617</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Employee share options exercised (Note 23) (1)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,786</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">Restricted shares and units vested (Note 23)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">3,103</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-bottom: 1pt">Purchase of own shares</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">-</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(259</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-weight: bold; padding-bottom: 1pt">At 31 December 2015</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">122,382</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">1,121,247</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Employee share options exercised (Note 23) (1)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">438</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">Restricted shares units vested (Note 23)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">3,225</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-bottom: 1pt">Purchase of own shares</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">-</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(4,087</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-weight: bold; padding-bottom: 2.5pt">At 31 December 2016</TD><TD STYLE="font-weight: bold; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">122,382</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">1,120,823</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">&nbsp;</TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><B><I>&nbsp;</I></B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">(1)</TD><TD STYLE="text-align: justify">Treasury shares were used to settle these options and units.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B>Share Repurchase
Program</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 35.45pt">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 is reviewed by the Board of Directors after each 12-month period: repurchases
of shares under the program aremade 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&rsquo;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. Also, on August 15, 2015 the Board of directors decided to extend the program for
another 12 months period.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 35.45pt">As of December 31,
2016, the Company repurchased 2,840,825 shares under this program, of which 1,605,497 have been applied to some exercise of the
Company&rsquo;s stock option plan and restricted stock units plan.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt">The accompanying
notes are an integral part of these consolidated financial statements.&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>Adecoagro S.A.</B></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="margin-top: 0pt; text-align: center; margin-bottom: 0pt">(All amounts in US$ thousands, except shares and per share data and as otherwise indicated)</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><B>23.</B></TD><TD STYLE="text-align: justify"><B>Equity-settled share-based payments</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Group has set a
&ldquo;2004 Incentive Option Plan&rdquo; and a &ldquo;2007/2008 Equity Incentive Plan&rdquo; (collectively referred to as &ldquo;Option
Schemes&rdquo;) 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 &ldquo;Adecoagro Restricted Share and Restricted Stock Unit Plan&rdquo;
(referred to as &ldquo;Restricted Share Plan&rdquo;) under which the Group grants restricted stock units to senior and medium management
and key employees of the Group&rsquo;s subsidiaries.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: -0.25in"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><B>(a)</B></TD><TD STYLE="text-align: justify"><B>Option Schemes</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">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="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">As of the date of these
financial statements all options has already been vested and expensed. The Group recognized aggregate compensation expense of US$
nil for the year ended December 31, 2016 (2015: US$ nil; 2014: US$ 0.3 million) related to the options granted under the Option
Schemes.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><I>The Adecoagro/ IFH
2004 Stock Incentive Option Plan</I> was effectively established in 2004 and is administered by the Compensation Committee of the
Company. Options are exercisable over a ten-year period. In May 2014 this period was extended for another ten year-period.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">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:</P>



<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD></TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="7" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2016</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="7" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2015</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="7" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2014</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center; vertical-align: middle">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt; text-align: center; vertical-align: middle">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid; vertical-align: middle">Average<BR> exercise<BR> price&nbsp;per<BR> share</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt; text-align: center; vertical-align: middle">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid; vertical-align: middle">Options<BR> (thousands)</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt; text-align: center; vertical-align: middle">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid; vertical-align: middle">Average<BR> exercise<BR> price&nbsp;per&nbsp;<BR> Share</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt; text-align: center; vertical-align: middle">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid; vertical-align: middle">Options<BR> (thousands)</TD><TD STYLE="padding-bottom: 1pt; text-align: center; vertical-align: middle">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="text-align: center; border-bottom: Black 1pt solid; vertical-align: middle"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Average</B></P> <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>exercise<BR> price&nbsp;per&nbsp;<BR> Share</B></P></TD><TD STYLE="font-weight: bold; padding-bottom: 1pt; text-align: center; vertical-align: middle">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid; vertical-align: middle">Options<BR> (thousands)</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="3">&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="3">&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="3">&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="3">&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="3">&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="3">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 22%">At January 1</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; text-align: right">6.67</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; text-align: right">1,696</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; text-align: right">6.71</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; text-align: right">1,916</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; text-align: right">6.67</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; text-align: right">2,061</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD>Forfeited</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">5.83</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(9</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">8.62</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(5</TD><TD STYLE="text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-bottom: 1pt">Exercised</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">6.96</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(55</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">)</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">7.11</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(211</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">)</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">5.83</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(140</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; padding-bottom: 2.5pt">At December 31</TD><TD STYLE="font-weight: bold; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">6.66</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">1,641</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">6.67</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">1,696</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">6.71</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">1,916</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">&nbsp;</TD></TR>
</TABLE>




<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Options outstanding
at year end under this Plan have the following expiry date and exercise prices:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" ALIGN="CENTER" STYLE="border-collapse: collapse; width: 70%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP>&nbsp;</TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" NOWRAP STYLE="font-weight: bold; text-align: center; padding-bottom: 1pt">Exercise <BR> price per</TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="11" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Shares (in thousands)</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-bottom: 1pt">Expiry date (i):</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">share</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2016</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2015</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2014</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 48%">May 1, 2024</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; text-align: right">5.83</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; text-align: right">570</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; text-align: right">570</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; text-align: right">570</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD>May 1, 2025</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">5.83</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">481</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">508</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">543</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD>May 1, 2026</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">5.83</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">46</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">50</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">136</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD>February 16, 2026</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">7.11</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">103</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">103</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">110</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD>October 1, 2026</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">8.62</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">441</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">465</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">557</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.05pt; text-align: justify; text-indent: 35.95pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify">(i)&nbsp;On May 2014, the Board
of directors decided to extend the expired date of the Plan.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">The accompanying
notes are an integral part of these consolidated financial statements.&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>Adecoagro S.A.</B></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="margin-top: 0pt; text-align: center; margin-bottom: 0pt">(All amounts in US$ thousands, except shares and per share data and as otherwise indicated)</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><B>23.</B></TD><TD STYLE="text-align: justify"><B>Equity-settled unit-based payments (continued)</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><I>The Adecoagro/ IFH
2007/ 2008 Equity Incentive Plan</I> was effectively established in late 2007 and is administered by the Compensation Committee
of the Company. Options are exercisable over a ten-year period.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">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:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="7" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2016</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="7" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2015</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="7" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2014</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="text-align: center; vertical-align: middle">&nbsp;</TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt; text-align: center; vertical-align: middle">&nbsp;</TD>
    <TD COLSPAN="3" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid; vertical-align: middle">Average<BR> exercise<BR> price&nbsp;per<BR> share</TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt; text-align: center; vertical-align: middle">&nbsp;</TD>
    <TD COLSPAN="3" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid; vertical-align: middle">Options<BR> (thousands)</TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt; text-align: center; vertical-align: middle">&nbsp;</TD>
    <TD COLSPAN="3" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid; vertical-align: middle">Average<BR> exercise<BR> price&nbsp;per&nbsp;<BR> share</TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt; text-align: center; vertical-align: middle">&nbsp;</TD>
    <TD COLSPAN="3" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid; vertical-align: middle">Options<BR> (thousands)</TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt; text-align: center; vertical-align: middle">&nbsp;</TD>
    <TD COLSPAN="3" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid; vertical-align: middle">Average<BR> exercise<BR> price&nbsp;per<BR> share</TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt; text-align: center; vertical-align: middle">&nbsp;</TD>
    <TD COLSPAN="3" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid; vertical-align: middle">Options<BR> (thousands)</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="3">&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="3">&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="3">&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="3">&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="3">&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="3">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 22%">At January 1</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; text-align: right">13.07</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; text-align: right">1,701</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; text-align: right">13.07</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; text-align: right">1,729</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; text-align: right">13.07</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; text-align: right">1,751</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-bottom: 1pt">Forfeited</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">12.98</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(43</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">)</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">13.01</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(28</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">)</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">13.40</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(22</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-weight: bold; padding-bottom: 2.5pt">At December 31</TD><TD STYLE="font-weight: bold; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">13.07</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">1,658</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">13.07</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">1,701</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">13.07</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">1,729</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Options outstanding
at year-end under the Adecoagro/ IFH 2007/2008 Equity Incentive Plan have the following expiry date and exercise prices:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="text-align: left">&nbsp;</TD><TD NOWRAP STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="3" NOWRAP STYLE="font-weight: bold; text-align: center">Exercise</TD><TD NOWRAP>&nbsp;</TD>
    <TD COLSPAN="3" NOWRAP STYLE="text-align: center">&nbsp;</TD><TD NOWRAP>&nbsp;</TD>
    <TD COLSPAN="3" NOWRAP STYLE="text-align: center">&nbsp;</TD><TD NOWRAP>&nbsp;</TD>
    <TD COLSPAN="3" NOWRAP STYLE="text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP>&nbsp;</TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" NOWRAP STYLE="font-weight: bold; text-align: center; padding-bottom: 1pt">price per</TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="11" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Shares (in thousands)</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; text-align: left; padding-bottom: 1pt">Expiry date:</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">share</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2016</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2015</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2014</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 48%">From Nov 13, 2017 to Aug 25, 2018</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; text-align: right">12.82</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; text-align: right">908</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; text-align: right">937</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; text-align: right">957</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD>Jan 30, 2019</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">13.40</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">595</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">608</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">617</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD>Jun 1, 2019</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">12.82</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">3</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">3</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">3</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD>Nov 1, 2019</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">13.40</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">11</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">11</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">11</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD>From Jan 30, 2020 to Sep 1, 2020</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">13.40</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">110</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">110</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">110</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD>From Jan 30, 2020 to Sep 1, 2020</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">12.82</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">31</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">31</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">31</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">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:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" ALIGN="CENTER" STYLE="border-collapse: collapse; width: 55%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="text-align: left">&nbsp;</TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Exercisable shares <BR> in thousands</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 87%; text-align: left">2016</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; text-align: right">3,299</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">2015</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">3,397</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">2014</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">3,645</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt">The accompanying
notes are an integral part of these consolidated financial statements.&nbsp;</P>

<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="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>Adecoagro S.A.</B></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="margin-top: 0pt; text-align: center; margin-bottom: 0pt">(All amounts in US$ thousands, except shares and per share data and as otherwise indicated)</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><B>23.</B></TD><TD STYLE="text-align: justify"><B>Equity-settled unit-based payments (continued)</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><B>(b)</B></TD><TD STYLE="text-align: justify"><B>Restricted Share and Restricted Stock Unit Plan</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 35.45pt">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 or units under these Plan vest over a 3-year period from the date of grant at 33&nbsp;%
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 granted. There are no performance requirements for the delivery of common shares, except that a participant&rsquo;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. The maximum number of ordinary
shares with respect to which awards may be made under the Plan is 2,474,701. The maximum numbers of ordinary shares is revised
annually.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 35.45pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 35.45pt">At December 31, 2016,
the Group recognized compensation expense US$&nbsp;4.3 million related to the restricted stock units granted under the Restricted
Share Plan (2015: US$&nbsp;4.4 million).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 35.45pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 35.45pt">The restricted shares
under the Restricted Share Plan were measured at fair value at the date of grant.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Key grant-date fair
value and other assumptions under the Restricted Share Plan are detailed below:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" ALIGN="CENTER" STYLE="border-collapse: collapse; width: 80%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; text-align: center; padding-bottom: 1pt; vertical-align: middle"><FONT STYLE="font-size: 8pt">Grant&nbsp;Date</FONT></TD><TD STYLE="font-weight: bold; padding-bottom: 1pt; text-align: center; vertical-align: middle"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid; border-top: Black 1pt solid; vertical-align: middle"><FONT STYLE="font-size: 8pt">Apr&nbsp;1,&nbsp;<BR>
    2014</FONT></TD><TD STYLE="font-weight: bold; padding-bottom: 1pt; border-top: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; vertical-align: middle"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid; border-top: Black 1pt solid; vertical-align: middle"><FONT STYLE="font-size: 8pt">May&nbsp;15,<BR>
    &nbsp;2014</FONT></TD><TD STYLE="font-weight: bold; padding-bottom: 1pt; border-top: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; vertical-align: middle"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid; border-top: Black 1pt solid; vertical-align: middle"><FONT STYLE="font-size: 8pt">Apr&nbsp;1,<BR>
    2015</FONT></TD><TD STYLE="font-weight: bold; padding-bottom: 1pt; border-top: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; vertical-align: middle"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid; border-top: Black 1pt solid; vertical-align: middle"><FONT STYLE="font-size: 8pt">May&nbsp;15,<BR>
    2015</FONT></TD><TD STYLE="font-weight: bold; padding-bottom: 1pt; border-top: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; vertical-align: middle"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid; border-top: Black 1pt solid; vertical-align: middle"><FONT STYLE="font-size: 8pt">Apr&nbsp;1,<BR>
    2016</FONT></TD><TD STYLE="font-weight: bold; padding-bottom: 1pt; border-top: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; vertical-align: middle"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid; border-top: Black 1pt solid; vertical-align: middle"><FONT STYLE="font-size: 8pt">May&nbsp;15,<BR>
    2016</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="3"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="3"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="3"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="3"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="3"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="3"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 40%"><FONT STYLE="font-size: 8pt">Fair value</FONT></TD><TD STYLE="width: 1%"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="width: 7%; text-align: right"><FONT STYLE="font-size: 8pt">7.92</FONT></TD><TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="width: 1%"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="width: 7%; text-align: right"><FONT STYLE="font-size: 8pt">8.72</FONT></TD><TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="width: 1%"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="width: 7%; text-align: right"><FONT STYLE="font-size: 8pt">9.45</FONT></TD><TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="width: 1%"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="width: 7%; text-align: right"><FONT STYLE="font-size: 8pt">10.12</FONT></TD><TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="width: 1%"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="width: 7%; text-align: right"><FONT STYLE="font-size: 8pt">12.63</FONT></TD><TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="width: 1%"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="width: 7%; text-align: right"><FONT STYLE="font-size: 8pt">12.52</FONT></TD><TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">Possibility of ceasing employment before vesting</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">5</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">%</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">0</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">%</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">5</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">%</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">0</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">%</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">5</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">%</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">0</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">%</FONT></TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Movements in the number
of restricted shares outstanding under the Restricted Share Plan are as follows:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" ALIGN="CENTER" STYLE="border-collapse: collapse; width: 80%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">Restricted<BR>
    stock&nbsp;units<BR> (thousands)</FONT></TD><TD STYLE="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">Restricted<BR>
    stock&nbsp;units<BR> (thousands)</FONT></TD><TD STYLE="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">Restricted<BR>
    shares<BR> (thousands)</FONT></TD><TD STYLE="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">Restricted<BR>
    stock&nbsp;units<BR> (thousands)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">2016</FONT></TD><TD STYLE="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">2015</FONT></TD><TD STYLE="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">2014</FONT></TD><TD STYLE="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">2014</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 48%"><FONT STYLE="font-size: 8pt">At January 1</FONT></TD><TD STYLE="width: 1%"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="width: 10%; text-align: right"><FONT STYLE="font-size: 8pt">1,018</FONT></TD><TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="width: 1%"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="width: 10%; text-align: right"><FONT STYLE="font-size: 8pt">861</FONT></TD><TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="width: 1%"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="width: 10%; text-align: right"><FONT STYLE="font-size: 8pt">109</FONT></TD><TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="width: 1%"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="width: 10%; text-align: right"><FONT STYLE="font-size: 8pt">699</FONT></TD><TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD><FONT STYLE="font-size: 8pt">Granted (1)</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">464</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">626</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">480</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD><FONT STYLE="font-size: 8pt">Forfeited</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">(29</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">)</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">(37</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">)</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">(3</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">)</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">(21</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">Vested</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 8pt">(453</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-size: 8pt">)</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 8pt">(432</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-size: 8pt">)</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 8pt">(106</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-size: 8pt">)</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 8pt">(297</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-size: 8pt">)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-weight: bold; padding-bottom: 2.5pt"><FONT STYLE="font-size: 8pt">At December 31</FONT></TD><TD STYLE="font-weight: bold; padding-bottom: 2.5pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right"><FONT STYLE="font-size: 8pt">1,000</FONT></TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; padding-bottom: 2.5pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right"><FONT STYLE="font-size: 8pt">1,018</FONT></TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; padding-bottom: 2.5pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; padding-bottom: 2.5pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right"><FONT STYLE="font-size: 8pt">861</FONT></TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 35.45pt">(1) Approved by the
Board of Directors of March 15, 2016 and the Shareholders Meeting of April 20, 2016</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.5in"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">The accompanying
notes are an integral part of these consolidated financial statements.&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.5in"><B>&nbsp;</B></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.5in"><B>&nbsp;</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>Adecoagro S.A.</B></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="margin-top: 0pt; text-align: center; margin-bottom: 0pt">(All amounts in US$ thousands, except shares and per share
data and as otherwise indicated)</P>

<P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><B>24.</B></TD><TD STYLE="text-align: justify"><B>Legal and other reserves</B></TD></TR></TABLE>

<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; text-align: justify; text-indent: 0.5in">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="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Legal and other reserves
amount to US$ 45,080 as of December 31, 2016 (2015: US$ 44,540) and are included within the balance of retained earnings in the
statement of changes in shareholders&rsquo; equity.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">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. No distributable retained earning result from the Stand Alone Financial Statements of the Company
as of December 31, 2015,&nbsp;but the Company has distributable reserves in excess of US$&nbsp;920,171.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><B>25.</B></TD><TD STYLE="text-align: justify"><B>Trade and other payables</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 80%; font: 10pt Times New Roman, Times, Serif; margin-left: 0.15in">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2016</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2015</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-weight: bold">Non-current</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="width: 66%; text-align: left">Payable from acquisition of property, plant and equipment (i)</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 14%; text-align: right">1,042</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 14%; text-align: right">1,563</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-bottom: 1pt">Other payables</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">385</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">348</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">1,427</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">1,911</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-weight: bold">Current</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Trade payables</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">77,325</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">47,035</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">Advances from customers</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">7,758</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2,838</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Amounts due to related parties (Note 31)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,152</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">465</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">Taxes payable</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">4,685</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2,716</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1pt">Other payables</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">1,238</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">677</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">92,158</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">53,731</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; text-align: left; padding-bottom: 2.5pt">Total trade and other payables</TD><TD STYLE="font-weight: bold; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">93,585</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">55,642</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 14.2pt">(i)</TD><TD STYLE="text-align: justify">These trades payable are mainly collateralized by property, plant and equipment of the Group.</TD></TR></TABLE>

<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; text-align: justify; text-indent: 35.45pt">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="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt">The accompanying
notes are an integral part of these consolidated financial statements.&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>Adecoagro S.A.</B></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="margin-top: 0pt; text-align: center; margin-bottom: 0pt">(All amounts in US$ thousands, except shares and per share
data and as otherwise indicated)</P>

<P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><B>26.</B></TD><TD STYLE="text-align: justify"><B>Borrowings</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 80%; font: 10pt Times New Roman, Times, Serif; margin-left: 0.15in">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2016</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2015</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-weight: bold">Non-current</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="width: 66%; text-align: left">Bank borrowings</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 14%; text-align: right">430,202</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 14%; text-align: right">483,583</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-bottom: 1pt">Obligations under finance leases</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">102</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">68</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">430,304</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">483,651</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-weight: bold">Current</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Bank overdrafts</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">90</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">9</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">Bank borrowings</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">204,923</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">239,468</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1pt">Obligations under finance leases</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">79</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">211</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">205,092</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">239,688</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; text-align: left; padding-bottom: 2.5pt">Total borrowings</TD><TD STYLE="font-weight: bold; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">635,396</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">723,339</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">As of December 31,
2016, total bank borrowings include collateralized liabilities of US$&nbsp;525,663 (2015:&nbsp;US$ 669,109). 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="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The maturity of the
Group's borrowings (excluding obligations under finance leases) and the Group's exposure to fixed and variable interest rates is
as follows:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 80%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 0">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2016</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2015</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-weight: bold; text-align: left; padding-left: 0">Fixed rate:</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="width: 66%; text-align: left; padding-left: 0">Less than 1 year</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 14%; text-align: right">67,682</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 14%; text-align: right">89,918</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-left: 0">Between 1 and 2 years</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">43,630</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">31,096</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 0">Between 2 and 3 years</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">40,047</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">30,197</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-left: 0">Between 3 and 4 years</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">21,857</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">22,497</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 0">Between 4 and 5 years</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">21,116</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">18,779</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-bottom: 1pt; padding-left: 0">More than 5 years</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">20,239</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">34,492</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-bottom: 1pt; padding-left: 0">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">214,571</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">226,979</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-weight: bold; text-align: left; padding-left: 0">Variable rate:</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 0">Less than 1 year</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">137,331</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">149,559</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-left: 0">Between 1 and 2 years</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">150,517</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">109,488</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 0">Between 2 and 3 years</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">81,947</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">102,351</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-left: 0">Between 3 and 4 years</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">18,457</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">79,341</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 0">Between 4 and 5 years</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">18,309</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">44,233</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-bottom: 1pt; padding-left: 0">More than 5 years</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">14,083</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">11,109</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-bottom: 1pt; padding-left: 0">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">420,644</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">496,081</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-bottom: 2.5pt; padding-left: 0">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">635,215</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">723,060</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Borrowings incurred
by the Group&rsquo;s subsidiaries in Brazil are repayable at various dates between January 2017 and April 2024 and bear either
fixed interest rates ranging from 2.5&nbsp;% to 9.0&nbsp;% per annum or variable rates based on LIBOR or other specific base-rates
plus spreads ranging from 4.13&nbsp;% to 17.52&nbsp;% per annum. At December 31, 2016 LIBOR (six months) was 1.32&nbsp;% (2015:
0.85&nbsp;%).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Borrowings incurred
by the Group&acute;s subsidiaries in Argentina are repayable at various dates between January 2017 and September 2023 and bear
either fixed interest rates ranging from 6.11&nbsp;% and 7.00&nbsp;% per annum for those borrowings denominated in US dollar, and
a fixed interest rate ranging from 9.90&nbsp;% and 28.75&nbsp;% per annum for those borrowings denominated in argentine pesos.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">The accompanying
notes are an integral part of these consolidated financial statements.&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>


<!-- Field: Page; Sequence: 240; Value: 2 -->
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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>Adecoagro S.A.</B></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="margin-top: 0pt; text-align: center; margin-bottom: 0pt">(All amounts in US$ thousands, except shares and per share data and as otherwise indicated)</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><B>26.</B></TD><TD STYLE="text-align: justify"><B>Borrowings (continued)</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Brazilian Subsidiaries</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>The main loans of the Group&rsquo;s
Brazilian Subsidiaries are:</B></P>



<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR>
    <TD NOWRAP ROWSPAN="3" STYLE="border: black 1pt solid; text-align: center; vertical-align: middle; padding-left: 0.05in; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>Bank</B></FONT></TD>
    <TD ROWSPAN="3" NOWRAP STYLE="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>Grant
    Date</B></FONT></TD>
    <TD COLSPAN="2" ROWSPAN="2" NOWRAP STYLE="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>Nominal
    </B></FONT><FONT STYLE="font-size: 8pt"><BR>
    <FONT STYLE="font-family: Times New Roman, Times, Serif"><B>amount</B></FONT></FONT></TD>
    <TD COLSPAN="4" NOWRAP STYLE="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>Capital
    outstanding as of December 31</B></FONT></TD>
    <TD ROWSPAN="3" NOWRAP STYLE="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>Maturity
    date</B></FONT></TD>
    <TD ROWSPAN="3" NOWRAP STYLE="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>Annual
    Interest Rate</B></FONT></TD></TR>
<TR>
    <TD COLSPAN="3" NOWRAP STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>2016</B></FONT></TD>
    <TD NOWRAP STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center; vertical-align: middle; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>2015</B></FONT></TD></TR>
<TR>
    <TD COLSPAN="2" NOWRAP STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center; vertical-align: middle; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>(In
    millions)</B></FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center; vertical-align: middle; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>Millions
    of</B></FONT><FONT STYLE="font-size: 8pt"><BR>
    <FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Reais</B></FONT></FONT></TD>
    <TD NOWRAP STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center; vertical-align: middle; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>Millions
    of </B></FONT><FONT STYLE="font-size: 8pt"><BR>
    <FONT STYLE="font-family: Times New Roman, Times, Serif"><B>equivalent </B></FONT><BR>
    <FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Dollars</B></FONT></FONT></TD>
    <TD NOWRAP STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center; vertical-align: middle; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>Millions
    of</B></FONT><FONT STYLE="font-size: 8pt"><BR>
    <FONT STYLE="font-family: Times New Roman, Times, Serif"><B>equivalent</B></FONT><BR>
    <FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Dollars</B></FONT></FONT></TD></TR>
<TR STYLE="background-color: #CCEEFF">
    <TD STYLE="width: 17%; border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: left; vertical-align: middle; padding-left: 0.05in; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">Banco
    Do Brasil (1)</FONT></TD>
    <TD NOWRAP STYLE="width: 12%; border-bottom: black 1pt solid; border-right: black 1pt solid; text-align: center; vertical-align: middle; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">October
    2012</FONT></TD>
    <TD NOWRAP STYLE="width: 2%; border-bottom: black 1pt solid; text-align: left; vertical-align: middle; padding-top: 1pt; padding-bottom: 1pt; padding-left: 2pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">R$</FONT></TD>
    <TD STYLE="width: 6%; border-bottom: black 1pt solid; border-right: black 1pt solid; text-align: right; padding-right: 0.08in; vertical-align: middle; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">130.0</FONT></TD>
    <TD NOWRAP STYLE="width: 2%; border-bottom: black 1pt solid; text-align: left; vertical-align: middle; padding-top: 1pt; padding-bottom: 1pt; padding-left: 2pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">R$</FONT></TD>
    <TD STYLE="width: 6%; border-bottom: black 1pt solid; border-right: black 1pt solid; text-align: right; padding-right: 0.08in; vertical-align: middle; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">109.9</FONT></TD>
    <TD NOWRAP STYLE="width: 10%; border-bottom: black 1pt solid; border-right: black 1pt solid; text-align: right; vertical-align: middle; padding-top: 1pt; padding-bottom: 1pt; padding-right: 2pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">33.7</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: right; vertical-align: middle; padding-top: 1pt; padding-bottom: 1pt; padding-right: 2pt; width: 10%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">32.9</FONT></TD>
    <TD NOWRAP STYLE="width: 13%; border-bottom: black 1pt solid; border-right: black 1pt solid; text-align: center; vertical-align: middle; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">November
    2022</FONT></TD>
    <TD STYLE="width: 22%; border-bottom: black 1pt solid; border-right: black 1pt solid; text-align: center; vertical-align: middle; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">2.94%
    with 15% of bonus performance</FONT></TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: left; vertical-align: middle; padding-left: 0.05in; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">Itau
    BBA FINAME Loan (2)</FONT></TD>
    <TD NOWRAP STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center; vertical-align: middle; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">December
    2012</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: left; vertical-align: middle; padding-top: 1pt; padding-bottom: 1pt; padding-left: 2pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">R$</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: right; padding-right: 0.08in; vertical-align: middle; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">45.9</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: left; vertical-align: middle; padding-top: 1pt; padding-bottom: 1pt; padding-left: 2pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">R$</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: right; padding-right: 0.08in; vertical-align: middle; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">30.4</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: right; vertical-align: middle; padding-top: 1pt; padding-bottom: 1pt; padding-right: 2pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">9.3</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: right; vertical-align: middle; padding-top: 1pt; padding-bottom: 1pt; padding-right: 2pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">9.3</FONT></TD>
    <TD NOWRAP STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center; vertical-align: middle; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">December
    2022</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center; vertical-align: middle; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">2.50%</FONT></TD></TR>
<TR STYLE="background-color: #CCEEFF">
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: left; vertical-align: middle; padding-left: 0.05in; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">Itau
    BBA (3)</FONT></TD>
    <TD NOWRAP STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center; vertical-align: middle; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">March
    2013</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: left; vertical-align: middle; padding-top: 1pt; padding-bottom: 1pt; padding-left: 2pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">R$</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: right; padding-right: 0.08in; vertical-align: middle; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">75.0</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: left; vertical-align: middle; padding-top: 1pt; padding-bottom: 1pt; padding-left: 2pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">R$</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: right; padding-right: 0.08in; vertical-align: middle; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">18.8</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: right; vertical-align: middle; padding-top: 1pt; padding-bottom: 1pt; padding-right: 2pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">5.8</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: right; vertical-align: middle; padding-top: 1pt; padding-bottom: 1pt; padding-right: 2pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">9.3</FONT></TD>
    <TD NOWRAP STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center; vertical-align: middle; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">March
    2019</FONT></TD>
    <TD NOWRAP STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center; vertical-align: middle; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">CDI
    + 3.20%</FONT></TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: left; vertical-align: middle; padding-left: 0.05in; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">Banco
    do Brasil / Ita&uacute; BBVA Finem Loan (4)</FONT></TD>
    <TD NOWRAP STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center; vertical-align: middle; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">September
    2013</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: left; vertical-align: middle; padding-top: 1pt; padding-bottom: 1pt; padding-left: 2pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">R$</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: right; padding-right: 0.08in; vertical-align: middle; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">273.0</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: left; vertical-align: middle; padding-top: 1pt; padding-bottom: 1pt; padding-left: 2pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">R$</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: right; padding-right: 0.08in; vertical-align: middle; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">219.4</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: right; vertical-align: middle; padding-top: 1pt; padding-bottom: 1pt; padding-right: 2pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">67.3</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: right; vertical-align: middle; padding-top: 1pt; padding-bottom: 1pt; padding-right: 2pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">66.7</FONT></TD>
    <TD NOWRAP STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center; vertical-align: middle; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">January
    2023</FONT></TD>
    <TD NOWRAP STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center; vertical-align: middle; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">6.87%</FONT></TD></TR>
<TR STYLE="background-color: #CCEEFF">
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: left; vertical-align: middle; padding-left: 0.05in; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">BNDES
    Finem Loan (5)</FONT></TD>
    <TD NOWRAP STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center; vertical-align: middle; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">November
    2013</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: left; vertical-align: middle; padding-top: 1pt; padding-bottom: 1pt; padding-left: 2pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">R$</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: right; padding-right: 0.08in; vertical-align: middle; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">215.0</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: left; vertical-align: middle; padding-top: 1pt; padding-bottom: 1pt; padding-left: 2pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">R$</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: right; padding-right: 0.08in; vertical-align: middle; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">163.9</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: right; vertical-align: middle; padding-top: 1pt; padding-bottom: 1pt; padding-right: 2pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">50.3</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: right; vertical-align: middle; padding-top: 1pt; padding-bottom: 1pt; padding-right: 2pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">48.9</FONT></TD>
    <TD NOWRAP STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center; vertical-align: middle; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">January
    2023</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center; vertical-align: middle; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">3.84%</FONT></TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: left; vertical-align: middle; padding-left: 0.05in; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">ING
    / Rabobank / ABN / HSBC / Credit Agricole / Caixa Geral / Galena (6)</FONT></TD>
    <TD NOWRAP STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center; vertical-align: middle; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">January
    2015</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: left; vertical-align: middle; padding-top: 1pt; padding-bottom: 1pt; padding-left: 2pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">US$</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: right; padding-right: 0.08in; vertical-align: middle; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">160.0</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: left; vertical-align: middle; padding-top: 1pt; padding-bottom: 1pt; padding-left: 2pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: right; padding-right: 0.08in; vertical-align: middle; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: right; vertical-align: middle; padding-top: 1pt; padding-bottom: 1pt; padding-right: 2pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">98.0</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: right; vertical-align: middle; padding-top: 1pt; padding-bottom: 1pt; padding-right: 2pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">160.0</FONT></TD>
    <TD NOWRAP STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center; vertical-align: middle; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">December
    2018</FONT></TD>
    <TD NOWRAP STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center; vertical-align: middle; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">LIBOR
    3M plus 4.40%</FONT></TD></TR>
<TR STYLE="background-color: #CCEEFF">
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: left; vertical-align: middle; padding-left: 0.05in; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">ING
    / Rabobank / Bladex / Credit Agricole / Votorantim / ABN (7)</FONT></TD>
    <TD NOWRAP STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center; vertical-align: middle; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">August
    2015</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: left; vertical-align: middle; padding-top: 1pt; padding-bottom: 1pt; padding-left: 2pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">US$</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: right; padding-right: 0.08in; vertical-align: middle; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">110.0</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: left; vertical-align: middle; padding-top: 1pt; padding-bottom: 1pt; padding-left: 2pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: right; padding-right: 0.08in; vertical-align: middle; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: right; vertical-align: middle; padding-top: 1pt; padding-bottom: 1pt; padding-right: 2pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">110.0</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: right; vertical-align: middle; padding-top: 1pt; padding-bottom: 1pt; padding-right: 2pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">110.0</FONT></TD>
    <TD NOWRAP STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center; vertical-align: middle; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">December
    2019</FONT></TD>
    <TD NOWRAP STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center; vertical-align: middle; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">LIBOR
    3M plus 4.65%</FONT></TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: left; vertical-align: middle; padding-left: 0.05in; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">Rabobank
    (8)</FONT></TD>
    <TD NOWRAP STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center; vertical-align: middle; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">February
    2016</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: left; vertical-align: middle; padding-top: 1pt; padding-bottom: 1pt; padding-left: 2pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">US$</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: right; padding-right: 0.08in; vertical-align: middle; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">40.0</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: left; vertical-align: middle; padding-top: 1pt; padding-bottom: 1pt; padding-left: 2pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: right; padding-right: 0.08in; vertical-align: middle; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: right; vertical-align: middle; padding-top: 1pt; padding-bottom: 1pt; padding-right: 2pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">40.0</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: right; vertical-align: middle; padding-top: 1pt; padding-bottom: 1pt; padding-right: 2pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">-</FONT></TD>
    <TD NOWRAP STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center; vertical-align: middle; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">March
    2019</FONT></TD>
    <TD NOWRAP STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center; vertical-align: middle; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">LIBOR
    3M plus 3.50%</FONT></TD></TR>
<TR STYLE="background-color: #CCEEFF">
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: left; vertical-align: middle; padding-left: 0.05in; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">Tokyo-Mitsubishi
    (9)</FONT></TD>
    <TD NOWRAP STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center; vertical-align: middle; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">August
    2016</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: left; vertical-align: middle; padding-top: 1pt; padding-bottom: 1pt; padding-left: 2pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">US$</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: right; padding-right: 0.08in; vertical-align: middle; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">30.0</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: left; vertical-align: middle; padding-top: 1pt; padding-bottom: 1pt; padding-left: 2pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: right; padding-right: 0.08in; vertical-align: middle; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: right; vertical-align: middle; padding-top: 1pt; padding-bottom: 1pt; padding-right: 2pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">30.0</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: right; vertical-align: middle; padding-top: 1pt; padding-bottom: 1pt; padding-right: 2pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">-</FONT></TD>
    <TD NOWRAP STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center; vertical-align: middle; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">August
    2019</FONT></TD>
    <TD NOWRAP STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center; vertical-align: middle; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">6.25%</FONT></TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: left; vertical-align: middle; padding-left: 0.05in; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">Bradesco
    (10)</FONT></TD>
    <TD NOWRAP STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center; vertical-align: middle; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">July
    2016</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: left; vertical-align: middle; padding-top: 1pt; padding-bottom: 1pt; padding-left: 2pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">R$</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: right; padding-right: 0.08in; vertical-align: middle; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">90.0</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: left; vertical-align: middle; padding-top: 1pt; padding-bottom: 1pt; padding-left: 2pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">R$</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: right; padding-right: 0.08in; vertical-align: middle; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">90.0</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: right; vertical-align: middle; padding-top: 1pt; padding-bottom: 1pt; padding-right: 2pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">27.6</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: right; vertical-align: middle; padding-top: 1pt; padding-bottom: 1pt; padding-right: 2pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">-</FONT></TD>
    <TD NOWRAP STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center; vertical-align: middle; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">May
    2019</FONT></TD>
    <TD NOWRAP STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center; vertical-align: middle; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">CDI
    + 2.10%</FONT></TD></TR>
<TR STYLE="background-color: #CCEEFF">
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: left; vertical-align: middle; padding-left: 0.05in; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">Votorantim
    (11)</FONT></TD>
    <TD NOWRAP STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center; vertical-align: middle; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">July
    2016</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: left; vertical-align: middle; padding-top: 1pt; padding-bottom: 1pt; padding-left: 2pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">US$</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: right; padding-right: 0.08in; vertical-align: middle; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">15.0</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: left; vertical-align: middle; padding-top: 1pt; padding-bottom: 1pt; padding-left: 2pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: right; padding-right: 0.08in; vertical-align: middle; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: right; vertical-align: middle; padding-top: 1pt; padding-bottom: 1pt; padding-right: 2pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">15.0</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: right; vertical-align: middle; padding-top: 1pt; padding-bottom: 1pt; padding-right: 2pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">-</FONT></TD>
    <TD NOWRAP STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center; vertical-align: middle; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">June
    2019</FONT></TD>
    <TD NOWRAP STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center; vertical-align: middle; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">LIBOR
    3M plus 4.60%</FONT></TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>&nbsp;</I></B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">(1)</TD><TD STYLE="text-align: justify">Collateralized by (i) a first degree mortgage of the Carmen (Santa Agua) farm; (ii) a first degree
mortgage of the Sap&aacute;lio farm; (iii) a first degree mortgage of the Takuare farm; and (iv) liens over the Ivinhema mill and
equipment.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">(2)</TD><TD STYLE="text-align: justify">Collateralized by (i) a first degree mortgage of the Carmen (Santa Agua) farm; (ii) a first degree
mortgage of the Sap&aacute;lio farm; (iii) a first degree mortgage of the Takuare farm; and (iv) liens over the Ivinhema mill and
equipment.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">(3)</TD><TD STYLE="text-align: justify">Collateralized by power sales contract.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">(4)</TD><TD STYLE="text-align: justify">Collateralized by (i) a first degree mortgage of the Carmen (Santa Agua) farm; (ii) a first degree
mortgage of the Sap&aacute;lio farm; (iii) a first degree mortgage of the Takuare farm; (iv) liens over the Ivinhema mill and equipment;
and (v) power sales contract.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">(5)</TD><TD STYLE="text-align: justify">Collateralized by (i) liens over the Ivinhema mill and equipment; and (ii) power sales contracts.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">(6)</TD><TD STYLE="text-align: justify">Collateralized by (i) a first-degree mortgage of the Conquista, Alto Alegre, Dom Fabr&iacute;cio,
Nossa Senhora Aparecida, &Aacute;gua Branca, Ouro Verde and Bela Manh&atilde; farms, (ii) pledge of sugarcane, and (iii) sales
contracts.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">(7)</TD><TD STYLE="text-align: justify">Collateralized by (i) a first-degree mortgage of the Rio de Janeiro farm, and (ii) sales contracts.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">(8)</TD><TD STYLE="text-align: justify">Collateralized by sales contracts.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">(9)</TD><TD STYLE="text-align: justify">Collateralized by sales contracts.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">(10)</TD><TD STYLE="text-align: justify">Collateralized by pledge of ethanol.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">(11)</TD><TD STYLE="text-align: justify">Collateralized by (i) power sales contract and (ii) sales contracts.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt">The accompanying
notes are an integral part of these consolidated financial statements.&nbsp;</P>

<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="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font-size: 12pt"><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="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">(All amounts in US$ thousands, except shares
and per share data and as otherwise indicated)</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><B>26.</B></TD><TD STYLE="text-align: justify"><B>Borrowings (continued)</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 28.35pt">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="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 35.45pt">During 2016 and 2015 the Group was in
compliance with all financial covenants.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Argentinian Subsidiaries</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>The main loans of the Group&rsquo;s
Argentinian Subsidiaries are:</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR>
    <TD NOWRAP ROWSPAN="3" STYLE="border: Black 1pt solid; text-align: center; padding-left: 0.08in; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt"><B>Bank</B></FONT></TD>
    <TD ROWSPAN="3" NOWRAP STYLE="border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt"><B>Grant
    Date</B></FONT></TD>
    <TD ROWSPAN="2" NOWRAP STYLE="border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt"><B>Nominal
    </B><BR>
    <B>amount</B></FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt"><B>Capital
    outstanding as of </B><BR>
    <B>December 31</B></FONT></TD>
    <TD ROWSPAN="3" NOWRAP STYLE="border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt"><B>Maturity
    date</B></FONT></TD>
    <TD ROWSPAN="3" NOWRAP STYLE="border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt"><B>Annual
    Interest Rate</B></FONT></TD></TR>
<TR>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt"><B>2016</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt"><B>2015</B></FONT></TD></TR>
<TR>
    <TD NOWRAP STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt"><B>(In&nbsp;millions)</B></FONT></TD>
    <TD NOWRAP STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt"><B>(In&nbsp;millions)</B></FONT></TD>
    <TD NOWRAP STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt"><B>(In
    millions)</B></FONT></TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="width: 24%; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-left: 0.08in; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">IDB
    Tranche A (1)</FONT></TD>
    <TD NOWRAP STYLE="width: 14%; border-bottom: Black 1pt solid; border-right: Black 1pt solid; text-align: center; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">Feb-09</FONT></TD>
    <TD NOWRAP STYLE="width: 9%; border-bottom: Black 1pt solid; border-right: Black 1pt solid; text-align: right; padding-top: 1pt; padding-bottom: 1pt; padding-right: 2pt"><FONT STYLE="font-size: 8pt">US$
    &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: right; padding-top: 1pt; padding-bottom: 1pt; padding-right: 2pt; width: 10%"><FONT STYLE="font-size: 8pt">US$&nbsp;&nbsp;&nbsp;&nbsp;
    6.15</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: right; padding-top: 1pt; padding-bottom: 1pt; padding-right: 2pt; width: 12%"><FONT STYLE="font-size: 8pt">US&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$
    8.7</FONT></TD>
    <TD NOWRAP STYLE="width: 13%; border-bottom: Black 1pt solid; border-right: Black 1pt solid; text-align: center; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">Nov-18</FONT></TD>
    <TD STYLE="width: 18%; border-bottom: Black 1pt solid; border-right: Black 1pt solid; text-align: center; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">6.11%
    per annum</FONT></TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-left: 0.08in; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">IFC
    Tranche A (2)</FONT></TD>
    <TD NOWRAP STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">Dic-16</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: right; padding-top: 1pt; padding-bottom: 1pt; padding-right: 2pt"><FONT STYLE="font-size: 8pt">US$
    &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: right; padding-top: 1pt; padding-bottom: 1pt; padding-right: 2pt"><FONT STYLE="font-size: 8pt">US$
    &nbsp;&nbsp;25.00</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: right; padding-top: 1pt; padding-bottom: 1pt; padding-right: 2pt"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD NOWRAP STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">Sep-21</FONT></TD>
    <TD NOWRAP STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">4.3%
    plus LIBOR</FONT></TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-left: 0.08in; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">IFC
    Tranche B (2)</FONT></TD>
    <TD NOWRAP STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">Dic-16</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: right; padding-top: 1pt; padding-bottom: 1pt; padding-right: 2pt"><FONT STYLE="font-size: 8pt">US$
    &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: right; padding-top: 1pt; padding-bottom: 1pt; padding-right: 2pt"><FONT STYLE="font-size: 8pt">US$&nbsp;&nbsp;
    25.00</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: right; padding-top: 1pt; padding-bottom: 1pt; padding-right: 2pt"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD NOWRAP STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">Sep-23</FONT></TD>
    <TD NOWRAP STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">4%
    plus LIBOR</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.3in">(1): 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="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.3in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.3in">(2): Collateralized
by a US$ 75 million mortgage over Carmen farm, which is property of Adeco Agropecuaria S.A.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.3in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 28.35pt">The Group entered
into a floating to fix interest rate forward swap, fixing LIBOR at 1.25%, effective May 2012.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.3in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 28.35pt">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 Argentinian Subsidiaries.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 35.45pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">During 2016 and 2015 the Group was in compliance with
all financial covenants.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The carrying amounts
of the Group&rsquo;s borrowings are denominated in the following currencies (expressed in US dollars):</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 80%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2016</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2015</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD>Currency</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="width: 66%; text-align: left">US Dollar</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 14%; text-align: right">437,307</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 14%; text-align: right">526,710</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">Brazilian Reais</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">196,903</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">193,345</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1pt">Argentine Peso</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">1,186</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">3,284</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">635,396</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">723,339</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD></TR>
</TABLE>

<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-top: 0pt; text-align: center; margin-bottom: 0pt">The accompanying
notes are an integral part of these consolidated financial statements.&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>&nbsp;</I></B></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font-size: 12pt"><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="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt">(All amounts in US$
thousands, except shares and per share data and as otherwise indicated)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><B>27.</B></TD><TD STYLE="text-align: justify"><B>Payroll and social security liabilities</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 80%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2016</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2015</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-weight: bold">Non-current</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="width: 66%; text-align: left; padding-bottom: 1pt">Social security payable</TD><TD STYLE="width: 1%; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="width: 14%; border-bottom: Black 1pt solid; text-align: right">1,235</TD><TD STYLE="width: 1%; border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="width: 14%; border-bottom: Black 1pt solid; text-align: right">1,236</TD><TD STYLE="width: 1%; border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">1,235</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">1,236</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold">Current</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">Salaries payable</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">7,351</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">4,755</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Social security payable</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">3,063</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2,766</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">Provision for vacations</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">12,109</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">9,877</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1pt">Provision for bonuses</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">4,321</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">4,755</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">26,844</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">22,153</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; text-align: left; padding-bottom: 2.5pt">Total payroll and social security liabilities</TD><TD STYLE="font-weight: bold; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">28,079</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">23,389</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><B>28.</B></TD><TD STYLE="text-align: justify"><B>Provisions for other liabilities</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">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="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The table below shows
the movements in the Group's provisions for other liabilities categorized by type of provision:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 85%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="text-align: center; vertical-align: middle">&nbsp;</TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt; text-align: center; vertical-align: middle">&nbsp;</TD>
    <TD COLSPAN="3" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid; vertical-align: middle">Labor,&nbsp;legal&nbsp;and<BR> other&nbsp;claims</TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt; text-align: center; vertical-align: middle">&nbsp;</TD>
    <TD COLSPAN="3" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid; vertical-align: middle">Onerous&nbsp;contracts</TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt; text-align: center; vertical-align: middle">&nbsp;</TD>
    <TD COLSPAN="3" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid; vertical-align: middle">Total</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 52%; font-weight: bold">At January 1, 2015</TD><TD STYLE="width: 1%; font-weight: bold">&nbsp;</TD>
    <TD STYLE="width: 1%; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="width: 13%; font-weight: bold; text-align: right">2,729</TD><TD STYLE="width: 1%; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font-weight: bold">&nbsp;</TD>
    <TD STYLE="width: 1%; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="width: 13%; font-weight: bold; text-align: right">8</TD><TD STYLE="width: 1%; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font-weight: bold">&nbsp;</TD>
    <TD STYLE="width: 1%; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="width: 13%; font-weight: bold; text-align: right">2,737</TD><TD STYLE="width: 1%; font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD>Additions</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,483</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">17</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,500</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">Used during year</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(921</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(1</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(922</TD><TD STYLE="text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1pt">Exchange differences</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(998</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">)</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(4</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">)</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(1,002</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-weight: bold; padding-bottom: 1pt">At December 31, 2015</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">2,293</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">20</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">2,313</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD>Additions</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">3,447</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">57</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">3,504</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">Used during year</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(2,174</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(14</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(2,188</TD><TD STYLE="text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1pt">Exchange differences</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">291</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(31</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">)</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">260</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-weight: bold; padding-bottom: 2.5pt">At December 31, 2016</TD><TD STYLE="font-weight: bold; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">3,857</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">32</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">3,889</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 35.45pt">Analysis of total provisions:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 80%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2016</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2015</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 66%; text-align: left">Non current</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 14%; text-align: right">3,299</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 14%; text-align: right">1,653</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-bottom: 1pt">Current</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">590</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">660</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">3,889</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">2,313</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">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$&nbsp;18.2 million and US$&nbsp;30.1 million as of December 31, 2016
and 2015, respectively.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">The accompanying
notes are an integral part of these consolidated financial statements.&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>


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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>Adecoagro S.A.</B></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="margin-top: 0pt; text-align: center; margin-bottom: 0pt; font-style: normal; font-weight: normal"><FONT STYLE="font-weight: normal; font-style: normal">(All
amounts in US$ thousands, except shares and per share data and as otherwise indicated)</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><B>29.</B></TD><TD STYLE="text-align: justify"><B>Disclosure of leases and similar arrangements</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B><I>The Group as
lessee</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><I>Operating leases:</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">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$&nbsp;6.8&nbsp;million for the year ended December 31, 2016 (2015: US$&nbsp;10.8&nbsp;million;
2014: US$&nbsp;12.8&nbsp;million). Lease expense is capitalized as part of biological assets.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Group also leases
various offices and machinery under cancellable operating lease agreements which involve no significant amount.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The future aggregate
minimum lease payments under cancellable operating leases are as follows:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 80%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2016</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2015</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 66%; text-align: left">No later than 1 year</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 14%; text-align: right">5,311</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 14%; text-align: right">5,370</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1pt">Later than 1 year and no later than 5 years</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">2,294</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">141</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">7,605</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">5,511</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 35.45pt"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 35.45pt"><I>Agriculture &ldquo;partnerships&rdquo;
</I>(<I>parceria </I>by its exact term in Portuguese)<I>:</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 35.45pt"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 35.45pt">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="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">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$ 64.9 million for the year ended December 31, 2016 (2015:&nbsp;US$ 53.41 million; 2014:&nbsp;US$ 65.0 million).
Lease expense is included in &ldquo;Initial recognition and changes in fair value of biological assets and agricultural produce&rdquo;
in the statement of income.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 35.45pt"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 35.45pt"><I>Finance leases:</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">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. Obligations under finance leasing totals US$&nbsp;181 and US$&nbsp;279 as of
December 31, 2016 and 2015, respectively.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 35.45pt"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 35.45pt"><B><I>The Group as lessor</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 35.45pt"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 35.45pt"><I>Operating leases:</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 35.45pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 35.45pt">The Group acts as
a lessor in connection with an operating lease related to leased farmland, classified as investment property. The lease payments
received are recognized in profit or loss. The lease has a term of ten years.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 35.45pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 35.45pt">The following amounts
have been recognized in the statement of income in the line &ldquo;Sales goods and services rendered&rdquo;:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 35.45pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 90%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2016</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2015</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2014</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 49%; text-align: left">Rental income</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 14%; text-align: right">954</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 14%; text-align: right">1,302</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 14%; text-align: right">1,523</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">The accompanying
notes are an integral part of these consolidated financial statements.&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>


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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>Adecoagro S.A.</B></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="margin-top: 0pt; text-align: center; margin-bottom: 0pt; font-style: normal; font-weight: normal"><FONT STYLE="font-weight: normal; font-style: normal">(All
amounts in US$ thousands, except shares and per share data and as otherwise indicated)</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><B>29.</B></TD><TD STYLE="text-align: justify"><B>Disclosure of leases and similar arrangements (continued)</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The future minimum
rental payments receivable under cancellable leases are as follows:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 85%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2016</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2015</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 66%; text-align: left">No later than 1 year</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 14%; text-align: right">494</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 14%; text-align: right">940</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1pt">Later than 1 year and no later than 5 years</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">988</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">1,185</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">1,482</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">2,125</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">On September 2013,
Marfrig Argentina S.A. (&ldquo;Marfrig Argentina&rdquo;), the argentine subsidiary of the Brazilian company Marfrig Alimentos S.A.
(&ldquo;Marfrig Alimentos&quot;), unilaterally early terminated the lease agreements for grazing land entered into with the Group
on December 2009. The termination of the lease agreements was effective in the fourth quarter of 2013, and on April 2014, the Group
filed an arbitration proceeding against Marfrig Argentina and Marfrig Alimentos claiming unpaid invoices for US$&nbsp;0.5 million
and indemnification for early termination. On September 2016, the Parties settled the arbitration proceedings in the amount of
US$&nbsp;9 million. As of December 31 2016 the group collected US$&nbsp;7 million and as of the date of this financial statements
the group has collected the full amount.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">This settlement, net
of the unpaid invoices and other expenses resulted in an income of US$&nbsp;8.5 million reflected in the line item Other operating
income.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 35.45pt"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 35.45pt"><I>Finance leases:</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 35.45pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 35.45pt">The Group does not act as a lessor in
connection with finance leases.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt">The accompanying
notes are an integral part of these consolidated financial statements.&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


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    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>Adecoagro S.A.</B></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="margin-top: 0pt; text-align: center; margin-bottom: 0pt"><FONT STYLE="font-weight: normal; font-style: normal">(All
amounts in US$ thousands, except shares and per share data and as otherwise indicated)</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><B>30.</B></TD><TD STYLE="text-align: justify"><B>Group companies</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 35.45pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 35.45pt">The following table details the subsidiaries
that comprised the Group as of December 31, 2016 and 2015:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 35.45pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2016</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2015</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="text-align: center; vertical-align: middle">&nbsp;</TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt; text-align: center; vertical-align: middle">&nbsp;</TD>
    <TD NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid; vertical-align: middle">Activities</TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt; text-align: center; vertical-align: middle">&nbsp;</TD>
    <TD NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid; vertical-align: middle">Country&nbsp;of<BR> incorporation<BR> and&nbsp;operation</TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt; text-align: center; vertical-align: middle">&nbsp;</TD>
    <TD COLSPAN="3" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid; vertical-align: middle">Ownership<BR> percentage<BR> held&nbsp;if&nbsp;not<BR> 100&nbsp;%</TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt; text-align: center; vertical-align: middle">&nbsp;</TD>
    <TD COLSPAN="3" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid; vertical-align: middle">Ownership<BR> percentage<BR> held&nbsp;if&nbsp;not<BR> 100&nbsp;%</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-weight: bold; text-align: left">Details of principal subsidiary undertakings:</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; text-align: left">Operating companies (unless otherwise stated):</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">Adeco Agropecuaria S.A.</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">(a)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">Argentina</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="width: 48%; text-align: left">Pilag&aacute; S.A.</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 12%; text-align: center">(a)</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 12%; text-align: center">Argentina</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; text-align: right">99.84</TD><TD STYLE="width: 1%; text-align: left">%</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; text-align: right">99.84</TD><TD STYLE="width: 1%; text-align: left">%</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">Cavok S.A.</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">(a)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">Argentina</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">51</TD><TD STYLE="text-align: left">%</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">51</TD><TD STYLE="text-align: left">%</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Establecimientos El Orden S.A.</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">(a)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">Argentina</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">51</TD><TD STYLE="text-align: left">%</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">51</TD><TD STYLE="text-align: left">%</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">Ba&ntilde;ado del Salado S.A.</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">(a)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">Argentina</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Agro Invest S.A.</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">(a)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">Argentina</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">51</TD><TD STYLE="text-align: left">%</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">51</TD><TD STYLE="text-align: left">%</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">Forsalta S.A.</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">(a)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">Argentina</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">51</TD><TD STYLE="text-align: left">%</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">51</TD><TD STYLE="text-align: left">%</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Dinaluca S.A.</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">(a)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">Argentina</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">Simoneta S.A.</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">(a)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">Argentina</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Compa&ntilde;&iacute;a Agroforestal S.M.S.A.</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">(a)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">Argentina</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">Energ&iacute;a Agro S.A.U.</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">(a)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">Argentina</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Adeco Agropecuaria Brasil Ltda.</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">(b)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">Brazil</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">Adecoagro Vale do Ivinhema Ltda.</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">(b)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">Brazil</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Adecoagro Commodities Ltda.</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">(b)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">Brazil</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">Usina Monte Alegre Ltda.</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">(b)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">Brazil</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Kelizer S.A.</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">(a)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">Uruguay</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">Agroglobal S.A. (<FONT STYLE="font-size: 10pt">f.k.a. Adecoagro Uruguay S.A.)</FONT></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">(a)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">Uruguay</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; text-align: left">Holdings companies:</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">Adeco Brasil Participa&ccedil;&otilde;es S.A.</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">-</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">Brazil</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">International Farmland Holdings LP</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">(d)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">United States</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">Adecoagro LP S.C.S.</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">(e)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">Luxembourg</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Adecoagro GP S.a.r.l.</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">-</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">Luxembourg</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">Ladelux S.C.A.</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">-</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">Uruguay</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Spain Holding Companies</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">(c)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">Spain</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 21.3pt; text-indent: -21.3pt">(a) Mainly crops, rice, cattle
and others.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">(b) Mainly sugarcane, ethanol and energy.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">(c) Comprised by (1) wholly owned subsidiaries: Kadesh Espa&ntilde;a
S.L.U.; Leterton Espa&ntilde;a S.L.U.; Global Asterion S.L.U.; Global Acasto S.L.U.; Global Laertes S.L.U.; Global Seward S.L.U.;
Global Pindaro S.L.U.; Global Pileo S.L.U.; Peak Texas S.L.U.; Peak City S.L.U. and 51% controlled subsidiaries (see note 21):
Global Acamante S.L.U.; Global Carelio S.L.U.; Global Calidon S.L.U.; Global Mirabilis S.L.U. Global Anceo S.L.U.Global Hisingen
S.L.U.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">(d) Merge without liquidation with Adecoagro L.P. in April 2015.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">(e) The continuer from the merger between Adecoagro LP and International
Farmland Holdings LP.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt">The accompanying
notes are an integral part of these consolidated financial statements.&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>Adecoagro S.A.</B></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="margin-top: 0pt; text-align: center; margin-bottom: 0pt"><FONT STYLE="font-weight: normal; font-style: normal">(All
amounts in US$ thousands, except shares and per share data and as otherwise indicated)</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><B>30.</B></TD><TD STYLE="text-align: justify"><B>Group companies (continued)</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 35.45pt">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="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 21.3pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 35.45pt">According to the
laws of certain of the countries in which the Group operates, 5&nbsp;% of the profit of the year is separated to constitute legal
reserves until they reach legal capped amounts (20&nbsp;% of total capital). These legal reserves are not available for dividend
distribution and can only be released to absorb losses. The Group&rsquo;s joint ventures have not reached the legal capped amounts.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><B>31.</B></TD><TD STYLE="text-align: justify"><B>Related-party transactions</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The following is a
summary of the balances and transactions with related parties:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR>
    <TD ROWSPAN="2" STYLE="text-align: center; border-bottom: Black 1pt solid; padding-left: 0.02in"><FONT STYLE="font-size: 8pt"><B>Related
    party</B></FONT></TD>
    <TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 8pt"><B>&nbsp;</B></FONT></TD>
    <TD ROWSPAN="2" STYLE="text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt"><B>Relationship</B></FONT></TD>
    <TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 8pt"><B>&nbsp;</B></FONT></TD>
    <TD ROWSPAN="2" STYLE="border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 8pt"><B>Description of
    transaction</B></FONT></TD>
    <TD STYLE="padding-bottom: 1pt; text-align: center"><FONT STYLE="font-size: 8pt"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="11" STYLE="border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 8pt"><B>Income (loss)
    included in the</B><BR>
    <B>statement of income</B></FONT></TD>
    <TD STYLE="padding-bottom: 1pt; text-align: center"><FONT STYLE="font-size: 8pt"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="7" STYLE="border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 8pt"><B>Balance receivable
    </B><BR>
    <B>(payable)/(equity)</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 1pt"><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>2016</B></FONT></TD>
    <TD STYLE="padding-bottom: 1pt"><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>2015</B></FONT></TD>
    <TD STYLE="padding-bottom: 1pt"><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>2014</B></FONT></TD>
    <TD STYLE="padding-bottom: 1pt"><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>2016</B></FONT></TD>
    <TD STYLE="padding-bottom: 1pt"><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>2015</B></FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-left: 0.02in"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="3" STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="3" STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="3" STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="3" STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="3" STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="background-color: #CCEEFF">
    <TD STYLE="vertical-align: top; width: 16%; padding-left: 0.02in"><FONT STYLE="font-size: 8pt">Mario Jorge de Lemos Vieira/
    Cia</FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 1%"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; width: 7%"><FONT STYLE="font-size: 8pt">(i)</FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 1%"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; width: 15%"><FONT STYLE="font-size: 8pt">Cost of goods sold and services rendered (ii)</FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 1%"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 1%"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 9%; text-align: right"><FONT STYLE="font-size: 8pt">(42</FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 1%"><FONT STYLE="font-size: 8pt">)</FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 1%"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 1%"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 9%; text-align: right"><FONT STYLE="font-size: 8pt">(2,304</FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 1%"><FONT STYLE="font-size: 8pt">)</FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 1%"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 1%"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 9%; text-align: right"><FONT STYLE="font-size: 8pt">(2,854</FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 1%"><FONT STYLE="font-size: 8pt">)</FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 1%"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 1%"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 9%; text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 1%"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 1%"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 1%"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 9%; text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 1%"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="background-color: #CCEEFF">
    <TD STYLE="vertical-align: top; padding-left: 0.02in"><FONT STYLE="font-size: 8pt">Agropecuaria Monte Alegre/ Alfenas</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 8pt">Receivables from related parties (Note&nbsp;18)</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 8pt">172</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 8pt">300</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="background-color: #CCEEFF">
    <TD STYLE="vertical-align: top; padding-left: 0.02in"><FONT STYLE="font-size: 8pt">Agricola Ltda/ Marcelo Weyland Barbosa
    Vieira/ Paulo Albert Weyland Vieira</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 8pt">Payables (Note 25)</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 8pt">(701</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-size: 8pt">)</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 8pt">(465</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-size: 8pt">)</FONT></TD></TR>
<TR STYLE="background-color: #CCEEFF">
    <TD STYLE="vertical-align: top; padding-left: 0.02in"><FONT STYLE="font-size: 8pt">Directors and senior management</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 8pt">Employment</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 8pt">Compensation selected employess</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 8pt">(5,213</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-size: 8pt">)</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 8pt">(7,528</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-size: 8pt">)</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 8pt">(7,439</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-size: 8pt">)</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 8pt">(17,355</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-size: 8pt">)</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 8pt">(16,836</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-size: 8pt">)</FONT></TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="vertical-align: top; padding-left: 0.02in"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="background-color: #CCEEFF">
    <TD STYLE="vertical-align: top; padding-left: 0.02in"><FONT STYLE="font-size: 8pt">CHS Agro</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 8pt">Joint venture</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 8pt">Purchases of goods</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 8pt">402</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="background-color: #CCEEFF">
    <TD STYLE="vertical-align: top; padding-left: 0.02in"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 8pt">Receivables from related parties (Note&nbsp;18)</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 8pt">8,114</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 8pt">8,204</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="background-color: #CCEEFF">
    <TD STYLE="vertical-align: top; padding-left: 0.02in"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 8pt">Payables from related parties (Note&nbsp;25)</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 8pt">(451</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-size: 8pt">)</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="background-color: #CCEEFF">
    <TD STYLE="vertical-align: top; padding-left: 0.02in"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 8pt">Sales of goods</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 8pt">372</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 8pt">2,201</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 8pt">2,824</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="background-color: #CCEEFF">
    <TD STYLE="vertical-align: top; padding-left: 0.02in"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 8pt">Services</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 8pt">87</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 8pt">110</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 8pt">70</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="background-color: #CCEEFF">
    <TD STYLE="vertical-align: top; padding-left: 0.02in"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 8pt">Interest income</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 8pt">326</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 8pt">74</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 8pt">49</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.5in">(i)</TD><TD STYLE="text-align: justify">Shareholders of the Company.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.5in">(ii)</TD><TD STYLE="text-align: justify">Relates to agriculture partnership agreements (&ldquo;parceria&rdquo;).</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt">The accompanying
notes are an integral part of these consolidated financial statements.&nbsp;</P>

<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="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>Adecoagro S.A.</B></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="margin-top: 0pt; text-align: center; margin-bottom: 0pt"><FONT STYLE="font-weight: normal; font-style: normal">(All
amounts in US$ thousands, except shares and per share data and as otherwise indicated)</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><B>32.</B></TD><TD STYLE="text-align: justify"><B>Summary of significant accounting policies</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 35.45pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 35.45pt">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="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 35.45pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 20.25pt"><B>32.1</B></TD><TD STYLE="text-align: justify"><B>Basis of preparation and presentation</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 35.45pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">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="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 35.45pt">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="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 35.45pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 35.45pt">In order to
facilitate the understanding of our Consolidated Financial Statements, we have changed the format of the presentation of our
income statement. During the fourth quarter of 2016, we aggregate our sales in a single line item titled &ldquo;Sales of
goods and services rendered&rdquo;. Likewise, the corresponding cost has also been aggregated and presented as a single line
item titled &ldquo;Cost of goods sold and services rendered&rdquo;. The breakdown of sales is now included in Note 4 to the
Consolidated Financial Statements. The comparative figures have been retroactively changed accordingly.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 35.45pt">&nbsp;</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 35.45pt">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&rsquo;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 32.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 35.45pt"><B><I>(a) Standards,
amendments and interpretations to existing standards effective and adopted by the Group in 2015</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 35.45pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 35.45pt">The following standards,
amendments and interpretations to existing standards have been published and were mandatory for the Group as of January 1, 2015:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 35.4pt">All the amendments
to the standards IAS 32, &lsquo;Financial instruments: Presentation&rsquo; &ndash; Offsetting financial assets and financial liabilities,
IAS 36, &lsquo;Impairment of assets&rsquo; &ndash; Recoverable amount disclosures for non-financial assets and IAS 39, &lsquo;Financial
instruments: Recognition and measurement&rsquo; &ndash; Novation of derivatives and continuation of hedge accounting have been
analyzed by the Company. The application of these standards did not materially affect the Group&rsquo;s financial position or results
of operations.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 35.4pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 35.4pt">Other standards, amendments
and interpretations which are effective for the financial year beginning on 1 January 2015 are not material to the Group.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 35.4pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 31.65pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Wingdings">&sect;</FONT></TD><TD STYLE="text-align: justify"><B>Effects of the adoption of the amendments of IAS 41 and IAS 16</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 35.4pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 35.45pt">In June 2014, the
IASB made amendments to IAS 16 Property, Plant and Equipment and IAS 41 Agriculture which distinguish bearer plants from other
biological assets. Bearer plants are solely used to grow produce over their productive lives and are seen to be similar to an item
of machinery. They will therefore now be accounted for under IAS 16. However, agricultural produce growing on bearer plants will
remain within the scope of IAS 41 and continue to be measured at fair value less cost to sell. The amendments shall be applied
for annual periods beginning on or after January 1, 2016, with earlier application permitted.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 35.45pt">The Group&rsquo;s
sugarcane and coffee plantations qualify as bearer plants under the new definition in IAS 41. As required under IAS 8, the change
in accounting policy applied retrospectively. As a consequence, the sugarcane planting and coffee plantations was reclassified
to property, plant and equipment and measured at amortized cost and depreciated over their useful life on straight-line basis,
effective January 1, 2016 and comparative figures retrospectively revised accordingly. The Group adopted the transitional rule
which allows companies to apply fair value of bearer plants as their deemed cost as of January 1, 2014.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 35.45pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 35.45pt">However, agricultural
produce growing on sugarcane and coffee plantations will remain under the line biological asset and continue to be measured at
fair value less cost to sell.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 35.45pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">The accompanying
notes are an integral part of these consolidated financial statements.&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 35.45pt">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 35.45pt">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>Adecoagro S.A.</B></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="margin-top: 0pt; text-align: center; margin-bottom: 0pt"><FONT STYLE="font-weight: normal; font-style: normal">(All
amounts in US$ thousands, except shares and per share data and as otherwise indicated)</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 35.45pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 20.25pt"><B>32.1</B></TD><TD STYLE="text-align: justify"><B>Basis of preparation and presentation (continued)</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 35.45pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 35.45pt">These amendments
resulted in changes in accounting policies and adjustments to the amounts and the results of the operations recognized in the financial
statements as of and for the years ended December 31, 2016 and 2015, as follows:</P>

<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">
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left; padding-right: 0; padding-left: 0">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Statements&nbsp;of&nbsp;Income&nbsp;(extracts)</B></P></TD></TR>
</TABLE>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 1pt; text-align: center; vertical-align: middle"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; padding-bottom: 1pt; text-align: center; vertical-align: middle"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid; vertical-align: middle"><FONT STYLE="font-size: 8pt">2015(Previously<BR>
    stated)</FONT></TD><TD STYLE="font-weight: bold; border-bottom: Black 1pt solid; text-align: center; vertical-align: middle"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid; vertical-align: middle"><FONT STYLE="font-size: 8pt">Increase/<BR>
    (Decrease)</FONT></TD><TD STYLE="font-weight: bold; border-bottom: Black 1pt solid; text-align: center; vertical-align: middle"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid; vertical-align: middle"><FONT STYLE="font-size: 8pt">2015&nbsp;<BR>
(Revised)</FONT></TD><TD STYLE="font-weight: bold; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: center; vertical-align: middle"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid; vertical-align: middle"><FONT STYLE="font-size: 8pt">2014(Previously<BR>
    stated)</FONT></TD><TD STYLE="font-weight: bold; border-bottom: Black 1pt solid; text-align: center; vertical-align: middle"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid; vertical-align: middle"><FONT STYLE="font-size: 8pt">Increase/<BR>
    (Decrease)</FONT></TD><TD STYLE="font-weight: bold; border-bottom: Black 1pt solid; text-align: center; vertical-align: middle"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid; vertical-align: middle"><FONT STYLE="font-size: 8pt">2014&nbsp;<BR>
(Revised)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 22%; text-align: left"><FONT STYLE="font-size: 8pt">Cost of goods sold and services rendered</FONT></TD><TD STYLE="width: 1%"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="width: 10%; text-align: right"><FONT STYLE="font-size: 8pt">(505,693</FONT></TD><TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-size: 8pt">)</FONT></TD><TD STYLE="width: 1%"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="width: 10%; text-align: right"><FONT STYLE="font-size: 8pt">(52,093</FONT></TD><TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-size: 8pt">)</FONT></TD><TD STYLE="width: 1%"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="width: 10%; text-align: right"><FONT STYLE="font-size: 8pt">(557,886</FONT></TD><TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-size: 8pt">)</FONT></TD><TD STYLE="width: 1%; border-left: Black 1pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="width: 10%; text-align: right"><FONT STYLE="font-size: 8pt">(545,281</FONT></TD><TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-size: 8pt">)</FONT></TD><TD STYLE="width: 1%"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="width: 10%; text-align: right"><FONT STYLE="font-size: 8pt">(60,044</FONT></TD><TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-size: 8pt">)</FONT></TD><TD STYLE="width: 1%"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="width: 10%; text-align: right"><FONT STYLE="font-size: 8pt">(605,325</FONT></TD><TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-size: 8pt">)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">Change in fair value of biological assets</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">36,869</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">17,659</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">54,528</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-left: Black 1pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">27,145</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">73,071</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">100,216</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">Profit / (Loss) before income tax</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; text-align: right"><FONT STYLE="font-size: 8pt">22,129</FONT></TD><TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; text-align: right"><FONT STYLE="font-size: 8pt">(34,434</FONT></TD><TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">)</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">(12,305</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">)</FONT></TD><TD STYLE="font-weight: bold; border-left: Black 1pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; text-align: right"><FONT STYLE="font-size: 8pt">8,544</FONT></TD><TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; text-align: right"><FONT STYLE="font-size: 8pt">13,027</FONT></TD><TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; text-align: right"><FONT STYLE="font-size: 8pt">21,571</FONT></TD><TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">Income tax (expense) / benefit</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 8pt">(3,754</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-size: 8pt">)</FONT></TD><TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 8pt">11,708</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 8pt">7,954</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; border-left: Black 1pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 8pt">(6,106</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-size: 8pt">)</FONT></TD><TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 8pt">(4,429</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-size: 8pt">)</FONT></TD><TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 8pt">(10,535</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-size: 8pt">)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">Profit / (Loss)for the period</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; text-align: right"><FONT STYLE="font-size: 8pt">18,375</FONT></TD><TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; text-align: right"><FONT STYLE="font-size: 8pt">(22,726</FONT></TD><TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">)</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; text-align: right"><FONT STYLE="font-size: 8pt">(4,351</FONT></TD><TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">)</FONT></TD><TD STYLE="font-weight: bold; border-left: Black 1pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; text-align: right"><FONT STYLE="font-size: 8pt">2,438</FONT></TD><TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; text-align: right"><FONT STYLE="font-size: 8pt">8,598</FONT></TD><TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; text-align: right"><FONT STYLE="font-size: 8pt">11,036</FONT></TD><TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">Attributable to:</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-left: Black 1pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">Equity holders of the parent</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">17,133</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">(22,726</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">)</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">(5,593</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">)</FONT></TD><TD STYLE="border-left: Black 1pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">2,518</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">8,598</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">11,116</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">Non-controlling interests</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 8pt">1,242</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 8pt">1,242</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; border-left: Black 1pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 8pt">(80</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-size: 8pt">)</FONT></TD><TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 8pt">(80</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-size: 8pt">)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; text-align: right"><FONT STYLE="font-size: 8pt">18,375</FONT></TD><TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; text-align: right"><FONT STYLE="font-size: 8pt">(22,726</FONT></TD><TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">)</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; text-align: right"><FONT STYLE="font-size: 8pt">(4,351</FONT></TD><TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">)</FONT></TD><TD STYLE="font-weight: bold; border-left: Black 1pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; text-align: right"><FONT STYLE="font-size: 8pt">2,438</FONT></TD><TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; text-align: right"><FONT STYLE="font-size: 8pt">8,598</FONT></TD><TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; text-align: right"><FONT STYLE="font-size: 8pt">11,036</FONT></TD><TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD><FONT STYLE="font-size: 8pt">Basic earnings per share</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">0.142</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">(0.188</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">)</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">(0.046</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">)</FONT></TD><TD STYLE="border-left: Black 1pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">0.021</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">0.071</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">0.092</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD><FONT STYLE="font-size: 8pt">Diluted earnings per share</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">0.140</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">(0.186</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">)</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">(0.046</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">)</FONT></TD><TD STYLE="border-left: Black 1pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">0.021</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">0.070</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">0.091</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
</TABLE>


<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: top">
    <TD STYLE="width: 100%"><FONT STYLE="font-size: 10pt"><B>Balance sheet (extracts)</B></FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="text-align: center; vertical-align: middle"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="font-weight: bold; text-align: center; vertical-align: middle"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="3" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid; vertical-align: middle"><FONT STYLE="font-size: 8pt">31&nbsp;December<BR>
    2015&nbsp;(Prev.<BR> stated)</FONT></TD><TD NOWRAP STYLE="font-weight: bold; border-bottom: Black 1pt solid; text-align: center; vertical-align: middle"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="3" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid; vertical-align: middle"><FONT STYLE="font-size: 8pt">Increase/<BR>
    (Decrease)</FONT></TD><TD NOWRAP STYLE="font-weight: bold; border-bottom: Black 1pt solid; text-align: center; vertical-align: middle"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="3" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid; vertical-align: middle"><FONT STYLE="font-size: 8pt">31&nbsp;December<BR>
    2015&nbsp;(Revised)</FONT></TD><TD NOWRAP STYLE="font-weight: bold; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: center; vertical-align: middle"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="3" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid; vertical-align: middle"><FONT STYLE="font-size: 8pt">1&nbsp;January&nbsp;2015<BR>
    (Prev.&nbsp;stated)</FONT></TD><TD NOWRAP STYLE="font-weight: bold; border-bottom: Black 1pt solid; text-align: center; vertical-align: middle"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="3" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid; vertical-align: middle"><FONT STYLE="font-size: 8pt">Increase/<BR>
    (Decrease)</FONT></TD><TD NOWRAP STYLE="font-weight: bold; border-bottom: Black 1pt solid; text-align: center; vertical-align: middle"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="3" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid; vertical-align: middle"><FONT STYLE="font-size: 8pt">1&nbsp;January&nbsp;2015<BR>
    (Revised)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 22%; text-align: left"><FONT STYLE="font-size: 8pt">Biological assets</FONT></TD><TD STYLE="width: 1%"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="width: 10%; text-align: right"><FONT STYLE="font-size: 8pt">299,270</FONT></TD><TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="width: 1%"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="width: 10%; text-align: right"><FONT STYLE="font-size: 8pt">(187,452</FONT></TD><TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-size: 8pt">)</FONT></TD><TD STYLE="width: 1%"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="width: 10%; text-align: right"><FONT STYLE="font-size: 8pt">111,818</FONT></TD><TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="width: 1%; border-left: Black 1pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="width: 10%; text-align: right"><FONT STYLE="font-size: 8pt">341,232</FONT></TD><TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="width: 1%"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="width: 10%; text-align: right"><FONT STYLE="font-size: 8pt">(216,496</FONT></TD><TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-size: 8pt">)</FONT></TD><TD STYLE="width: 1%"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="width: 10%; text-align: right"><FONT STYLE="font-size: 8pt">124,736</FONT></TD><TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">Property, plant and equipment</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">540,218</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">156,671</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">696,889</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-left: Black 1pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">776,905</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">214,676</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">991,581</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">Deferred tax assets</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">60,857</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">7,887</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">68,744</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-left: Black 1pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">45,597</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">(3,525</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">)</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">42,072</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD><FONT STYLE="font-size: 8pt">Inventories</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 8pt">77,703</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 8pt">7,583</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 8pt">85,286</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; border-left: Black 1pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 8pt">104,919</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 8pt">12,187</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 8pt">117,106</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">Total assets</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; text-align: right"><FONT STYLE="font-size: 8pt">978,048</FONT></TD><TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; text-align: right"><FONT STYLE="font-size: 8pt">(15,311</FONT></TD><TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">)</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; text-align: right"><FONT STYLE="font-size: 8pt">962,737</FONT></TD><TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; border-left: Black 1pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; text-align: right"><FONT STYLE="font-size: 8pt">1,268,653</FONT></TD><TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; text-align: right"><FONT STYLE="font-size: 8pt">6,842</FONT></TD><TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; text-align: right"><FONT STYLE="font-size: 8pt">1,275,495</FONT></TD><TD STYLE="font-weight: bold; text-align: left"><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 STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-left: Black 1pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">Retained earnings</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">62,923</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">(14,128</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">)</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">48,795</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-left: Black 1pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">45,644</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">8,598</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">54,242</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">Cumulative Translation Adjustment</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 8pt">(567,133</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-size: 8pt">)</FONT></TD><TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 8pt">(1,183</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-size: 8pt">)</FONT></TD><TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 8pt">(568,316</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-size: 8pt">)</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; border-left: Black 1pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 8pt">(395,804</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-size: 8pt">)</FONT></TD><TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 8pt">(1,756</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-size: 8pt">)</FONT></TD><TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 8pt">(397,560</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-size: 8pt">)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">Total equity</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; text-align: right"><FONT STYLE="font-size: 8pt">542,730</FONT></TD><TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; text-align: right"><FONT STYLE="font-size: 8pt">(15,311</FONT></TD><TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">)</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; text-align: right"><FONT STYLE="font-size: 8pt">(527,419</FONT></TD><TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">)</FONT></TD><TD STYLE="font-weight: bold; border-left: Black 1pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; text-align: right"><FONT STYLE="font-size: 8pt">770,385</FONT></TD><TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; text-align: right"><FONT STYLE="font-size: 8pt">6,842</FONT></TD><TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; text-align: right"><FONT STYLE="font-size: 8pt">777,227</FONT></TD><TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="25" STYLE="font-weight: bold"><FONT STYLE="font-size: 8pt">Cash&nbsp;flow&nbsp;(extracts)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="padding-bottom: 1pt; text-align: right; vertical-align: middle"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt; text-align: right; vertical-align: middle"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="3" NOWRAP STYLE="font-weight: bold; text-align: right; border-bottom: Black 1pt solid; vertical-align: middle"><FONT STYLE="font-size: 8pt">31&nbsp;December<BR>
    2015&nbsp;(Prev.<BR> stated)</FONT></TD><TD NOWRAP STYLE="font-weight: bold; border-bottom: Black 1pt solid; text-align: right; vertical-align: middle"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="3" NOWRAP STYLE="font-weight: bold; text-align: right; border-bottom: Black 1pt solid; vertical-align: middle"><FONT STYLE="font-size: 8pt">Increase/<BR>
    (Decrease)</FONT></TD><TD NOWRAP STYLE="font-weight: bold; border-bottom: Black 1pt solid; text-align: right; vertical-align: middle"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="3" NOWRAP STYLE="font-weight: bold; text-align: right; border-bottom: Black 1pt solid; vertical-align: middle; padding-right: 0.05in"><FONT STYLE="font-size: 8pt">31&nbsp;December<BR>
    2015&nbsp;(Revised)</FONT></TD><TD NOWRAP STYLE="font-weight: bold; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: right; vertical-align: middle"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="3" NOWRAP STYLE="font-weight: bold; text-align: right; border-bottom: Black 1pt solid; vertical-align: middle"><FONT STYLE="font-size: 8pt">1&nbsp;January&nbsp;2015<BR>
    (Prev.&nbsp;stated)</FONT></TD><TD NOWRAP STYLE="font-weight: bold; border-bottom: Black 1pt solid; text-align: right; vertical-align: middle"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="3" NOWRAP STYLE="font-weight: bold; text-align: right; border-bottom: Black 1pt solid; vertical-align: middle"><FONT STYLE="font-size: 8pt">Increase/<BR>
    (Decrease)</FONT></TD><TD NOWRAP STYLE="font-weight: bold; border-bottom: Black 1pt solid; text-align: right; vertical-align: middle"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="3" NOWRAP STYLE="font-weight: bold; text-align: right; border-bottom: Black 1pt solid; vertical-align: middle"><FONT STYLE="font-size: 8pt">1&nbsp;January&nbsp;2015<BR>
    (Revised)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 22%; text-align: left"><FONT STYLE="font-size: 8pt">Net cash generated from<BR> operating activities</FONT></TD><TD STYLE="width: 1%"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="width: 10%; text-align: right"><FONT STYLE="font-size: 8pt">153,914</FONT></TD><TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="width: 1%"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="width: 10%; text-align: right"><FONT STYLE="font-size: 8pt">(8,728</FONT></TD><TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-size: 8pt">)</FONT></TD><TD STYLE="width: 1%"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="width: 10%; text-align: right"><FONT STYLE="font-size: 8pt">145,186</FONT></TD><TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="width: 1%; border-left: Black 1pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="width: 10%; text-align: right"><FONT STYLE="font-size: 8pt">133,133</FONT></TD><TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="width: 1%"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="width: 10%; text-align: right"><FONT STYLE="font-size: 8pt">(12,982</FONT></TD><TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-size: 8pt">)</FONT></TD><TD STYLE="width: 1%"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="width: 10%; text-align: right"><FONT STYLE="font-size: 8pt">120,151</FONT></TD><TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">Net cash used in investing activities</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">(133,779</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">)</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">8,728</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">(125,051</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">)</FONT></TD><TD STYLE="border-left: Black 1pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">(313,454</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">)</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">12,982</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">(300,472</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">)</FONT></TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.4pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">The accompanying
notes are an integral part of these consolidated financial statements.&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.4pt; text-align: justify">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.4pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>Adecoagro S.A.</B></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="margin-top: 0pt; text-align: center; margin-bottom: 0pt"><FONT STYLE="font-weight: normal; font-style: normal">(All
amounts in US$ thousands, except shares and per share data and as otherwise indicated)</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.4pt; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 20.25pt"><B>32.1</B></TD><TD STYLE="text-align: justify"><B>Basis of preparation and presentation (continued)</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 35.45pt"><B><I>(b) Standards,
amendments and interpretations to existing standards that are not yet effective</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">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&rsquo;s fiscal periods beginning after January 1, 2015 and which have not been early adopted by the Group:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 35.4pt">In May 2014, the IASB
issued IFRS 15, &quot;Revenue from contracts with customers&quot;, 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&rsquo;s contracts with customers. Revenue is recognized 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&rsquo; and IAS 11 &lsquo;Construction contracts&rsquo; and related interpretations. The standard is effective
for annual periods beginning on or after January 1, 2018 and earlier application is permitted. The Group has not yet assessed the
potential impact IFRS 15 may have on the financial position and results of operations of the Group.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 35.45pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 35.45pt">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&rsquo;s
project to replace IAS 39 Financial Instruments: Recognition and Measurement. It includes requirements on the classification and
measurement of financial assets and liabilities, as well as an expected credit losses model that replaces the current incurred
loss impairment model. The standard is effective for accounting periods beginning on or after January 1, 2018. Early adoption is
permitted. The Group has not yet assessed IFRS 9&rsquo;s full impact on the financial position and results of operations of the
Group.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 35.45pt">In September 2014,
the IASB issued the amendments to IFRS 10, &ldquo;Consolidated financial statements&rdquo; and IAS 28, &ldquo;Investments in associates
and joint ventures&rdquo;, which addresses an acknowledged inconsistency between the requirements of both standards in dealing
with the sale or contribution of assets between an investor and its associate or joint venture. These amendments must be applied
on annual periods beginning on or after January 1, 2016. The Group is currently assessing the impact these amendments may have
on the financial position and results of operations of the Group.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 35.4pt">In January 2016, the
IASB finished its long-standing project on lease accounting and published IFRS 16, &lsquo;Leases&rsquo;, which replaces the current
guidance in IAS 17. This will require far-reaching changes in accounting by lessees in particular. The standard applies to annual
periods beginning on or after 1 January 2019, with earlier application permitted if IFRS 15, &lsquo;Revenue from Contracts with
Customers&rsquo;, is also applied. The Group has not yet assessed the potential impact IFRS 16 may have on the financial position
and results of operations of the Group.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 35.4pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 35.4pt">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="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 35.4pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">The accompanying
notes are an integral part of these consolidated financial statements.&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 35.4pt">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 35.4pt">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>Adecoagro S.A.</B></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="margin-top: 0pt; text-align: center; margin-bottom: 0pt"><FONT STYLE="font-weight: normal; font-style: normal">(All
amounts in US$ thousands, except shares and per share data and as otherwise indicated)</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 35.4pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 20.25pt"><B>32.2</B></TD><TD STYLE="text-align: justify"><B>Scope of consolidation</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 35.45pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 35.45pt">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&rsquo;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="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 35.45pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 35.45pt; color: #141413"><B>(a)
Subsidiaries</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 35.45pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 35.45pt">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="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 35.45pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 35.45pt">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="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 35.45pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 35.45pt">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&rsquo;s proportionate share of the acquiree&rsquo;s net assets.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 35.45pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 35.45pt">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="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 35.45pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">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="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify; color: #141413"><B>(b) Changes
in ownership interests in subsidiaries without change of control</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #141413">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 35.45pt">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="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #141413">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify; color: #141413"><B>(c) Disposal
of subsidiaries</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #141413">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 35.45pt">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="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify; color: #141413"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify; color: #141413"><B>(d) Joint
arrangements</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">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.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">The accompanying
notes are an integral part of these consolidated financial statements.&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 35.45pt">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>Adecoagro S.A.</B></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="margin-top: 0pt; text-align: center; margin-bottom: 0pt; font-style: normal; font-weight: normal">(All amounts in US$ thousands, except shares and per share data and as otherwise indicated)</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 35.45pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 20.25pt"><B>32.2</B></TD><TD STYLE="text-align: justify"><B>Scope of consolidation (continued)</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 35.45pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 35.45pt">The Group has assessed
the nature of its joint arrangements and determined them to be joint ventures and value them under the equity method.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 35.45pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 35.45pt">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&rsquo;s share of the post-acquisition of profits or losses and movements
in other comprehensive income, respectively. When the share of losses of an investee equals or exceeds the carrying amount of an
investment the Group discontinue applying the equity method, the investment is reduced to zero and does not record additional losses.
If the investee subsequently reports net income, the Group would resume applying the equity method only after its share of that
net income equals the share of net losses not recognized during the period the equity method was suspended.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #141413">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 35.45pt; color: #141413">Unrealized
gains on transactions between the Group and its joint ventures are eliminated to the extent of the Group&rsquo;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.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 35.45pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 20.25pt"><B>32.3</B></TD><TD STYLE="text-align: justify"><B>Segment reporting</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 35.45pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #141413">According to IFRS&nbsp;8,
operating segments are identified based on the &lsquo;management approach&rsquo;. This approach stipulates external segment reporting
based on the Group&rsquo;s internal organizational and management structure and on internal financial reporting to the chief operating
decision maker (the Management Committee in the case of the Company)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 20.25pt"><B>32.4</B></TD><TD STYLE="text-align: justify"><B>Foreign currency translation</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 35.45pt"><B><I>(a) Functional
and presentation currency</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Items included in the
financial statements of each of the Group&rsquo;s entities are measured using the currency of the primary economic environment
in which the entity operates (&lsquo;the functional currency&rsquo;). The consolidated financial statements are presented in US
dollars, which is the Group&rsquo;s presentation currency.</P>

<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; text-align: justify; text-indent: 35.45pt"><B><I>(b) Transactions
and balances</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">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 &ldquo;Finance income&rdquo; or &ldquo;Finance cost&rdquo;, as appropriate.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 35.45pt"><B><I>(c) Group companies</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 35.45pt"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">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:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 35.45pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 49.65pt"></TD><TD STYLE="width: 21.25pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">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;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 49.65pt"></TD><TD STYLE="width: 21.25pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">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</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 49.65pt"></TD><TD STYLE="width: 21.25pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">all resulting exchange differences are recognized as a separate component of equity.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 70.9pt; text-align: justify; text-indent: -21.25pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">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="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">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.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">The accompanying
notes are an integral part of these consolidated financial statements.&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>


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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>Adecoagro S.A.</B></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="margin-top: 0pt; text-align: center; margin-bottom: 0pt; font-style: normal; font-weight: normal">(All amounts in US$ thousands, except shares and per share data and as otherwise indicated)</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 20.25pt"><B>32.5</B></TD><TD STYLE="text-align: justify"><B>Property, plant and equipment</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 35.45pt">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. Under the definition of Property plant and equipment is included
the bearer plants, such as sugarcane and coffe trees.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 35.45pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 35.45pt">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="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 35.45pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 35.45pt">Subsequent costs
are included in the asset&rsquo;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="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 35.45pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 35.45pt">The depreciation
methods and periods used by the group are disclosed in Note 12.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 35.45pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 35.45pt">Gains and losses
on disposals are determined by comparing the proceeds with the carrying amount and are recognized within &ldquo;Other operating
income, net&rdquo; in the statement of income.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>&nbsp;</I></B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 20.25pt"><B>32.6</B></TD><TD STYLE="text-align: justify"><B>Investment property</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 35.45pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 35.45pt">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,
and it is measured at cost less accumulated depreciation and any impairment losses if any.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.55in; text-align: justify; text-indent: -4.15pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 20.25pt"><B>32.7</B></TD><TD STYLE="text-align: justify"><B>Leases</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 35.45pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 35.45pt">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&rsquo;s inception at the lower of the fair value of the leased property and the present value of the minimum lease payments.
The corresponding rental obligations, net of finance charges, are included as &ldquo;Borrowings&rdquo;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 35.45pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 20.25pt"><B>32.8</B></TD><TD STYLE="text-align: justify"><B>Goodwill</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 35.45pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">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 on acquisition is initially measured at cost. being the excess of the consideration over
the fair value of the Group&rsquo;s share of net assets of the acquired subsidiary undertaking at the acquisition date. Following
initial recognition, goodwill is measured at cost less any accumulated impairment losses. It 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 &ldquo;Intangible assets&rdquo; on the statement of financial position. 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="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">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 32.10).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">The accompanying
notes are an integral part of these consolidated financial statements.&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>Adecoagro S.A.</B></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="margin-top: 0pt; text-align: center; margin-bottom: 0pt; font-style: normal; font-weight: normal">(All amounts in US$ thousands, except shares and per share data and as otherwise indicated)</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 20.25pt"><B>32.9</B></TD><TD STYLE="text-align: justify"><B>Other intangible assets</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">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. 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.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.2pt"></TD><TD STYLE="width: 0.5in"><B>32.10</B></TD><TD STYLE="text-align: justify"><B>Impairment of assets</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 35.45pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 35.45pt"><B>Goodwill</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 35.45pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 35.45pt">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 may 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 33 (a) for details).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 35.45pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 35.45pt"><B>Property, plant
and equipment and finite lived intangible assets</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 35.45pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 35.45pt">At each statement
of financial position date, the Group reviews the carrying amounts of its property, plant and equipment and other intangible assets
which have finite lives 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="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 35.45pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 35.45pt">If the recoverable
amount of an asset or cash-generating unit is estimated to be less than its carrying amount, that carrying amount is reduced to
its recoverable amount. An impairment loss is recognized immediately in the statement of income.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 35.45pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 35.45pt">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.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 35.45pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><B>32.11</B></TD><TD STYLE="text-align: justify"><B>Biological assets</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 35.45pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">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="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 35.45pt">The Group distinguishes
between consumable and bearer biological assets, and between mature and immature biological assets. &ldquo;Consumable&rdquo; biological
assets are those assets that may be harvested as agriculture produce or sold as biological assets, for example livestock intended
for dairy production. &ldquo;Bearer&rdquo; biological assets are those assets capable of producing more than one harvest, for example
sugarcane or livestock from which raw milk is produced. &ldquo;Mature&rdquo; biological assets are those that have attained harvestable
specifications (for consumable biological assets) or are able to sustain regular harvests (for bearer biological assets). &ldquo;Immature&rdquo;
biological assets are those assets other than mature biological assets.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 35.45pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 35.45pt">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="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 35.45pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">The accompanying
notes are an integral part of these consolidated financial statements.&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 35.45pt">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 35.45pt">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>Adecoagro S.A.</B></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="margin-top: 0pt; text-align: center; margin-bottom: 0pt; font-style: normal; font-weight: normal">(All amounts in US$ thousands, except shares and per share data and as otherwise indicated)</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 35.45pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.2pt"></TD><TD STYLE="width: 0.5in"><B>32.11</B></TD><TD STYLE="text-align: justify"><B>Biological assets (continued)</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 35.45pt">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="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 35.45pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 35.45pt">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 &ldquo;Initial
recognition and changes in fair value of biological assets and agricultural produce&rdquo;.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 35.45pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 35.45pt">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.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 35.45pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 35.45pt">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&rsquo;s business segments follow:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 35.45pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 35.45pt"></TD><TD STYLE="width: 21.25pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><I>Growing crops:</I></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 56.7pt; text-align: justify"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 35.45pt">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="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 35.45pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 35.45pt">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="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 35.45pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 35.45pt">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="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify"><I>&nbsp;</I></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 35.45pt"></TD><TD STYLE="width: 21.25pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><I>Growing herd and cattle:</I></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 35.45pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 35.45pt">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="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 35.45pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 35.45pt"></TD><TD STYLE="width: 21.25pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><I>Coffee:</I></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 35.45pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 35.45pt">The agricultural produce growing on the coffee trees, are biological
assets, and are valued at fair value less cost to sell. Projected costs include maintenance, pruning, land leasing, harvesting
and coffee treatment. These estimates are discounted at an appropriate discount rate.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt">The accompanying
notes are an integral part of these consolidated financial statements.&nbsp;</P>

<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"><I>&nbsp;</I></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>Adecoagro S.A.</B></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="margin-top: 0pt; text-align: center; margin-bottom: 0pt; font-style: normal; font-weight: normal">(All amounts in US$
thousands, except shares and per share data and as otherwise indicated)</P>

<P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt; font-style: normal; font-weight: normal">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.2pt"></TD><TD STYLE="width: 0.5in"><B>32.11.</B></TD><TD STYLE="text-align: justify"><B>Biological assets (continued)</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 56.7pt; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 35.45pt"></TD><TD STYLE="width: 21.25pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><I>Sugarcane:</I></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 35.45pt">Sugarcane planting
costs form part of Property plant and equipment. The agricultural produce growing on sugarcane is classified as biological assets
and are measured at fair value less cost to sell. The fair value of agricultural produce growing on sugarcane depends on the variety,
location and maturity of the plantation.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 35.45pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 35.45pt">Agricultural produce
growing in the Sugarcane, for which biological growth is not significant, is valued at cost, which approximates fair value. Expenditure
on the agricultural produce growing in the sugarcane consists mainly of labor, agrochemicals and fertilizers among others. 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 and land leasing among others. These estimates are discounted at an appropriate discount rate<FONT STYLE="font-size: 10pt">.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 35.45pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.2pt"></TD><TD STYLE="width: 0.5in"><B>32.12</B></TD><TD STYLE="text-align: justify"><B>Inventories</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 35.45pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 35.45pt">Inventories comprise
of raw materials, finished goods (including harvested agricultural produce and manufactured goods) and others.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 35.45pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 35.45pt">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 &ldquo;Changes in net realizable value of agricultural produce after harvest&rdquo;.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 35.45pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 35.45pt">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="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 35.45pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.2pt"></TD><TD STYLE="width: 0.5in"><B>32.13</B></TD><TD STYLE="text-align: justify"><B>Financial assets</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">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 17).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B>(a) Recognition
and measurement</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">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="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 35.45pt">Gains or losses arising
from changes in the fair value of the &ldquo;financial assets at fair value through profit or loss&rdquo; category are presented
in the statement of income within &ldquo;Other operating income, net&rdquo; in the period in which they arise.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 35.45pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">The accompanying
notes are an integral part of these consolidated financial statements.&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 35.45pt">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 35.45pt">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>Adecoagro S.A.</B></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="margin-top: 0pt; text-align: center; margin-bottom: 0pt; font-style: normal; font-weight: normal">(All amounts in US$ thousands, except shares and per share data and as otherwise indicated)</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 35.45pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.2pt"></TD><TD STYLE="width: 0.5in"><B>32.13</B></TD><TD STYLE="text-align: justify"><B>Financial assets (continued)</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">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&rsquo;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="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">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 32.15.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt"><B>(</B></FONT><B>b)
Offsetting financial instruments</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">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="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.2pt"></TD><TD STYLE="width: 0.5in"><B>32.14</B></TD><TD STYLE="text-align: justify"><B>Derivative financial instruments and hedging activities</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 35.45pt">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="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 35.45pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 35.45pt">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="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 35.45pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 35.45pt">The Group&rsquo;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 &ldquo;held for
trading&rdquo; 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 &ldquo;Other operating income, net&rdquo;. Gains
and losses on interest rate and foreign exchange rate derivatives are classified within &lsquo;Financial results, net&rsquo;. The
Group designates certain derivatives as hedges of the foreign currency risk associated with highly probable forecast transactions
(cash flow hedge).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 35.45pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 35.45pt">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="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 35.45pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 35.45pt"><I>Cash flow hedge</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 35.45pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 35.45pt">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 &quot;Finance
income&rdquo; or &ldquo;Finance cost&rdquo;, as appropriate.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 35.45pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">The accompanying
notes are an integral part of these consolidated financial statements.&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 35.45pt">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>Adecoagro S.A.</B></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="margin-top: 0pt; text-align: center; margin-bottom: 0pt; font-style: normal; font-weight: normal">(All amounts in US$ thousands, except shares and per share data and as otherwise indicated)</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.2pt"></TD><TD STYLE="width: 0.5in"><B>32.14</B></TD><TD STYLE="text-align: justify"><B>Derivative financial instruments and hedging activities (continued)</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 35.45pt">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 &quot;Finance income&rdquo; or &ldquo;Finance cost&rdquo;,
as appropriate.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 35.45pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 35.45pt">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="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.2pt"></TD><TD STYLE="width: 0.5in"><B>32.15</B></TD><TD STYLE="text-align: justify"><B>Trade and other receivables and trade and other payables</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 35.45pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Trade receivables are
recognized initially at fair value and subsequently measured at amortized cost using the effective interest method. In the case
of receivables, less allowance for trade receivables.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">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. Subsequent recoveries
of amounts previously written off are credited against selling expenses in the statement of income.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.2pt"></TD><TD STYLE="width: 0.5in"><B>32.16</B></TD><TD STYLE="text-align: justify"><B>Cash and cash equivalents</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 35.45pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">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.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.2pt"></TD><TD STYLE="width: 0.5in"><B>32.17</B></TD><TD STYLE="text-align: justify"><B>Borrowings</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 35.45pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 35.45pt">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="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 35.45pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.2pt"></TD><TD STYLE="width: 0.5in"><B>32.18</B></TD><TD STYLE="text-align: justify"><B>Provisions</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 35.45pt">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="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 35.45pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.2pt"></TD><TD STYLE="width: 0.5in"><B>32.19</B></TD><TD STYLE="text-align: justify"><B>Onerous contracts</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 35.45pt">The Group enters
into contracts, which require the Group to sell commodities in accordance with the Group'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 &ldquo;Provision and other liabilities&rdquo; in the statement of financial position. Losses under these onerous contracts
are recognized within &ldquo;Other operating income, net&rdquo; in the statement of income.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 35.45pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">The accompanying
notes are an integral part of these consolidated financial statements.&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 35.45pt">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 20.25pt; text-align: justify; text-indent: -20.25pt"><B>&nbsp;</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>Adecoagro S.A.</B></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="margin-top: 0pt; text-align: center; margin-bottom: 0pt; font-style: normal; font-weight: normal">(All amounts in US$
thousands, except shares and per share data and as otherwise indicated)</P>

<P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt; font-style: normal; font-weight: normal">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.2pt"></TD><TD STYLE="width: 0.5in"><B>32.20</B></TD><TD STYLE="text-align: justify"><B>Current and deferred income tax</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 35.45pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Group&rsquo;s tax
benefit or expense for each year comprises the charge for current tax payable and deferred taxation attributable to the Group&rsquo;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="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">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&rsquo;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="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">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&rsquo;s subsidiaries operate and generate taxable income.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">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-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">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="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">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="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">The accompanying
notes are an integral part of these consolidated financial statements.&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>Adecoagro S.A.</B></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="margin-top: 0pt; text-align: center; margin-bottom: 0pt; font-style: normal; font-weight: normal">(All amounts in US$ thousands, except shares and per share data and as otherwise indicated)</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><B>32.21</B></TD><TD STYLE="text-align: justify"><B>Revenue recognition</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Group&rsquo;s primary
activities comprise agricultural and agro-industrial activities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Group&rsquo;s agricultural
activities comprise growing and selling agricultural produce. In accordance with IAS 41 &ldquo;Agriculture&rdquo;, 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 32.11 and 32.12 for additional
details.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Group&rsquo;s agro-industrial
activities comprise the selling of manufactured products (i.e. industrialized rice, milk-related products, ethanol, sugar, energy,
among others). These 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. 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. Transfers of risks and rewards vary
depending on the individual terms of the contract of sale.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">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="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">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="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Group is a party
to a 10-year power agreement for the sale of electricity which expires in 2018. 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, these two agreements will expire in 2024 and 2025, respectively. Prices under all the agreements are adjusted annually
for inflation. Revenue related to the sale of electricity under these two agreements is recorded based upon output delivered.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.2pt"></TD><TD STYLE="width: 0.5in"><B>32.22</B></TD><TD STYLE="text-align: justify"><B>Farmlands sales</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Group&rsquo;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="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">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 &ldquo;farmland sales&rdquo; are included in the statement of income under the line item
&ldquo;Other operating income, net&rdquo;.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">The accompanying
notes are an integral part of these consolidated financial statements.&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>Adecoagro S.A.</B></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="margin-top: 0pt; text-align: center; margin-bottom: 0pt; font-style: normal; font-weight: normal">(All amounts in US$ thousands, except shares and per share data and as otherwise indicated)</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.2pt"></TD><TD STYLE="width: 0.5in"><B>32.23</B></TD><TD STYLE="text-align: justify"><B>Assets held for sale and discontinued operations</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 35.45pt">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. 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="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 35.45pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 35.45pt">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="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.2pt"></TD><TD STYLE="width: 0.5in"><B>32.24</B></TD><TD STYLE="text-align: justify"><B>Earnings per share</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">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="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.2pt"></TD><TD STYLE="width: 0.5in"><B>32.25</B></TD><TD STYLE="text-align: justify"><B>Equity-settled share-based payments</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Group issues equity
settled share-based payments to certain directors, senior management and employees. Options under the awards were measured at fair
value at the date of grant. 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="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.2pt"></TD><TD STYLE="width: 0.5in"><B>32.26</B></TD><TD STYLE="text-align: justify"><B>Research and development</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">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="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-top: 0pt; text-align: center; margin-bottom: 0pt">The accompanying
notes are an integral part of these consolidated financial statements.&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>


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    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: -0.25in"><B>&nbsp;</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>Adecoagro S.A.</B></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="margin-top: 0pt; text-align: center; margin-bottom: 0pt; font-style: normal; font-weight: normal">(All amounts in US$
thousands, except shares and per share data and as otherwise indicated)</P>

<P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt; font-style: normal; font-weight: normal">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.2pt"></TD><TD STYLE="width: 0.5in"><B>33.</B></TD><TD><B>Critical accounting estimates and judgments</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 35.45pt">Critical accounting
policies are those that are most important to the portrayal of the Group&rsquo;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&rsquo;s
critical accounting policies are discussed below.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 35.45pt">Actual results could
differ from estimates used in employing the critical accounting policies and these could have a material impact on the Group&rsquo;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&rsquo;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="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 35.45pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 35.45pt"><B><I>(a)Impairment
testing</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 35.45pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 35.45pt">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&rsquo;s 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-align: justify; text-indent: 35.45pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 35.45pt">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="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 35.45pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 35.45pt">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-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 35.45pt">Farmlands may be
used for different activities that may generate independent cash flows. When farmlands are used for single activities (i.e. crops),
these are considered as one CGU. 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. Generally,
each separate farmland within Argentina and Uruguay are treated as single CGUs, while in Brazil, management 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-align: justify; text-indent: 35.45pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Based on these criteria,
management identified a total amount of 39 CGUs as of September 30, 2016 and thirty-eight CGUs as of September 30, 2015.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 35.45pt">As of September 30,
2016 and 2015, there were no impairment indicators on the Company&rsquo;s long lived assets. Therefore, the Group only tested those
CGUs with allocated goodwill in Argentina, Brazil and Uruguay.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 35.45pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 35.45pt"><B><I>CGUs tested
based on a fair-value-less-costs-to-sell model at September 30, 2016 and 2015:</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 35.45pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 35.45pt">As of September 30,
2016, the Group identified 11 CGUs in Argentina and Uruguay (2015: 11 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 &ldquo;sales comparison
approach&rdquo; 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="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-top: 0pt; text-align: center; margin-bottom: 0pt">The accompanying
notes are an integral part of these consolidated financial statements.&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>&nbsp;</I></B></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>Adecoagro S.A.</B></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="margin-top: 0pt; text-align: center; margin-bottom: 0pt; font-style: normal; font-weight: normal">(All amounts in US$ thousands, except shares and per share data and as otherwise indicated)</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><B>33.</B></TD><TD STYLE="text-align: justify"><B>Critical accounting estimates and judgments (continued)</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 35.45pt">Fair values are determined
by extensive analysis which includes current and potential soil productivity of the land (the ability to produce crops and maintain
livestock) 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. Outbuildings are valued based on their size, age and design.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 35.45pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 35.45pt">Based on the factors
described above, each farm property is assigned different soil classifications for the purposes of establishing a value, Soil classifications
quantify the factors that contribute to the agricultural capability of the soil. Soil classifications range from the most productive
to the least productive.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 35.45pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 35.45pt">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.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 35.45pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 35.45pt">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="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 35.45pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 35.45pt">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="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 35.45pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 35.45pt">The following table
shows only the 11 CGUs (2015: 11 CGUs) where goodwill was allocated at each period end and the corresponding amount of goodwill
allocated to each one:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 35.45pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 85%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid; vertical-align: middle; padding-left: 0.08in">CGU / Operating segment / Country</TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt; text-align: center; vertical-align: middle">&nbsp;</TD>
    <TD COLSPAN="3" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid; vertical-align: middle">September 30,<BR> 2016</TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt; text-align: center; vertical-align: middle">&nbsp;</TD>
    <TD COLSPAN="3" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid; vertical-align: middle">September 30,<BR> 2015</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 74%; text-align: left; padding-left: 0.08in">La Carolina / Crops / Argentina</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; text-align: right">40</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; text-align: right">64</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 0.08in">La Carolina / Cattle / Argentina</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">13</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">22</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-left: 0.08in">El Orden/ Crops / Argentina</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">60</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">97</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 0.08in">El Orden/ Cattle / Argentina</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">5</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">8</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-left: 0.08in">La Guarida / Crops / Argentina</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">405</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">658</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 0.08in">La Guarida / Cattle / Argentina</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">330</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">536</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-left: 0.08in">Los Guayacanes / Crops / Argentina</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">511</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">830</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 0.08in">Do&ntilde;a Marina / Rice / Argentina</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,803</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2,930</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-left: 0.08in">Huelen / Crops / Argentina</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2,020</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">3,283</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 0.08in">El Colorado / Crops / Argentina</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">890</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,446</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-bottom: 1pt; padding-left: 0.08in">El Colorado / Cattle / Argentina</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">130</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">211</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; text-align: left; padding-bottom: 1pt; padding-left: 0.08in">Closing net book value of goodwill allocated to CGUs tested (Note 14)</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">6,207</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">10,085</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-bottom: 1pt; padding-left: 0.08in">Closing net book value of PPE items and other assets allocated to CGUs tested</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">36,901</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">54,272</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; text-align: left; padding-bottom: 2.5pt; padding-left: 0.08in">Total assets allocated to CGUs tested</TD><TD STYLE="font-weight: bold; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">43,108</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">64,357</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 14.2pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 35.45pt">Based on the testing
above, the Group determined that none of the CGUs, with allocated goodwill, were impaired at September 30, 2016 and 2015.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt">The accompanying
notes are an integral part of these consolidated financial statements.&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


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    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>Adecoagro S.A.</B></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="margin-top: 0pt; text-align: center; margin-bottom: 0pt; font-style: normal; font-weight: normal">(All amounts in US$ thousands, except shares and per share data and as otherwise indicated)</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.2pt"></TD><TD STYLE="width: 0.5in"><B>33.</B></TD><TD><B>Critical accounting estimates and judgments (continued)</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 35.45pt"><B><I>CGUs tested
based on a value-in-use model at September 30, 2016 and 2015:</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 35.45pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 35.45pt">As of September 30,
2016, the Group identified 3 CGUs (2015: 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. In calculating value-in-use, management may be assisted by the work of external
advisors.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 35.45pt"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 35.45pt">The key assumptions
used by management in the value-in-use calculations which are considered to be most sensitive to the calculation are:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 35.45pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 85%; border-collapse: collapse; margin-left: 0.25in">
<TR>
    <TD STYLE="width: 36%; border-bottom: Black 1pt solid; text-align: center; padding-left: 0.08in"><B>Key Assumptions</B></TD>
    <TD STYLE="vertical-align: top; width: 3%; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 29%; border-bottom: Black 1pt solid; text-align: center"><B>September 30,</B><BR>
<B>2016</B></TD>
    <TD STYLE="vertical-align: top; width: 3%; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 29%; border-bottom: Black 1pt solid; text-align: center"><B>September 30,</B><BR>
<B>2015</B></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-left: 0.08in">Financial projections</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD>Covers 4 years for UMA</TD>
    <TD>&nbsp;</TD>
    <TD>Covers 4 years for UMA</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-left: 0.08in">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD>Cover 7 years for AVI</TD>
    <TD>&nbsp;</TD>
    <TD>Cover 7 years for AVI</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-left: 0.08in">Yield average growth rates</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD>0-1%</TD>
    <TD>&nbsp;</TD>
    <TD>0-1%</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-left: 0.08in">Future pricing increases</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD>3% per annum</TD>
    <TD>&nbsp;</TD>
    <TD>1% per annum</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-left: 0.08in">Future cost increases</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD>3% per annum</TD>
    <TD>&nbsp;</TD>
    <TD>1% per annum</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-left: 0.08in">Discount rates</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD>6.22%</TD>
    <TD>&nbsp;</TD>
    <TD>6.5%</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-left: 0.08in">Perpetuity growth rate</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD>2.%</TD>
    <TD>&nbsp;</TD>
    <TD>2%</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 35.45pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 35.45pt">Discount rates are
based on the risk-free rate for U. S. government bonds, adjusted for a risk premium to reflect the increased risk of investing
in South America and Brazil in particular. The risk premium adjustment is assessed for factors specific to the respective CGUs
and reflects the countries that the CGUs operate in.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 35.45pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 35.45pt">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="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.55pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 88%; font: 10pt Times New Roman, Times, Serif; margin-left: 0.25in">
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid; padding-left: 0.08in; vertical-align: middle">CGU/ Operating segment</TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">September 30,<BR> 2016</TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">September 30,<BR> 2015</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 74%; text-align: left; padding-left: 0.08in">AVI / Sugar, Ethanol and Energy</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; text-align: right">4,892</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; text-align: right">3,997</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1pt; padding-left: 0.08in">UMA / Sugar, Ethanol and Energy</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">2,564</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">2,122</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-weight: bold; text-align: left; padding-bottom: 1pt; padding-left: 0.08in">Closing net book value of goodwill allocated to CGUs tested (Note 14)</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">7,456</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">6,119</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1pt; padding-left: 0.08in">Closing net book value of PPE items and other assets allocated to CGUs tested</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">689,857</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">554,688</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-weight: bold; text-align: left; padding-bottom: 2.5pt; padding-left: 0.08in">Total assets allocated to 3 CGUs tested</TD><TD STYLE="font-weight: bold; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">697,313</TD><TD STYLE="padding-bottom: 2.5pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">560,807</TD><TD STYLE="padding-bottom: 2.5pt; font-weight: bold; text-align: left">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 35.45pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 35.45pt">Based on the testing
above, the Group determined that none of the CGUs, with allocated goodwill, were impaired at September 30, 2016 and 2015.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 35.45pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 35.45pt">Management views these assumptions as
conservative and does not believe that any reasonable change in the assumptions would cause the carrying value of these CGU&rsquo;s
to exceed the recoverable amount.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: -0.25in"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt">The accompanying
notes are an integral part of these consolidated financial statements.&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: -0.25in"><B>&nbsp;</B></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: -0.25in"><B>&nbsp;</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>Adecoagro S.A.</B></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="margin-top: 0pt; text-align: center; margin-bottom: 0pt; font-style: normal; font-weight: normal"><FONT STYLE="font-weight: normal; font-style: normal">(All
amounts in US$ thousands, except shares and per share data and as otherwise indicated)</FONT></P>

<P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt; font-style: normal; font-weight: normal"><FONT STYLE="font-weight: normal; font-style: normal">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.2pt"></TD><TD STYLE="width: 0.5in"><B>33.</B></TD><TD><B>Critical accounting estimates and judgments (continued)</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 35.45pt"><B><I>(b) Biological
assets</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 35.45pt"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The nature of the Group&rsquo;s biological assets and the basis
of determination of their fair value are explained under Note 32.11. 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="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 35.45pt">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&rsquo;s
control including but not limited to extreme or unusual weather conditions, plagues and other crop diseases, among other factors.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 35.45pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 35.45pt">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 15).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 35.45pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 35.45pt"><B><I>(c) Fair value
of derivatives and other financial instruments</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 35.45pt">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="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 35.45pt"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 35.45pt"><B><I>(d) Income
taxes</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 35.45pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Group is subject
to income taxes in numerous jurisdictions. Significant judgment 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="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">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. 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 10 for details).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.55pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">The accompanying
notes are an integral part of these consolidated financial statements.&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.55pt">&nbsp;</P>


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<DESCRIPTION>EXHIBIT 1.1
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<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right"><B>Exhibit 1.1</B></P>



<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="font: 18pt Arial Narrow, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right"><B>Document &eacute;mis &eacute;lectroniquement</B></P>



<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><B>Registre de Commerce et des Soci&eacute;t&eacute;s</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">Num&eacute;ro RCS : B153681</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">R&eacute;f&eacute;rence de d&eacute;p&ocirc;t : L160156559</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">D&eacute;pos&eacute; et enregistr&eacute; le 12/08/2016</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" ALIGN="CENTER" STYLE="font-size: 10pt; width: 65%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 100%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-left: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center; padding-top: 4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>Adecoagro S.A.</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-left: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-left: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Soci&eacute;t&eacute; anonyme</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-left: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-left: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Si&egrave;ge social: L-2453 Luxembourg, 6, rue Eug&egrave;ne Ruppert</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-left: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-left: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center; padding-bottom: 4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">R.C.S. Luxembourg B 153.681</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center">**********************************************************************************</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><B>&nbsp;&nbsp;</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><B>STATUTS COORDONNES &agrave; la date du
20 avril 2016</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><B>&nbsp;&nbsp;</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><B>**********************************************************************************</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><B></B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; border-bottom: Black 2pt double"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><B>&nbsp;</B></P>


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<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="font: 18pt Arial Narrow, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right"><B>Document &eacute;mis &eacute;lectroniquement</B></P>



<P STYLE="margin: 0">&nbsp;<B>&nbsp;</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><B>FORM, DENOMINATION, DURATION, REGISTERED OFFICE</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><B>Article 1. &nbsp;&nbsp;Form, Name</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">There exists a company in the form of a <I>soci&eacute;t&eacute;
anonyme</I>, under the name of <B>Adecoagro S.A. </B>(the &ldquo;Company&rdquo;).</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><B>Article 2.  &nbsp;&nbsp;Duration</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">The Company is established for an undetermined duration. The
Company may be dissolved at any time by a resolution of the Shareholders adopted in the manner required for amendment of these
Articles of Incorporation.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><B>Article 3.  &nbsp;&nbsp;Registered office</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><B>3.1 </B>&nbsp;&nbsp;&nbsp;The Company has its registered office in the City
of Luxembourg, Grand-Duchy of Luxembourg. It may be transferred to any other place in the Grand Duchy of Luxembourg by means of
a resolution of a General Meeting deliberating in the manner provided for amendments to the Articles.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><B>3.2 </B> &nbsp;&nbsp;&nbsp;The address of the registered office may be transferred
within the municipality by decision of the Board of Directors.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><B>3.3 </B> &nbsp;&nbsp;&nbsp;The Company may have offices and branches, both in
Luxembourg and abroad.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><B>3.4 </B> &nbsp;&nbsp;&nbsp;In the event that the Board of Directors determines
that extraordinary political, economic or social developments have occurred or are imminent that would interfere with the normal
activities of the Company at its registered office, or with the ease of communication between such office and persons abroad, the
registered office may be temporarily transferred abroad until the complete cessation of these abnormal circumstances; such temporary
measures shall have no effect on the nationality of the Company which, notwithstanding the temporary transfer of its registered
office, will remain a Luxembourg company. Such temporary measures will be taken and notified to any interested parties by the Board
of Directors.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><B>PART I.  &nbsp;&nbsp;&nbsp;&nbsp;PURPOSE, OBJECT</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><B>Article 4.  &nbsp;&nbsp;Purpose, Object</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><B>4.1  &nbsp;&nbsp;&nbsp;</B>The object of the Company 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. The Company may carry out its business through branches
in Luxembourg or abroad.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><B>4.2 </B>  &nbsp;&nbsp;&nbsp;The Company may borrow in any form and proceed to
the issue by private or public of bonds, convertible bonds and debentures or any other securities or instruments it deems fit.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><B>4.3 </B>  &nbsp;&nbsp;&nbsp;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 the Company has an interest
or which form part of the group of companies to which the Company belongs or any entity as the Company 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="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><B>4.4 </B>  &nbsp;&nbsp;&nbsp;Finally, the Company 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="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>


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<P STYLE="font: 18pt Arial Narrow, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right"><B>Document &eacute;mis &eacute;lectroniquement</B></P>



<P STYLE="margin: 0">&nbsp;</P>


<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><B>PART II.&nbsp;&nbsp;&nbsp; SHARE CAPITAL &ndash; SHARES</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><B>Article 5. &nbsp;&nbsp;Share capital</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">5.1.   &nbsp;The Company has an issued share capital of one hundred and
eighty-three million five hundred and seventy-two thousand seven hundred and twenty-two US Dollars and fifty cents (USD 183,572,722.50)
represented by a total of one hundred and twenty-two million three hundred and eighty-one thousand eight hundred and fifteen (122,381,815)
fully paid Shares, each with a nominal value of one US Dollar and fifty cents (USD1.5), with such rights and obligations as set
forth in the present Articles.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">5.1.1 The Company has an authorized share
capital of three billion US Dollars (USD3,000,000,000), including the issued share capital, represented by two billion (2,000,000,000)
shares, each with a nominal value of one US Dollar and fifty cents (USD1.5). The Company&rsquo;s share capital (and any authorization
granted to the Board of Directors in relation thereto) shall be valid from 20<SUP>th</SUP> April 2016 and until the fifth anniversary
of publication in the M&eacute;morial of the deed of the extraordinary General Shareholder&rsquo;s Meeting held on 20<SUP>th</SUP> April
2016. The Board of Directors, or any delegate(s) duly appointed by the Board of Directors, may from time to time issue shares
within the limits of the authorized share capital 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 Shareholder&rsquo;s Meeting 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.&rdquo;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">5.1.2&nbsp;The issued and the authorised un-issued share capital of
the Company may be increased or reduced one or several times by a resolution of the General Meeting of Shareholders adopted in
compliance with the quorum and majority rules set by these Articles of Incorporation or, as the case may be, by law for any amendment
of these Articles of Incorporation.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><B>5.2 </B>&nbsp;&nbsp;&nbsp;The Company may not issue fractional Shares. The Board
of Directors shall be authorised at its discretion to provide for the payment of cash or the issuance of scrip in lieu of any fraction
of a Share.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><B>5.3 </B>  &nbsp;&nbsp;&nbsp;The Company or its subsidiaries may proceed to the
purchase or repurchase of its own Shares and may hold Shares in treasury, each time within the limits laid down by law.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><B>5.4 </B>  &nbsp;&nbsp;&nbsp;Any Share premium shall be freely distributable in
accordance with the provision of these Articles.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><B>Article 6. &nbsp;&nbsp;Securities in registered form only</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><B>6.1 &nbsp;&nbsp;&nbsp;Shares</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">6.1.1 Shares of the Company are in registered form only.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">6.1.2 A register of Shares will be kept by the Company and will
be available for inspection by any registered shareholder. Ownership of registered Shares will be established by inscription in
the said register or in the event separate registrars have been appointed pursuant to Article 6.1.3, such separate register. Without
prejudice to the conditions for transfer by book entry in the case provided for in Article 6.1.7 of the present Articles, a transfer
of registered Shares shall be carried out by means of a declaration of transfer entered in the relevant register, dated and signed
by the transferor and the transferee or by their duly authorised representatives. The Company may accept and enter in the relevant
register a transfer on the basis of correspondence or other documents recording the agreement between the transferor and the transferee.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>


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<P STYLE="font: 18pt Arial Narrow, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right"><B>Document &eacute;mis &eacute;lectroniquement</B></P>



<P STYLE="margin: 0">&nbsp;</P>


<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">6.1.3 The Company may appoint registrars in different jurisdictions
who will each maintain a separate register for the registered shares entered therein and the holders of 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. The 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&rsquo;s registered
office may always be requested.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">6.1.4 Subject to the provisions of Article 6.1.7, the Company
may consider the person in whose name the registered Shares are registered in the register(s) of Shareholders as the full owner
of such registered Shares. The Company shall be completely free from any responsibility in dealing with such registered Shares
towards third parties and shall be justified in considering any right, interest or claims of such third parties in or upon such
registered shares to be non-existent, subject, however, to any right which such third party might have to demand the registration
or change in registration of registered Shares. In the event that a holder of registered shares does not provide an address to
which all notices or announcements from the Company may be sent, the Company may permit a notice to this effect to be entered into
the register(s) of Shareholders and such holder&rsquo;s address will be deemed to be at the registered office of the Company or such
other address as may be so entered by the Company from time to time, until a different address shall be provided to the Company
by such holder. The holder may, at any time, change his address as entered in the register(s) of Shareholders by means of written
notification to the Company or the relevant registrar.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">6.1.5 The Board may decide that no entry shall be made in the
register of Shareholders and no notice of a transfer shall be recognised by the Company or a registrar during the period starting
on the fifth (5) business day before the date of a General Meeting and ending at the close of that General Meeting, unless the
Board sets a shorter time limit.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">6.1.6 All communications and notices to be given to a registered
Shareholder shall be deemed validly made to the latest address communicated by the Shareholder to the Company.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">6.1.7 Where Shares are recorded in the register of Shareholders
on behalf of one or more persons in the name of a securities settlement system or the operator of such a system or in the name
of a professional securities depositary or any other depositary (such systems, professionals or other depositaries being referred
to hereinafter as &ldquo;Depositaries&rdquo;) or of a sub-depositary designated by one or more Depositaries, the Company - subject
to having received from the Depositary with whom those Shares are kept in account a certificate in proper form - will permit those
persons to exercise the rights attaching to those Shares, including admission to and voting at General Meetings. The Board of Directors
may determine the formal requirements with which such certificates must comply. Notwithstanding the foregoing, the Company will
make dividend payments and any other payments in cash, Shares or other securities only to the Depositary or sub-depositary recorded
in the register or in accordance with its instructions, and such payment will effect full discharge of the Company&rsquo;s obligations.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">6.1.8 Upon the written request of a Shareholder, registered nominative
Share certificate(s) recording the entry of such Shareholder in the register of Shareholders may be issued in such denominations
as the Board of Directors shall prescribe to the requesting Shareholder and, in the case provided for in Article 6.1.7 of the present
Articles and upon request, to the Depositaries or sub-depositaries recorded in the register(s). The certificates so issued shall
be in such form and shall bear such legends and such numbers of identification as shall be determined by the Board of Directors.
Such certificates shall be signed manually or by facsimile by two (2) Board Members. Lost, stolen or mutilated certificates will
be replaced by the Company upon such evidence, undertakings and indemnities as may be deemed</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>


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<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="font: 18pt Arial Narrow, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right"><B>Document &eacute;mis &eacute;lectroniquement</B></P>



<P STYLE="margin: 0">&nbsp;</P>


<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">satisfactory to the Company, provided that mutilated share certificates
shall be delivered before new certificates are remitted.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">6.1.9 The Shares are indivisible vis-&agrave;-vis the Company
which will recognise only one holder per Share. In case a Share is held by more than one person, the persons claiming ownership
of the Share will be required to name a single proxy to represent the Share vis-&agrave;-vis the Company. The Company has the right
to suspend the exercise of all rights attached to such Share until one person has been so appointed. The same rule shall apply
in the case of a conflict between an usufructuary and a bare owner or between a pledgor and a pledgee.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><B>6.2 &nbsp;&nbsp;&nbsp;Other Securities</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">6.2.1 Securities (other than Shares which are covered by article
6.1) of the Company are in registered form only.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">6.2.2 The provisions of article 6.1 shall apply mutatis mutandis.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><B>Article 7. &nbsp;&nbsp;Shares &ndash; Voting Rights</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">Subject as set forth in the present Articles, each Share shall
be entitled to one vote at all General Meetings of Shareholders.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><B>PART III.&nbsp;&nbsp;&nbsp; MANAGEMENT OF THE COMPANY</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><B>Article 8. &nbsp;&nbsp;Management of the Company &ndash; Board of Directors</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><B>8.1 &nbsp;&nbsp;&nbsp;</B>The Company shall be managed by a Board of Directors
which is vested with the broadest powers to manage the business of the Company and to authorise and/or perform all acts of disposal,
management and administration falling within the purposes of the Company.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><B>8.2 &nbsp;&nbsp;&nbsp;</B>All powers not expressly reserved by the law or by
the Articles of the Company to the General Meeting shall be within the competence of the Board of Directors.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><B>8.3 </B>&nbsp;&nbsp;&nbsp;Except as otherwise provided herein or by law, the
Board of Directors of the Company is authorised to take such action (by resolution or otherwise) and to adopt such provisions as
shall be necessary, appropriate, convenient or deemed fit to implement the purpose of the Company.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><B>Article 9. &nbsp;&nbsp;Composition of the Board of Directors</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><B>9.1 </B>&nbsp;&nbsp;&nbsp;The Company shall be managed by a Board of Directors
composed of a minimum of three (3) Directors and a maximum of eleven (11) (unless otherwise provided for herein) who may but do
not need to be Shareholders of the Company.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><B>9.2 </B>&nbsp;&nbsp;&nbsp;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 may be removed with or
without cause (ad nutum) by the General Meeting of Shareholders by a simple majority vote of votes cast at a General Meeting of
Shareholders. The Directors shall be eligible for re-election indefinitively.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><B>9.3 </B>&nbsp;&nbsp;&nbsp;In the event 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 law.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><B>Article 10. Chairman</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><B>10.1 </B>&nbsp;The Board of Directors shall, to the extent required
by law and otherwise may, appoint the chairman of the Board of Directors amongst its members (the &ldquo;Chairman&rdquo;). The
Chairman shall preside over all meetings of the Board of Directors and of Shareholders</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>


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<P STYLE="font: 18pt Arial Narrow, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right"><B>Document &eacute;mis &eacute;lectroniquement</B></P>



<P STYLE="margin: 0">&nbsp;</P>


<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">including class meetings. In the absence of the Chairman of the
Board, a chairman determined ad hoc, shall chair the relevant meeting.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><B>10.2 </B>&nbsp;In case of a tie the Chairman (or any other Board
member) shall not have a casting vote.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><B>Article 11.&nbsp;Board Proceedings</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><B>11.1 &nbsp;</B>The Board of Directors shall meet upon call by (or
on behalf of) the Chairman or any two Directors. The Board of Directors shall meet as often as required by the interest of the
Company.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><B>11.2 </B>&nbsp;Notice of any meeting of the Board of Directors must
be given by letter, cable, telegram, telephone, facsimile transmission, telex or e-mail advice to each Director, two (2) days before
the meeting, except in the case of an emergency, in which event a twenty four (24) hours notice shall be sufficient. No convening
notice shall be required for meetings held pursuant to a schedule previously approved by the Board and communicated to all Board
members. A meeting of the Board may also be validly held without convening notice to the extent the Directors present or represented
do not object and those Directors not present or represented have waived the convening notice in writing, by fax or email.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><B>11.3 </B>&nbsp;Meetings of the Board of Directors may be held physically
or, in all circumstances, by way of conference call (or similar means of communication which permit the participants to communicate
with each other).</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><B>11.4 </B>&nbsp;Any Director may act at any meeting of the Board
of Directors by appointing in writing by letter or by cable, telegram, facsimile transmission or e-mail another Director as his
proxy. A Director may represent more than one of the other Directors.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><B>11.5 </B>&nbsp;The Board of Directors may deliberate and act validly
only if the majority of the Board members (able to vote) are present or represented. Decisions shall be taken by a simple majority
of the votes validly cast by the Board members present or represented (and able to vote).</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><B>11.6 &nbsp;</B>Meetings of the Board of Directors may be validly
held at any time and in all circumstances by means of telephonic conference call, videoconference or any other means, which permit
the participants to communicate with each other. A Director attending in such manner shall be deemed present at the meeting for
as long as he is connected.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><B>11.7 </B>&nbsp;The Board of Directors may also in all circumstances
with unanimous consent pass resolutions by circular means and written resolutions signed by all members of the Board will be as
valid and effective as if passed at a meeting duly convened and held. Such signatures may appear on a single document or multiple
copies of an identical resolution and may be evidenced by letters, cables, facsimile transmission, or e-mail.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><B>11.8 &nbsp;</B>The minutes of any meeting of the Board of Directors
(or copies or extracts of such minutes which may be produced in judicial proceedings or otherwise) shall be signed by the Chairman,
the chairman (ad hoc) of the relevant meeting or by any two (2) Directors or as resolved at the relevant Board meeting or any subsequent
Board meeting.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><B>Article 12. Delegation of power, committees, secretary</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><B>12.1 </B>&nbsp;The Board may delegate the daily management of the
business of the Company, as well as the power to represent the Company 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 the Company, as well as the power to represent the Company 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="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>


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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><B>12.2 &nbsp;</B>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 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 below).</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">12.2.1. Audit Committee: in the case the Board of Directors decides
to set up an audit committee (the &ldquo;Audit Committee&rdquo;), such Audit Committee shall be composed of at least three (3)
members and the Board of Directors shall appoint one of the members of the Audit Committee as the chairperson of the Audit Committee.
The Audit Committee shall (a) assist the Board of Directors in fulfilling its oversight responsibilities relating to the integrity
of the Company&rsquo;s financial statements, including periodically reporting to the Board of Directors on its activity and the
adequacy of the Company&rsquo;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&rsquo;s external auditors; (c) review Material
Transactions 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 (if any) 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 to 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. The Board of Directors shall allocate to the
Audit Committee the necessary resources and authority to fulfil its functions.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">12.2.2 Compensation Committee: in the case the Board of Directors
decides to set up an compensation committee (the &ldquo;Compensation Committee&rdquo;), such Compensation Committee shall review
and approve the compensation and benefits of the executive officers and other key employees of the Company and its group, and make
recommendations to the Board of Directors regarding principles for compensation, performance evaluation, and retention strategies.
The Compensation Committee (if any) shall be responsible for designing and administering the Company&rsquo;s equity-based incentive
plans of the Company and its group.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">12.2.3 Risk and Strategy Committee: in the case the Board of
Directors decides to set up an risk and strategy committee (the &ldquo;Risk and Strategy Committee&rdquo;), such Risk and Strategy
Committee shall assist the Board of Directors in fulfilling its oversight responsibilities with regard to (i) evaluating the risks
inherent in the business of the Company and its group and the control processes with respect to such risks; (ii) the assessment
and review of credit, market, commercial, fiduciary, liquidity, reputational and operational risks; and (iii) maintaining a cooperative,
interactive strategic planning process with executive officers, including the identification and setting of strategic goals and
the review of potential acquisitions, joint ventures, and strategic alliances; and dispositions.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><B>12.3 </B>&nbsp;The Board of Directors may appoint a secretary of
the Company who may but does not need to be a member of the Board of Directors and determine his responsibilities, powers and authorities.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><B>Article 13. Binding Signature</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">The Company will be bound by the sole signature of the Chairman
or the joint signature of any two (2) Director or by the sole or joint signatures of any persons to whom such signatory power shall
have been delegated by the Board of Directors. For the avoidance of doubt, for acts regarding the daily management of the Company
the Company will be bound by the sole signature of the <I>administrateur d&eacute;l&eacute;gu&eacute; </I>(&ldquo;Chief Executive
Officer&rdquo; or &ldquo;CEO&rdquo;) or any</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>


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<P STYLE="margin: 0">&nbsp;</P>


<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">person or persons to whom such signatory power shall be delegated
by the Board of Directors.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><B>Article 14. Board Compensation. Indemnification</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><B>14.1 &nbsp;</B>The compensation of the Board of Directors will be
decided by the General Meeting.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><B>14.2 </B>&nbsp;The Directors are not held personally liable for
the indebtedness or other obligations of the Company. As agents of the Company, they are responsible for the performance of their
duties. Subject to the exceptions and limitations listed in article 14.3, every person who is, or has been, a Director or officer
of the Company shall be indemnified by the Company to the fullest extent permitted by law against liability and against all expenses
reasonably incurred or paid by him in connection with any claim, action, suit or proceeding which he becomes involved as a party
or otherwise by virtue of his being or having been such Director or officer and against amounts paid or incurred by him in the
settlement thereof. The words &ldquo;claim&rdquo;, &ldquo;action&rdquo;, &ldquo;suit&rdquo; or &ldquo;proceeding&rdquo; shall apply to
all claims, actions, suits or proceedings (civil, criminal or otherwise including appeals) actual or threatened and the words &ldquo;liability&rdquo;
and &ldquo;expenses&rdquo; shall include without limitation attorneys&rsquo; fees, costs, judgements, amounts paid in settlement and other
liabilities.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><B>14.3 </B>&nbsp;No indemnification shall be provided to any Director
or officer:</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">14.3.1 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Against any liability to the Company or its shareholders
by reason of wilful misfeasance, bad faith, gross negligence or reckless disregard of the duties involved in the conduct of his
office;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">14.3.2 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;With respect to any matter as to which he shall have been
finally adjudicated to have acted in bad faith and not in the interest of the Company; or</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">14.3.3 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In the event of a settlement, unless the settlement has
been approved by a court of competent jurisdiction or by the Board of Directors.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><B>14.4 </B>&nbsp;The right of indemnification herein provided shall
be severable, shall not affect any other rights to which any Director or officer may now or hereafter be entitled, shall continue
as to a person who has ceased to be such Director or officer and shall inure to the benefit of the heirs, executors and administrators
of such a person. Nothing contained herein shall affect any rights to indemnification to which corporate personnel, including directors
and officers, may be entitled by contract or otherwise under law.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><B>14.5 </B>&nbsp;Expenses in connection with the preparation and representation
of a defence of any claim, action, suit or proceeding of the character described in this Article shall be advanced by the Company
prior to final disposition thereof upon receipt of any undertaking by or on behalf of the officer or director, to repay such amount
if it is ultimately determined that he is not entitled to indemnification under this article.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><B>Article 15.&nbsp;Conflicts of Interest</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><B>15.1 </B>&nbsp;No contract or other transaction between the Company
and any other company or firm shall be affected or invalidated by the fact that any one or more of the Directors or officers of
the Company is interested in, or is a director, associate, officer, agent, adviser or employee of such other company or firm. Any
Director or officer who serves as a director, officer or employee or otherwise of any company or firm with which the Company shall
contract or otherwise engage in business shall not, by reason of such affiliation with such other company or firm only, be prevented
from considering and voting or acting upon any matters with respect to such contract or other business.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><B>15.2 </B>&nbsp;In the case of a personal conflict of interest of
a Director, such Director shall indicate such conflict of interest to the Board and shall not deliberate or vote on the relevant
matter. Any conflict of interest arising at Board level shall be reported to the next General Meeting of Shareholders before any
resolution as and to the extent required by law.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>


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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><B>PART IV. &nbsp;&nbsp;GENERAL MEETINGS OF SHAREHOLDERS</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><B>Article 16. General Meetings of Shareholders</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><B>16.1 </B>&nbsp;Any regularly constituted General Meeting of Shareholders
of the Company shall represent 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="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><B>16.2 </B>&nbsp;The annual general meeting of Shareholders shall
be held, in accordance with Luxembourg law, at the registered office of the Company, or at such other place in Luxembourg as may
be specified in the notice of meeting on the third Wednesday of April of each year at 16.00 (local time) (or such other date as
may be permitted by law). If such day is a legal holiday, the annual General Meeting shall be held on the next following business
day.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><B>16.3 </B>&nbsp;Other meetings of Shareholders may be held at such
place and time as may be specified in the respective notices of meeting.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><B>16.4 </B>&nbsp;General Meetings shall be convened in accordance
with the provisions of law 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.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><B>16.5 </B>&nbsp;In case the shares of the Company are not listed
in a any Regulated Market, all Shareholders recorded in the share register on the date of the General Meeting are entitled to be
admitted in the General Meeting; provided, however, that in case the Shares of the Company are listed on a Regulated Market, the
Board of Directors may determine a date preceding the General Meeting as the record date for admission to the General Meeting (the
&ldquo;Record Date&rdquo;).</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><B>16.6 </B>&nbsp;Where, in accordance
with the provisions of Article 6.1.7 of the present Articles, Shares are recorded in the register(s) of Shareholders in the name
of a Depositary or subdepositary of the former, the certificates provided for in Article 6.1.7 must be received by the Company
(or its agents as set forth in the convening notice) no later than the day preceding the fifth (5<SUP>th</SUP>) working day before
the date of the General Meeting unless the Board fixes a different period. Such certificates must (unless otherwise required by
applicable law) certify the fact that the Shares in the account shall be blocked until the close of the General Meeting. All proxies
must be received by the Company (or its agents) by the same deadline provided that the Board of Directors may, if it deems so
advisable amend these periods of time for all Shareholders and admit Shareholders (or their proxies) who have provided the appropriate
documents to the Company (or its agents as aforesaid) to the General Meeting, irrespective of these time limits.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><B>16.7 </B>&nbsp;The Board of Directors shall adopt all other regulations
and rules concerning the attendance to the General Meeting, and availability of access cards, proxy forms and/or voting forms in
order to enable Shareholders to exercise their right to vote.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><B>16.8 </B>&nbsp;Any Shareholder may be represented at a General Meeting
by appointing as his or her proxy another person, who need not be a Shareholder.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><B>Article 17.&nbsp;Majority and quorum at the General Meeting</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><B>17.1 </B>&nbsp;At any General Meeting of Shareholders other than
a General Meeting convened for the purpose of amending the Company&rsquo;s Articles of Incorporation or voting on resolutions whose
adoption is subject to the quorum and majority requirements for amendments of the Articles of Incorporation, no presence quorum
is required and resolutions shall be adopted, irrespective of the number of Shares represented, by a simple majority of votes validly
cast.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><B>17.2 </B>&nbsp;At any extraordinary General Meeting of Shareholders for the purpose of amending the Company&rsquo;s Articles
of Incorporation or voting on resolutions whose adoption is subject to the quorum and majority requirements for amendments of the
Articles of Incorporation, the</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>


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<P STYLE="margin: 0">&nbsp;</P>


<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">quorum shall be at least one half of the issued share capital
of the Company. If the said quorum is not present, a second Meeting may be convened at which there shall be no quorum requirement.
In order for the proposed resolutions to be adopted at such a General Meeting, and save as otherwise provided by law, a two thirds
(2/3) majority of the votes validly cast at any such General Meeting.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><B>PART V. &nbsp;&nbsp;&nbsp;AMENDMENT OF ARTICLES</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><B>Article 18. Amendments of Articles</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">The Articles of Incorporation may be amended from time to time
by a resolution of the General Meeting of Shareholders to the quorum and voting requirements provided by the laws of Luxembourg
and as may otherwise be provided herein.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><B>PART VI. &nbsp;&nbsp;ACCOUNTING YEAR, AUDITOR</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><B>Article 19. Accounting Year</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">The accounting year of the Company shall begin on first of January
and shall terminate on thirty-first of December of each year.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><B>Article 20. Auditor</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">The Company&rsquo;s annual accounts shall be audited by one or
more independent auditors, appointed by the General Meeting at the Board of Directors&rsquo; recommendation (or if so resolved
by the Board of Directors, the recommendation of the Audit Committee, if any). The General Shareholders&rsquo; Meeting shall determine
the number of independent auditors and the term of their office, which shall not exceed one (1) year. They may be reappointed and
dismissed at any time by the General Shareholders&rsquo; Meeting at the Board of Directors&rsquo; recommendation (or if so resolved
by the Board of Directors, the recommendation of the Audit Committee, if any).</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><B>PART VII. &nbsp;DISTRIBUTIONS, WINDING UP</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><B>Article 21. Distributions</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><B>21.1 </B>&nbsp;&nbsp;From the annual net profits of the Company, five
per cent (5%) shall be allocated to an un-distributable reserve required by law. This allocation shall cease to be required as
soon and as long as such reserve amounts to ten per cent (10%) of the issued share capital of the Company.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><B>21.2 </B>&nbsp;The General Meeting of Shareholders, upon recommendation
of the Board of Directors, will determine how the remainder of the annual net profits will be disposed of, including by way of
stock dividend.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><B>21.3 </B>&nbsp;Interim distributions may be declared and paid (including
by way of staggered payments) by the Board of Directors subject to observing the terms and conditions provided by law either by
way of a cash distribution or by way of an in kind distribution.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><B>21.4 </B>&nbsp;In the event it is decided by the General Meeting,
or in the case interim distributions declared by the Board, that a distribution be paid in Shares or other securities of the Company,
the Board of Directors may exclude from such offer such Shareholders he deems necessary or advisable due to legal or practical
problems in any territory or for any other reasons as the Board may determine.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><B>Article 22. Liquidation</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><B>22.1 &nbsp;</B>In the event of the dissolution
of the Company for whatever reason or whatever time, the liquidation will be performed by liquidators or by the Board of Directors
then in office who will be endowed with the powers provided by articles 144 et seq. of the Luxembourg law of 10<SUP>th</SUP> August
1915 on commercial companies. Once all debts, charges and liquidation expenses have been met, any balance resulting shall be paid
to the holders of Shares in the Company in accordance with the provisions of these Articles.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>


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<P STYLE="font: 18pt Arial Narrow, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right"><B>Document &eacute;mis &eacute;lectroniquement</B></P>



<P STYLE="margin: 0">&nbsp;</P>


<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><B>PART VIII. SOLE SHAREHOLDER, DEFINITIONS, APPLICABLE LAW</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><B>Article 23. Sole Shareholder</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">If, and as long as one Shareholder holds all the Shares of the
Company, the Company shall exist as a single Shareholder company pursuant to the provisions of Company Law. In the event the Company
has only one Shareholder or two Shareholders, the Company may at the option of the sole Shareholder or as the case may be the two
Shareholders, be managed by one or two Directors as provided for by law and all provisions in the present Articles referring to
the Board of Directors shall be deemed to refer to the sole Director or the two Directors (mutatis mutandis) who shall have all
such powers as provided for by law and as set forth in the present Articles with respect to the Board of Directors.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><B>Article 24. Definitions</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 30%; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Affiliate</FONT></TD>
    <TD STYLE="width: 2%; text-align: justify">&nbsp;</TD>
    <TD STYLE="width: 68%; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Means, in relation to a person or entity, a person that directly or indirectly through one or more intermediaries, Controls, is Controlled by, or is under common Control with, such person or entity. The term &ldquo;Affiliated with&rdquo; has a meaning correlative to the foregoing.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Articles or Articles of Incorporation</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Means the present articles of incorporation
    of the Company as amended from time to time</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Board or Board of Directors</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Means the Board of Directors (<I>conseil
    d&rsquo;administration) </I>of the Company</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"> Control</FONT></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Means, in relation to a person or
entity, the possession, directly or indirectly, of the power to direct or cause the direction of the management and policies of
such person or entity, whether through ownership of voting securities, by contract or otherwise.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Director</FONT></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Means a member of the Board of Directors or as the case may be, the sole Director of the Company</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">General Meeting<BR>
 independent members of the Board of Directors</FONT></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Means the general meeting of Shareholders <BR>
Means a Director who: (i) is not employed, and has not been employed within the five years immediately prior to the ordinary General Meeting at which the candidates to the Board of Directors will be voted upon, by the Company or any of its subsidiaries in an executive capacity; (ii) does not receive consulting, advisory or other compensatory fees from the Company or any of its subsidiaries (other than fees received as member of the Board of Directors or any committee thereof and fees received as member of the board of directors or other governing body, or any committee thereof, of any of the Company&rsquo;s subsidiaries); (iii) does not Control the Company; (iv) has not (and does not Control a business entity that has) a material business relationship with the Company, any of its subsidiaries, or the person that directly or indirectly Controls the Company, if such material business relationship would be reasonably expected to adversely affect the director&rsquo;s ability to properly discharge its duties; (v) does not Control, and is not, and has not been within the five-year period immediately prior to the ordinary shareholders&rsquo; meeting at which the candidates to the Board of Directors will be voted upon, employed by, a (present or former) internal or external auditor of the Company, any of its subsidiaries or the person that directly or indirectly Controls the Company; and (vi) is not a spouse, parent, sibling or relative up to the third degree of, and does not share a home with, any person above described from (i) to (iv).</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Material Transactions</FONT></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Means (i) any transaction (x) with an individual value equal to or</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>


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<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="font: 18pt Arial Narrow, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right"><B>Document &eacute;mis &eacute;lectroniquement</B></P>



<P STYLE="margin: 0">&nbsp;&nbsp;&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 30%; text-align: justify">&nbsp;</TD>
    <TD STYLE="width: 2%; text-align: justify">&nbsp;</TD>
    <TD STYLE="width: 68%; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">greater than ten million United States Dollars (USD 10,000,000); (y) with an individual value lower than ten million United States Dollars (USD 10,000,000), when the aggregate sum of any series of transactions of such lower value reflected in the financial statements of the four fiscal quarters of the Company preceding the date of determination (excluding any transactions that were reviewed and approved by any of the Audit Committee (if any), the Board of Directors or the independent members of the Board of Directors 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), exceeds 1.5% of the Company&rsquo;s consolidated net sales made in the fiscal year preceding the year on which the determination is made; or (ii) any corporate reorganization transaction (including a merger, a spin-off or a bulk transfer of a business) involving the Company or any of its subsidiaries for the benefit of, or involving, a Related Party.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Regulated Market</FONT></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Means any official stock exchange or securities exchange market in the European Union, the United States of America or elsewhere</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Related Party</FONT></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Means, in relation to the Company or its direct or indirect subsidiaries, any of the following persons: (i) a member of the Board of Directors or of the board of directors or other governing body of any of the Company&rsquo;s subsidiaries; (ii) any member of the board of directors or other governing body of an entity that Controls the Company; (iii) any Affiliate of the Company (other than the Company&rsquo;s subsidiaries); (iv) any entity Controlled by any member of the Board of Directors, or of the board of directors or other governing body of any subsidiary of the Company; and (v) any spouses, parents, siblings or relatives up to the third degree of, and any persons that share a home with, any person referred to in (i) or (ii).</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Shareholder</FONT></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Means a duly registered holder of Shares of the Company</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Shares</FONT></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Means the shares (<I>actions</I>) of the Company</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><B>Article 25. Applicable law</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">For anything not dealt with in the present Articles of Incorporation,
the Shareholders refer to the relevant legislation.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><B>SUIT LA TRADUCTION FRANCAISE DU TEXTE
QUI PRECEDE</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><B>&nbsp;&nbsp;</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><B>PARTIE I.&nbsp; FORME, DENOMINATION, DUREE, SIEGE SOCIAL</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><B>Article 1.&nbsp;&nbsp; Forme, D&eacute;nomination</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">Il existe une soci&eacute;t&eacute; anonyme sous la d&eacute;nomination
<B>Adecoagro S.A. </B>(la &laquo; Soci&eacute;t&eacute; &raquo;).</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><B>Article 2. &nbsp;&nbsp;Dur&eacute;e</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">La Soci&eacute;t&eacute; est
constitu&eacute;e pour une dur&eacute;e illimit&eacute;e. La Soci&eacute;t&eacute; peut &ecirc;tre dissoute &agrave; tout
moment par r&eacute;solution des Actionnaires adopt&eacute;e &agrave; la mani&egrave;re pr&eacute;vue pour une modification
des pr&eacute;sents Statuts.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><B>Article 3.&nbsp;&nbsp; Si&egrave;ge social</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><B>3.1 &nbsp;&nbsp;&nbsp;</B>Le si&egrave;ge social de la Soci&eacute;t&eacute;
est &eacute;tabli dans la Ville de Luxembourg, Grand-Duch&eacute; de</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>


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<P STYLE="margin: 0">&nbsp;</P>


<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">Luxembourg. Il pourra &ecirc;tre transf&eacute;r&eacute; en tout
autre endroit du Grand-Duch&eacute; de Luxembourg par simple d&eacute;cision de l&rsquo;Assembl&eacute;e G&eacute;n&eacute;rale
d&eacute;lib&eacute;rant comme en mati&egrave;re de modification de Statuts.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><B>3.2 </B>&nbsp;&nbsp;&nbsp;Le si&egrave;ge social peut &ecirc;tre transf&eacute;r&eacute;
&agrave; l&rsquo;int&eacute;rieur de la municipalit&eacute; par simple d&eacute;cision du Conseil d&rsquo;Administration.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><B>3.3 </B>&nbsp;&nbsp;&nbsp;La Soci&eacute;t&eacute; peut avoir des bureaux et
des succursales tant au Luxembourg qu&rsquo;&agrave; l&rsquo;&eacute;tranger.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><B>3.4 </B>&nbsp;&nbsp;&nbsp;Lorsque le Conseil d&rsquo;Administration estime que
des &eacute;v&eacute;nements extraordinaires d&rsquo;ordre politique, &eacute;conomique ou social de nature &agrave; compromettre l&rsquo;activit&eacute;
normale de la Soci&eacute;t&eacute; &agrave; son si&egrave;ge social, ou la communication ais&eacute;e entre le si&egrave;ge social
et l&rsquo;&eacute;tranger se sont produits ou sont imminents, il pourra transf&eacute;rer provisoirement le si&egrave;ge social &agrave;
l&rsquo;&eacute;tranger jusqu&rsquo;&agrave; cessation compl&egrave;te de ces circonstances anormales. Cette mesure provisoire n&rsquo;aura toutefois
aucun effet sur la nationalit&eacute; de la Soci&eacute;t&eacute; qui, nonobstant le transfert temporaire de son si&egrave;ge social,
restera une soci&eacute;t&eacute; luxembourgeoise. Ces mesures temporaires seront prises et notifi&eacute;es &agrave; toute partie
int&eacute;ress&eacute;e par le Conseil d&rsquo;Administration.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><B>PARTIE II. OBJET SOCIAL</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><B>Article 4. &nbsp;&nbsp;Objet social</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><B>4.1 </B>&nbsp;&nbsp;&nbsp;L&rsquo;objet de la Soci&eacute;t&eacute; est de d&eacute;tenir
des participations, sous quelque forme que ce soit, dans des soci&eacute;t&eacute;s luxembourgeoises et &eacute;trang&egrave;res,
ou dans toutes autres entit&eacute;s ou entreprises, l&rsquo;acquisition par achat, souscription ou de toute autre mani&egrave;re de
m&ecirc;me que l&rsquo;ali&eacute;nation par vente, &eacute;change ou de toute autre mani&egrave;re d&rsquo;actions, obligations, certificats
de cr&eacute;ance, billets et autres valeurs mobili&egrave;res ou droits de toutes esp&egrave;ces, y compris des int&eacute;r&ecirc;ts
dans des soci&eacute;t&eacute;s de personnes, ainsi que la d&eacute;tention, l&rsquo;acquisition, la disposition, l&rsquo;investissement
de quelque mani&egrave;re que ce soit dans le d&eacute;veloppement, la licence ou souslicence de tous brevets ou autres droits
de propri&eacute;t&eacute; intellectuelle de toute nature ou origine de m&ecirc;me que la d&eacute;tention, l&rsquo;administration,
le d&eacute;veloppement et la gestion de son portefeuille. La Soci&eacute;t&eacute; peut exercer ses activit&eacute;s par l&rsquo;interm&eacute;diaire
de succursales &agrave; Luxembourg ou &agrave; l&rsquo;&eacute;tranger.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><B>4.2 </B>&nbsp;&nbsp;&nbsp;La Soci&eacute;t&eacute; peut emprunter sous toute
forme et proc&eacute;der par voie de placement priv&eacute; ou public &agrave; l&rsquo;&eacute;mission d&rsquo;obligations, obligations
convertibles et certificats de cr&eacute;ance ou &agrave; tout autre instrument ou titre qu&rsquo;elle juge appropri&eacute;.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><B>4.3 </B>&nbsp;&nbsp;&nbsp;D&rsquo;une mani&egrave;re g&eacute;n&eacute;rale,
elle peut pr&ecirc;ter assistance (par des pr&ecirc;ts, avances, garanties, s&ucirc;ret&eacute;s ou autrement) &agrave; des soci&eacute;t&eacute;s
ou autres entreprises dans lesquelles la Soci&eacute;t&eacute; a un int&eacute;r&ecirc;t ou qui font partie du groupe de soci&eacute;t&eacute;s
auquel appartient la Soci&eacute;t&eacute; ou toute autre entit&eacute; que la Soci&eacute;t&eacute; juge appropri&eacute;e (y
compris horizontalement ou verticalement), prendre toutes mesures de contr&ocirc;le, de gestion, d&rsquo;administration et/ou de
surveillance et effectuer toute op&eacute;ration qu&rsquo;elle consid&egrave;re n&eacute;cessaire ou utile &agrave; l&rsquo;accomplissement
et au d&eacute;veloppement de son objet social.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><B>4.4 </B>&nbsp;&nbsp;&nbsp;Finalement, la Soci&eacute;t&eacute; peut effectuer
toute op&eacute;ration commerciale, technique, financi&egrave;re ou autre, li&eacute;e directement ou indirectement dans tous les
domaines, afin de faciliter l&rsquo;accomplissement de son objet social.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><B>PARTIE III. CAPITAL SOCIAL - ACTIONS</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><B>Article 5. &nbsp;&nbsp;Capital social</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">5.1. &nbsp;&nbsp;La soci&eacute;t&eacute; a un capital social &eacute;mis
de cent quatre-vingt-trois millions cinq cent soixantedouze mille sept cent vingt-deux Dollars US et cinquante cents (USD 183.572.722,50)
repr&eacute;sent&eacute; par un total de cent vingt-deux millions trois cent quatre-vingt-un mille huit cent quinze (122.381.815)
Actions enti&egrave;rement lib&eacute;r&eacute;es d&rsquo;une valeur nominale d&rsquo;un Dollar US et cinquante cents (USD 1,5)
chacune, avec les droits et obligations telles que pr&eacute;vues dans les pr&eacute;sents Statuts.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>


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<P STYLE="font: 18pt Arial Narrow, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right"><B>Document &eacute;mis &eacute;lectroniquement</B></P>



<P STYLE="margin: 0">&nbsp;</P>


<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">5.1.1 La Soci&eacute;t&eacute; a un capital social autoris&eacute;
de trois milliards de Dollars US (USD 3.000.000.000), y compris le capital social &eacute;mis, repr&eacute;sent&eacute; par deux
milliards (USD 2.000.000.000) d&rsquo;actions, chacune ayant une valeur nominale d&rsquo;un Dollar US et cinquante cents (USD 1,5). Le capital
social de la Soci&eacute;t&eacute; (et toute autorisation conf&eacute;r&eacute;e au Conseil d&rsquo;Administration y relative) est valable
du 20 Avril 2016 jusqu&rsquo;au cinqui&egrave;me anniversaire de la publication au M&eacute;morial de l&rsquo;acte de l&rsquo;Assembl&eacute;e G&eacute;n&eacute;rale
extraordinaire des Actionnaires tenue le 20 Avril 2016. Le Conseil d&rsquo;Administration, ou tout(tous) d&eacute;l&eacute;gu&eacute;(s)
d&ucirc;ment nomm&eacute;(s) par le Conseil d&rsquo;Administration, peut(peuvent) &eacute;mettre de temps &agrave; autre des actions
dans les limites du capital social autoris&eacute; en contrepartie d&rsquo;apports en esp&egrave;ces, d&rsquo;apports en nature ou par voie
d&rsquo;incorporation de r&eacute;serves disponibles aux moments et selon les termes et conditions, y compris le prix d&rsquo;&eacute;mission,
que le Conseil d&rsquo;Administration ou son(ses) d&eacute;l&eacute;gu&eacute;(s) peut(peuvent) d&eacute;cider en toute discr&eacute;tion
et l&rsquo;Assembl&eacute;e G&eacute;n&eacute;rale des Actionnaires a renonc&eacute; et autoris&eacute; le Conseil d&rsquo;Administration &agrave;
renoncer &agrave;, supprimer ou limiter tous droits de souscription pr&eacute;f&eacute;rentiels des actionnaires pr&eacute;vus
par la loi dans la mesure o&ugrave; il estime cette renonciation, suppression ou limitation opportune pour toute &eacute;mission
ou toutes &eacute;missions d&rsquo;actions dans les limites du capital social autoris&eacute;.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">5.1.2 Le capital social &eacute;mis et le capital social autoris&eacute;
mais non-&eacute;mis de la Soci&eacute;t&eacute; peuvent &ecirc;tre augment&eacute;s ou r&eacute;duits en une fois ou &agrave;
plusieurs reprises par d&eacute;cision de l&rsquo;Assembl&eacute;e G&eacute;n&eacute;rale des Actionnaires adopt&eacute;e conform&eacute;ment
aux r&egrave;gles de quorum et de majorit&eacute; pr&eacute;vues par les pr&eacute;sents Statuts ou, le cas &eacute;ch&eacute;ant,
par la loi en ce qui concerne la modification des pr&eacute;sents Statuts.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><B>5.2 </B>&nbsp;&nbsp;&nbsp;La Soci&eacute;t&eacute; ne peut pas &eacute;mettre
des fractions d&rsquo;Actions. Le Conseil d&rsquo;Administration est autoris&eacute;, &agrave; sa discr&eacute;tion, &agrave; proc&eacute;der
&agrave; des paiements en esp&egrave;ces ou &agrave; &eacute;mettre des certificats en remplacement des fractions d&rsquo;Actions.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><B>5.3 &nbsp;&nbsp;&nbsp;</B>La Soci&eacute;t&eacute; ou ses filiales pourront
acheter ou racheter leurs propres Actions et pourront d&eacute;tenir des Actions en tr&eacute;sorerie, chaque fois dans les limites
pr&eacute;vues par la loi.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><B>5.4. &nbsp;&nbsp;</B>Toute prime d&rsquo;&eacute;mission sera librement
distribuable conform&eacute;ment aux dispositions des pr&eacute;sents Statuts.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><B>Article 6. &nbsp;&nbsp;Titres sous forme nominative uniquement</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><B>6.1 &nbsp;&nbsp;Actions</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">6.1.1 Les actions de la Soci&eacute;t&eacute; sont uniquement
sous forme nominative.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">6.1.2 Un registre des Actionnaires sera tenu par la Soci&eacute;t&eacute;
et pourra &ecirc;tre consult&eacute; par tout actionnaire nominatif. La propri&eacute;t&eacute; des Actions nominatives sera &eacute;tablie
par inscription dans ledit registre ou, si des agents de registre s&eacute;par&eacute;s ont &eacute;t&eacute; nomm&eacute;s en
vertu de l&rsquo;Article 6.1.3, dans le registre appropri&eacute;. Sans pr&eacute;judice des conditions de transfert par une inscription
telle que pr&eacute;vue &agrave; l&rsquo;Article 6.1.7 des pr&eacute;sents Statuts, un transfert d&rsquo;Actions nominatives se
fera au moyen d&rsquo;une d&eacute;claration de transfert inscrite dans le registre appropri&eacute;, dat&eacute;e et sign&eacute;e
par le c&eacute;dant et le cessionnaire ou par des personnes d&eacute;tenant les pouvoirs de repr&eacute;sentation n&eacute;cessaires
pour agir &agrave; cet effet. La Soci&eacute;t&eacute; pourra accepter et inscrire dans le registre appropri&eacute; un transfert
sur la base d&rsquo;une correspondance ou de tout autre document de transfert &eacute;tablissant les consentements du c&eacute;dant
et du cessionnaire.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">6.1.3 La Soci&eacute;t&eacute; peut nommer des agents de registre
dans diff&eacute;rentes juridictions qui tiendront chacun un registre s&eacute;par&eacute; pour les actions nominatives y inscrites
et les d&eacute;tenteurs d&rsquo;actions pourront choisir d&rsquo;&ecirc;tre inscrits dans l&rsquo;un des registres et d&rsquo;&ecirc;tre
transf&eacute;r&eacute;s de temps &agrave; autre d&rsquo;un registre vers un autre registre. Le Conseil d&rsquo;Administration
peut toutefois imposer des restrictions de transfert pour les Actions inscrites, cot&eacute;es, trait&eacute;es ou plac&eacute;es
dans certaines juridictions conform&eacute;ment aux exigences applicables dans ces juridictions. Le transfert vers le registre
tenu au si&egrave;ge social de la Soci&eacute;t&eacute; peut toujours &ecirc;tre demand&eacute;.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">6.1.4 Sous r&eacute;serve des dispositions de l&rsquo;Article
6.1.7, la Soci&eacute;t&eacute; peut consid&eacute;rer la personne au nom de laquelle les Actions nominatives sont inscrites dans
le(s) registre(s) des Actionnaires</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>


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<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="font: 18pt Arial Narrow, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right"><B>Document &eacute;mis &eacute;lectroniquement</B></P>



<P STYLE="margin: 0">&nbsp;</P>


<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">comme &eacute;tant le propri&eacute;taire unique desdites Actions
nominatives. La Soci&eacute;t&eacute; n&rsquo;encourra aucune responsabilit&eacute; lorsqu&rsquo;elle traite avec de telles Actions
nominatives &agrave; l&rsquo;&eacute;gard des tiers, et pourra consid&eacute;rer comme inexistants tous droits, int&eacute;r&ecirc;ts
ou demandes de ces tiers en rapport avec ces actions nominatives, sous r&eacute;serve toutefois de tout droit qu&rsquo;aurait ce
tiers de requ&eacute;rir l&rsquo;inscription ou la modification de l&rsquo;inscription des Actions nominatives. Dans le cas o&ugrave;
un d&eacute;tenteur d&rsquo;actions nominatives ne fournit pas d&rsquo;adresse &agrave; laquelle toutes les notifications et avis
de la Soci&eacute;t&eacute; pourront &ecirc;tre envoy&eacute;s, la Soci&eacute;t&eacute; pourra inscrire ce fait dans le(s) registre(s)
des Actionnaires et l&rsquo;adresse de ce d&eacute;tenteur sera consid&eacute;r&eacute;e comme &eacute;tant au si&egrave;ge social
de la Soci&eacute;t&eacute; ou une autre adresse que la Soci&eacute;t&eacute; pourra inscrire de temps &agrave; autre jusqu&rsquo;&agrave;
ce que ce d&eacute;tenteur ait fourni une adresse diff&eacute;rente &agrave; la Soci&eacute;t&eacute;. Le d&eacute;tenteur peut,
&agrave; tout moment, changer son adresse telle qu&rsquo;elle figure dans le(s) registre(s) des Actionnaires au moyen d&rsquo;une
notification &eacute;crite &agrave; envoyer &agrave; la Soci&eacute;t&eacute;.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">6.1.5 Le Conseil d&rsquo;Administration peut d&eacute;cider qu&rsquo;aucune
inscription ne soit faite dans le registre des Actionnaires et qu&rsquo;aucune notification de transfert ne soit reconnue par la
Soci&eacute;t&eacute; ou un agent de registre pendant la p&eacute;riode qui commencera le cinqui&egrave;me (5) jour ouvrable avant
le jour d&rsquo;une Assembl&eacute;e G&eacute;n&eacute;rale et se terminera &agrave; la fin de l&rsquo;Assembl&eacute;e G&eacute;n&eacute;rale,
sauf si le Conseil fixe un d&eacute;lai plus court.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">6.1.6 Toutes les communications et notifications devant &ecirc;tre
envoy&eacute;es &agrave; un Actionnaire nominatif sont consid&eacute;r&eacute;es comme &eacute;tant valables lorsqu&rsquo;elles
sont envoy&eacute;es &agrave; la derni&egrave;re adresse communiqu&eacute;e par l&rsquo;Actionnaire &agrave; la Soci&eacute;t&eacute;.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">6.1.7 Lorsque des Actions sont inscrites dans le registre des
Actionnaires pour le compte d&rsquo;une ou plusieurs personnes au nom d&rsquo;un syst&egrave;me de compensation des titres ou de
l&rsquo;op&eacute;rateur d&rsquo;un tel syst&egrave;me ou au nom d&rsquo;un d&eacute;positaire de titres professionnel ou de tout
autre d&eacute;positaire (ces syst&egrave;mes, professionnels ou autres d&eacute;positaires &eacute;tant d&eacute;sign&eacute;s
ci-apr&egrave;s les &laquo; D&eacute;positaires &raquo;) ou d&rsquo;un sous-d&eacute;positaire d&eacute;sign&eacute; par un ou
plusieurs D&eacute;positaires, la Soci&eacute;t&eacute; - sous r&eacute;serve d&rsquo;avoir re&ccedil;u du D&eacute;positaire aupr&egrave;s
duquel les Actions sont d&eacute;pos&eacute;es un certificat en bonne et due forme - devra permettre &agrave; ces personnes d&rsquo;exercer
les droits attach&eacute;s &agrave; ces Actions, y compris le droit d&rsquo;assister et de voter aux assembl&eacute;es g&eacute;n&eacute;rales.
Le Conseil d&rsquo;Administration peut d&eacute;cider de la forme que ces certificats devront rev&ecirc;tir. Nonobstant ce qui
pr&eacute;c&egrave;de, la Soci&eacute;t&eacute; n&rsquo;effectuera des paiements de dividendes ou tout autre paiement en num&eacute;raire,
en actions ou autres titres qu&rsquo;au D&eacute;positaire ou sous-d&eacute;positaire inscrit dans le registre ou conform&eacute;ment
&agrave; ses instructions, et ce paiement rendra la Soci&eacute;t&eacute; quitte et indemne de toute obligation.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">6.1.8 Sur la demande &eacute;crite d&rsquo;un Actionnaire, un(des)
certificat(s) d&rsquo;Actions nominatives &eacute;tablissant l&rsquo;inscription de cet Actionnaire dans le registre des Actionnaires
peut(peuvent) &ecirc;tre &eacute;mis dans les d&eacute;nominations que le Conseil d&rsquo;Administration d&eacute;terminera &agrave;
l&rsquo;Actionnaire qui en fait la demande et, dans le cas pr&eacute;vu &agrave; l&rsquo;Article 6.1.7 des pr&eacute;sents Statuts,
et sur demande, aux D&eacute;positaires ou sous-d&eacute;positaires inscrits dans le(s) registre(s). Les certificats ainsi &eacute;mis
auront la forme et porteront les l&eacute;gendes et les num&eacute;ros d&rsquo;identification que le Conseil d&rsquo;Administration
d&eacute;terminera. Ces certificats seront sign&eacute;s manuellement ou par t&eacute;l&eacute;copie par deux (2) Membres du Conseil.
Les certificats perdus, vol&eacute;s ou endommag&eacute;s seront remplac&eacute;s par la Soci&eacute;t&eacute; sur pr&eacute;sentation
des preuves, engagements ou indemnisations jug&eacute;s satisfaisants par la Soci&eacute;t&eacute;, &agrave; condition que les
certificats d&rsquo;Actions endommag&eacute;s soient remis &agrave; la Soci&eacute;t&eacute; avant que les nouveaux certificats
ne soient &eacute;mis.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">6.1.9 Les Actions sont indivisibles &agrave; l&rsquo;&eacute;gard
de la Soci&eacute;t&eacute; qui ne reconna&icirc;tra qu&rsquo;un seul d&eacute;tenteur par Action. Lorsqu&rsquo;une Action est
d&eacute;tenue par plus d&rsquo;une personne, les personnes qui pr&eacute;tendent &ecirc;tre propri&eacute;taires de ladite Action
devront d&eacute;signer une seule personne pour repr&eacute;senter l&rsquo;Action &agrave; l&rsquo;&eacute;gard de la Soci&eacute;t&eacute;.
La Soci&eacute;t&eacute; pourra suspendre l&rsquo;exercice de tous les droits attach&eacute;s &agrave; cette Action jusqu&rsquo;&agrave;
ce qu&rsquo;une seule personne ait &eacute;t&eacute; d&eacute;sign&eacute;e ainsi. La m&ecirc;me r&egrave;gle s&rsquo;appliquera
en cas de conflit entre un usufruitier et un nu-propri&eacute;taire ou entre un cr&eacute;ancier gagiste et un d&eacute;biteur
gagiste.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>


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<P STYLE="margin: 0">&nbsp;</P>


<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><B>6.2 &nbsp;&nbsp;&nbsp;Autres Titres</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">6.2.1 Les Titres (autres que les Actions telles que couvertes
par l&rsquo;article 6.1) de la Soci&eacute;t&eacute; sont sous forme nominative uniquement.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">6.2.2 Les dispositions de l&rsquo;article 6.1 s&rsquo;appliquent
<I>mutatis mutandis</I>.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><B>Article 7.&nbsp;&nbsp; Transfert des Actions</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">Sous r&eacute;serve des dispositions des pr&eacute;sents Statuts,
chaque Action donne droit &agrave; une voix &agrave; toutes les Assembl&eacute;es G&eacute;n&eacute;rales des Actionnaires.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><B>PARTIE IV. ADMINISTRATION DE LA SOCIETE</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><B>Article 8. &nbsp;&nbsp;Administration de la Soci&eacute;t&eacute; &ndash;
Conseil d&rsquo;Administration</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><B>8.1 </B>&nbsp;&nbsp;&nbsp;La Soci&eacute;t&eacute; sera administr&eacute;e par
un Conseil d&rsquo;Administration qui aura les pouvoirs les plus &eacute;tendus pour g&eacute;rer les affaires de la Soci&eacute;t&eacute;
et pour autoriser et/ou ex&eacute;cuter tout acte de disposition, de gestion ou d&rsquo;administration dans les limites des objets
de la Soci&eacute;t&eacute;.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><B>8.2 </B>&nbsp;&nbsp;&nbsp;Tous les pouvoirs non express&eacute;ment r&eacute;serv&eacute;s
par la loi ou par les Statuts de la Soci&eacute;t&eacute; &agrave; l&rsquo;Assembl&eacute;e G&eacute;n&eacute;rale sont de la comp&eacute;tence
du Conseil d&rsquo;Administration.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><B>8.3 </B>&nbsp;&nbsp;&nbsp;Sauf disposition contraire de la loi ou des pr&eacute;sents
Statuts, le Conseil d&rsquo;Administration de la Soci&eacute;t&eacute; est autoris&eacute; &agrave; prendre toute action (par voie
de r&eacute;solution ou autrement) et &agrave; adopter toutes les dispositions n&eacute;cessaires, appropri&eacute;es, ad&eacute;quates
ou jug&eacute;es appropri&eacute;es afin d&rsquo;accomplir l&rsquo;objet de la Soci&eacute;t&eacute;.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><B>Article 9.&nbsp;&nbsp; Composition du Conseil d&rsquo;Administration</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><B>9.1 </B>&nbsp;&nbsp;&nbsp;La Soci&eacute;t&eacute; est administr&eacute;e par
un Conseil d&rsquo;Administration compos&eacute; de trois (3) Administrateurs au moins et d&rsquo;un maximum de onze (11) (sauf
disposition contraire des pr&eacute;sents Statuts) qui peuvent mais n&rsquo;ont pas besoin d&rsquo;&ecirc;tre des Actionnaires de la Soci&eacute;t&eacute;.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><B>9.2 </B>&nbsp;&nbsp;&nbsp;Les Administrateurs sont &eacute;lus par l&rsquo;Assembl&eacute;e
G&eacute;n&eacute;rale des Actionnaires pour un terme ne pouvant exc&eacute;der trois (3) ans ; &eacute;tant entendu toutefois
que les Administrateurs sont &eacute;lus sur une base &eacute;chelonn&eacute;e, un tiers (1/3) des Administrateurs &eacute;tant
&eacute;lus chaque ann&eacute;e, et &eacute;tant entendu &eacute;galement que ce terme de trois ans peut &ecirc;tre prolong&eacute;
pour une dur&eacute;e se terminant &agrave; l&rsquo;assembl&eacute;e g&eacute;n&eacute;rale annuelle qui se tiendra le troisi&egrave;me
anniversaire suivant sa nomination. Les Administrateurs peuvent &ecirc;tre r&eacute;voqu&eacute;s avec ou sans cause (<I>ad nutum</I>)
par l&rsquo;Assembl&eacute;e G&eacute;n&eacute;rale des Actionnaires &agrave; la majorit&eacute; simple des voix exprim&eacute;es
lors d&rsquo;une Assembl&eacute;e G&eacute;n&eacute;rale des Actionnaires. Les Administrateurs seront r&eacute;&eacute;ligibles.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><B>9.3 </B>&nbsp;&nbsp;&nbsp;En cas de vacance d&rsquo;un poste d&rsquo;Administrateur
pour cause de d&eacute;c&egrave;s, de retraite, de d&eacute;mission, de r&eacute;vocation ou toute autre cause, les Administrateurs
restants pourront pourvoir au remplacement du poste devenu vacant et &eacute;lire un successeur conform&eacute;ment &agrave; la
loi applicable.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><B>Article 10. Pr&eacute;sident</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><B>10.1 </B>&nbsp;Le Conseil d&rsquo;Administration doit, dans la mesure
requise par la loi et dans les autres cas, peut, nommer le pr&eacute;sident du Conseil d&rsquo;Administration parmi ses membres
(le &laquo; Pr&eacute;sident &raquo;). Le Pr&eacute;sident pr&eacute;sidera toutes les r&eacute;unions du Conseil d&rsquo;Administration
et toutes les assembl&eacute;es des Actionnaires, y compris les assembl&eacute;es de classe. En son absence, un pr&eacute;sident
<I>ad hoc </I>pr&eacute;sidera l&rsquo;assembl&eacute;e concern&eacute;e.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><B>10.2 </B>&nbsp;En cas d&rsquo;une parit&eacute; des votes, le Pr&eacute;sident
(ou tout autre Membre du Conseil) n&rsquo;aura pas de voix pr&eacute;pond&eacute;rante.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><B>Article 11. Proc&eacute;dures au sein du Conseil</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><B>11.1 </B>&nbsp;Le Conseil d&rsquo;Administration se r&eacute;unira
sur convocation (ou pour le compte) du Pr&eacute;sident ou de deux Administrateurs, quels qu&rsquo;ils soient. Le Conseil d&rsquo;Administration
se r&eacute;unira aussi souvent que les int&eacute;r&ecirc;ts de la Soci&eacute;t&eacute; l&rsquo;exigent.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><B>11.2 </B>&nbsp;Avis &eacute;crit de toute r&eacute;union du Conseil
d&rsquo;Administration sera donn&eacute; par lettre, c&acirc;ble,</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>


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<P STYLE="font: 18pt Arial Narrow, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right"><B>Document &eacute;mis &eacute;lectroniquement</B></P>



<P STYLE="margin: 0">&nbsp;</P>


<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">t&eacute;l&eacute;gramme, t&eacute;l&eacute;phone, t&eacute;l&eacute;copie,
t&eacute;lex ou email &agrave; chaque Administrateur deux (2) jours avant la date pr&eacute;vue pour la r&eacute;union, sauf s&rsquo;il
y a urgence, auquel cas un pr&eacute;avis de vingt-quatre (24) heures sera suffisant. Une convocation sp&eacute;ciale ne sera pas
requise pour des r&eacute;unions se tenant conform&eacute;ment &agrave; un &eacute;ch&eacute;ancier pr&eacute;alablement adopt&eacute;
par le Conseil et communiqu&eacute; &agrave; tous les membres du Conseil. Une r&eacute;union du Conseil peut aussi valablement
&ecirc;tre tenue sans convocation dans la mesure o&ugrave; les Administrateurs pr&eacute;sents ou repr&eacute;sent&eacute;s ne
s&rsquo;y opposent pas et que les Administrateurs qui ne sont pas pr&eacute;sents ni repr&eacute;sent&eacute;s, ont renonc&eacute;
&agrave; la convocation par &eacute;crit par voie de t&eacute;l&eacute;copie ou email.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><B>11.3 </B>&nbsp;Les r&eacute;unions du Conseil d&rsquo;Administration
peuvent se tenir physiquement ou, en toutes circonstances, par voie de conf&eacute;rence t&eacute;l&eacute;phonique (ou d&rsquo;autres
moyens de communication similaires permettant aux participants de communiquer entre eux).</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><B>11.4 </B>&nbsp;Tout Administrateur peut
se faire repr&eacute;senter &agrave; toute r&eacute;union du Conseil d&rsquo;Administration en d&eacute;signant par &eacute;crit,
par lettre ou par c&acirc;ble, t&eacute;l&eacute;gramme, t&eacute;l&eacute;copie ou email un autre Administrateur comme son mandataire.
Un Administrateur peut repr&eacute;senter plus d&rsquo;un de ses coll&egrave;gues.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><B>11.5 </B>&nbsp;Le Conseil d&rsquo;Administration peut d&eacute;lib&eacute;rer
et agir valablement si la majorit&eacute; des membres du Conseil (pouvant voter) sont pr&eacute;sents ou repr&eacute;sent&eacute;s.
Les d&eacute;cisions sont prises &agrave; la majorit&eacute; simple des voix valablement exprim&eacute;es des membres du Conseil
pr&eacute;sents ou repr&eacute;sent&eacute;s (et pouvant voter).</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><B>11.6 </B>&nbsp;Les r&eacute;unions du Conseil d&rsquo;Administration
peuvent se tenir valablement &agrave; tout moment et en toutes circonstances par voie de conf&eacute;rence t&eacute;l&eacute;phonique,
vid&eacute;oconf&eacute;rence ou tout autre moyen de communication permettant aux participants de communiquer entre eux. Un Administrateur
participant par l&rsquo;un de ces moyens est consid&eacute;r&eacute; pr&eacute;sent &agrave; la r&eacute;union aussi longtemps
qu&rsquo;il est connect&eacute;.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><B>11.7 </B>&nbsp;Le Conseil d&rsquo;Administration peut &eacute;galement,
en toutes circonstances et avec l&rsquo;assentiment unanime, prendre des r&eacute;solutions par voie circulaire et les r&eacute;solutions
&eacute;crites sign&eacute;es par tous les membres du Conseil seront aussi valables et effectives que si elles &eacute;taient pass&eacute;es
lors d&rsquo;une r&eacute;union r&eacute;guli&egrave;rement convoqu&eacute;e et tenue. Ces signatures peuvent appara&icirc;tre sur un
seul document ou plusieurs copies de la m&ecirc;me r&eacute;solution et seront &eacute;tablies par lettre, c&acirc;ble, t&eacute;l&eacute;copie
ou email.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><B>11.8 </B>&nbsp;Les proc&egrave;s-verbaux de toute r&eacute;union
du Conseil d&rsquo;Administration (ou copies ou extraits de ces proc&egrave;s-verbaux destin&eacute;s &agrave; servir en justice
ou ailleurs) doivent &ecirc;tre sign&eacute;s par le pr&eacute;sident du Conseil, le pr&eacute;sident de la r&eacute;union en question
ou par deux (2) Administrateurs ou tel que d&eacute;cid&eacute; lors de la r&eacute;union du Conseil concern&eacute;e ou lors d&rsquo;une
r&eacute;union du Conseil subs&eacute;quente.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><B>Article 12. D&eacute;l&eacute;gation de pouvoirs, comit&eacute;s,
secr&eacute;taire</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><B>12.1 </B>&nbsp;Le Conseil peut d&eacute;l&eacute;guer la gestion
journali&egrave;re des affaires de la Soci&eacute;t&eacute; de m&ecirc;me que le pouvoir de repr&eacute;senter la Soci&eacute;t&eacute;
dans ses affaires journali&egrave;res &agrave; des Administrateurs individuels ou &agrave; d&rsquo;autres fond&eacute;s de pouvoirs
ou agents de la Soci&eacute;t&eacute; (avec le pouvoir de sousd&eacute;l&eacute;guer). En outre, le Conseil d&rsquo;Administration
peut d&eacute;l&eacute;guer la gestion journali&egrave;re des affaires de la Soci&eacute;t&eacute; de m&ecirc;me que le pouvoir
de repr&eacute;senter la Soci&eacute;t&eacute; dans ses affaires journali&egrave;res &agrave; un comit&eacute; ex&eacute;cutif
tel qu&rsquo;il le juge appropri&eacute;. Le Conseil d&rsquo;Administration d&eacute;terminera les conditions de nomination et
de r&eacute;vocation de m&ecirc;me que la r&eacute;mun&eacute;ration et les pouvoirs de la personne ou des personnes ainsi nomm&eacute;e(s).</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><B>12.2 </B>&nbsp;Le Conseil d&rsquo;Administration peut (mais ne doit
pas &agrave; moins que la loi ne le requi&egrave;re) &eacute;tablir un ou plusieurs comit&eacute;s (y compris, sans limitation,
un comit&eacute; d&rsquo;audit, un comit&eacute; des risques et de la strat&eacute;gie et un comit&eacute; de r&eacute;mun&eacute;ration)
et pour lesquels il doit, si un ou plusieurs comit&eacute;s sont &eacute;tablis, nommer les membres (qui peuvent mais ne doivent
pas &ecirc;tre membres du Conseil), d&eacute;terminer l&rsquo;objet, les pouvoirs et les comp&eacute;tences ainsi que les proc&eacute;dures
et toutes autres r&egrave;gles qui peuvent &ecirc;tre applicables &agrave; ce(s) comit&eacute;(s) (sous r&eacute;serve</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>


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<P STYLE="margin: 0">&nbsp;</P>


<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">du comit&eacute; d&rsquo;audit tel que pr&eacute;vu ci-apr&egrave;s).</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">12.2.1 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Comit&eacute; d&rsquo;Audit : si le Conseil d&rsquo;Administration
d&eacute;cide d&rsquo;&eacute;tablir un comit&eacute; d&rsquo;audit, (le &laquo; Comit&eacute; d&rsquo;Audit &raquo;), ce Comit&eacute;
d&rsquo;Audit sera compos&eacute; d&rsquo;au moins trois (3) membres et le Conseil d&rsquo;Administration d&eacute;signera un des
membres du Comit&eacute; d&rsquo;Audit comme pr&eacute;sident du Comit&eacute; d&rsquo;Audit. Le Comit&eacute; d&rsquo;Audit (a)
assistera le Conseil d&rsquo;Administration dans ses t&acirc;ches de surveillance relatives &agrave; l&rsquo;int&eacute;grit&eacute;
des comptes de la Soci&eacute;t&eacute;, y compris en &eacute;tablissant des rapports p&eacute;riodiques au Conseil d&rsquo;Administration
sur ses activit&eacute;s et l&rsquo;ad&eacute;quation des syst&egrave;mes de contr&ocirc;le internes de la Soci&eacute;t&eacute;
des rapports financiers : (b) fera des recommandations quant &agrave; la nomination, la r&eacute;mun&eacute;ration, la fid&eacute;lisation
et la surveillance et examinera l&rsquo;ind&eacute;pendance des r&eacute;viseurs externes de la Soci&eacute;t&eacute; ; (c) reverra
les Transactions Importantes entre la Soci&eacute;t&eacute; ou ses filiales avec les Parties Li&eacute;es (autres que les transactions
qui ont &eacute;t&eacute; revues et approuv&eacute;es par les membres ind&eacute;pendants du Conseil d&rsquo;Administration (le
cas &eacute;ch&eacute;ant) ou autre organe de direction de toute filiale de la Soci&eacute;t&eacute; ou par toute autre proc&eacute;dure
que le Conseil d&rsquo;Administration peut juger substantiellement &eacute;quivalente &agrave; ce qui pr&eacute;c&egrave;de) afin
de d&eacute;terminer si leurs termes sont conformes aux conditions du march&eacute; ou autrement &eacute;quitables pour la Soci&eacute;t&eacute;
et ses filiales ; et (d) remplira toute obligation impos&eacute;e &agrave; la Soci&eacute;t&eacute; par les lois et r&eacute;glementations
du(s) March&eacute;(s) R&eacute;glement&eacute;(s) sur lequel(lesquels) les actions de la Soci&eacute;t&eacute; sont cot&eacute;es
de m&ecirc;me que toute autre responsabilit&eacute; que le Conseil d&rsquo;Administration lui d&eacute;l&egrave;guera. Le Conseil
d&rsquo;Administration fournira au Comit&eacute; d&rsquo;Audit toutes les ressources et tous les pouvoirs n&eacute;cessaires pour
remplir ses fonctions.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">12.2.2 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Comit&eacute; de R&eacute;mun&eacute;ration : si le Conseil
d&rsquo;Administration d&eacute;cide d&rsquo;&eacute;tablir un comit&eacute; de r&eacute;mun&eacute;ration (le &laquo; Comit&eacute;
de R&eacute;mun&eacute;ration &raquo;), ce Comit&eacute; de R&eacute;mun&eacute;ration devra revoir et approuver les r&eacute;mun&eacute;rations
et les avantages des dirigeants et autres employ&eacute;s importants de la Soci&eacute;t&eacute; et de son groupe, et faire des
recommandations au Conseil d&rsquo;Administration quant aux principes de r&eacute;mun&eacute;ration, d&rsquo;&eacute;valuation
des performances et des strat&eacute;gies de fid&eacute;lisation. Le Comit&eacute; de R&eacute;mun&eacute;ration (le cas &eacute;ch&eacute;ant)
sera responsable de la mise en place et de l&rsquo;administration des plans d&rsquo;incitation en actions de la Soci&eacute;t&eacute;
et de son groupe.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">12.2.3 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Comit&eacute; des Risques et de la Strat&eacute;gie :
si le Conseil d&rsquo;Administration d&eacute;cide d&rsquo;&eacute;tablir un comit&eacute; des risques et de la strat&eacute;gie
(le &laquo; Comit&eacute; des Risques et de la Strat&eacute;gie &raquo;), ce Comit&eacute; des Risques et de la Strat&eacute;gie
assistera le Conseil d&rsquo;Administration dans ses t&acirc;ches de surveillance afin (i) d&rsquo;&eacute;valuer les risques inh&eacute;rents
aux activit&eacute;s de la Soci&eacute;t&eacute; et de son groupe et les processus de contr&ocirc;le en relation avec ces risques
; (ii) d&rsquo;&eacute;valuer et revoir les risques de cr&eacute;dit, de march&eacute;, commerciaux, fiduciaires, de liquidit&eacute;s,
de r&eacute;putation et de fonctionnement ; et (iii) de maintenir une relation de coop&eacute;ration strat&eacute;gique et interactive
avec les dirigeants, y compris l&rsquo;identification et la mise en place d&rsquo;objectifs strat&eacute;giques et la revue d&rsquo;acquisitions
potentielles, de partenariats et d&rsquo;alliances strat&eacute;giques, et d&eacute;sinvestissements.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><B>12.3 &nbsp;&nbsp;</B>Le Conseil d&rsquo;Administration peut nommer un
secr&eacute;taire de la Soci&eacute;t&eacute; qui peut mais ne doit pas &ecirc;tre un membre du Conseil d&rsquo;Administration
et d&eacute;terminer ses responsabilit&eacute;s, pouvoirs et comp&eacute;tences.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><B>Article 13. Signatures autoris&eacute;es</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">La Soci&eacute;t&eacute; sera engag&eacute;e par la signature
individuelle du Pr&eacute;sident ou la signature conjointe de deux (2) Administrateurs ou par les signatures conjointes ou individuelles
de toutes personnes &agrave; qui de tels pouvoirs de signature auront &eacute;t&eacute; d&eacute;l&eacute;gu&eacute;s par le Conseil
d&rsquo;Administration. Afin d&rsquo;&eacute;viter tout doute, pour les mati&egrave;res se rapportant &agrave; la d&eacute;l&eacute;gation
journali&egrave;re de la Soci&eacute;t&eacute;, la Soci&eacute;t&eacute; sera engag&eacute;e par la signature individuelle de l&rsquo;administrateur
d&eacute;l&eacute;gu&eacute; (&laquo; Chief Executive Officer &raquo; ou &laquo; CEO &raquo;) ou de toute personne ou toutes personnes
&agrave; qui de tels pouvoirs de signature auront &eacute;t&eacute; d&eacute;l&eacute;gu&eacute;s par le Conseil d&rsquo;Administration.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>


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<P STYLE="font: 18pt Arial Narrow, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right"><B>Document &eacute;mis &eacute;lectroniquement</B></P>



<P STYLE="margin: 0">&nbsp;</P>


<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><B>Article 14. R&eacute;mun&eacute;ration et Indemnisation du
Conseil</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><B>14.1 </B>&nbsp;La r&eacute;mun&eacute;ration du Conseil d&rsquo;Administration
sera d&eacute;cid&eacute;e par l&rsquo;Assembl&eacute;e G&eacute;n&eacute;rale.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">Les Administrateurs ne seront pas personnellement
tenus responsables pour les dettes de la Soci&eacute;t&eacute;. En tant que mandataires de la Soci&eacute;t&eacute;, ils sont responsables
de l&rsquo;ex&eacute;cution de leurs mandats. Sous r&eacute;serve des exceptions et limitations pr&eacute;vues &agrave; l&rsquo;article 14.3,
toute personne qui est, ou a &eacute;t&eacute;, un Administrateur ou un fond&eacute; de pouvoir de la Soci&eacute;t&eacute; sera
indemnis&eacute;e par la Soci&eacute;t&eacute; dans la mesure la plus large permise par la loi pour les dettes et toutes les d&eacute;penses
raisonnablement support&eacute;es ou pay&eacute;es par celui-ci en relation avec une pr&eacute;tention, action, poursuite ou proc&eacute;dure
judiciaire dans laquelle il est impliqu&eacute; en tant que partie ou autrement en vertu du fait qu&rsquo;il soit ou ait &eacute;t&eacute;
Administrateur ou fond&eacute; de pouvoir, et pour tous les montants qu&rsquo;il aurait pay&eacute;s ou support&eacute;s afin de r&eacute;gler
les faits mentionn&eacute;s ci-dessus. Les termes &ldquo;pr&eacute;tention&rdquo;, &ldquo;action&rdquo;, &ldquo;poursuite&rdquo; ou &ldquo;proc&eacute;dure
judiciaire&rdquo; s&rsquo;appliqueront &agrave; toute pr&eacute;tention, action, poursuite ou proc&eacute;dure judiciaire (civiles, p&eacute;nales
ou autres, y compris les appels) actuels ou possibles et les termes &ldquo;responsabilit&eacute;&rdquo; et &ldquo;d&eacute;penses&rdquo;
incluront sans limitation les honoraires d&rsquo;avocat, les co&ucirc;ts, jugements, montants pay&eacute;s en vertu d&rsquo;une transaction
et autres montants.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><B>14.2 &nbsp;</B>Aucune indemnisation ne sera due &agrave; un Administrateur
ou &agrave; un fond&eacute; de pouvoir:</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">14.2.1 &nbsp;&nbsp;&nbsp;&nbsp;En cas de mise en cause de sa responsabilit&eacute; vis-&agrave;-vis de la Soci&eacute;t&eacute;
ou de ses Actionnaires en raison d&rsquo;un abus de pouvoir, de mauvaise foi, de n&eacute;gligence grave ou d&rsquo;imprudence extr&ecirc;me
dans l&rsquo;accomplissement des devoirs d&eacute;coulant de sa fonction;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">14.2.2 &nbsp;&nbsp;&nbsp;&nbsp;Pour toute affaire dans le cadre de laquelle il serait
finalement condamn&eacute; pour avoir agi de mauvaise foi et non dans l&rsquo;int&eacute;r&ecirc;t de la Soci&eacute;t&eacute;; ou</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">14.2.3 &nbsp;&nbsp;&nbsp;&nbsp;En cas de transaction, &agrave; moins que la transaction
n&rsquo;ait &eacute;t&eacute; approuv&eacute;e par une cour d&rsquo;une juridiction comp&eacute;tente ou par le Conseil d&rsquo;Administration.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><B>14.3 </B>&nbsp;Le droit &agrave; indemnisation, tel que d&eacute;fini
dans le pr&eacute;sent article, sera individuel et n&rsquo;exclura pas d&rsquo;autres droits pr&eacute;sents ou futurs dans le chef de pareil
Administrateur ou fond&eacute; de pouvoir, il persistera en faveur des personnes ayant cess&eacute; d&rsquo;&ecirc;tre Administrateur
ou fond&eacute; de pouvoir de la Soci&eacute;t&eacute; et passera &agrave; leurs h&eacute;ritiers, ex&eacute;cuteurs testamentaires
ou administrateurs. Les pr&eacute;sentes dispositions n&rsquo;affecteront en rien le droit &agrave; indemnisation pouvant appartenir
aux autres membres du personnel de la Soci&eacute;t&eacute;, y compris les administrateurs et fond&eacute; de pouvoir, en vertu
d&rsquo;un contrat ou de la loi.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><B>14.4 </B>&nbsp;Les d&eacute;penses support&eacute;es en relation
avec la pr&eacute;paration d&rsquo;une d&eacute;fense et la repr&eacute;sentation dans le cadre d&rsquo;une pr&eacute;tention, action, poursuite
ou proc&eacute;dure judiciaire telles que d&eacute;crites dans cet article seront avanc&eacute;es par la Soci&eacute;t&eacute;
avant toute d&eacute;cision finale sur la question de savoir qui supportera ces d&eacute;penses, moyennant l&rsquo;engagement par ou
pour compte du fond&eacute; de pouvoir ou l&rsquo;Administrateur de rembourser ce montant s&rsquo;il est finalement d&eacute;cid&eacute;
qu&rsquo;il n&rsquo;aurait pas eu droit &agrave; une indemnisation conform&eacute;ment au pr&eacute;sent article.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><B>Article 15. Conflits d&rsquo;int&eacute;r&ecirc;ts</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><B>15.1 </B>&nbsp;Aucun contrat ou autre transaction entre la Soci&eacute;t&eacute;
et une quelconque autre soci&eacute;t&eacute; ou entit&eacute; ne seront affect&eacute;s ou invalid&eacute;s par le fait qu&rsquo;un
ou plusieurs Administrateurs ou fond&eacute;s de pouvoir de la Soci&eacute;t&eacute; aurai(en)t un int&eacute;r&ecirc;t dans, ou
est administrateur, associ&eacute;, fond&eacute; de pouvoir, agent, conseil ou employ&eacute; d&rsquo;une telle autre soci&eacute;t&eacute;
ou entit&eacute;. Tout Administrateur ou fond&eacute; de pouvoir de la Soci&eacute;t&eacute;, qui est administrateur, fond&eacute;
de pouvoir, employ&eacute; ou autre d&rsquo;une soci&eacute;t&eacute; ou entit&eacute; avec laquelle la Soci&eacute;t&eacute; contracterait
ou s&rsquo;engagerait autrement en affaires, ne pourra, en raison de sa position dans cette autre soci&eacute;t&eacute; ou entit&eacute;,
&ecirc;tre emp&ecirc;ch&eacute; de d&eacute;lib&eacute;rer, de voter ou d&rsquo;agir en relation avec un tel contrat ou autre affaire.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><B>15.2 &nbsp;</B>En cas de conflit d&rsquo;int&eacute;r&ecirc;ts personnel
d&rsquo;un Administrateur, cet Administrateur devra informer le Conseil de ce conflit d&rsquo;int&eacute;r&ecirc;ts et il ne prendra
pas part aux d&eacute;lib&eacute;rations et au vote sur cette affaire. Tout conflit d&rsquo;int&eacute;r&ecirc;t &eacute;mergeant
au niveau du Conseil devra &ecirc;tre rapport&eacute; &agrave; la prochaine Assembl&eacute;e G&eacute;n&eacute;rale des Actionnaires
avant toute r&eacute;solution et dans la mesure requise par la loi.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>


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<P STYLE="font: 18pt Arial Narrow, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right"><B>Document &eacute;mis &eacute;lectroniquement</B></P>



<P STYLE="margin: 0">&nbsp;</P>


<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><B>PARTIE V. ASSEMBLEES GENERLALES DES ACTIONNAIRES</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><B>Article 16. Assembl&eacute;es des Actionnaires &ndash; Assembl&eacute;e
G&eacute;n&eacute;rale Annuelle</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><B>16.1 </B>&nbsp;Toute Assembl&eacute;e G&eacute;n&eacute;rale des
Actionnaires de la Soci&eacute;t&eacute; r&eacute;guli&egrave;rement constitu&eacute;e repr&eacute;sentera l&rsquo;ensemble des Actionnaires
de la Soci&eacute;t&eacute;. Elle aura les pouvoirs les plus &eacute;tendus afin d&rsquo;ordonner, d&rsquo;effectuer ou de ratifier les
actes relatifs &agrave; toutes les op&eacute;rations de la Soci&eacute;t&eacute;.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><B>16.2 </B>&nbsp;L&rsquo;assembl&eacute;e g&eacute;n&eacute;rale annuelle
des Actionnaires se tiendra conform&eacute;ment &agrave; la loi luxembourgeoise au si&egrave;ge social de la Soci&eacute;t&eacute;
ou &agrave; tout autre endroit &agrave; Luxembourg indiqu&eacute; dans les convocations de cette assembl&eacute;e, chaque ann&eacute;e
le troisi&egrave;me mercredi du mois d&rsquo;avril &agrave; 16.00 heures (CET) (ou toute autre date permise par la loi). Si ce
jour est un jour f&eacute;ri&eacute;, l&rsquo;Assembl&eacute;e G&eacute;n&eacute;rale annuelle se tiendra le premier jour ouvrable normal
suivant.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><B>16.3 </B>D&rsquo;autres assembl&eacute;es des Actionnaires pourront se tenir aux lieu et heure sp&eacute;cifi&eacute;s dans
les avis de convocation de l&rsquo;assembl&eacute;e.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><B>16.4 </B>&nbsp;Les Assembl&eacute;es G&eacute;n&eacute;rales sont
convoqu&eacute;es conform&eacute;ment aux dispositions de la loi et si les Actions de la Soci&eacute;t&eacute; sont cot&eacute;es
sur un March&eacute; R&eacute;glement&eacute;, conform&eacute;ment aux r&egrave;gles de publicit&eacute; de ce March&eacute; R&eacute;glement&eacute;
imposables &agrave; la Soci&eacute;t&eacute;. Si tous les Actionnaires sont pr&eacute;sents ou repr&eacute;sent&eacute;s &agrave;
une assembl&eacute;e g&eacute;n&eacute;rale des Actionnaires, l&rsquo;Assembl&eacute;e G&eacute;n&eacute;rale peut se tenir sans
convocation ni publication pr&eacute;alables.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><B>16.5 </B>&nbsp;Si les actions de la Soci&eacute;t&eacute; ne sont
pas cot&eacute;es sur un March&eacute; R&eacute;glement&eacute;, tous les Actionnaires inscrits dans le registre des actionnaires
le jour de l&rsquo;Assembl&eacute;e G&eacute;n&eacute;rale pourront &ecirc;tre admis &agrave; l&rsquo;Assembl&eacute;e G&eacute;n&eacute;rale
; &eacute;tant entendu toutefois que si les Actions de la Soci&eacute;t&eacute; sont cot&eacute;es sur un March&eacute; R&eacute;glement&eacute;,
le Conseil d&rsquo;Administration peut fixer une date avant l&rsquo;Assembl&eacute;e G&eacute;n&eacute;rale comme &eacute;tant
la date d&rsquo;inscription pour &ecirc;tre admis &agrave; l&rsquo;Assembl&eacute;e G&eacute;n&eacute;rale (la &laquo; Date d&rsquo;Inscription
&raquo;).</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><B>16.6 &nbsp;</B>Si, conform&eacute;ment
aux dispositions de l&rsquo;Article 6.1.7 des pr&eacute;sents Statuts, les Actions sont inscrites dans le(s) registre(s) des Actionnaires
au nom d&rsquo;un D&eacute;positaire ou sousd&eacute;positaire de ce dernier, les certificats pr&eacute;vus &agrave; l&rsquo;Article
6.1.7 devront &ecirc;tre re&ccedil;us par la Soci&eacute;t&eacute; (ou ses agents indiqu&eacute;s dans l&rsquo;avis de convocation)
au plus tard le jour pr&eacute;c&eacute;dant le cinqui&egrave;me (5<SUP>e</SUP>) jour ouvrable avant le jour de l&rsquo;Assembl&eacute;e
G&eacute;n&eacute;rale &agrave; moins que le Conseil ne d&eacute;termine un d&eacute;lai diff&eacute;rent. Ces certificats (sauf
disposition contraire de la loi) devront sp&eacute;cifier que les Actions en compte seront bloqu&eacute;es jusqu&rsquo;&agrave;
la cl&ocirc;ture de l&rsquo;Assembl&eacute;e G&eacute;n&eacute;rale. La Soci&eacute;t&eacute; (ou ses agents) devra recevoir toutes
les procurations dans le m&ecirc;me d&eacute;lai et le Conseil d&rsquo;Administration peut, s&rsquo;il le juge n&eacute;cessaire,
modifier ce d&eacute;lai pour tous les Actionnaires et admettre les Actionnaires (ou leurs mandataires) qui ont remis les documents
appropri&eacute;s &agrave; la Soci&eacute;t&eacute; (ou ses agents, tel que mentionn&eacute; ci-avant) &agrave; l&rsquo;Assembl&eacute;e
G&eacute;n&eacute;rale, sans tenir compte de ces d&eacute;lais.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><B>16.7 </B>&nbsp;Le Conseil d&rsquo;Administration peut adopter toutes
autres r&eacute;glementations et r&egrave;gles concernant la participation &agrave; une Assembl&eacute;e G&eacute;n&eacute;rale,
de m&ecirc;me que la mise &agrave; disposition de cartes d&rsquo;acc&egrave;s, de formulaires de procuration et/ou bulletins de
vote afin de permettre aux Actionnaires d&rsquo;exercer leurs droits de vote.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><B>16.8 </B>&nbsp;Tout Actionnaire peut &ecirc;tre repr&eacute;sent&eacute;
&agrave; une Assembl&eacute;e G&eacute;n&eacute;rale en d&eacute;signant comme son mandataire une autre personne, qui n&rsquo;a
pas besoin d&rsquo;&ecirc;tre un Actionnaire.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><B>Article 17. Majorit&eacute; et quorum aux Assembl&eacute;es
G&eacute;n&eacute;rales</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><B>17.1 </B>&nbsp;Lors de toute Assembl&eacute;e G&eacute;n&eacute;rale
des Actionnaires autre qu&rsquo;une Assembl&eacute;e G&eacute;n&eacute;rale convoqu&eacute;e dans le but de modifier les Statuts
de la Soci&eacute;t&eacute;, ou pour voter sur des r&eacute;solutions dont l&rsquo;adoption est soumise aux r&egrave;gles de quorum
et de majorit&eacute; requises comme en mati&egrave;re de modification de Statuts, un quorum de pr&eacute;sence n&rsquo;est pas
requis et les r&eacute;solutions seront adopt&eacute;es ind&eacute;pendamment du nombre d&rsquo;Actions repr&eacute;sent&eacute;es,
&agrave; la majorit&eacute; simple des voix valablement exprim&eacute;es.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>


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<P STYLE="font: 18pt Arial Narrow, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right"><B>Document &eacute;mis &eacute;lectroniquement</B></P>



<P STYLE="margin: 0">&nbsp;</P>


<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><B>17.2 </B>&nbsp;Lors de toute Assembl&eacute;e G&eacute;n&eacute;rale
extraordinaire des Actionnaires autre qu&rsquo;une Assembl&eacute;e G&eacute;n&eacute;rale convoqu&eacute;e dans le but de modifier
les Statuts de la Soci&eacute;t&eacute;, ou pour voter sur des r&eacute;solutions dont l&rsquo;adoption est soumise aux r&egrave;gles
de quorum et de majorit&eacute; requises comme en mati&egrave;re de modification de Statuts, le quorum sera d&rsquo;au moins la
moiti&eacute; du capital social &eacute;mis de la Soci&eacute;t&eacute;. Si ledit quorum n&rsquo;est pas r&eacute;uni, une seconde
Assembl&eacute;e peut &ecirc;tre convoqu&eacute;e pour laquelle il n&rsquo;y aura pas d&rsquo;exigence de quorum. Pour que les
r&eacute;solutions propos&eacute;es soient adopt&eacute;es lors d&rsquo;une telle Assembl&eacute;e G&eacute;n&eacute;rale, et sauf
disposition contraire de la loi, une majorit&eacute; des deux tiers (2/3) des voix valablement exprim&eacute;es est requise.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><B>PARTIE VI. MODIFICATIONS STATUTAIRES</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><B>Article 18. &nbsp;Modifications statutaires</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">Les pr&eacute;sents Statuts pourront &ecirc;tre modifi&eacute;s
de temps &agrave; autre sur d&eacute;cision de l&rsquo;Assembl&eacute;e G&eacute;n&eacute;rale des Actionnaires dans les conditions de
quorum et de majorit&eacute; requises par la loi luxembourgeoise et tel que pr&eacute;vu par les pr&eacute;sents Statuts.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><B>PARTIE VII. EXERCICE SOCIAL ET AUDIT</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><B>Article 19.&nbsp; Exercice social</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">L&rsquo;exercice social de la Soci&eacute;t&eacute; commencera le premier
janvier et se terminera le trente et un d&eacute;cembre de chaque ann&eacute;e.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><B>Article 20. Commissaire aux comptes</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">Les comptes annuels de la Soci&eacute;t&eacute; sont surveill&eacute;s
par un ou plusieurs commissaire(s) aux comptes, nomm&eacute;(s) par l&rsquo;Assembl&eacute;e G&eacute;n&eacute;rale sur recommandation
du Conseil d&rsquo;Administration (ou, si le Conseil d&rsquo;Administration le d&eacute;cide, sur recommandation du Comit&eacute;
d&rsquo;Audit, le cas &eacute;ch&eacute;ant). L&rsquo;Assembl&eacute;e G&eacute;n&eacute;rale des Actionnaires d&eacute;terminera
le nombre de commissaires aux comptes et la dur&eacute;e de leur mandat, lequel ne pourra pas exc&eacute;der un (1) an. Ils sont
r&eacute;&eacute;ligibles et r&eacute;vocables &agrave; tout moment par l&rsquo;Assembl&eacute;e G&eacute;n&eacute;rale des Actionnaires
sur recommandation du Conseil d&rsquo;Administration (ou, si le Conseil d&rsquo;Administration le d&eacute;cide, sur recommandation
du Comit&eacute; d&rsquo;Audit, le cas &eacute;ch&eacute;ant).</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><B>PARTIE VIII. DISTRIBUTIONS, LIQUIDATION</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><B>Article 21.&nbsp;&nbsp; Distributions</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><B>21.1 </B>&nbsp;Il sera pr&eacute;lev&eacute; sur le b&eacute;n&eacute;fice
net annuel de la Soci&eacute;t&eacute; cinq pour cent (5%) qui seront affect&eacute;s &agrave; la r&eacute;serve l&eacute;gale,
comme requis par la loi. Ce pr&eacute;l&egrave;vement cessera d&rsquo;&ecirc;tre obligatoire lorsque, et aussi longtemps que, la
r&eacute;serve l&eacute;gale aura atteint dix pour cent (10%) du capital social &eacute;mis de la Soci&eacute;t&eacute;.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><B>21.2 </B>&nbsp;L&rsquo;Assembl&eacute;e G&eacute;n&eacute;rale des
Actionnaires d&eacute;cidera, sur recommandation du Conseil d&rsquo;Administration, de l&rsquo;affectation du solde des b&eacute;n&eacute;fices
annuels nets, y compris par voie de distribution de dividendes sous forme d&rsquo;actions.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><B>21.3 </B>&nbsp;Des dividendes int&eacute;rimaires peuvent &ecirc;tre
d&eacute;clar&eacute;s et pay&eacute;s (y compris de mani&egrave;re &eacute;chelonn&eacute;e) par le Conseil d&rsquo;Administration
&agrave; condition de respecter les termes et conditions fix&eacute;s par la loi, soit au moyen d&rsquo;un dividende en esp&egrave;ces
ou au moyen d&rsquo;un dividende en nature.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><B>21.4 </B>&nbsp;S&rsquo;il est d&eacute;cid&eacute;, par d&eacute;cision
de l&rsquo;Assembl&eacute;e G&eacute;n&eacute;rale ou en cas de d&eacute;claration de dividendes int&eacute;rimaires par le Conseil
d&rsquo;Administration, qu&rsquo;une distribution soit pay&eacute;e en Actions ou autres titres de la Soci&eacute;t&eacute;, le
Conseil d&rsquo;Administration peut exclure de cette offre les Actionnaires qu&rsquo;il juge n&eacute;cessaires ou appropri&eacute;s
eu &eacute;gard aux probl&egrave;mes d&rsquo;ordre pratique ou juridique dans un territoire ou pour toute autre raison que le Conseil
peut d&eacute;terminer.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><B>Article 22. Liquidation</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><B>22.1 </B>&nbsp;Dans le cas o&ugrave; la Soci&eacute;t&eacute; est
dissoute, pour quelques raison et moment que ce soit, la</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>


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<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="font: 18pt Arial Narrow, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right"><B>Document &eacute;mis &eacute;lectroniquement</B></P>



<P STYLE="margin: 0">&nbsp;</P>


<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">liquidation sera effectu&eacute;e par les soins des liquidateurs
ou du Conseil d&rsquo;Administration alors en fonction qui auront les pouvoirs pr&eacute;vus par les articles 144 et suivants de
la loi du 10 ao&ucirc;t 1915 sur les soci&eacute;t&eacute;s commerciales. Une fois toutes les dettes, charges et d&eacute;penses
de liquidation r&eacute;gl&eacute;es, tout solde en r&eacute;sultant sera vers&eacute; aux d&eacute;tenteurs d&rsquo;Actions de
la Soci&eacute;t&eacute; conform&eacute;ment aux dispositions des pr&eacute;sents Statuts.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><B>PARTIE IX. ACTIONNAIRE UNIQUE, DEFINITIONS ET LOI APPLICABLE</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><B>Article 23. Actionnaire Unique</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">Si, et aussi longtemps qu&rsquo;un seul Actionnaire r&eacute;unit
toutes les Actions de la Soci&eacute;t&eacute; entre ses seules mains, la Soci&eacute;t&eacute; sera une soci&eacute;t&eacute;
unipersonnelle au sens de la Loi sur les Soci&eacute;t&eacute;s Commerciales. Si la Soci&eacute;t&eacute; a un seul Actionnaire
ou deux Actionnaires, la Soci&eacute;t&eacute; peut, au choix de l&rsquo;Actionnaire unique ou, le cas &eacute;ch&eacute;ant, des
deux Actionnaires, &ecirc;tre administr&eacute;e par un ou deux Administrateurs tel que pr&eacute;vu par la loi et toutes les dispositions
des pr&eacute;sents Statuts qui se r&eacute;f&egrave;rent au Conseil d&rsquo;Administration seront cens&eacute;es se r&eacute;f&eacute;rer
&agrave; l&rsquo;Administrateur unique ou aux deux Administrateurs (<I>mutatis mutandis</I>), qui auront les pouvoirs prescrits
par la loi et ceux pr&eacute;vus dans les pr&eacute;sents Statuts en relation avec le Conseil d&rsquo;Administration.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><B>Article 24. D&eacute;finitions</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-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: top">
    <TD STYLE="width: 30%; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Actionnaire</FONT></TD>
    <TD STYLE="width: 2%; text-align: justify">&nbsp;</TD>
    <TD STYLE="width: 68%; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Signifie toute personne d&ucirc;ment inscrite comme d&eacute;tenteur d&rsquo;Actions de la Soci&eacute;t&eacute;.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Actions</FONT></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Signifie les actions de la Soci&eacute;t&eacute;.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Administrateur</FONT></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Signifie un membre du Conseil d&rsquo;Administration ou, le cas &eacute;ch&eacute;ant, l&rsquo;Administrateur unique de la Soci&eacute;t&eacute;.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Affili&eacute;</FONT></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Signifie, en relation avec un personne ou entit&eacute;, une personne qui, directement ou indirectement, &agrave; travers un ou plusieurs interm&eacute;diaires, Contr&ocirc;le, est Contr&ocirc;l&eacute;e par, ou est sous le Contr&ocirc;le commun de cette personne ou entit&eacute;. Le terme &laquo; Affili&eacute; &agrave; &raquo; sera interpr&eacute;t&eacute; de la m&ecirc;me mani&egrave;re.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Assembl&eacute;e G&eacute;n&eacute;rale</FONT></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Signifie l&rsquo;assembl&eacute;e g&eacute;n&eacute;rale des Actionnaires.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Conseil ou Conseil d&rsquo;Administration</FONT></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Signifie le conseil d&rsquo;administration de la Soci&eacute;t&eacute;.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Contr&ocirc;le</FONT></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Signifie, en relation avec une personne ou entit&eacute;, la possession, directe ou indirecte, du pouvoir de diriger ou de faire diriger l&rsquo;administration et les pratiques de cette personne ou entit&eacute;, que ce soit en d&eacute;tenant des titres avec droit de vote, contractuellement ou de toute autre mani&egrave;re.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">March&eacute; R&eacute;glement&eacute;</FONT></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Signifie une march&eacute; officiel d&rsquo;&eacute;change d&rsquo;actions ou de titres de l&rsquo;Union Europ&eacute;enne, des Etats-Unis d&rsquo;Am&eacute;rique ou d&rsquo;ailleurs.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Membres ind&eacute;pendants du Conseil d&rsquo;Administration</FONT></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Signifie un Administrateur qui : (i) n&rsquo;est pas employ&eacute;, et n&rsquo;a pas &eacute;t&eacute; employ&eacute;, par la Soci&eacute;t&eacute; ou une de ses filiales dans une fonction de direction au cours des cinq ann&eacute;es pr&eacute;c&eacute;dant imm&eacute;diatement l&rsquo;Assembl&eacute;e G&eacute;n&eacute;rale ordinaire lors de laquelle des candidats au Conseil d&rsquo;Administration ont &eacute;t&eacute; nomm&eacute;s; (ii) ne per&ccedil;oit pas de r&eacute;mun&eacute;ration en tant que consultant, conseiller ou autrement de la part de la Soci&eacute;t&eacute; ou une de ses filiales (autres que les tanti&egrave;mes re&ccedil;us en tant que membre du Conseil d&rsquo;Administration ou d&rsquo;un comit&eacute; de ce dernier et des r&eacute;mun&eacute;rations per&ccedil;ues en tant que membre du conseil d&rsquo;administration ou autre organe de direction ou comit&eacute; de ce dernier au sein d&rsquo;une filiale de la Soci&eacute;t&eacute;), (iii) ne Contr&ocirc;le pas la Soci&eacute;t&eacute; ; (iv) n&rsquo;a pas (et ne Contr&ocirc;le pas une entit&eacute; qui a) une relation d&rsquo;affaires importante avec la Soci&eacute;t&eacute; ou une de ses filiales ou la personne qui Contr&ocirc;le directement ou indirectement</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>


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<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="font: 18pt Arial Narrow, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right"><B>Document &eacute;mis &eacute;lectroniquement</B></P>



<P STYLE="margin: 0">&nbsp;&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 30%; text-align: justify">&nbsp;</TD>
    <TD STYLE="width: 2%; text-align: justify">&nbsp;</TD>
    <TD STYLE="width: 68%; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">la Soci&eacute;t&eacute;, si cette relation d&rsquo;affaires importante pourrait raisonnablement &ecirc;tre consid&eacute;r&eacute;e comme pouvant emp&ecirc;cher l&rsquo;administrateur de remplir ses fonctions ; (v) ne Contr&ocirc;le pas, et n&rsquo;est pas, et n&rsquo;a pas &eacute;t&eacute; au cours des cinq ans pr&eacute;c&eacute;dant imm&eacute;diatement l&rsquo;assembl&eacute;e ordinaire des actionnaires lors de laquelle des candidats au Conseil d&rsquo;Administration ont &eacute;t&eacute; nomm&eacute;s, employ&eacute; par, un r&eacute;viseur interne ou externe (actuellement ou dans le pass&eacute;) de la Soci&eacute;t&eacute;, une de ses filiales ou la personne qui Contr&ocirc;le directement ou indirectement la Soci&eacute;t&eacute; ; et (vi) n&rsquo;est pas le conjoint, le parent, le fr&egrave;re, la soeur ou un parent jusqu&rsquo;au troisi&egrave;me degr&eacute; de, et ne vit pas sous le m&ecirc;me foyer que toute personne mentionn&eacute;e aux points (i) &agrave; (iv) ci-dessus.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Partie Li&eacute;e</FONT></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Signifie, en relation avec la Soci&eacute;t&eacute; ou ses filiales directes ou indirectes, une des personnes suivantes : (i) un membre du Conseil d&rsquo;Administration ou du conseil d&rsquo;administration ou autre organe de direction d&rsquo;une filiale de la Soci&eacute;t&eacute; ; (ii) tout membre du conseil d&rsquo;administration ou autre organe de direction d&rsquo;une entit&eacute; qui Contr&ocirc;le la Soci&eacute;t&eacute;, (iii) tout Affili&eacute; de la Soci&eacute;t&eacute; (autre que les filiales de la Soci&eacute;t&eacute;), (iv) toute entit&eacute; Contr&ocirc;l&eacute;e par tout membre du Conseil d&rsquo;Administration ou du conseil d&rsquo;administration ou autre organe de direction de toute filiale de la Soci&eacute;t&eacute; ; et (v) le conjoint, le parent, le fr&egrave;re, la soeur ou le parent jusqu&rsquo;au troisi&egrave;me degr&eacute;, et tout personne vivant sous le m&ecirc;me foyer qu&rsquo;une personne mentionn&eacute;e aux points (i) ou (ii).</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Statuts</FONT></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Signifie les pr&eacute;sents statuts de la Soci&eacute;t&eacute; tels que modifi&eacute;s de temps &agrave; autre.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Transactions Importantes</FONT></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Signifie (i) toute transaction (x) d&rsquo;une valeur individuelle &eacute;gale ou sup&eacute;rieure &agrave; dix millions de dollars US (USD 10.000.000) ; (y) d&rsquo;une valeur individuelle inf&eacute;rieure &agrave; dix millions de dollars US (USD 10.000.000) lorsque la somme totale d&rsquo;une s&eacute;rie de transactions d&rsquo;une telle valeur inf&eacute;rieure refl&eacute;t&eacute;e dans les &eacute;tats financiers des quatre derniers trimestres comptables de la Soci&eacute;t&eacute; pr&eacute;c&eacute;dant le jour de d&eacute;termination (&agrave; l&rsquo;exclusion de toute transaction ayant &eacute;t&eacute; revue et approuv&eacute;e par un Comit&eacute; d&rsquo;Audit (le cas &eacute;ch&eacute;ant), le Conseil d&rsquo;Administration ou les membres ind&eacute;pendants du Conseil d&rsquo;Administration ou autre organe de direction de toute filiale de la Soci&eacute;t&eacute;, ou par toutes autres proc&eacute;dures que le Conseil d&rsquo;Administration peut consid&eacute;rer substantiellement &eacute;quivalentes &agrave; ce qui pr&eacute;c&egrave;de), exc&egrave;de 1,5% des ventes nettes consolid&eacute;es de la Soci&eacute;t&eacute; r&eacute;alis&eacute;es au cours de l&rsquo;ann&eacute;e sociale pr&eacute;c&eacute;dant l&rsquo;ann&eacute;e de la d&eacute;termination ; ou (ii) toute r&eacute;organisation (y compris par voie de fusion, scission spin-off ou vente de la totalit&eacute; ou quasi-totalit&eacute; des actifs d&rsquo;une entit&eacute; (<I>bulk sale of business</I>)) engageant la Soci&eacute;t&eacute; ou une de ses filiales au profit de, ou engageant une Partie Li&eacute;e.</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><B>Article 25. Loi applicable</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">Pour toutes les mati&egrave;res qui ne sont pas
r&eacute;gies express&eacute;ment par les pr&eacute;sents Statuts, les Actionnaires se r&eacute;f&egrave;rent &agrave; la
l&eacute;gislation en vigueur.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><B>Pour copie conforme des statuts coordonn&eacute;s.</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><B>Luxembourg, le 12 ao&ucirc;t 2016</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><B>&nbsp;</B></P>


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<P STYLE="font: 18pt Arial Narrow, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right"><B>Document &eacute;mis &eacute;lectroniquement</B></P>



<P STYLE="margin: 0">&nbsp;</P>


<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><B>Le notaire Edouard DELOSCH</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;&nbsp;</P>



<P STYLE="margin: 0"></P>

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<DOCUMENT>
<TYPE>EX-4.44
<SEQUENCE>3
<FILENAME>t1701194_ex4-44.htm
<DESCRIPTION>EXHIBIT 4.44
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B>Exhibit 4.44</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">&nbsp;</P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">Execution Version</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 18pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>EXPORT PREPAYMENT FINANCE AGREEMENT</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">by and among</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>ADECOAGRO VALE DO IVINHEMA S.A.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">as the Borrower,</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>ADECOAGRO BRASIL PARTICIPA&Ccedil;&Otilde;ES
S.A.,</B></P>

<P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>ADECO AGROPECU&Aacute;RIA BRASIL LTDA. </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>USINA MONTE ALEGRE LTDA.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">as the Guarantors,</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>ING CAPITAL LLC</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>CO&Ouml;PERATIEVE RABOBANK U.A.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">as the Mandated Lead Arrangers and Bookrunners,</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>BANCO RABOBANK INTERNATIONAL BRASIL S.A.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">as the Administrative Agent and Collateral
Agent,</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>CO&Ouml;PERATIEVE RABOBANK U.A.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">as the Collection Account Agent and Paying
Agent</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>THE LENDERS </B></P>

<P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">party hereto</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">December 20, 2016</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>


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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>EXPORT PREPAYMENT FINANCE AGREEMENT</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>EXPORT PREPAYMENT FINANCE AGREEMENT
</B>dated as of December 20, 2016 (the &ldquo;<B>Execution Date</B>&rdquo;) 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 (the &ldquo;<B>Borrower</B>&rdquo;); 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 (&ldquo;<B>Participa&ccedil;&otilde;es</B>&rdquo;);
Adeco Agropecu&aacute;ria Brasil Ltda., a Brazilian corporation with its headquarters at Rua Burle Marx, n&ordm; 603, Quadra 11,
Lote 12A, Salas 06 e 07, Jardim Para&iacute;so, in the city of Luis Eduardo Magalh&atilde;es, state of Bahia, Brazil, enrolled
with the Brazilian Corporate Taxpayer Registry (CNPJ/MF) under No. 07.035.004/0001-54 (&ldquo;<B>Agropecu&aacute;ria</B>&rdquo;);
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
(&ldquo;<B>Monte Alegre</B>&rdquo; and together with Participa&ccedil;&otilde;es and Agropecu&aacute;ria, each a &ldquo;<B>Guarantor</B>&rdquo;
and collectively, the &ldquo;<B>Guarantors</B>&rdquo;); Banco Rabobank International Brasil S.A., a banking corporation duly organized
and existing under the laws of The Federative Republic of Brazil, with its head office at Av. das Na&ccedil;&otilde;es Unidas 12.995
&ndash; 7&ordm; andar, S&atilde;o Paulo, SP, Brazil, in the capacity of Administrative Agent for the Lenders (the &ldquo;<B>Administrative
Agent</B>&rdquo;) and in the capacity of Collateral Agent for the Lenders (the &ldquo;<B>Collateral Agent</B>&rdquo;); Co&ouml;peratieve
Rabobank U.A., a financial institution organized and existing under the laws of the Netherlands, with its head office at Croeselaan
18, Utrecht, the Netherlands, in the capacity of Collection Account Agent for the Lenders (the &ldquo;<B>Collection Account Agent</B>&rdquo;)
and in the capacity of Paying Agent for the Lenders (the &ldquo;<B>Paying Agent</B>&rdquo;); 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 Co&ouml;peratieve Rabobank U.A., a financial institution organized and existing under the laws of the Netherlands,
with its head office at Croeselaan 18, Utrecht, the Netherlands, as the bookrunners and mandated lead arrangers (together, the
&ldquo;<B>Lead Arrangers</B>&rdquo; and individually, each a &ldquo;<B>Lead Arranger</B>&rdquo;); and the lenders listed on the
signature pages hereof and each lender that becomes a &ldquo;Lender&rdquo; after the Execution Date pursuant to Section 11.1 hereof
(individually, a &ldquo;<B>Lender</B>&rdquo; and, collectively, the &ldquo;<B>Lenders</B>&rdquo;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0"><B>WHEREAS:</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><B>A</B>.</TD><TD STYLE="text-align: justify">The Borrower desires to obtain loans in the aggregate principal amount of up to US$150,000,000.00
(One Hundred and Fifty Million Dollars) which the Borrower will repay through the proceeds of exports of Goods (as defined below).</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.1pt"></TD><TD STYLE="width: 35.9pt"><B>B.</B></TD><TD STYLE="text-align: justify">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.</TD></TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -35.9pt">&nbsp;</P>


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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.1pt"></TD><TD STYLE="width: 35.9pt"><B>C.</B></TD><TD STYLE="text-align: justify">On the basis of the terms and conditions specified in this Agreement, the Lenders are willing to
make the loan arrangements described herein.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0"><B>NOW, THEREFORE, </B>the parties hereto hereby agree as follows:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0"><B>1.</B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>DEFINITIONS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.1pt"></TD><TD STYLE="width: 35.9pt"><FONT STYLE="font-size: 12pt">1.1</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 12pt"><B>C</B></FONT><B><FONT STYLE="font-size: 9pt">ERTAIN</FONT> <FONT STYLE="font-size: 12pt">D</FONT><FONT STYLE="font-size: 9pt">EFINITIONS</FONT><FONT STYLE="font-size: 12pt">.
</FONT></B><FONT STYLE="font-size: 12pt">Unless otherwise defined above, capitalized terms used in this Agreement shall have the
following meanings assigned to them: </FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><B><I>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 Collection Account Agent and the Borrower pursuant to which the Borrower grants to the Collection Account
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="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><B><I>Adecoagro Group </I></B>means
any and/or all of the Borrower, any 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="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><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 balance then held in the Collection Account.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><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, &ldquo;control&rdquo; 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. For the avoidance of doubt, in respect of
Cr&eacute;dit Agricole Corporate and Investment Bank, &ldquo;Affiliate&rdquo; shall include Cr&eacute;dit Agricole S.A. and
each Subsidiary of Cr&eacute;dit Agricole S.A.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><B><I>Agent </I></B>means the
Administrative Agent, the Collateral Agent, the Paying Agent and/or the Collection Account Agent, as the case may be, and Agents
means the Administrative Agent, the Collateral Agent, the Collection Account Agent and the Paying Agent.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><B><I>Agent Indemnified Party
</I></B>has the meaning ascribed to it in Section 10.7.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><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>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>


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    <!-- Field: /Page -->

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><B><I>Agropecu&aacute;ria </I></B>-
See Preamble</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><FONT STYLE="font-size: 12pt"><B><I>Aliena&ccedil;&atilde;o
Fiduci&aacute;ria </I></B>means the <I>Aliena&ccedil;&atilde;o Fiduci&aacute;ria em Garantia</I> dated of even date herewith among
the Borrower, the Lenders and the Collateral Agent pursuant to which the Borrower grants to the Lenders a first priority security
interest in all of its right, title and interest in certain equipment located at the Mortgaged Properties</FONT>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><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="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><B><I>Anti-Corruption Laws </I></B>means
all laws, rules, and regulations of any jurisdiction applicable to the Borrower or any Guarantor, from time to time, concerning
or relating to bribery and/or corruption.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><B><I>Anti-corruption Legislation
</I></B>means all laws applicable to the relationship described in this Agreement, including those that are applicable in more
than one jurisdiction (depending on where the Borrower and/or any Guarantor has entities, is regulated or conducts its business),
and including, but not limited to, the following: (a) Brazilian Anti-corruption Law (Law 12846/13); (b) Brazilian Law of Misconduct
in Public Office (Law 8429/92); (c) Brazilian Penal Code (Decree-Law No. 2848/1940); (d) U.S. Foreign Corrupt Practices Act (FCPA);
and (e) U.K. Bribery Act (UKBA).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><B><I>Anti-Money Laundering Laws
</I></B>means all laws, rules, and regulations of any jurisdiction applicable to any Lender, the Borrower, any Guarantor or their
respective Subsidiaries, from time to time, concerning or relating to anti-money laundering.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><B><I>Applicable Margin </I></B>means
4.65% per annum.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><B><I>ASA </I></B>means Adecoagro
S/A, a corporation established and incorporated in Luxembourg, registered with the Luxembourg tax authorities under No. 2010 2212
089, which, as of the Execution Date, is the beneficial owner of and controls (either directly or indirectly) approximately 99%
of the Capital Stock of each of the Borrower and each Guarantor.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><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="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><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>&nbsp;<U>C</U> hereto.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><B><I>Assignment and Security
Agreement </I></B>means the Assignment and Security Agreement of even date herewith between the Collateral Agent and the Borrower</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>


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    <!-- Field: /Page -->

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">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 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="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><B><I>Availability Period </I></B>means
the period commencing on the Execution Date and ending on (and including) the date that is thirty (30) days thereafter.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><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 (&ldquo;<I>C&eacute;dula
de Produto Rural</I>&rdquo;), CDCAs (&ldquo;<I>Certificado de Direitos Credit&oacute;rios do Agroneg&oacute;cio</I>&rdquo;), CRAs
(&ldquo;<I>Certificados de Receb&iacute;veis do Agroneg&oacute;cio</I>&rdquo;) 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="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><B><I>Borrower </I></B>- See
Preamble.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><B><I>Brazil </I></B>means the
Federative Republic of Brazil.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><B><I>Break Funding Costs </I></B>means,
with respect to any circumstances provided for in Sections 2.8, 2.11, 2.13 and 2.15, the amount (if any) of any &ldquo;broken funding&rdquo;
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="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><B><I>Business Day </I></B>means
a day which is at the same time (a) a London Banking Day and (b) a day, other than a Saturday or Sunday, on which commercial banks
and other financial institutions are not required or authorized to close in (i) New York, New York, United States of America, (ii)
Utrecht, the Netherlands, (iii) S&atilde;o Paulo, SP, Brazil, (iv) Ang&eacute;lica, MS, Brazil, (v) Ivinhema, MS, Brazil, and/or
(vi) Campo Grande, MS, Brazil.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><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="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><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</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>


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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">investments made from current
accounts with immediate liquidity), cash investments with immediate liquidity and marketable securities which are immediately redeemable.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><B><I>CEPEA ESALQ Settlement
Price </I></B>means, on any day, the settlement price (in US$ per liter in the case of ethanol and in US$ per 50kg bag in the case
of sugar) for delivery of ethanol or sugar, as applicable, on a spot basis, as quoted by the CEPEA ESALQ (<I>Centro De Estudos
Avan&ccedil;ados em Economia Aplicada</I> - ESALQ/USP), for the preceding trading day, as shown on any such day on the CEPEA ESALQ
website at the following link http://www.cepea.esalq.usp.br/indicador/.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><B><I>Change in Law </I></B>means
the occurrence, after the Execution Date, of any of the following: (a) the adoption or taking effect of any law, rule,
regulation or treaty, (b) any change in any law, rule, regulation or treaty or in the administration, interpretation,
implementation or application thereof by any Governmental Authority or (c) 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, (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, and (iii) all
requests, rules, guidelines or directives promulgated by the European Union Basel III (or any successor or similar authority)
or the European Union or foreign regulatory authorities, in each case pursuant to CRD IV and CRR, shall in each case be
deemed to be a &ldquo;Change in Law&rdquo;, regardless of the date enacted, adopted or issued.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><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&rsquo;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&rsquo; 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&rsquo;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, and/or (g) own beneficially and control (either directly or</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>


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    <!-- Field: /Page -->

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">indirectly) more than 50% of
Agropecu&aacute;ria&rsquo;s issued and outstanding Capital Stock having the right to vote or other equity interests (or securities
convertible into equity interests) in Agropecu&aacute;ria having the right to vote, and/or (h) have the power (whether by ownership
of Capital Stock, contract or otherwise) to control the management or policies of Agropecu&aacute;ria.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><B><I>Code </I></B>means the
Internal Revenue Code of 1986.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><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="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><B><I>Collateral Agent </I></B>&ndash;
See Preamble.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><B><I>Collateral Amount </I></B>has
the meaning ascribed to it in Section 5(l)(ii) hereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><B><I>Collection Account </I></B>means
account IBAN nr. NL14RABO0314195025 of the Borrower held with the Collection Account Agent in Utrecht, the Netherlands.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><B><I>Collection Account Agent
</I></B>&ndash; See Preamble.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><B><I>Commitment </I></B>means,
with respect to any Lender, the amount set forth opposite such Lender&rsquo;s name in <U>Schedule 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&rsquo;s Commitment, and recorded in the Register maintained
by the Administrative Agent as such Lender&rsquo;s Commitment.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><B><I>CRD IV </I></B>means Directive
2013/36/EU of 26 June 2013 on access to the activity of credit institutions and the prudential supervision of credit institutions
and investment firms, amending Directive 2002/87/EC and repealing Directive 2006/48/EC and 2006/49/EC.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><B><I>Credit Documents </I></B>means
this Agreement, the Notes, the Security Agreements, each Fee Letter and any other documents and/or agreements delivered or entered
into in connection with any of the foregoing.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><B><I>CRR </I></B>means Regulation
(EU) no. 575/2013 of 26 June 2013 on prudential requirements for credit institutions and investment firms and amending regulation
(EU) No. 648/2012.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><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="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><B><I>Default </I></B>means an
Event of Default or event or condition that, but for the</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>


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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">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="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><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="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><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>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><B><I>Drawdown </I></B>means,
for any Loan, the crediting by the Paying Agent to the Borrower of the principal amount thereof in accordance with the instructions
in the relevant Notice of Drawdown.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><B><I>Drawdown Date </I></B>means,
for any Loan, the date of the relevant Drawdown.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><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 (excluding the amount of changes
in fair value of agricultural products &ldquo;<I>produtos agr&iacute;colas</I>&rdquo; which is included in the cost of goods and
services sold), minus (c) administrative, general and sales expenses, plus or minus, as applicable, (d) the result of other net
operating income, plus (e) any depreciation or amortization included in the cost of goods and services sold and in the administrative,
general and sales expenses, all as determined in accordance with GAAP. For the purposes of the determination of EBITDA, equity
equivalence will not be considered nor will the fair value change of biological assets and agricultural products.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><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="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><B><I>Effective Coverage Ratio
</I></B>has the meaning ascribed to it in Section 5(l)(i).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><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, a Prohibited Party or a Restricted Party or located in an Ultra High Risk Country at any time then it
shall immediately constitute an &ldquo;Eligible Off-taker Material Adverse Effect&rdquo; and the ten (10) days notice period
set forth in the final sentence of Section 5(l)(ii) shall not be applicable (meaning that with immediate effect all Shipments
where such importer is the buyer of the Goods</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>


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    <!-- Field: /Page -->

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">will no longer be included in
the calculation of the Collateral Amount so replacement Shipments will be required to be provided by the Borrower).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><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 approval from the Required Lenders, or upon the Borrower&rsquo;s written request (but in such case, subject to
written approval by the Required 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="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><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>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><B><I>Event of Default </I></B>has
the meaning ascribed to it in Section 7.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><B><I>Execution Date </I></B>-
See Preamble.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><B><I>Export Receivables </I></B>means
all amounts due to the Borrower from Eligible Off-takers for Shipments made.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><B><I>Facility Amount </I></B>means
US$150,000,000.00 (one hundred and fifty million U.S. Dollars).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><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="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><B><I>FATCA Deduction </I></B>means
a deduction or withholding from a payment under a Credit Document required by FATCA.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><B><I>FATCA Exempt Party </I></B>means
a Person that is entitled to receive payments free from any FATCA Deduction.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><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="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>


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    <!-- Field: /Page -->

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><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>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><B><I>Final Maturity Date </I></B>means
December 26, 2021. 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="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><B><I>Financial Statements </I></B>has
the meaning ascribed to it in Section 3(h).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><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="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><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; CFC),
in each case as in effect from time to time.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><B><I>Goods </I></B>means sugar
and/or ethanol.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><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="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><B><I>Government Agency </I></B>means
any direct government agency, either national or foreign, or indirect government agency, either national or foreign. Government
agencies include, for the purposes of this definition, ministries, entities connected to the executive, legislative or judicial
branches, agencies, local authorities, foundations, government-owned companies, government controlled private companies, councils,
departments, offices and other entities that comprise the direct or indirect government, as well as international public organization,
political parties, and national or foreign regulators.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><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="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><FONT STYLE="font-size: 12pt"><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 jure</I> government or is a <I>de facto</I> government)</FONT><FONT STYLE="font-size: 9.5pt">.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>


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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><B><I>Guaranteed Obligations
</I></B>has the meaning ascribed to it in Section 9.1.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><B><I>Guarantor </I></B>- See
Preamble.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><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="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><B><I>ICE </I></B>means the Intercontinental
Exchange.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><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 &ldquo;Last&rdquo; column.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><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 (&ldquo;<I>C&eacute;dula de Produto Rural</I>&rdquo;), CDCAs (&ldquo;<I>Certificado de Direitos Credit&oacute;rios
do Agroneg&oacute;cio</I>&rdquo;), CRAs (&ldquo;<I>Certificados de Receb&iacute;veis do Agroneg&oacute;cio</I>&rdquo;) 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&rsquo;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="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><B><I>Indemnified Costs </I></B>has
the meaning ascribed to it in Section 10.7.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><B><I>Indemnified Parties </I></B>has
the meaning ascribed to it in Section 11.14(a).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>


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    <!-- Field: /Page -->

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><B><I>Interest Coverage Ratio
</I></B>means, as to any Person, the ratio of such Person&rsquo;s EBITDA to such Person&rsquo;s Net Financial Expenses, in each
case as shown in such Person&rsquo;s financial statements as at the end of the most recently terminated fiscal year.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><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 the
Indebtedness of such Person, including (without duplication) (a) fees (including commitment fees), (b) the interest portion
of any deferred payment obligations, (c) all fees and charges owed with respect to letters of credit or performance or other
bonds, (d) losses on derivative transactions, and (e) any amortization of debt discount, but excluding losses on foreign
exchange, all determined in accordance with GAAP.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><B><I>Interest Payment Date </I></B>means
each March 26, June 26, September 26 and December 26. 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="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><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 26, 2017, 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="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><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="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><B><I>Judgment Currency </I></B>has
the meaning ascribed to it in Section 11.13.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><B><I>Judgment Currency Conversion
Date </I></B>has the meaning ascribed to it in Section 11.13.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><B><I>Laws to Prevent Money Laundering,
Books and Records </I></B>has the meaning ascribed to it in Section 3(ee).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><B><I>Lead Arranger </I></B>or
<B><I>Lead Arrangers </I></B>&ndash; See Preamble.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><B><I>Lender </I></B>or <B><I>Lenders
</I></B>- See Preamble.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><B><I>Lending Office </I></B>has
the meaning ascribed to it in Section 2.4.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><B><I>Liabilities </I></B>has
the meaning ascribed to it in Section 11.14(a).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>


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    <!-- Field: /Page -->

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><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 &ldquo;LIBOR01&rdquo;
(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. If the LIBO Rate is ever determined pursuant to the
above to be below zero, then the LIBO Rate shall be deemed to be zero for the purposes of determining the interest rate.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><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="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><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="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><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="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><B><I>Margin Stock </I></B>means
&ldquo;margin stock&rdquo; 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="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><B><I>Market Value </I></B>means</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">(a)</TD><TD STYLE="text-align: justify">in relation to any Shipment, the amount (MV) determined by the Collateral Agent as follows:</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2in">MV = Q x (P +/<B>-</B> S)</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify">Where:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify"><B>&ldquo;Q&rdquo; </B>is the
quantity of Goods (measured in metric tons for sugar and in cubic meters for ethanol), still to be delivered as part of such Shipment;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify"><B>&ldquo;P&rdquo; </B>is (a)
for sugar for which the price has not yet been fixed under the respective Off-take Contracts, the applicable ICE Futures Settlement
Price, converted to Dollars per metric ton, at the time of such calculation and for the</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify">&nbsp;</P>


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    <!-- Field: /Page -->

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify">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, (b) for sugar for which the price has been fixed under the respective Off-take
Contracts, the fixed price indicated therein as evidenced by the Borrower to the satisfaction of the Collateral Agent (acting on
the instructions of the Required Lenders), (c) for ethanol for which the price has not yet been fixed under the respective Off-take
Contracts, the applicable PLATTS Settlement Price, and (d) for ethanol for which the price has been fixed under the respective
Off-take Contracts, the fixed price indicated therein as evidenced by the Borrower to the satisfaction of the Collateral Agent
(acting on the instructions of the Required Lenders); and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify"><B>&ldquo;S&rdquo; </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 Off-take Contracts. In the absence of such a determination in the respective Off-take Contracts,
the value of this item will be deemed to be &ldquo;zero&rdquo;; and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">(b)</TD><TD STYLE="text-align: justify">in relation to the Mercantile Pledge Agreement, the amount (MV) determined by the Collateral Agent
as follows:</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2in">MV = Q x P</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify">Where:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify"><B>&ldquo;Q&rdquo; </B>is the
quantity of Goods (measured in metric tons for sugar and in cubic meters for ethanol), stored in the Borrower&rsquo;s warehouses;
and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify"><B>&ldquo;P&rdquo; </B>is the
applicable CEPEA ESALQ Settlement Price.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><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 legality, 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="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><B><I>Mercantile Pledge Agreement
</I></B>means the agreement or agreements (&ldquo;<I>Instrumento Particular de Penhor Mercantil de A&ccedil;&uacute;car e Etanol</I>&rdquo;)
providing for the pledge of sugar and/or ethanol by the Borrower to the Lenders, in the form of <U>Annex</U>&nbsp;<U>G</U> hereto,
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="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><B><I>Minimum Coverage Ratio
</I></B>has the meaning ascribed to it in Section 5(l)(i).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>


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    <!-- Field: /Page -->

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><B><I>Monte Alegre </I></B>-
See Preamble.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><B><I>Mortgaged Properties </I></B>means
the real estate listed and described on Schedule 3 hereto, 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="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><B><I>Mortgages </I></B>means
the mortgages over the Mortgaged Properties granted by the Borrower to the Lenders, including all interest in all existing and
future accessions, improvements, amenities or constructions thereon.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><B><I>Net Bank Debt </I></B>means,
for any Person at any time, its Bank Debt minus its Cash.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><B><I>Net Financial
Expenses </I></B>means, with respect to any Person and for any period, (a) Interest Expense incurred 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="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><B><I>Note </I></B>means each
promissory note in connection with the Loans in the form of <U>Annex</U>&nbsp;<U>A</U>&nbsp;hereto, duly executed by the Borrower and,
with respect to the guarantee affixed thereon, by the Guarantors, which shall only be endorsed (<I>endossada</I>), assigned or
transferred in accordance with Section 11.1 of this Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><B><I>Notice of Drawdown </I></B>has
the meaning ascribed to it in Section 2.2(a).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><B><I>Obligation Currency </I></B>has
the meaning ascribed to it in Section 11.13.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><B><I>Obligations </I></B>mean
any and all obligations of the Borrower under this Agreement and the other Credit Documents.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><B><I>OECD Country </I></B>means
any country which is a member of the Organization for Economic Co-operation and Development.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><B><I>OEE </I></B>means the Office
of Export Enforcement of the United States Department of Commerce.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><B><I>OFAC </I></B>means the
Office of Foreign Assets Control of the United States Department of the Treasury.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><B><I>Off-take Contract </I></B>means
any contract entered into by and between the Borrower and an Eligible Off-taker pursuant to which the Borrower sells Goods to such
Eligible Off-taker.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><B><I>Other Credit Parties Indebtedness
</I></B>means any Indebtedness of the Borrower or any Guarantor (other than Indebtedness under the Credit Documents) owed to a
Lender.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>


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    <!-- Field: /Page -->

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><B><I>Other Taxes </I></B>has
the meaning ascribed to it in Section 8.2.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><B><I>Participac&otilde;es </I></B>-
See Preamble.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><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="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><B><I>Paying Agent </I></B>&ndash;
See Preamble</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><B><I>Paying Agent&rsquo;s Account
</I></B>means the account detailed below or such other account as the Paying Agent may from time to time specify in writing to
the Borrower and the Lenders.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify">Corresponding Bank:</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify">SWIFT:</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify">ABA no.:</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify">Beneficiary&rsquo;s name:</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify">Account number:</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify">Reference:<FONT STYLE="font-size: 12pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>Adecoagro,
2016</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><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="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><FONT STYLE="font-size: 12pt"><B><I>PLATTS
Settlement Price </I></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 &ldquo;prior
settle&rdquo; column of the page entitled Chicago Ethanol (Platts) Futures Quotes which can be found at the following internet
address: <U>http://www.cmegroup.com/trading/energy/ethanol/chicago-ethanol-platts-swap.html</U></FONT>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><B><I>Principal Repayment Date
</I></B>means each of June 26, 2019, September 26, 2019, December 26, 2019, June 26, 2020, September 26, 2020, December 26, 2020,
June 26, 2021, September 26, 2021 and the Final Maturity Date. 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="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><B><I>Process Agent </I></B>has
the meaning ascribed to it in Section 11.8(b).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><B><I>Prohibited Party </I></B>means
a Person located in, organised under the laws of, or owned or controlled by, or acting on behalf of, a Person located in or organized
under the laws of Cuba, Iran, Sudan, Syria or North Korea.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><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="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>


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    <!-- Field: /Page -->

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><B><I>Public Officer </I></B>means
any person who, either transitionally or permanently, with or without pay, holds office, employment or public function in any Government
Agency or entity, either directly or indirectly, either national or foreign, including but not limited to candidates for political
office, members of political parties or movements in their duties, members of an international public organization, public officials
of direct or indirect administration, officers and officials of government or regulatory authority, either national or foreign,
and employees of a concessionaire of the government, or a government controlled private company, or state-owned company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><B><I>Reais, Brazilian Reais
</I></B>and the designation <B><I>R$ </I></B>each means the lawful currency of Brazil.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><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="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><B><I>Register </I></B>has the
meaning ascribed thereto in Section 11.1(d).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><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="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><B><I>Required Lenders </I></B>means,
at any time, Lenders the sum of whose Loans outstanding hereunder is 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="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><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="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><B><I>Restricted Party </I></B>means
a Person (a) listed on or owned or controlled by a Person listed on any Sanctions List, or a Person acting on behalf of such
a Person; (b) located in, organised under the laws of or owned or controlled by, or acting on behalf of, a Person located in
or organised under the laws of a country or territory which is a subject of country-wide or territory-wide Sanctions
(including, without limitation, at the Execution Date, Cuba, Iran, Sudan, Syria and North Korea); or (c) otherwise subject to
Sanctions.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><B><I>Restricted Payment </I></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</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>


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    <!-- Field: /Page -->

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">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="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><B><I>ROF </I></B>has the meaning
ascribed thereto in Section 4.1(d).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><B><I>Sanctioned Country </I></B>means
any country or territory subject, at any time, to Sanctions and/or to the effects of the Economic and Trade Sanctions and Anti-Terrorism
Laws.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><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="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><B><I>Sanctions </I></B>means
any trade, economic or financial sanctions laws, regulations, embargoes or restrictive measures administered, imposed, enacted
or enforced by a Sanctions Authority.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><B><I>Sanctions Authority </I></B>means
each of (a) the Security Council of the United Nations; (b) the United States of America; (c) the European Union (or any of
its member states, including the United Kingdom and the Netherlands); (d) any country to which any member of the Adecoagro
Group is bound; and (e) the governments and official institutions or agencies of any of paragraphs (a) through (e) above,
including OFAC, OEE, the United States Department of State and Her Majesty&rsquo;s Treasury.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><B><I>Sanctions List </I></B>means
each of (a) the Specially Designated Nationals and Blocked Persons List, Sectoral Sanctions Identifications List and List of Foreign
Sanctions Evaders Sanctioned Pursuant to Executive Order 13608 maintained by OFAC; (b) &ldquo;The Consolidated List of Financial
Sanctions Targets&rdquo; maintained by Her Majesty&rsquo;s Treasury; and (c) any similar list maintained by, or public announcement
of a Sanctions designation made by, a Sanctions Authority (without limitation to the generality of the foregoing, such lists as
are maintained by (i) the European Union, (ii) the United Nations Security Council Committee or (iii) the United States Department
of State), each as amended, supplemented or substituted from time to time.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><B><I>Sanctions Target </I></B>means
any Person that is, or is owned or controlled by any Person that is (a) the subject or target of any Sanctions, or (b) located,
organized or resident in a Sanctioned Country, including, without limitation, Cuba, Iran, North Korea, Sudan and Syria.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><B><I>Schedule of Payments </I></B>has
the meaning ascribed thereto in Section 5(p).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><B><I>Security Agreements </I></B>means
the Assignment and Security Agreement, the Mortgages, the Aliena&ccedil;&atilde;o Fiduci&aacute;ria, the Account Pledge Agreement,
the Mercantile Pledge Agreement and any other document granting a security interest in</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>


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    <!-- Field: /Page -->

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">favor of the Lenders, the Collateral
Agent, and/or the Collection Account 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="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><B><I>Shipment </I></B>means
a shipment of Goods under an Offtake Contract (a) the terms of which shipment (including but not limited to payment and
delivery terms) are appropriate to support the Borrower&rsquo;s repayment obligations in respect of the Loans, and provided
that such shipment corresponds to a complete &ldquo;shipment lot&rdquo; or comparable designation of a shipment of the entire
quantity of Goods specified to be shipped within a shipment window under the relevant Off-take Contract and (b) listed on
Schedule I to the Assignment and Security Agreement (or that should be so listed at such time by the Collateral Agent
pursuant to the Assignment and Security Agreement but has not yet been so listed), as such Schedule may be updated from time
to time in accordance with the terms of the Assignment and Security Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><B><I>Shipping Documents </I></B>means,
in relation to Goods delivered by the Borrower to an Eligible Off-taker in connection with a Shipment, 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="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><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="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><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="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><B><I>Taxes </I></B>has the meaning
ascribed to it in Section 8.1(a).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><B><I>Ultra-High Risk Country
</I></B>means any country subject to economic sanctions or trade restrictions of the United Nations, the European Union, the United
Kingdom or the United States of America that broadly prohibit or restrict dealings with such country. As of the Execution Date
the &ldquo;Ultra High Risk Countries&rdquo; include Cuba, Iran, North Korea, Sudan and Syria (and collectively, the &ldquo;<B>Ultra-High
Risk Countries</B>&rdquo;) but 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="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>


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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><B><I>U.S. Collateral </I></B>means
the rights to payment under the Shipments, the Export Receivables, the proceeds thereof and all of the other collateral described
more fully in the Assignment and Security Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><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>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 12pt">1.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>O</B></FONT><B><FONT STYLE="font-size: 9pt">THER</FONT>
<FONT STYLE="font-size: 12pt">D</FONT><FONT STYLE="font-size: 9pt">EFINITIONAL</FONT> <FONT STYLE="font-size: 12pt">P</FONT><FONT STYLE="font-size: 9pt">ROVISIONS</FONT><FONT STYLE="font-size: 12pt">.</FONT></B><FONT STYLE="font-size: 12pt">
In each Credit Document, unless otherwise indicated:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
term &ldquo;including&rdquo; is not limiting and means &ldquo;including without limitation&rdquo;.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
words &ldquo;hereof&rdquo;, &ldquo;herein&rdquo; and &ldquo;hereunder&rdquo; 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="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(c)&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="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(d)&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="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(e)&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="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(f)&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 &ldquo;from&rdquo;
means &ldquo;from and including&rdquo; and the words &ldquo;to&rdquo; and &ldquo;until&rdquo; each mean &ldquo;to but excluding&rdquo;.
Periods of days referred to shall be counted in calendar days unless Business Days are expressly presented.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(g)&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, GAAP (including principles of consolidation where appropriate) applied on a consistent basis, as in effect from
time to time.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>


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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(h)&nbsp;&nbsp;&nbsp;A
Default or an Event of Default is &ldquo;continuing&rdquo; if it has not been remedied or waived.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.9pt; text-align: justify; text-indent: 31.55pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 35.9pt"><B>2.</B></TD><TD STYLE="text-align: justify"><B>THE LOANS. </B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 35.9pt"><FONT STYLE="font-size: 12pt">2.1</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 12pt"><B>C</B></FONT><B><FONT STYLE="font-size: 9pt">OMMITMENTS</FONT><FONT STYLE="font-size: 12pt">;
T</FONT><FONT STYLE="font-size: 9pt">HE</FONT> <FONT STYLE="font-size: 12pt">L</FONT><FONT STYLE="font-size: 9pt">OANS</FONT><FONT STYLE="font-size: 12pt">.
</FONT></B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 72pt"></TD><TD STYLE="width: 34.1pt">(a)</TD><TD STYLE="text-align: justify">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 &ldquo;<B>Loan</B>&rdquo; and collectively, the &ldquo;<B>Loans</B>&rdquo;) 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$25 million, or if the total
amount of remaining Commitments is less than US$25 million, then the remaining amount of the Commitments, and (ii) in no event
shall the total amount of such Lender&rsquo;s Loans exceed its Commitment. Amounts prepaid or repaid in respect of the Loans shall
not be reborrowed.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 72pt"></TD><TD STYLE="width: 35.9pt">(b)</TD><TD STYLE="text-align: justify">The Commitments, unless sooner terminated pursuant to the other terms of this Agreement, shall
be automatically terminated at the Paying Agent&rsquo;s close of business on the last day of the Availability Period. The Commitments
once terminated may not be reinstated.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 34.9pt"><FONT STYLE="font-size: 12pt">2.2</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 12pt"><B>N</B></FONT><B><FONT STYLE="font-size: 9pt">OTICE OF</FONT> <FONT STYLE="font-size: 12pt">D</FONT><FONT STYLE="font-size: 9pt">RAWDOWN</FONT><FONT STYLE="font-size: 12pt">;
F</FONT><FONT STYLE="font-size: 9pt">UNDING BY</FONT> <FONT STYLE="font-size: 12pt">L</FONT><FONT STYLE="font-size: 9pt">ENDERS</FONT><FONT STYLE="font-size: 12pt">.
</FONT></B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 72pt"></TD><TD STYLE="width: 35.9pt">(a)</TD><TD STYLE="text-align: justify">The Borrower shall make each Drawdown
                                         by giving a notice in the form of <U>Annex</U>&nbsp;<U>B</U> hereto (a &ldquo;<B>Notice
                                         of Drawdown</B>&rdquo;) 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&rsquo;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 and the Paying Agent, by
                                         electronic mail of its receipt of a Notice of Drawdown, the proposed Drawdown Date and
                                         the amount of each Lender&rsquo;s Loan to be made.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-align: justify">For all purposes of this Agreement
each Loan shall be considered as effected upon deposit of the relevant funds in the Disbursement Account.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(b)</TD><TD STYLE="text-align: justify">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&rsquo; 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).</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(c)</TD><TD STYLE="text-align: justify">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 Paying Agent&rsquo;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 Paying Agent shall by 4:00 pm (New York 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 Paying Agent such Lender&rsquo;s Loan, the Paying Agent may assume that each Lender has
made such amount available to the Paying Agent on the proposed Drawdown Date and the Paying 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 Paying Agent by such Lender, the Paying 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 Paying Agent&rsquo;s demand
therefor, the Paying Agent shall immediately notify the Borrower and the Borrower shall within 2 (two) Business Days pay such corresponding
amount to the Paying Agent. The Paying 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</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-align: justify">made available by the Paying
Agent to the Borrower until the date such corresponding amount is recovered by the Paying Agent, at a rate per annum equal to (i)
if recovered from such Lender, the cost to the Paying 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.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(d)</TD><TD STYLE="text-align: justify">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 &ldquo;<I>Recebimento Antecipado
de Exporta&ccedil;&atilde;o</I>&rdquo; 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.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 12pt">2.3</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 12pt"><B>N</B></FONT><B><FONT STYLE="font-size: 9pt">OTES</FONT><FONT STYLE="font-size: 12pt">;
L</FONT><FONT STYLE="font-size: 9pt">ENDERS</FONT><FONT STYLE="font-size: 12pt">&rsquo; R</FONT><FONT STYLE="font-size: 9pt">ECORDS</FONT><FONT STYLE="font-size: 12pt">.
</FONT></B><FONT STYLE="font-size: 12pt">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&rsquo;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&rsquo;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>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 12pt">2.4</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 12pt"><B>L</B></FONT><B><FONT STYLE="font-size: 9pt">ENDING</FONT> <FONT STYLE="font-size: 12pt">O</FONT><FONT STYLE="font-size: 9pt">FFICES</FONT><FONT STYLE="font-size: 12pt">.
</FONT></B><FONT STYLE="font-size: 12pt">The Loans made by each Lender may be made from and maintained at such offices of such
Lender or its Affiliates (each a &ldquo;<B>Lending Office</B>&rdquo;) 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>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 12pt">2.5</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 12pt"><B>I</B></FONT><B><FONT STYLE="font-size: 9pt">NTEREST ON THE</FONT>
<FONT STYLE="font-size: 12pt">L</FONT><FONT STYLE="font-size: 9pt">OANS</FONT><FONT STYLE="font-size: 12pt">. </FONT></B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 34.9pt; text-align: justify; text-indent: -34.9pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(a)</TD><TD STYLE="text-align: justify">The Borrower shall pay the Paying 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.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(b)</TD><TD STYLE="text-align: justify">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 Paying 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.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 12pt">2.6</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 12pt"><B>A</B></FONT><B><FONT STYLE="font-size: 9pt">LTERNATIVE</FONT>
<FONT STYLE="font-size: 12pt">I</FONT><FONT STYLE="font-size: 9pt">NTEREST</FONT> <FONT STYLE="font-size: 12pt">R</FONT><FONT STYLE="font-size: 9pt">ATE</FONT>
<FONT STYLE="font-size: 12pt">F</FONT><FONT STYLE="font-size: 9pt">OR</FONT> <FONT STYLE="font-size: 12pt">LIBO R</FONT><FONT STYLE="font-size: 9pt">ATE</FONT><FONT STYLE="font-size: 12pt">.
</FONT></B><FONT STYLE="font-size: 12pt">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>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 12pt">2.7</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 12pt"><B>L</B></FONT><B><FONT STYLE="font-size: 9pt">ATE</FONT> <FONT STYLE="font-size: 12pt">P</FONT><FONT STYLE="font-size: 9pt">AYMENT</FONT><FONT STYLE="font-size: 12pt">.
</FONT></B><FONT STYLE="font-size: 12pt">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 </FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify">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 on the last Business Day of that month.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 12pt">2.8</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 12pt"><B>C</B></FONT><B><FONT STYLE="font-size: 9pt">APITAL</FONT> <FONT STYLE="font-size: 12pt">A</FONT><FONT STYLE="font-size: 9pt">DEQUACY</FONT><FONT STYLE="font-size: 12pt">.
</FONT></B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(a)</TD><TD STYLE="text-align: justify">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&rsquo;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&rsquo;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&rsquo;s capital such Lender would have received if such Change in Law had not occurred.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(b)</TD><TD STYLE="text-align: justify">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.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(c)</TD><TD STYLE="text-align: justify">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 and all Break Funding Costs), provided that the Borrower&rsquo;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 ten (10) days after such communication.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 71.9pt; text-align: justify; text-indent: -35.9pt">&nbsp;</P>


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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 12pt">2.9</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 12pt"><B>S</B></FONT><B><FONT STYLE="font-size: 9pt">CHEDULED</FONT> <FONT STYLE="font-size: 12pt">R</FONT><FONT STYLE="font-size: 9pt">EPAYMENT</FONT><FONT STYLE="font-size: 12pt">;
R</FONT><FONT STYLE="font-size: 9pt">EPAYMENT</FONT> <FONT STYLE="font-size: 12pt">M</FONT><FONT STYLE="font-size: 9pt">ECHANISM</FONT><FONT STYLE="font-size: 12pt">;
C</FONT><FONT STYLE="font-size: 9pt">OLLECTION </FONT><FONT STYLE="font-size: 9.5pt">ACCOUNT</FONT><FONT STYLE="font-size: 12pt">.</FONT></B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(a)</TD><TD STYLE="text-align: justify">The Borrower shall repay the principal amount of the Loans in nine (9) installments on each Principal
Repayment Date, as follows: (i) on each of the first three (3) Principal Repayment Dates, an amount equivalent to 6.6667% (six
point six six six seven per cent) of the total amount of Loans disbursed, (ii) on each of the next five (5) Principal Repayment
Dates, an amount equivalent to 13.3333% (thirteen point three three three three per cent) of the total amount of Loans disbursed,
and (iii) on the final Principal Repayment Date, an amount equivalent to 13.3334% (thirteen point three three three four per cent)
of the total amount of Loans disbursed.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(b)</TD><TD STYLE="text-align: justify">The primary mechanism for the repayment of the Loans shall be through the export of Goods by the
Borrower to the Eligible Off-takers under certain Shipments of certain Off-take Contracts and the payment by the Eligible Off-takers
in respect of the Export Receivables resulting therefrom directly to the Collection Account. Notwithstanding the foregoing, the
Borrower&rsquo;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 (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.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(c)</TD><TD STYLE="text-align: justify">All amounts received in the Collection Account shall be held by the Collection Account Agent therein,
subject to the other provisions of this Section 2.9. To the extent that, at any time, the balance of the Collection Account exceeds
the aggregate principal amount of the Loans remaining to be repaid during such calendar year at such time, then, provided that
no Event of Default has occurred and is continuing and that the Borrower is in compliance with its obligations under Section 5(l)
hereof both before and after such release as so evidenced by the Borrower to the satisfaction of the Collateral Agent and so notified
by the Collateral Agent to the Collection Account Agent, any such excess amounts shall be released to the Borrower by transfer
to such other account as the Borrower shall notify to the Collection Account Agent in writing, unless the Collection Account 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.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(d)</TD><TD STYLE="text-align: justify">On each Principal Repayment Date the Collection Account Agent</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-align: justify">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 Paying Agent for application in accordance with
Section 2.10 hereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(e)</TD><TD STYLE="text-align: justify">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 Collection Account 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.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(f)</TD><TD STYLE="text-align: justify">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 Paying Agent and the Lenders may demand payment thereof under their Notes.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 12pt">2.10</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 12pt"><B>M</B></FONT><B><FONT STYLE="font-size: 9pt">ETHOD AND</FONT> <FONT STYLE="font-size: 12pt">A</FONT><FONT STYLE="font-size: 9pt">PPLICATION
OF</FONT> <FONT STYLE="font-size: 12pt">P</FONT><FONT STYLE="font-size: 9pt">AYMENT</FONT><FONT STYLE="font-size: 12pt">. </FONT></B><FONT STYLE="font-size: 12pt">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 Collection Account Agent in accordance with the mechanism provided in Section 2.9 shall be made to the Paying Agent
for the benefit of the Lenders at the Paying Agent&rsquo;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
Paying Agent on the following Business Day. For purposes of clarification, if funds are blocked or frozen upon receipt at the Paying
Agent&rsquo;s Account pursuant 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 Paying Agent for the account
of the Lenders through financial remittances from Brazil), without </FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify">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 Paying Agent from the Borrower or for its
account shall be applied by the Paying Agent in the following way: (a) first, in discharge of any interest (including capitalized
interest) accrued, due and unpaid, <I>pro rata</I> to the Lenders; (b) second, in repayment of the principal of the Loans due and
unpaid, <I>pro rata</I> to the Lenders; (c) third, 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; (d) fourth, in discharge
of any fees or costs then due and payable under any Credit Document; (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 Paying 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 Paying Agent pro rata according to each Lender&rsquo;s respective interest of the then aggregate principal amount
of the Loans owing to the Lenders.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 12pt">2.11</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 12pt"><B>I</B></FONT><B><FONT STYLE="font-size: 9pt">LLEGALITY</FONT><FONT STYLE="font-size: 12pt">.
</FONT></B><FONT STYLE="font-size: 12pt">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&rsquo;s Commitment, then such Lender&rsquo;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 no later than fifteen (15) days therefrom (unless such amounts are required to be paid sooner pursuant to the relevant
law, regulation, guideline or order in which case they shall be paid by the time so required) 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 </FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify">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.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 12pt">2.12</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 12pt"><B>I</B></FONT><B><FONT STYLE="font-size: 9pt">NCREASED</FONT> <FONT STYLE="font-size: 12pt">C</FONT><FONT STYLE="font-size: 9pt">OSTS</FONT><FONT STYLE="font-size: 12pt">.
</FONT></B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(a)</TD><TD STYLE="text-align: justify">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 directly
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, within five (5) Business Days
and upon demand, such additional amount or amounts as will compensate such Lender for such increased cost or reduction in the amount
received or receivable.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(b)</TD><TD STYLE="text-align: justify">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&rsquo;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 </TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


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<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">                                                                                                                                                                                                                                                                                                                                                                                                                              <TR STYLE="vertical-align: top">
<TD>&nbsp;</TD><TD>&nbsp;</TD><TD STYLE="text-align: justify">error.</TD></TR>
<TR STYLE="vertical-align: top">
<TD>&nbsp;</TD><TD>&nbsp;</TD><TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(c)</TD><TD STYLE="text-align: justify">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&rsquo;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.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 12pt">2.13</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 12pt"><B>I</B></FONT><B><FONT STYLE="font-size: 9pt">NDEMNITY</FONT></B><FONT STYLE="font-size: 12pt">.
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<FONT STYLE="color: red">.</FONT> For the purposes of this Section 2.13, &ldquo;loss, cost or reasonable
expense&rdquo; 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="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 12pt">2.14</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 12pt"><B>S</B></FONT><B><FONT STYLE="font-size: 9pt">HARING OF</FONT> <FONT STYLE="font-size: 12pt">P</FONT><FONT STYLE="font-size: 9pt">AYMENTS</FONT><FONT STYLE="font-size: 12pt">,
E</FONT><FONT STYLE="font-size: 9pt">TC</FONT><FONT STYLE="font-size: 12pt">. </FONT></B><FONT STYLE="font-size: 12pt">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 Paying Agent, in which case the
relevant Lender receiving the overpayment shall promptly pay such overpayment amount back to the Paying Agent for proper distribution
to the other Lenders in </FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify">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&rsquo;s ratable share (according to the proportion of (a) the amount
of such Lender&rsquo;s required repayment to (b) 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 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.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 12pt">2.15</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 12pt"><B>P</B></FONT><B><FONT STYLE="font-size: 9pt">REPAYMENT</FONT><FONT STYLE="font-size: 12pt">.
</FONT></B><FONT STYLE="font-size: 12pt">The Borrower shall be entitled to prepay, in whole or in part, the principal amount of
any outstanding Loan to the Paying 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$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&rsquo; 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="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.9pt; text-align: justify; text-indent: 0.1pt">&nbsp;</P>


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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 35.9pt"><B>3</B>.</TD><TD STYLE="text-align: justify"><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:</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 12pt">(a)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 12pt"><B>C</B></FONT><B><FONT STYLE="font-size: 9pt">ORPORATE</FONT> <FONT STYLE="font-size: 12pt">E</FONT><FONT STYLE="font-size: 9pt">XISTENCE</FONT><FONT STYLE="font-size: 12pt">.
</FONT></B><FONT STYLE="font-size: 12pt">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="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 12pt">(b)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 12pt"><B>N</B></FONT><B><FONT STYLE="font-size: 9pt">O</FONT> <FONT STYLE="font-size: 12pt">B</FONT><FONT STYLE="font-size: 9pt">REACH</FONT><FONT STYLE="font-size: 12pt">.
</FONT></B><FONT STYLE="font-size: 12pt">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="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 12pt">(c)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 12pt"><B>A</B></FONT><B><FONT STYLE="font-size: 9pt">UTHORITY</FONT><FONT STYLE="font-size: 12pt">;
B</FONT><FONT STYLE="font-size: 9pt">INDING</FONT> <FONT STYLE="font-size: 12pt">E</FONT><FONT STYLE="font-size: 9pt">FFECT</FONT><FONT STYLE="font-size: 12pt">.
</FONT></B><FONT STYLE="font-size: 12pt">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="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 37pt; text-align: justify; text-indent: -35.9pt">&nbsp;</P>


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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 12pt">(d)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 12pt"><B>T</B></FONT><B><FONT STYLE="font-size: 9pt">AX</FONT> <FONT STYLE="font-size: 12pt">R</FONT><FONT STYLE="font-size: 9pt">ETURNS
AND</FONT> <FONT STYLE="font-size: 12pt">P</FONT><FONT STYLE="font-size: 9pt">AYMENTS</FONT><FONT STYLE="font-size: 12pt">. </FONT></B><FONT STYLE="font-size: 12pt">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="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 12pt">(e)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 12pt"><B>L</B></FONT><B><FONT STYLE="font-size: 9pt">ITIGATION</FONT><FONT STYLE="font-size: 12pt">.
</FONT></B><FONT STYLE="font-size: 12pt">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="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 12pt">(f)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 12pt"><B>A</B></FONT><B><FONT STYLE="font-size: 9pt">BSENCE OF</FONT> <FONT STYLE="font-size: 12pt">D</FONT><FONT STYLE="font-size: 9pt">EFAULTS</FONT><FONT STYLE="font-size: 12pt">.
</FONT></B><FONT STYLE="font-size: 12pt">No Default has occurred and is continuing.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 12pt">(g)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 12pt"><B>G</B></FONT><B><FONT STYLE="font-size: 9pt">OVERNMENTAL</FONT>
<FONT STYLE="font-size: 12pt">A</FONT><FONT STYLE="font-size: 9pt">PPROVALS</FONT><FONT STYLE="font-size: 12pt">. </FONT></B><FONT STYLE="font-size: 12pt">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 in respect of the Shipments under the Assignment and Security Agreement. </FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 12pt">(h)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 12pt"><B>F</B></FONT><B><FONT STYLE="font-size: 9pt">INANCIAL</FONT> <FONT STYLE="font-size: 12pt">C</FONT><FONT STYLE="font-size: 9pt">ONDITION</FONT><FONT STYLE="font-size: 12pt">.
</FONT></B><FONT STYLE="font-size: 12pt">The audited consolidated financial statements dated as of December 31, 2015 of the Borrower
and each Guarantor (the &ldquo;<B>Financial Statements</B>&rdquo;), 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,</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify">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, 2015, 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.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 12pt">(i)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 12pt"><B>R</B></FONT><B><FONT STYLE="font-size: 9pt">ANKING</FONT><FONT STYLE="font-size: 12pt">.
</FONT></B><FONT STYLE="font-size: 12pt">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="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 12pt">(j)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 12pt"><B>C</B></FONT><B><FONT STYLE="font-size: 9pt">IVIL</FONT> <FONT STYLE="font-size: 12pt">L</FONT><FONT STYLE="font-size: 9pt">AW</FONT><FONT STYLE="font-size: 12pt">;
N</FONT><FONT STYLE="font-size: 9pt">O</FONT> <FONT STYLE="font-size: 12pt">I</FONT><FONT STYLE="font-size: 9pt">MMUNITY</FONT><FONT STYLE="font-size: 12pt">.
</FONT></B><FONT STYLE="font-size: 12pt">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="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 12pt">(k)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 12pt"><B>S</B></FONT><B><FONT STYLE="font-size: 9pt">OLVENCY</FONT><FONT STYLE="font-size: 12pt">.
</FONT></B><FONT STYLE="font-size: 12pt">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 &ldquo;insolvent,&rdquo; as defined or used in any &ldquo;Applicable Law&rdquo;
(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. &ldquo;<B>Applicable Law</B>&rdquo; means
any Brazilian bankruptcy law and any other applicable law pertaining to fraudulent transfers, corporate debt reorganization (&ldquo;<I>recupera&ccedil;&atilde;o
judicial&rdquo;</I>) or acts voidable by creditors, as such law may be amended from time to time. </FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.9pt; text-align: justify; text-indent: 0.1pt">&nbsp;</P>


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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 12pt">(l)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 12pt"><B>C</B></FONT><B><FONT STYLE="font-size: 9pt">OMPLETENESS
                                         AND</FONT> <FONT STYLE="font-size: 12pt">A</FONT><FONT STYLE="font-size: 9pt">CCURACY
                                         OF</FONT> <FONT STYLE="font-size: 12pt">I</FONT><FONT STYLE="font-size: 9pt">NFORMATION</FONT><FONT STYLE="font-size: 12pt">.
                                         </FONT></B><FONT STYLE="font-size: 12pt">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>&nbsp;<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="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 12pt">(m)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 12pt"><B>M</B></FONT><B><FONT STYLE="font-size: 9pt">ARGIN</FONT> <FONT STYLE="font-size: 12pt">S</FONT><FONT STYLE="font-size: 9pt">TOCK</FONT><FONT STYLE="font-size: 12pt">.
</FONT></B><FONT STYLE="font-size: 12pt">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="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 12pt">(n)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 12pt"><B>P</B></FONT><B><FONT STYLE="font-size: 9pt">ROPER</FONT> <FONT STYLE="font-size: 12pt">F</FONT><FONT STYLE="font-size: 9pt">ORM</FONT><FONT STYLE="font-size: 12pt">.
</FONT></B><FONT STYLE="font-size: 12pt">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 </FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in">Registry of Deeds and Documents (<I>Registro de T&iacute;tulos
e Documentos</I>) in Brazil.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 12pt">(o)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 12pt"><B>C</B></FONT><B><FONT STYLE="font-size: 9pt">HOICE OF</FONT> <FONT STYLE="font-size: 12pt">L</FONT><FONT STYLE="font-size: 9pt">AW</FONT></B><FONT STYLE="font-size: 12pt">.
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></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 12pt">(p)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 12pt"><B>S</B></FONT><B><FONT STYLE="font-size: 9pt">ECURITY</FONT> <FONT STYLE="font-size: 12pt">I</FONT><FONT STYLE="font-size: 9pt">NTERESTS</FONT></B><FONT STYLE="font-size: 12pt">.
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 Lenders or the Collateral
Agent or the Collection Account Agent, for the benefit of the Lenders, as the case may be, 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. The Borrower has, 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 Lien over the farm known as <I>Takuar&ecirc;</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="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 12pt">(q)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 12pt"><B>E</B></FONT><B><FONT STYLE="font-size: 9pt">NVIRONMENTAL</FONT>
<FONT STYLE="font-size: 12pt">M</FONT><FONT STYLE="font-size: 9pt">ATTERS</FONT><FONT STYLE="font-size: 12pt">. </FONT></B><FONT STYLE="font-size: 12pt">The
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="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 12pt">(r)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 12pt"><B>A</B></FONT><B><FONT STYLE="font-size: 9pt">SSETS</FONT><FONT STYLE="font-size: 12pt">.
</FONT></B><FONT STYLE="font-size: 12pt">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 </FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify">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.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 12pt">(s)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 12pt"><B>I</B></FONT><B><FONT STYLE="font-size: 9pt">NVESTMENT</FONT> <FONT STYLE="font-size: 12pt">C</FONT><FONT STYLE="font-size: 9pt">OMPANY</FONT>
<FONT STYLE="font-size: 12pt">A</FONT><FONT STYLE="font-size: 9pt">CT</FONT><FONT STYLE="font-size: 12pt">; R</FONT><FONT STYLE="font-size: 9pt">EGULATORY</FONT>
<FONT STYLE="font-size: 12pt">L</FONT><FONT STYLE="font-size: 9pt">IMITATIONS</FONT></B><FONT STYLE="font-size: 12pt">. The Borrower
is not (i) an &ldquo;investment company,&rdquo; 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="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 12pt">(t)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 12pt"><B>I</B></FONT><B><FONT STYLE="font-size: 9pt">NSURANCE</FONT><FONT STYLE="font-size: 12pt">.
</FONT></B><FONT STYLE="font-size: 12pt">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, its Goods, the Mortgaged Properties and/or the equipment subject to the <I>Aliena&ccedil;&atilde;o Fiduci&aacute;ria</I>.
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="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 12pt">(u)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 12pt"><B>W</B></FONT><B><FONT STYLE="font-size: 9pt">ITHHOLDING</FONT>
<FONT STYLE="font-size: 12pt">T</FONT><FONT STYLE="font-size: 9pt">AXES</FONT></B><FONT STYLE="font-size: 12pt">. 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="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 12pt">(v)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 12pt"><B>U</B></FONT><B><FONT STYLE="font-size: 9pt">SE OF</FONT> <FONT STYLE="font-size: 12pt">P</FONT><FONT STYLE="font-size: 9pt">ROCEEDS</FONT><FONT STYLE="font-size: 12pt">.
</FONT></B><FONT STYLE="font-size: 12pt">The proceeds of the Loans shall be used by the Borrower exclusively to finance costs incurred
during planting, maintaining, harvesting and transporting of sugar cane and processing, warehousing and exporting of Goods. </FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 12pt">(w)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 12pt"><B>A</B></FONT><B><FONT STYLE="font-size: 9pt">NTI</FONT><FONT STYLE="font-size: 12pt">-T</FONT><FONT STYLE="font-size: 9pt">ERRORISM</FONT>
<FONT STYLE="font-size: 12pt">L</FONT><FONT STYLE="font-size: 9pt">AWS</FONT></B><FONT STYLE="font-size: 12pt">. 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</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify">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.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(x)</TD><TD STYLE="text-align: justify"><B>FATCA</B>. Neither the Borrower nor any Guarantor is a FATCA FFI or a U.S. Tax Obligor.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 12pt">(y)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 12pt"><B>U</B></FONT><B><FONT STYLE="font-size: 9pt">LTRA</FONT><FONT STYLE="font-size: 12pt">-H</FONT><FONT STYLE="font-size: 9pt">IGH</FONT>
<FONT STYLE="font-size: 12pt">R</FONT><FONT STYLE="font-size: 9pt">ISK</FONT> <FONT STYLE="font-size: 12pt">C</FONT><FONT STYLE="font-size: 9pt">OUNTRIES</FONT><FONT STYLE="font-size: 12pt">.
</FONT></B><FONT STYLE="font-size: 12pt">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="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 12pt">(z)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 12pt"><B>S</B></FONT><B><FONT STYLE="font-size: 9pt">UBSIDIARIES</FONT></B><FONT STYLE="font-size: 12pt">.
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="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 12pt">(aa)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 12pt"><B>F</B></FONT><B><FONT STYLE="font-size: 9pt">OREIGN</FONT> <FONT STYLE="font-size: 12pt">C</FONT><FONT STYLE="font-size: 9pt">ORRUPT</FONT>
<FONT STYLE="font-size: 12pt">P</FONT><FONT STYLE="font-size: 9pt">RACTICES</FONT></B><FONT STYLE="font-size: 12pt">. Neither the
Borrower, any Guarantor nor any of their respective Subsidiaries, nor any director, officer, or employee, nor, to the Borrower&rsquo;s
or any Guarantor&rsquo;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 &ldquo;government official&rdquo;
(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="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 12pt">(bb)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 12pt"><B>R</B></FONT><B><FONT STYLE="font-size: 9pt">ESTRICTED</FONT> <FONT STYLE="font-size: 12pt">P</FONT><FONT STYLE="font-size: 9pt">ARTY</FONT><FONT STYLE="font-size: 12pt">,
P</FONT><FONT STYLE="font-size: 9pt">ROHIBITED</FONT> <FONT STYLE="font-size: 12pt">P</FONT><FONT STYLE="font-size: 9pt">ARTY</FONT><FONT STYLE="font-size: 12pt">.
</FONT></B><FONT STYLE="font-size: 12pt">Neither it nor any other</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


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    <!-- Field: /Page -->

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify">member of the Adecoagro Group,
nor any of their respective directors or officers or to the best of its knowledge and belief (after taking reasonable measures
to ensure compliance with Sanctions) employees or any other Person acting on behalf of any of the foregoing:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.25in; text-align: justify">(i) is a Restricted Party or
acts directly or indirectly on behalf of a Restricted Party to the extent that being a Restricted Party or acting directly or indirectly
on behalf of a Restricted Party would lead to non-compliance by any Agent, any Lender or any of their Affiliates or any member
of the Adecoagro Group with any Sanctions;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.25in; text-align: justify">(ii) is a Prohibited Party or
acts directly or indirectly on behalf of a Prohibited Party; or</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.25in; text-align: justify">(iii) is subject to any claim,
action, proceeding, (to the best of its knowledge and belief (having made all due and reasonably enquiries)) investigation, notice
or demand with respect to Sanctions.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 12pt">(cc)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 12pt"><B>S</B></FONT><B><FONT STYLE="font-size: 9pt">ANCTIONS</FONT><FONT STYLE="font-size: 12pt">,
A</FONT><FONT STYLE="font-size: 9pt">NTI</FONT><FONT STYLE="font-size: 12pt">-C</FONT><FONT STYLE="font-size: 9pt">ORRUPTION</FONT>
<FONT STYLE="font-size: 12pt">L</FONT><FONT STYLE="font-size: 9pt">AWS</FONT><FONT STYLE="font-size: 12pt">, A</FONT><FONT STYLE="font-size: 9pt">NTI</FONT><FONT STYLE="font-size: 12pt">-M</FONT><FONT STYLE="font-size: 9pt">ONEY</FONT>
<FONT STYLE="font-size: 12pt">L</FONT><FONT STYLE="font-size: 9pt">AUNDERING</FONT> <FONT STYLE="font-size: 12pt">L</FONT><FONT STYLE="font-size: 9pt">AWS</FONT>
<FONT STYLE="font-size: 9.5pt">AND </FONT><FONT STYLE="font-size: 12pt">O</FONT><FONT STYLE="font-size: 9.5pt">THER </FONT><FONT STYLE="font-size: 12pt">R</FONT><FONT STYLE="font-size: 9.5pt">EGULATIONS</FONT><FONT STYLE="font-size: 12pt">.</FONT></B><FONT STYLE="font-size: 12pt">
(i) 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) or their respective directors, officers, employees,
agents, and representatives (A) have taken any action, directly or indirectly, that would result in a violation by such Persons
of any Anti-Money Laundering Law, Anti-Corruption Law or Sanctions, or (B) are Sanctions Targets; and (ii) each of the Borrower
and each Guarantor, as well as, 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) and their respective directors, officers, employees, agents,
and representatives have policies and procedures in place to ensure compliance with Anti-Money Laundering Laws, Anti-Corruption
Laws and environmental protection laws and occupational health standards applicable to their business and operations. </FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 12pt">(dd)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 12pt"><B>A</B></FONT><B><FONT STYLE="font-size: 9pt">NTI</FONT><FONT STYLE="font-size: 12pt">-C</FONT><FONT STYLE="font-size: 9pt">ORRUPTION</FONT><FONT STYLE="font-size: 12pt">,
E</FONT><FONT STYLE="font-size: 9pt">TC</FONT><FONT STYLE="font-size: 12pt">. </FONT></B><FONT STYLE="font-size: 12pt">With respect
to the Borrower and each Guarantor (i) it is fully aware, understands, abides and complies with the provisions of Law 12,846 (&ldquo;Brazilian
Anti-corruption Law&rdquo;), the United States Foreign Corrupt Practices Act (as amended, &ldquo;FCPA&rdquo;) and the UK Bribery
Act 2010 (&ldquo;UK Bribery Act&rdquo;); (ii) there are no investigations, administrative and/or judicial proceedings dealing with
violations of the Anti-corruption Legislation in force; (iii) it is not aware of any violation (or evidence of violation) of the
Anti-corruption Legislation in force that could be subject to investigation and/or proceedings/procedures by the government; (iv)
it has not made, offered or promised, either directly or indirectly, payment, money, gifts, goods, services or anything of value
(economic or otherwise) to a </FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


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    <!-- Field: /Page -->

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify">Public Officer, aimed at obtaining any improper advantage
in the form of: (A) conduct or omission of any act in violation of their legitimate or official duty; (B) induction of such Public
Officer to influence national or foreign governments or any of their agencies to affect or influence any act or decision in its
favor; or (C) obtaining or retaining business for itself or for any third party; (v) it has not made, offered or promised, agreed
or requested, either directly or indirectly, (A) payment, money, gifts, goods, services or anything of value (economic or otherwise);
and/or (B) illegal rebate, payoff, influence peddling, kickback or other illegal or improper payments or benefit to an individual
in exchange for favorable treatment for obtaining, retaining or directing business to itself, or to obtain any special award in
its name; and (vi) it has not used any resources for any contribution, award, payment of entertainment, or any other illegal expense
related to political activity, and it has not made, illegally, any offer, promise or delivery of payment, money, gifts, goods,
services or anything of value (economic or otherwise) to political parties and/or to candidates for elective office.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 12pt">(ee)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 12pt"><B>A</B></FONT><B><FONT STYLE="font-size: 9pt">NTI</FONT><FONT STYLE="font-size: 12pt">-M</FONT><FONT STYLE="font-size: 9pt">ONEY</FONT>
<FONT STYLE="font-size: 12pt">L</FONT><FONT STYLE="font-size: 9pt">AUNDERING</FONT><FONT STYLE="font-size: 12pt">. </FONT></B><FONT STYLE="font-size: 12pt">With
respect to the Borrower and each Guarantor (i) its operations, within the framework of its usual business, are and have always
been conducted in accordance with the requirements regarding record-keeping and applicable financial reports, including those provided
for (i) in Brazilian Law No. 9613, dated March 3, 1998, as amended by Law No. 12683, dated July 9, 2012, and (ii) in any laws to
prevent money laundering applicable to all jurisdictions where the Borrower and/or any Guarantor does its business, including both
the rules and regulations laid down therein and any rules, regulations or related guidelines or the like, either issued, given
or imposed by any governmental or regulatory authority, especially with respect to acts performed by its directors, executive officers
or employees (collectively, the &ldquo;<B>Laws to Prevent Money Laundering, Books and Records</B>&rdquo;); and (ii) is not and
has not been, nor its directors, executive officers or employees are or have been in the last ten (10) years, nor are they threatened
to be investigated and/or accused parties in any action, process or procedure pending before any court or governmental or regulatory
authority, body or arbitrator with respect to the Laws to Prevent Money Laundering, Books and Records. </FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 35.9pt"><B>4.</B></TD><TD STYLE="text-align: justify"><B>CONDITIONS OF THE LOANS. </B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 12pt">4.1</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 12pt"><B>D</B></FONT><B><FONT STYLE="font-size: 9pt">OCUMENTS</FONT><FONT STYLE="font-size: 12pt">.
</FONT></B><FONT STYLE="font-size: 12pt">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 and each Lender in form and
substance:</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 71.9pt; text-align: justify">&nbsp;</P>


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    <!-- Field: /Page -->

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 12pt">(a)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 12pt"><B>C</B></FONT><B><FONT STYLE="font-size: 9pt">REDIT</FONT> <FONT STYLE="font-size: 12pt">D</FONT><FONT STYLE="font-size: 9pt">OCUMENTS</FONT><FONT STYLE="font-size: 12pt">.
</FONT></B><FONT STYLE="font-size: 12pt">Each applicable Credit Document (including the Note issued to each Lender in an amount
equivalent to 120% of such Lender&rsquo;s Commitment but excluding the Mercantile Pledge Agreement as long as the Mercantile Pledge
Agreement is not necessary at such time in order for compliance with Section 5(l)), and each of the documents to be executed and
delivered under each of the Credit Documents (other than the Mercantile Pledge Agreement as long as the Mercantile Pledge Agreement
is not necessary at such time in order for compliance with Section 5(l)), duly executed and delivered by all parties thereto; </FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 12pt">(b)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 12pt"><B>C</B></FONT><B><FONT STYLE="font-size: 9pt">ORPORATE</FONT> <FONT STYLE="font-size: 12pt">D</FONT><FONT STYLE="font-size: 9pt">OCUMENTS
AND</FONT> <FONT STYLE="font-size: 12pt">A</FONT><FONT STYLE="font-size: 9pt">UTHORIZATIONS</FONT></B><FONT STYLE="font-size: 12pt">.
Copies of (i) the Governing Documents of the Borrower and each Guarantor, 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 relevant Governing Documents, the resolutions of the Board of Directors or other equivalent corporate
act for the Borrower and each Guarantor (together with the registration of each thereof with the appropriate Commercial Registry
in Brazil for the Borrower and each Guarantor) 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="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 12pt">(c)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 12pt"><B>O</B></FONT><B><FONT STYLE="font-size: 9pt">FFICERS</FONT><FONT STYLE="font-size: 12pt">&rsquo;
                                         C</FONT><FONT STYLE="font-size: 9pt">ERTIFICATE</FONT></B><FONT STYLE="font-size: 12pt">.
                                         A certificate of the Borrower and each Guarantor, each substantially in the form of <U>Annex</U>&nbsp;<U>D
                                         </U>and <U>Annex</U>&nbsp;<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="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 12pt">(d)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 12pt"><B>G</B></FONT><B><FONT STYLE="font-size: 9pt">OVERNMENTAL</FONT>
<FONT STYLE="font-size: 12pt">A</FONT><FONT STYLE="font-size: 9pt">ND</FONT> <FONT STYLE="font-size: 12pt">T</FONT><FONT STYLE="font-size: 9pt">HIRD</FONT>
<FONT STYLE="font-size: 12pt">P</FONT><FONT STYLE="font-size: 9pt">ARTY</FONT> <FONT STYLE="font-size: 12pt">A</FONT><FONT STYLE="font-size: 9pt">PPROVALS</FONT></B><FONT STYLE="font-size: 12pt">.
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 &ldquo;<B>ROF</B>&rdquo;) of the Central Bank Data System (&ldquo;<B>SISBACEN</B>&rdquo;),
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 </FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-align: justify; text-indent: -0.5in">&nbsp;</P>


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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-align: justify">SISCOMEX, which will be performed
upon each shipment of Goods to an Eligible Off-taker under an Off-take Contract;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 12pt">(e)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 12pt"><B>A</B></FONT><B><FONT STYLE="font-size: 9pt">PPOINTMENT OF</FONT>
<FONT STYLE="font-size: 12pt">P</FONT><FONT STYLE="font-size: 9pt">ROCESS</FONT> <FONT STYLE="font-size: 12pt">A</FONT><FONT STYLE="font-size: 9pt">GENT</FONT></B><FONT STYLE="font-size: 12pt">.
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="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 12pt">(f)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 12pt"><B>O</B></FONT><B><FONT STYLE="font-size: 9pt">PINIONS OF</FONT>
<FONT STYLE="font-size: 12pt">C</FONT><FONT STYLE="font-size: 9pt">OUNSEL</FONT><FONT STYLE="font-size: 12pt">. </FONT></B><FONT STYLE="font-size: 12pt">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, New York counsel to the Administrative Agent; and (iii) Nauta Dutilh N.V., Dutch
counsel to the Collection Account Agent and the Lenders, 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 and equipment
subject to the <I>Aliena&ccedil;&atilde;o Fiduci&aacute;ria</I>; </FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 12pt">(g)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 12pt"><B>R</B></FONT><B><FONT STYLE="font-size: 9pt">EGISTRATION</FONT><FONT STYLE="font-size: 12pt">.
</FONT></B><FONT STYLE="font-size: 12pt">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="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 12pt">(h)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 12pt"><B>F</B></FONT><B><FONT STYLE="font-size: 9pt">INANCIAL</FONT> <FONT STYLE="font-size: 12pt">S</FONT><FONT STYLE="font-size: 9pt">TATEMENTS</FONT><FONT STYLE="font-size: 12pt">.
</FONT></B><FONT STYLE="font-size: 12pt">A copy of the Financial Statements;</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 12pt">(i)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 12pt"><B>G</B></FONT><B><FONT STYLE="font-size: 9pt">EOREFERENCING</FONT><FONT STYLE="font-size: 12pt">.
</FONT></B><FONT STYLE="font-size: 12pt">Receipt by the Collateral Agent of evidence that a georeferencing (<I>georeferenciamento</I>)
certificate has been duly issued by the relevant Governmental Authority in respect of the 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>); and</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 12pt">(j)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 12pt"><B>R</B></FONT><B><FONT STYLE="font-size: 9pt">EPORTS AND</FONT>
<FONT STYLE="font-size: 12pt">A</FONT><FONT STYLE="font-size: 9pt">PPRAISALS</FONT><FONT STYLE="font-size: 12pt">. </FONT></B><FONT STYLE="font-size: 12pt">A
copy of the appraisal issued in May of 2016 by Mercatto for each of the Mortgaged Properties and the equipment subject to the <I>Aliena&ccedil;&atilde;o
Fiduci&aacute;ria</I>, stating that the market value of the Mortgaged Properties and the equipment subject to the <I>Aliena&ccedil;&atilde;o
Fiduci&aacute;ria</I> is at least R$546 million. </FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 12pt">4.2</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 12pt"><B>O</B></FONT><B><FONT STYLE="font-size: 9pt">THER</FONT> <FONT STYLE="font-size: 12pt">C</FONT><FONT STYLE="font-size: 9pt">ONDITIONS</FONT><FONT STYLE="font-size: 12pt">.
</FONT></B><FONT STYLE="font-size: 12pt">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</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in">following conditions (other than Sections 4.2(c) and
(i) below) shall have been satisfied on and as of the relevant Drawdown Date:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 12pt">(a)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 12pt"><B>R</B></FONT><B><FONT STYLE="font-size: 9pt">EPRESENTATIONS AND</FONT>
<FONT STYLE="font-size: 12pt">W</FONT><FONT STYLE="font-size: 9pt">ARRANTIES</FONT><FONT STYLE="font-size: 12pt">. </FONT></B><FONT STYLE="font-size: 12pt">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="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 12pt">(b)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 12pt"><B>N</B></FONT><B><FONT STYLE="font-size: 9pt">O</FONT> <FONT STYLE="font-size: 12pt">P</FONT><FONT STYLE="font-size: 9pt">ROHIBITION</FONT><FONT STYLE="font-size: 12pt">.
</FONT></B><FONT STYLE="font-size: 12pt">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="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 12pt">(c)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 12pt"><B>N</B></FONT><B><FONT STYLE="font-size: 9pt">O</FONT> <FONT STYLE="font-size: 12pt">M</FONT><FONT STYLE="font-size: 9pt">ATERIAL</FONT>
<FONT STYLE="font-size: 12pt">A</FONT><FONT STYLE="font-size: 9pt">DVERSE</FONT> <FONT STYLE="font-size: 12pt">E</FONT><FONT STYLE="font-size: 9pt">FFECT</FONT><FONT STYLE="font-size: 12pt">.
</FONT></B><FONT STYLE="font-size: 12pt">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, Brazil, 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="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 12pt">(d)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 12pt"><B>N</B></FONT><B><FONT STYLE="font-size: 9pt">O</FONT> <FONT STYLE="font-size: 12pt">D</FONT><FONT STYLE="font-size: 9pt">EFAULT</FONT><FONT STYLE="font-size: 12pt">.
</FONT></B><FONT STYLE="font-size: 12pt">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="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 12pt">(e)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 12pt"><B>N</B></FONT><B><FONT STYLE="font-size: 9pt">O</FONT> <FONT STYLE="font-size: 12pt">C</FONT><FONT STYLE="font-size: 9pt">ONFLICT</FONT></B><FONT STYLE="font-size: 12pt">.
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="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 12pt">(f)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 12pt"><B>R</B></FONT><B><FONT STYLE="font-size: 9pt">EQUIRED</FONT> <FONT STYLE="font-size: 12pt">F</FONT><FONT STYLE="font-size: 9pt">EES
AND</FONT> <FONT STYLE="font-size: 12pt">E</FONT><FONT STYLE="font-size: 9pt">XPENSES</FONT><FONT STYLE="font-size: 12pt">. </FONT></B><FONT STYLE="font-size: 12pt">The
Borrower shall have paid, or arranged to be paid, in full to the Agents, the Lead Arrangers and the Lenders all fees and expenses
then due and payable in connection </FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-align: justify">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&rsquo;
fees and expenses owed to the Agents, the Lead Arrangers and the Lenders and all amounts then due under the Fee Letters in the
amounts agreed therein;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 12pt">(g)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 12pt"><B>S</B></FONT><B><FONT STYLE="font-size: 9pt">ECURITY</FONT> <FONT STYLE="font-size: 12pt">I</FONT><FONT STYLE="font-size: 9pt">NTEREST</FONT></B><FONT STYLE="font-size: 12pt">.
(i) The Collateral Agent shall have received from the Borrower evidence satisfactory to the Collateral Agent of the filing for
registration (&ldquo;<I>protocolo</I>&rdquo;) of the Mortgage over the Mortgaged Properties with the competent Real Estate Registries
and of the Aliena&ccedil;&atilde;o Fiduci&aacute;ria with the competent registry, (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 Collection Account Agent; </FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 12pt">(h)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 12pt"><B>C</B></FONT><B><FONT STYLE="font-size: 9pt">OLLATERAL</FONT> <FONT STYLE="font-size: 12pt">C</FONT><FONT STYLE="font-size: 9pt">OVERAGE</FONT><FONT STYLE="font-size: 12pt">.
</FONT></B><FONT STYLE="font-size: 12pt">If, immediately before giving effect to the requested Loan, the aggregate market value
of the Mortgaged Properties subject to the Mortgages plus the market value of the equipment subject to the Aliena&ccedil;&atilde;o
Fiduci&aacute;ria is not sufficient to meet the then applicable Minimum Coverage Ratio, as set forth in Section 5(l)(i) of this
Agreement, then the Collateral Agent shall have received from the Borrower, before the relevant Drawdown Date, evidence satisfactory
to the Collateral Agent of the filling for registration (&ldquo;<I>protocolo</I>&rdquo;) of the Mercantile Pledge Agreement with
the competent Real Estate Registries (<I>Cart&oacute;rios de Registro de Im&oacute;veis</I>); and</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 12pt">(i)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 12pt"><B>P</B></FONT><B><FONT STYLE="font-size: 9pt">ROCEEDINGS AND</FONT>
<FONT STYLE="font-size: 12pt">D</FONT><FONT STYLE="font-size: 9pt">OCUMENTS</FONT></B><FONT STYLE="font-size: 12pt">. 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="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 107.9pt; text-align: justify; text-indent: -35.9pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><B>5.</B></TD><TD STYLE="text-align: justify"><B>AFFIRMATIVE COVENANTS. </B>The Borrower and each Guarantor, jointly and severally, covenant
and agree that so long as any Obligation is outstanding:</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 12pt">(a)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 12pt"><B>F</B></FONT><B><FONT STYLE="font-size: 9pt">INANCIAL</FONT> <FONT STYLE="font-size: 12pt">S</FONT><FONT STYLE="font-size: 9pt">TATEMENTS</FONT><FONT STYLE="font-size: 12pt">.
</FONT></B><FONT STYLE="font-size: 12pt">Each of the Borrower and each Guarantor will deliver to the Administrative Agent for distribution
to each Lender: </FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(i)</TD><TD STYLE="text-align: justify">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</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-align: justify">Borrower&rsquo;s unconsolidated
and, if available, consolidated balance sheet, (B) Participa&ccedil;&otilde;es&rsquo; consolidated balance sheet, (C) Monte Alegre&rsquo;s
unconsolidated balance sheet, (D) Agropecu&aacute;ria&rsquo;s unconsolidated balance sheet and (E) 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 (E) above,
changes in financial condition, and (3) except in the case of item (E) 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;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(ii)</TD><TD STYLE="text-align: justify">As soon as available, and in any event not later than seventy-five (75) days after each of the
first, second and third quarter of each fiscal year, (A) the Borrower&rsquo;s unconsolidated and, if available, consolidated balance
sheet, (B) Participa&ccedil;&otilde;es&rsquo; unconsolidated and, if available, consolidated balance sheet, (C) Agropecu&aacute;ria&rsquo;s
unconsolidated balance sheet, (D) Monte Alegre&rsquo;s unconsolidated balance sheet, and (E) the <I>pro forma</I> combined unconsolidated
balance sheets of the Borrower and Monte Alegre, in each case as of the end of such fiscal quarter, and the related statements
of earnings and, except in the case of (E) above, changes in financial condition, prepared in accordance with GAAP, duly certified
by its chief financial officers as having been prepared in accordance with GAAP;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(iii)</TD><TD STYLE="text-align: justify">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 any 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</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(iv)</TD><TD STYLE="text-align: justify">Simultaneously with each delivery of the financial statements</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-align: justify">referred to in clause (i) above
by the Borrower, a certificate substantially in the form of <U>Annex</U>&nbsp;<U>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.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 12pt">(b)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 12pt"><B>A</B></FONT><B><FONT STYLE="font-size: 9pt">DDITIONAL</FONT> <FONT STYLE="font-size: 12pt">I</FONT><FONT STYLE="font-size: 9pt">NFORMATION</FONT></B><FONT STYLE="font-size: 12pt">.
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="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 12pt">(c)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 12pt"><B>I</B></FONT><B><FONT STYLE="font-size: 9pt">NSPECTION</FONT><FONT STYLE="font-size: 12pt">.
</FONT></B><FONT STYLE="font-size: 12pt">It will 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 </FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify">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.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 12pt">(d)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 12pt"><B>C</B></FONT><B><FONT STYLE="font-size: 9pt">ORPORATE</FONT> <FONT STYLE="font-size: 12pt">E</FONT><FONT STYLE="font-size: 9pt">XISTENCE</FONT><FONT STYLE="font-size: 12pt">,
T</FONT><FONT STYLE="font-size: 9pt">AXES AND</FONT> <FONT STYLE="font-size: 12pt">M</FONT><FONT STYLE="font-size: 9pt">AINTENANCE
OF</FONT> <FONT STYLE="font-size: 12pt">P</FONT><FONT STYLE="font-size: 9pt">ROPERTIES</FONT><FONT STYLE="font-size: 12pt">. </FONT></B><FONT STYLE="font-size: 12pt">It
will: </FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(i)</TD><TD STYLE="text-align: justify">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;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(ii)</TD><TD STYLE="text-align: justify">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</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(iii)</TD><TD STYLE="text-align: justify">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.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 12pt">(e)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 12pt"><B>C</B></FONT><B><FONT STYLE="font-size: 9pt">OMPLIANCE WITH</FONT>
<FONT STYLE="font-size: 12pt">L</FONT><FONT STYLE="font-size: 9pt">AWS</FONT><FONT STYLE="font-size: 12pt">; M</FONT><FONT STYLE="font-size: 9pt">AINTENANCE
OF</FONT> <FONT STYLE="font-size: 12pt">A</FONT><FONT STYLE="font-size: 9pt">PPROVALS</FONT></B><FONT STYLE="font-size: 12pt">.
(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="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 12pt">(f)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 12pt"><B>B</B></FONT><B><FONT STYLE="font-size: 9pt">OOKS AND</FONT> <FONT STYLE="font-size: 12pt">R</FONT><FONT STYLE="font-size: 9pt">ECORDS</FONT><FONT STYLE="font-size: 12pt">.
</FONT></B><FONT STYLE="font-size: 12pt">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="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 12pt">(g)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 12pt"><B>I</B></FONT><B><FONT STYLE="font-size: 9pt">NSURANCE</FONT><FONT STYLE="font-size: 12pt">.
</FONT></B><FONT STYLE="font-size: 12pt">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
its Goods, the Mortgaged Properties and/or the equipment subject to the <I>Aliena&ccedil;&atilde;o Fiduci&aacute;ria</I>.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 12pt">(h)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 12pt"><B>R</B></FONT><B><FONT STYLE="font-size: 9pt">ANKING</FONT><FONT STYLE="font-size: 12pt">.
</FONT></B><FONT STYLE="font-size: 12pt">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="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 12pt">(i)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 12pt"><B>S</B></FONT><B><FONT STYLE="font-size: 9pt">ECURITY</FONT> <FONT STYLE="font-size: 12pt">I</FONT><FONT STYLE="font-size: 9pt">NTEREST</FONT><FONT STYLE="font-size: 12pt">.
</FONT></B><FONT STYLE="font-size: 12pt">(i) It shall ensure that at all times as required hereunder the Lenders, the Collateral
Agent and the Collection Account Agent, as applicable, have a first priority perfected security interest in the Collateral pledged
to them pursuant to the Security Agreements (it being understood that the security interest under the Mortgage, the Aliena&ccedil;&atilde;o
Fiduci&aacute;ria and the Mercantile Pledge Agreement, shall only become a duly perfected first priority security interest upon
registration of the Mortgage, the Aliena&ccedil;&atilde;o Fiduci&aacute;ria and the Mercantile Pledge Agreement as required hereunder
and thereunder and that the security interest in the Mortgaged Property will be a second priority security interest until no later
than March 31, 2017 and then at all times thereafter will be a first priority security interest); (ii) it shall 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 Collection Account Agent, as the case may be to create, perfect, or validate any
portion of the security interests granted pursuant to the Security Agreements or to enable the Collateral Agent and/or the Collection
Account 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 Collection Account 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
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 Shipments 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</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify">acknowledgements of such assignments
to the Collateral Agent; (v) the Borrower shall deliver to the Collateral Agent, no later than thirty (30) days after the date
of the filing for registration (&ldquo;<I>protocolo</I>&rdquo;) of the Mortgage over the Mortgaged Properties, evidence that such
Mortgage has been duly registered with the competent Real Estate Registry, (vi) the Borrower shall deliver to the Collateral Agent,
no later than thirty (30) days after the date of the filing for registration (&ldquo;<I>protocolo</I>&rdquo;) of the Aliena&ccedil;&atilde;o
Fiduci&aacute;ria, evidence that the Aliena&ccedil;&atilde;o Fiduci&aacute;ria has been duly registered with the competent registry;
(vii) prior to providing any Collateral under the Mercantile Pledge Agreement for purposes of compliance with Section 5(l)(i) hereof,
the Borrower will provide to the Collateral Agent a copy thereof duly executed by all parties thereto and the <I>protocolo</I>
for the Mercantile Pledge Agreement evidencing that it has been duly delivered to the relevant registry office(s) for registration
and, no later than thirty (30) days after its execution, deliver to the Collateral Agent evidence satisfactory to the Collateral
Agent that the Mercantile Pledge Agreement has been duly registered at the appropriate registry office(s), (viii) the Borrower
will, by May 2019, deliver to the Collateral Agent (who will provide a copy to the Lenders) a new appraisal issued by an appraiser
acceptable to the Collateral Agent of the Mortgaged Properties and the equipment subject to the Aliena&ccedil;&atilde;o Fiduci&aacute;ria;
and (ix) the Borrower will register the Assignment and Security Agreement and each amendment thereto (including each change in
Schedule I thereto), and a translation of each thereof, as the case may be, into Portuguese by a sworn translator, at its sole
cost and expense, within forty (40) days after the date when there is at least one entry on Schedule I thereto (but in no event
later than March 31, 2019), and, in the case of a change to Schedule I thereto, within forty (40) days after such change to such
Schedule(s), with the appropriate Registry of Deeds and Documents (<I>Cart&oacute;rio de Registro de T&iacute;tulos e Documentos</I>)
of the jurisdiction of the Borrower.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 12pt">(j)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 12pt"><B>F</B></FONT><B><FONT STYLE="font-size: 9pt">URTHER</FONT> <FONT STYLE="font-size: 12pt">A</FONT><FONT STYLE="font-size: 9pt">SSURANCES</FONT><FONT STYLE="font-size: 12pt">.
</FONT></B><FONT STYLE="font-size: 12pt">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="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 12pt">(k)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 12pt"><B>F</B></FONT><B><FONT STYLE="font-size: 9pt">INANCIAL</FONT> <FONT STYLE="font-size: 12pt">C</FONT><FONT STYLE="font-size: 9pt">OVENANTS</FONT><FONT STYLE="font-size: 12pt">.
</FONT></B><FONT STYLE="font-size: 12pt">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="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(i)</TD><TD STYLE="text-align: justify">Its Interest Coverage Ratio is equal to or greater than 3.0 as of December 31, 2016 and December
31 of each year thereafter; and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-align: justify; text-indent: -0.5in"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(ii)</TD><TD STYLE="text-align: justify">The ratio of its Net Bank Debt to its EBITDA is less than or equal to (A) 3.5 as of December 31,
2016 and (B) 3.2 as of December 31 of</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 8pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 50%">&nbsp;</TD><TD STYLE="width: 50%; text-align: right">Execution Version</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in">each year thereafter.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 12pt">(l)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 12pt"><B>C</B></FONT><B><FONT STYLE="font-size: 9pt">OLLATERAL</FONT> <FONT STYLE="font-size: 12pt">C</FONT><FONT STYLE="font-size: 9pt">OVERAGE</FONT><FONT STYLE="font-size: 12pt">.
</FONT></B><FONT STYLE="font-size: 12pt">It will ensure that:</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(i)</TD><TD STYLE="text-align: justify">The aggregate of (A) the market value of the Mortgaged Properties over which a perfected security
interest with the priority as set forth in Section 5(i)(i) above has been provided to the Lenders, pursuant to the Mortgages plus
(B) the market value of the equipment subject to the Aliena&ccedil;&atilde;o Fiduci&aacute;ria (as such market value of the Mortgaged
Properties and the equipment subject to the Aliena&ccedil;&atilde;o Fiduci&aacute;ria is determined pursuant to the most recent
appraisal issued by an appraiser acceptable to the Collateral Agent) plus (C) the Market Value of any Goods subject to the Mercantile
Pledge Agreement, shall be equivalent to at least the following percentage of the aggregate outstanding principal amount of Loans
minus the amount of funds then held in the Collection Account at such time of calculation during each of the following periods
(each such percentage the &ldquo;<B>Minimum Coverage Ratio</B>&rdquo;):</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 78%; border-collapse: collapse; margin-left: 1.5in">
<TR STYLE="font-size: 12pt">
    <TD COLSPAN="2" STYLE="border: black 1pt solid; text-align: center; padding-top: 3pt; padding-bottom: 3pt; font-size: 12pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><B>Period</B></FONT></TD>
    <TD ROWSPAN="2" STYLE="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; padding-top: 3pt; padding-bottom: 3pt; font-size: 12pt"><P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 11pt"><B>Minimum</B></FONT></P>
        <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 11pt"><B>Coverage
        Ratio</B></FONT></P></TD></TR>
<TR STYLE="font-size: 12pt">
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: center; padding-top: 3pt; padding-bottom: 3pt; font-size: 12pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><B>From</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid; text-align: center; padding-top: 3pt; padding-bottom: 3pt; font-size: 12pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><B>To</B></FONT></TD></TR>
<TR STYLE="font-size: 12pt">
    <TD STYLE="width: 33%; border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: center; padding-top: 3pt; padding-bottom: 3pt; font-size: 12pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">First
    Drawdown</FONT></TD>
    <TD STYLE="width: 36%; border-bottom: black 1pt solid; border-right: black 1pt solid; text-align: center; padding-top: 3pt; padding-bottom: 3pt; font-size: 12pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">September
    30, 2019</FONT></TD>
    <TD STYLE="width: 31%; border-bottom: black 1pt solid; border-right: black 1pt solid; text-align: center; padding-top: 3pt; padding-bottom: 3pt; font-size: 12pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">85%</FONT></TD></TR>
<TR STYLE="font-size: 12pt">
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: center; padding-top: 3pt; padding-bottom: 3pt; font-size: 12pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">October
    1, 2019</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid; text-align: center; padding-top: 3pt; padding-bottom: 3pt; font-size: 12pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Final
    Maturity Date</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid; text-align: center; padding-top: 3pt; padding-bottom: 3pt; font-size: 12pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">100%</FONT></TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-align: justify">The Collateral Agent shall, on
a monthly basis, calculate the ratio of (1) the aggregate of items (A), (B) and (C) to (2) the aggregate outstanding principal
amount of the Loans minus the amount of funds then held in the Collection Account (such ratio being the &ldquo;<B>Effective Coverage
Ratio</B>&rdquo;), and if the Collateral Agent should determine at such time (or any other time, but without being obligated to
make such calculation at any other time) that the Effective Coverage Ratio has been reduced, for whatever reason, to a level below
the Minimum Coverage Ratio for the respective period then the Collateral Agent shall promptly inform the Lenders and the Borrower
and the Borrower shall within forty (40) days following written demand by the Collateral Agent, (x) provide mortgages over additional
land and/or fiduciary liens over additional equipment, in each case as acceptable to the Collateral Agent and the Required Lenders,
or pledge Goods under the Mercantile Pledge Agreement, and deliver to the Collateral Agent a copy of the <I>protocolo</I> evidencing
that the Mortgages, the Mercantile Pledge Agreement or the other relevant security documentation as the Collateral Agent and the
Required Lenders shall require, as the case may be, has been duly delivered to the relevant registry office(s) for registration
(and,</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-align: justify">within thirty (30) days from
the date of such <I>protocolo</I>, evidence that such security documents, as the case may be, have been duly registered by the
relevant registry office), together with, in the case of the Mortgages and any additional equipment, an appraisal issued by an
appraiser acceptable to the Collateral Agent not more than ninety (90) days prior to the execution of the respective Mortgage or
the addition of such equipment to the Aliena&ccedil;&atilde;o Fiduci&aacute;ria, and/or (y) prepay, within ten (10) days following
the receipt of the written demand from the Collateral Agent, part of the outstanding Loans, in accordance with Section 2.15, to
ensure that the Minimum Coverage Ratio is duly complied with. Notwithstanding the foregoing, if the remedies in (x) above are reasonably
considered by the Collateral Agent to be insufficient to ensure that the Minimum Coverage Ratio is duly complied with then the
Borrower must prepay part of the outstanding Loans in accordance with Section 2.15 and within ten (10) days following written demand
by the Collateral Agent, to ensure that the Minimum Coverage Ratio is duly complied with. In all cases, 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 the date immediately
preceding the calculation date; and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(ii)</TD><TD STYLE="text-align: justify">From March 31 of each calendar year (starting with March 31, 2019) until the end of such calendar
year, the aggregate Market Value of the Shipments remaining to be made and paid for prior to the end of such calendar year (but
multiplied by 0.833333 if the purchase price of the Goods in such Shipment has not been fixed under the respective Off-take Contract,
as evidenced to the satisfaction of the Collateral Agent) (such amount being the &ldquo;<B>Collateral Amount</B>&rdquo;), 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 from Shipments where the price has not been fixed is less than ninety
(90%) percent of the Adjusted Repayment Amount (after deducting the aggregate Market Value of fixed price Shipments) as at such
time, then within fifteen (15) days following written demand by the Collateral Agent, the Borrower shall provide additional Shipments
or deposits funds into the Collection Account 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 has occurred and is
continuing in respect of a particular Eligible Off-taker, all Shipments to such Eligible Off-taker shall not be considered as Shipments
for purposes of this Section 5(l) until such time as such Eligible Off-taker Material Adverse Effect has been declared by</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-align: justify">written notice to the Borrower from the Administrative
Agent (acting at the direction of the Required Lenders) as no longer continuing.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(iii)</TD><TD STYLE="text-align: justify">If the Collateral Agent should determine at any time and from time to time that the Effective Coverage
Ratio for the relevant period is more than five (5) percentage points higher than the Minimum Coverage Ratio for the respective
period and if at such time there are Goods subject to the Mercantile Pledge Agreement then (A) the Collateral Agent shall promptly
inform the Lenders and the Borrower and (B) if requested by the Borrower the Collateral Agent shall release Goods subject to the
Mercantile Pledge Agreement in such amount so as to reduce the Effective Coverage Ratio to the respective Minimum Coverage Ratio,
and provided no Event of Default has occurred and is continuing at such time, then the Collateral Agent shall carry out such release.
If after the release of all of the Goods subject to the Mercantile Pledge Agreement pursuant to the preceding sentence the Effective
Coverage Ratio for the relevant period is still higher than the Minimum Coverage Ratio for the respective period then (1) the Collateral
Agent shall promptly inform the Lenders and the Borrower and (2) if requested by the Borrower and if approved by all the Lenders
(which approval is discretionary with each Lender in its sole discretion), the Collateral Agent shall release the Mortgaged Properties
and the equipment subject to the Aliena&ccedil;&atilde;o Fiduci&aacute;ria in such amounts as so instructed by all the Lenders
so as to reduce the Effective Coverage Ratio to the respective Minimum Coverage Ratio.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 12pt">(m)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 12pt"><B>M</B></FONT><B><FONT STYLE="font-size: 9pt">ATERIAL</FONT> <FONT STYLE="font-size: 12pt">C</FONT><FONT STYLE="font-size: 9pt">ONTRACTS</FONT><FONT STYLE="font-size: 12pt">.
</FONT></B><FONT STYLE="font-size: 12pt">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="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 12pt">(n)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 12pt"><B>E</B></FONT><B><FONT STYLE="font-size: 9pt">NVIRONMENTAL</FONT>
<FONT STYLE="font-size: 12pt">L</FONT><FONT STYLE="font-size: 9pt">AWS</FONT><FONT STYLE="font-size: 12pt">. </FONT></B><FONT STYLE="font-size: 12pt">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 (i) in
case of the occurrence of any damage arising from the non-compliance with any Environmental Laws, it shall take any and all necessary
measures to extinguish or mitigate such damage as promptly as possible, 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, and (ii) that pursuant to the Mortgages, within 12
(twelve) months as of the execution of each Mortgage, at its own </FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify">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.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 12pt">(o)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 12pt"><B>U</B></FONT><B><FONT STYLE="font-size: 9pt">SE OF</FONT> <FONT STYLE="font-size: 12pt">P</FONT><FONT STYLE="font-size: 9pt">ROCEEDS</FONT><FONT STYLE="font-size: 12pt">.
</FONT></B><FONT STYLE="font-size: 12pt">The proceeds of the Loans shall be used by the Borrower exclusively to finance costs incurred
during planting, maintaining, harvesting and transporting of sugar cane and processing, warehousing and exporting of Goods. </FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 12pt">(p)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 12pt"><B>C</B></FONT><B><FONT STYLE="font-size: 9pt">ENTRAL</FONT> <FONT STYLE="font-size: 12pt">B</FONT><FONT STYLE="font-size: 9pt">ANK</FONT>
<FONT STYLE="font-size: 12pt">R</FONT><FONT STYLE="font-size: 9pt">EGISTRY</FONT><FONT STYLE="font-size: 12pt">. </FONT></B><FONT STYLE="font-size: 12pt">The
Borrower will ensure that the Schedule of Payments (<I>Esquema de Pagamento</I>) (&ldquo;<B>Schedule of Payments</B>&rdquo;) 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="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 12pt">(q)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 12pt"><B>C</B></FONT><B><FONT STYLE="font-size: 9pt">OMPLIANCE WITH</FONT>
<FONT STYLE="font-size: 12pt">A</FONT><FONT STYLE="font-size: 9pt">NTI</FONT><FONT STYLE="font-size: 12pt">-T</FONT><FONT STYLE="font-size: 9pt">ERRORISM</FONT>
<FONT STYLE="font-size: 12pt">L</FONT><FONT STYLE="font-size: 9pt">AWS</FONT><FONT STYLE="font-size: 12pt">. </FONT></B><FONT STYLE="font-size: 12pt">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 &ldquo;freezing&rdquo; and/or
&ldquo;blocking&rdquo; 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 </FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify">Buyers shall not involve any transshipments
at any seaport or airport located in any Sanctioned Country. Upon any Agent&rsquo;s or any Lender&rsquo;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).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(r)</TD><TD STYLE="text-align: justify"><B>FATCA. </B>The Borrower and each Guarantor will ensure that it will not become a FATCA FFI or
a U.S. Tax Obligor.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 12pt">(s)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 12pt"><B>U</B></FONT><B><FONT STYLE="font-size: 9pt">LTRA</FONT><FONT STYLE="font-size: 12pt">-H</FONT><FONT STYLE="font-size: 9pt">IGH</FONT>
<FONT STYLE="font-size: 12pt">R</FONT><FONT STYLE="font-size: 9pt">ISK</FONT> <FONT STYLE="font-size: 12pt">C</FONT><FONT STYLE="font-size: 9pt">OUNTRIES</FONT><FONT STYLE="font-size: 12pt">.
</FONT></B><FONT STYLE="font-size: 12pt">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, 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 by the Borrower under the
Off-take Contracts 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="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 12pt">(t)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 12pt"><B>S</B></FONT><B><FONT STYLE="font-size: 9pt">ANCTIONS</FONT><FONT STYLE="font-size: 12pt">,
A</FONT><FONT STYLE="font-size: 9pt">NTI</FONT><FONT STYLE="font-size: 12pt">-C</FONT><FONT STYLE="font-size: 9pt">ORRUPTION</FONT>
<FONT STYLE="font-size: 12pt">L</FONT><FONT STYLE="font-size: 9pt">AWS</FONT><FONT STYLE="font-size: 12pt">, A</FONT><FONT STYLE="font-size: 9pt">NTI</FONT><FONT STYLE="font-size: 12pt">-M</FONT><FONT STYLE="font-size: 9pt">ONEY</FONT>
<FONT STYLE="font-size: 12pt">L</FONT><FONT STYLE="font-size: 9pt">AUNDERING</FONT> <FONT STYLE="font-size: 12pt">L</FONT><FONT STYLE="font-size: 9pt">AWS</FONT>
<FONT STYLE="font-size: 9.5pt">AND </FONT><FONT STYLE="font-size: 12pt">O</FONT><FONT STYLE="font-size: 9.5pt">THER </FONT><FONT STYLE="font-size: 12pt">R</FONT><FONT STYLE="font-size: 9.5pt">EGULATIONS</FONT><FONT STYLE="font-size: 12pt">.</FONT></B><FONT STYLE="font-size: 12pt">
(i) 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) and their respective directors, officers, employees,
agents, and representatives will take any action, directly or indirectly, that would result in a violation by such Persons of any
Anti-Money Laundering Law, Anti-Corruption Law or Sanctions, or in such Person becoming a Sanctions Target; (ii) each of the Borrower
and each Guarantor, as well as, 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) and their respective directors, officers, employees, agents,
and representatives shall maintain policies and procedures in place to ensure compliance with Anti-Money Laundering Laws, Anti-Corruption
Laws and environmental protection laws and occupational health standards applicable </FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify">to their business and operations;
(iii) no country of origin, transit or disembarkation of any Goods shall be a Sanctioned Country; and (iv) no vessel or carrier
named in any Shipping Documents shall be owned by any Person, or operate under the laws of any country, which is a Sanctions Target.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 12pt">(u)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 12pt"><B>R</B></FONT><B><FONT STYLE="font-size: 9pt">ESTRICTED</FONT> <FONT STYLE="font-size: 12pt">P</FONT><FONT STYLE="font-size: 9pt">ARTY</FONT><FONT STYLE="font-size: 12pt">,
P</FONT><FONT STYLE="font-size: 9pt">ROHIBITED</FONT> <FONT STYLE="font-size: 12pt">P</FONT><FONT STYLE="font-size: 9pt">ARTY</FONT><FONT STYLE="font-size: 12pt">.
</FONT></B><FONT STYLE="font-size: 12pt">Neither the Borrower nor any Guarantor shall (and the Borrower shall procure that no other
member of the Adecoagro Group nor any of their respective directors, officers, employees or any other Person acting on behalf of
any of them will):</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.25in"></TD><TD STYLE="width: 0.5in">(i)</TD><TD STYLE="text-align: justify">use, lend, contribute or otherwise make available the proceeds of any Loan or other transaction
contemplated by any Credit Document directly or indirectly for the purpose of financing any trade, business or other activities
with (A) any Restricted Party in as far as such financing would lead to non-compliance by the Borrower, any Guarantor, any Agent
and/or any Lender, or any of their respective Affiliates with any Sanctions, or (B) any Prohibited Party; or</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.25in"></TD><TD STYLE="width: 0.5in">(ii)</TD><TD STYLE="text-align: justify">use any revenue or benefit derived from any activity or dealing with a Restricted Party or a Prohibited
Party in discharging any obligation due or owing to any Agent or the Lenders except, in case of a Restricted Party only, to the
extent that activity or dealing would not lead to non-compliance by that member of the Adecoagro Group, any Agent, any Lender or
any of their respective Affiliates with any Sanctions.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify">The Borrower and each Guarantor
shall (and the Borrower shall procure that each other member of the Adecoagro Group and (in the case of sub-paragraph (i) below)
each of their respective directors, officers, employees or any other Person acting on behalf of any of them will):</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.25in"></TD><TD STYLE="width: 0.5in">(i)</TD><TD STYLE="text-align: justify">procure that no proceeds from any activity or dealing with a Restricted Party or a Prohibited Party
are credited to any bank account held with any Agent, any Lender, or any of their respective Affiliates in its name or in the name
of any other member of the Adecoagro Group except, in case of a Restricted Party only, to the extent that crediting such bank account
would not lead to non-compliance by that member of the Adecoagro Group, any Agent, any Lender or any of their respective Affiliates
with any Sanctions;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.25in"></TD><TD STYLE="width: 0.5in">(ii)</TD><TD STYLE="text-align: justify">take reasonable measures to ensure compliance with Sanctions; and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.25in"></TD><TD STYLE="width: 0.5in">(iii)</TD><TD STYLE="text-align: justify">(to the extent permitted by law and promptly upon becoming aware of them) supply to the Administrative
Agent and the Lenders</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.75in; text-align: justify">details of any claim, action,
suit, proceedings or investigation against it or any other member of the Adecoagro Group with respect to Sanctions by any Sanctions
Authority.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 12pt">(v)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 12pt"><B>A</B></FONT><B><FONT STYLE="font-size: 9pt">NTI</FONT><FONT STYLE="font-size: 12pt">-</FONT><FONT STYLE="font-size: 9pt">CORRUPTION</FONT>
<FONT STYLE="font-size: 12pt">L</FONT><FONT STYLE="font-size: 9pt">AWS</FONT><FONT STYLE="font-size: 12pt">. </FONT></B><FONT STYLE="font-size: 12pt">It
will (i) immediately inform the Administrative Agent of the existence of any investigations, administrative and/or judicial proceedings
dealing with violations of the Anti-corruption Legislation in force; (ii) immediately inform the Administrative Agent as soon as
it learns of any violation (or evidence of violation) of the Anti-corruption Legislation in force that could be subject to investigation
and/or proceedings/procedures by the government; (iii) not make, offer or promise, either directly or indirectly, payment, money,
gifts, goods, services or anything of value (economic or otherwise) to a Public Officer, aimed at obtaining any improper advantage
in the form of: (A) conduct or omission of any act in violation of their legitimate or official duty; (B) induction of such Public
Officer to influence national or foreign governments or any of their agencies to affect or influence any act or decision in its
favor; or (C) obtaining or retaining business for itself or for any third party; (iv) not make, offer or promise, agree or request,
either directly or indirectly, (A) payment, money, gifts, goods, services or anything of value (economic or otherwise); and/or
(B) illegal rebate, payoff, influence peddling, kickback or other illegal or improper payments or benefit to an individual in exchange
for favorable treatment for obtaining, retaining or directing business to itself, or to obtain any special award in its name; and
(v) not use any resources for any contribution, award, payment of entertainment, or any other illegal expense related to political
activity, and not make, illegally, any offer, promise or delivery of payment, money, gifts, goods, services or anything of value
(economic or otherwise) to political parties and/or to candidates for elective office. </FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 12pt">(w)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 12pt"><B>A</B></FONT><B><FONT STYLE="font-size: 9pt">NTI</FONT><FONT STYLE="font-size: 12pt">-M</FONT><FONT STYLE="font-size: 9pt">ONEY</FONT>
<FONT STYLE="font-size: 12pt">L</FONT><FONT STYLE="font-size: 9pt">AUNDERING</FONT><FONT STYLE="font-size: 12pt">. </FONT></B><FONT STYLE="font-size: 12pt">It
will (i) conduct its operations, within the framework of its usual business, in accordance with the requirements regarding record-keeping
and applicable financial reports, including those provided for (A) in Brazilian Law No. 9613, dated March 3, 1998, as amended by
Law No. 12683, dated July 9, 2012, and (B) in the Laws to Prevent Money Laundering, Books and Records; and (ii) immediately inform
the Administrative Agent if it is or if its directors, executive officers or employees are threatened to be investigated and/or
accused parties in any action, process or procedure pending before any court or governmental or regulatory authority, body or arbitrator
with respect to the Laws to Prevent Money Laundering, Books and Records. </FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 12pt">(x)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 12pt"><B>C</B></FONT><B><FONT STYLE="font-size: 9pt">OMPLIANCE</FONT><FONT STYLE="font-size: 12pt">.
</FONT></B><FONT STYLE="font-size: 12pt">It agrees that the Administrative Agent shall have the right to take the necessary actions
to ensure compliance with the provisions hereunder relating to anti-corruption and money-laundering pursuant to Sections 5(v) and
(w) above, and undertakes to require and oversee</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 71.9pt; text-align: justify">compliance with the obligations
assumed in the Sections referred to herein, by its controlling companies, Subsidiaries, executive officers, directors, and employees,
and shall report within two (2) Business Days to the Administrative Agent any suspicion, violation or evidence of violation of
Sections 5(v) and/or (w), as well as the beginning of a public or private investigation, administrative and/or judicial procedure
regarding any such violations.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 35.9pt"><B>6.</B></TD><TD STYLE="text-align: justify"><B>NEGATIVE COVENANTS. </B>The Borrower and each Guarantor, jointly and severally, agree that,
so long as any Obligations are outstanding, it will not:</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 12pt">(a)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 12pt"><B>T</B></FONT><B><FONT STYLE="font-size: 9pt">RANSACTIONS WITH</FONT>
<FONT STYLE="font-size: 12pt">A</FONT><FONT STYLE="font-size: 9pt">FFILIATES</FONT><FONT STYLE="font-size: 12pt">. </FONT></B><FONT STYLE="font-size: 12pt">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&rsquo;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 &ldquo;arm&rsquo;s
length basis&rdquo;, and shall not exceed US$ 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&rsquo;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="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 12pt">(b)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 12pt"><B>M</B></FONT><B><FONT STYLE="font-size: 9pt">ERGERS</FONT><FONT STYLE="font-size: 12pt">,
C</FONT><FONT STYLE="font-size: 9pt">ORPORATE</FONT> <FONT STYLE="font-size: 12pt">R</FONT><FONT STYLE="font-size: 9pt">EORGANIZATION</FONT><FONT STYLE="font-size: 12pt">.
</FONT></B><FONT STYLE="font-size: 12pt">(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 party then the
surviving party has the same ultimate beneficial ownership as the entity being absorbed had immediately prior to such event and
the surviving entity assumes all obligations of the entity being absorbed, 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="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 12pt">(c)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 12pt"><B>D</B></FONT><B><FONT STYLE="font-size: 9pt">ISPOSITION OF</FONT>
<FONT STYLE="font-size: 12pt">A</FONT><FONT STYLE="font-size: 9pt">SSETS</FONT><FONT STYLE="font-size: 12pt">. </FONT></B><FONT STYLE="font-size: 12pt">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="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 71.9pt; text-align: justify; text-indent: -35.9pt">&nbsp;</P>


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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 8pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 50%">&nbsp;</TD><TD STYLE="width: 50%; text-align: right">Execution Version</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 12pt">(d)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 12pt"><B>C</B></FONT><B><FONT STYLE="font-size: 9pt">HANGE IN</FONT> <FONT STYLE="font-size: 12pt">N</FONT><FONT STYLE="font-size: 9pt">ATURE
OF</FONT> <FONT STYLE="font-size: 12pt">B</FONT><FONT STYLE="font-size: 9pt">USINESS</FONT><FONT STYLE="font-size: 12pt">; G</FONT><FONT STYLE="font-size: 9pt">OVERNING</FONT>
<FONT STYLE="font-size: 12pt">D</FONT><FONT STYLE="font-size: 9pt">OCUMENTS</FONT> <FONT STYLE="font-size: 12pt">E</FONT><FONT STYLE="font-size: 9pt">TC</FONT><FONT STYLE="font-size: 12pt">.
</FONT></B><FONT STYLE="font-size: 12pt">(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="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 12pt">(e)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 12pt"><B>L</B></FONT><B><FONT STYLE="font-size: 9pt">IMIT ON</FONT> <FONT STYLE="font-size: 12pt">A</FONT><FONT STYLE="font-size: 9pt">CCOUNTING</FONT>
<FONT STYLE="font-size: 12pt">C</FONT><FONT STYLE="font-size: 9pt">HANGES</FONT><FONT STYLE="font-size: 12pt">. </FONT></B><FONT STYLE="font-size: 12pt">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="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 12pt">(f)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 12pt"><B>L</B></FONT><B><FONT STYLE="font-size: 9pt">IENS</FONT><FONT STYLE="font-size: 12pt">.
</FONT></B><FONT STYLE="font-size: 12pt">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&rsquo;, warehousemen&rsquo;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&rsquo; 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 120% 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 Collection Account 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 </FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


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    <!-- Field: /Page -->

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify">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.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 12pt">(g)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 12pt"><B>R</B></FONT><B><FONT STYLE="font-size: 9pt">ESTRICTED</FONT> <FONT STYLE="font-size: 12pt">P</FONT><FONT STYLE="font-size: 9pt">AYMENTS</FONT><FONT STYLE="font-size: 12pt">.
</FONT></B><FONT STYLE="font-size: 12pt">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="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 35.9pt"><B>7.</B></TD><TD STYLE="text-align: justify"><B>EVENTS OF DEFAULT. </B>If:</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">(a)</TD><TD STYLE="text-align: justify">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</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">(b)</TD><TD STYLE="text-align: justify">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</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">(c)</TD><TD STYLE="text-align: justify">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</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">(d)</TD><TD STYLE="text-align: justify">(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 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</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify">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) 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$10,000,000 (ten 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 (iii) 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, in the cases
of (ii) and (iii) above, 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$10,000,000 (ten million U.S. Dollars) (or its
equivalent amount in any other currency); or</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">(e)</TD><TD STYLE="text-align: justify">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$10,000,000.00 (ten 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</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">(f)</TD><TD STYLE="text-align: justify">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)</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


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    <!-- Field: /Page -->

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify">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</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">(g)</TD><TD STYLE="text-align: justify">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 forty-five (45) days;
or</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">(h)</TD><TD STYLE="text-align: justify">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 or
any Guarantor shall so assert; or the Borrower or any Guarantor 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, the Collection Account Agent or the Lenders, as the case may be, the Liens, rights,
powers and privileges purported to be created thereby (including perfected security interests in, and Liens on, all of the Collateral
subject thereto, with the priority specified in the relevant Security Agreement) 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 or any Guarantor;
or</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">(i)</TD><TD STYLE="text-align: justify">A Change of Control shall have occurred; or</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">(j)</TD><TD STYLE="text-align: justify">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</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">(k)</TD><TD STYLE="text-align: justify">(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</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


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    <!-- Field: /Page -->

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify">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</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">(l)</TD><TD>Any event which has or may have a Material Adverse Effect shall have occurred,</TD></TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-indent: -0.25in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">thereupon and at any time thereafter and in every
such event (each an &ldquo;<B>Event of Default</B>&rdquo;),</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(1)</TD><TD STYLE="text-align: justify">in the case of an Event of Default other than one specified in clause (f) of this Section 7, the
Administrative Agent (i) 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) 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</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(2)</TD><TD STYLE="text-align: justify">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.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify">The foregoing shall not limit the Lenders&rsquo; rights
to exercise any of their remedies under any of the other Credit Documents.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35pt">&nbsp;</P>


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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 35.9pt"><B>8.</B></TD><TD STYLE="text-align: justify"><B>TAXES </B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 34.9pt"><FONT STYLE="font-size: 12pt">8.1</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 12pt"><B>T</B></FONT><B><FONT STYLE="font-size: 9pt">AXES</FONT></B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(a)</TD><TD STYLE="text-align: justify">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) (&ldquo;<B>Taxes</B>&rdquo;).</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 72pt"></TD><TD STYLE="width: 33.8pt">(b)</TD><TD STYLE="text-align: justify">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.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 72pt"></TD><TD STYLE="width: 33.8pt">(c)</TD><TD STYLE="text-align: justify">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.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


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    <!-- Field: /Page -->

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 34.9pt"><FONT STYLE="font-size: 12pt">8.2</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 12pt"><B>O</B></FONT><B><FONT STYLE="font-size: 9pt">THER</FONT> <FONT STYLE="font-size: 12pt">T</FONT><FONT STYLE="font-size: 9pt">AXES</FONT><FONT STYLE="font-size: 12pt">.
</FONT></B><FONT STYLE="font-size: 12pt">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 (&ldquo;<B>Other Taxes</B>&rdquo;)
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="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 35.9pt"><B>9.</B></TD><TD STYLE="text-align: justify"><B>GUARANTEE </B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 35.9pt"><FONT STYLE="font-size: 12pt">9.1.</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 12pt"><B>G</B></FONT><B><FONT STYLE="font-size: 9pt">UARANTY</FONT><FONT STYLE="font-size: 12pt">.
</FONT></B><FONT STYLE="font-size: 12pt">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 &ldquo;<B>Guaranteed Obligations</B>&rdquo;). </FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 35.9pt"><FONT STYLE="font-size: 12pt">9.2.</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 12pt"><B>G</B></FONT><B><FONT STYLE="font-size: 9pt">UARANTY</FONT> <FONT STYLE="font-size: 12pt">A</FONT><FONT STYLE="font-size: 9pt">BSOLUTE</FONT><FONT STYLE="font-size: 12pt">.
</FONT></B><FONT STYLE="font-size: 12pt">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="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(a)</TD><TD STYLE="text-align: justify">any lack of validity or enforceability of this Agreement, the Credit Documents, or any other agreement
or instrument relating thereto;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 72pt"></TD><TD STYLE="width: 33.9pt">(b)</TD><TD STYLE="text-align: justify">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);</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(c)</TD><TD STYLE="text-align: justify">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;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(d)</TD><TD STYLE="text-align: justify">any change of control of or ownership in the Borrower or any Guarantor;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(e)</TD><TD STYLE="text-align: justify">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;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(f)</TD><TD STYLE="text-align: justify">any acceptance of any partial payment(s) from the Borrower and/or any Guarantor; or</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(g)</TD><TD STYLE="text-align: justify">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.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify">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.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 34.9pt"><FONT STYLE="font-size: 12pt">9.3.</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 12pt"><B>E</B></FONT><B><FONT STYLE="font-size: 9pt">FFECTIVENESS</FONT><FONT STYLE="font-size: 12pt">,
E</FONT><FONT STYLE="font-size: 9pt">NFORCEMENT</FONT><FONT STYLE="font-size: 12pt">. </FONT></B><FONT STYLE="font-size: 12pt">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</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


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    <!-- Field: /Page -->

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify">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, &ldquo;<B>fraudulent transfer laws</B>&rdquo; means applicable Brazilian bankruptcy and fraudulent transfer and conveyance
statutes and the related case law.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 34.9pt"><FONT STYLE="font-size: 12pt">9.4.</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 12pt"><B>W</B></FONT><B><FONT STYLE="font-size: 9pt">AIVERS</FONT><FONT STYLE="font-size: 12pt">.
</FONT></B><FONT STYLE="font-size: 12pt">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 794 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="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 34.9pt"><FONT STYLE="font-size: 12pt">9.5.</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 12pt"><B>S</B></FONT><B><FONT STYLE="font-size: 9pt">UBORDINATION</FONT><FONT STYLE="font-size: 12pt">.
</FONT></B><FONT STYLE="font-size: 12pt">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 </FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify">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.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 34.9pt"><FONT STYLE="font-size: 12pt">9.6</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 12pt"><B>N</B></FONT><B><FONT STYLE="font-size: 9pt">O</FONT> <FONT STYLE="font-size: 12pt">M</FONT><FONT STYLE="font-size: 9pt">ARSHALLING</FONT></B><FONT STYLE="font-size: 12pt">.
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&rsquo; and the Agents&rsquo; 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&rsquo; and/or the Agents&rsquo; rights under
this Section 9, under any of the other Credit Documents or any other agreement. </FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 34.9pt"><FONT STYLE="font-size: 12pt">9.7</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 12pt"><B>R</B></FONT><B><FONT STYLE="font-size: 9pt">EPRESENTATIONS AND</FONT>
<FONT STYLE="font-size: 12pt">W</FONT><FONT STYLE="font-size: 9pt">ARRANTIES</FONT><FONT STYLE="font-size: 12pt">. </FONT></B><FONT STYLE="font-size: 12pt">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 &ldquo;reasonably
equivalent value&rdquo; and &ldquo;fair consideration&rdquo; 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="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 34.9pt"><FONT STYLE="font-size: 12pt">9.8</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 12pt"><B>N</B></FONT><B><FONT STYLE="font-size: 9pt">ATURE OF</FONT> <FONT STYLE="font-size: 12pt">G</FONT><FONT STYLE="font-size: 9pt">UARANTOR</FONT><FONT STYLE="font-size: 12pt">&rsquo;</FONT><FONT STYLE="font-size: 9pt">S</FONT>
<FONT STYLE="font-size: 12pt">O</FONT><FONT STYLE="font-size: 9pt">BLIGATIONS</FONT><FONT STYLE="font-size: 12pt">. </FONT></B><FONT STYLE="font-size: 12pt">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></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 34.9pt"><FONT STYLE="font-size: 12pt">9.9</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 12pt"><B>A</B></FONT><B><FONT STYLE="font-size: 9pt">DDITIONAL</FONT> <FONT STYLE="font-size: 12pt">S</FONT><FONT STYLE="font-size: 9pt">ECURITY</FONT><FONT STYLE="font-size: 12pt">.
</FONT></B><FONT STYLE="font-size: 12pt">The obligations of the Guarantors under this Section 9 are in addition to and are not
in any way prejudiced by any other </FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in">guaranty or security now or subsequently held by any
Person.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 35.9pt"><FONT STYLE="font-size: 12pt">9.10</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 12pt"><B>E</B></FONT><B><FONT STYLE="font-size: 9pt">LECTION OF</FONT>
<FONT STYLE="font-size: 12pt">R</FONT><FONT STYLE="font-size: 9pt">EMEDIES</FONT><FONT STYLE="font-size: 12pt">. </FONT></B><FONT STYLE="font-size: 12pt">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&rsquo;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></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 71.9pt; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 35.9pt"><B>10.</B></TD><TD STYLE="text-align: justify"><B>THE AGENTS; THE LEAD ARRANGERS </B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 34.9pt"><FONT STYLE="font-size: 12pt">10.1</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 12pt"><B>A</B></FONT><B><FONT STYLE="font-size: 9pt">PPOINTMENT</FONT><FONT STYLE="font-size: 12pt">;
L</FONT><FONT STYLE="font-size: 9pt">IMITATION</FONT> <FONT STYLE="font-size: 12pt">O</FONT><FONT STYLE="font-size: 9pt">F</FONT>
<FONT STYLE="font-size: 12pt">L</FONT><FONT STYLE="font-size: 9pt">IABILITY</FONT><FONT STYLE="font-size: 12pt">. </FONT></B><FONT STYLE="font-size: 12pt">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 Collection Account 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 Collection Account Agent is the beneficiary of the
parallel debt referred to in the relevant Security Agreement and the Collection Account 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. 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
</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify">exist against any Agent, in its
respective capacity as such. Without limiting the generality of the foregoing, the use of the term &ldquo;agent&rdquo; 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.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 34.9pt"><FONT STYLE="font-size: 12pt">10.2</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 12pt"><B>D</B></FONT><B><FONT STYLE="font-size: 9pt">ELEGATION</FONT> <FONT STYLE="font-size: 12pt">O</FONT><FONT STYLE="font-size: 9pt">F</FONT>
<FONT STYLE="font-size: 12pt">D</FONT><FONT STYLE="font-size: 9pt">UTIES</FONT><FONT STYLE="font-size: 12pt">. </FONT></B><FONT STYLE="font-size: 12pt">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></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 34.9pt"><FONT STYLE="font-size: 12pt">10.3</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 12pt"><B>N</B></FONT><B><FONT STYLE="font-size: 9pt">OTICE</FONT> <FONT STYLE="font-size: 12pt">O</FONT><FONT STYLE="font-size: 9pt">F</FONT>
<FONT STYLE="font-size: 12pt">D</FONT><FONT STYLE="font-size: 9pt">EFAULT</FONT><FONT STYLE="font-size: 12pt">. </FONT></B><FONT STYLE="font-size: 12pt">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 &ldquo;notice of default.&rdquo; 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 </FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify">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).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 34.9pt"><FONT STYLE="font-size: 12pt">10.4</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 12pt"><B>R</B></FONT><B><FONT STYLE="font-size: 9pt">ELIANCE OF</FONT>
<FONT STYLE="font-size: 12pt">A</FONT><FONT STYLE="font-size: 9pt">GENT</FONT><FONT STYLE="font-size: 12pt">, E</FONT><FONT STYLE="font-size: 9pt">TC</FONT><FONT STYLE="font-size: 12pt">.
</FONT></B><FONT STYLE="font-size: 12pt">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 or in the case of Section 2.6 only, the Relevant 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) 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) 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) 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) 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) 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)
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 e-mail or SWIFT) believed by it to be genuine and signed or sent by the proper
party or parties.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.9pt; text-align: justify">&nbsp;</P>


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    <!-- Field: /Page -->

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 34.9pt"><FONT STYLE="font-size: 12pt">10.5</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 12pt"><B>A</B></FONT><B><FONT STYLE="font-size: 9pt">GENT AS A</FONT> <FONT STYLE="font-size: 12pt">L</FONT><FONT STYLE="font-size: 9pt">ENDER</FONT><FONT STYLE="font-size: 12pt">;
A</FONT><FONT STYLE="font-size: 9pt">GENTS IN</FONT> <FONT STYLE="font-size: 12pt">I</FONT><FONT STYLE="font-size: 9pt">NDIVIDUAL</FONT>
<FONT STYLE="font-size: 12pt">C</FONT><FONT STYLE="font-size: 9pt">APACITY</FONT><FONT STYLE="font-size: 12pt">. </FONT></B><FONT STYLE="font-size: 12pt">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 &ldquo;Lender&rdquo; or &ldquo;Lenders&rdquo; 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&rsquo;s, any Guarantor&rsquo;s or Lender&rsquo;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></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 34.9pt"><FONT STYLE="font-size: 12pt">10.6</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 12pt"><B>L</B></FONT><B><FONT STYLE="font-size: 9pt">ENDER</FONT> <FONT STYLE="font-size: 12pt">C</FONT><FONT STYLE="font-size: 9pt">REDIT</FONT>
<FONT STYLE="font-size: 12pt">D</FONT><FONT STYLE="font-size: 9pt">ECISION</FONT><FONT STYLE="font-size: 12pt">. </FONT></B><FONT STYLE="font-size: 12pt">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></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 34.9pt"><FONT STYLE="font-size: 12pt">10.7</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 12pt"><B>I</B></FONT><B><FONT STYLE="font-size: 9pt">NDEMNIFICATION</FONT><FONT STYLE="font-size: 12pt">.
</FONT></B><FONT STYLE="font-size: 12pt">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 &ldquo;<B>Agent Indemnified Party</B>&rdquo;)
(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 </FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify">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 &ldquo;<B>Indemnified Costs</B>&rdquo;), <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&rsquo;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.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 34.9pt"><FONT STYLE="font-size: 12pt">10.8</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 12pt"><B>S</B></FONT><B><FONT STYLE="font-size: 9pt">UCCESSOR</FONT><FONT STYLE="font-size: 12pt">.</FONT></B><FONT STYLE="font-size: 12pt">
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&rsquo;s giving of notice of resignation or the Lenders&rsquo; 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&rsquo;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></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>


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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 33.9pt"><FONT STYLE="font-size: 12pt">10.9</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 12pt"><B>D</B></FONT><B><FONT STYLE="font-size: 9pt">ETERMINATIONS</FONT>
<FONT STYLE="font-size: 12pt">P</FONT><FONT STYLE="font-size: 9pt">URSUANT TO</FONT> <FONT STYLE="font-size: 12pt">C</FONT><FONT STYLE="font-size: 9pt">REDIT</FONT>
<FONT STYLE="font-size: 12pt">D</FONT><FONT STYLE="font-size: 9pt">OCUMENTS</FONT></B><FONT STYLE="font-size: 12pt">. 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 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&rsquo;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></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 34.8pt"><FONT STYLE="font-size: 12pt">10.10</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 12pt"><B>T</B></FONT><B><FONT STYLE="font-size: 9pt">HE</FONT> <FONT STYLE="font-size: 12pt">L</FONT><FONT STYLE="font-size: 9pt">EAD</FONT>
<FONT STYLE="font-size: 12pt">A</FONT><FONT STYLE="font-size: 9pt">RRANGERS</FONT><FONT STYLE="font-size: 12pt">. </FONT></B><FONT STYLE="font-size: 12pt">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></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 35.9pt"><FONT STYLE="font-size: 12pt">10.11</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 12pt"><B>S</B></FONT><B><FONT STYLE="font-size: 9pt">TATEMENTS</FONT><FONT STYLE="font-size: 12pt">;
U</FONT><FONT STYLE="font-size: 9pt">SE OF</FONT> <FONT STYLE="font-size: 12pt">P</FONT><FONT STYLE="font-size: 9pt">ROCEEDS</FONT></B><FONT STYLE="font-size: 12pt">.
The recitals contained herein, in any offering materials and in any other Credit Documents shall be taken as the statements of
the Borrower and the Guarantors, 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></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 35.9pt"><B>11.</B></TD><TD STYLE="text-align: justify"><B>MISCELLANEOUS </B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 35.9pt"><FONT STYLE="font-size: 12pt">11.1</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 12pt"><B>A</B></FONT><B><FONT STYLE="font-size: 9pt">SSIGNMENTS</FONT><FONT STYLE="font-size: 12pt">/P</FONT><FONT STYLE="font-size: 9pt">ARTICIPATIONS
BY</FONT> <FONT STYLE="font-size: 12pt">L</FONT><FONT STYLE="font-size: 9pt">ENDERS</FONT></B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(a)</TD><TD STYLE="text-align: justify">At any time after the end of the Availability Period or with respect to any assignment to an Affiliate
at any time, each Lender may assign to one or more Persons (other than the Borrower, 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</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-align: justify">from the Administrative Agent
within ten (10) 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&rsquo;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 (five million U.S. Dollars),
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 (five thousand U.S. Dollars). 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&rsquo;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.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(b)</TD><TD STYLE="text-align: justify">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</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-align: justify">with respect to the financial
condition of the Borrower or any Guarantor or the performance or observance by the Borrower 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.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(c)</TD><TD STYLE="text-align: justify">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</U>&nbsp;<U>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>&nbsp;<U>A</U> hereto.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -35.9pt">&nbsp;</P>


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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(d)</TD><TD STYLE="text-align: justify">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 &ldquo;<B>Register</B>&rdquo;). 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.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(e)</TD><TD STYLE="text-align: justify">Each Lender may at any time freely sell participations to one or more banks or other entities (other
than the Borrower, 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&rsquo;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&rsquo;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.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(f)</TD><TD STYLE="text-align: justify">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</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 8pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 50%">&nbsp;</TD><TD STYLE="width: 50%; text-align: right">Execution Version</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-align: justify">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.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 34.9pt"><FONT STYLE="font-size: 12pt">11.2</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 12pt"><B>P</B></FONT><B><FONT STYLE="font-size: 9pt">ARTIES</FONT><FONT STYLE="font-size: 12pt">-</FONT><FONT STYLE="font-size: 9pt">IN</FONT><FONT STYLE="font-size: 12pt">-</FONT><FONT STYLE="font-size: 9pt">INTEREST</FONT><FONT STYLE="font-size: 12pt">;
B</FONT><FONT STYLE="font-size: 9pt">ORROWER</FONT><FONT STYLE="font-size: 12pt">/G</FONT><FONT STYLE="font-size: 9pt">UARANTOR</FONT>
<FONT STYLE="font-size: 12pt">A</FONT><FONT STYLE="font-size: 9pt">SSIGNMENT</FONT><FONT STYLE="font-size: 12pt">. </FONT></B><FONT STYLE="font-size: 12pt">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="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 34.9pt"><FONT STYLE="font-size: 12pt">11.3</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 12pt"><B>F</B></FONT><B><FONT STYLE="font-size: 9pt">EES AND</FONT> <FONT STYLE="font-size: 12pt">E</FONT><FONT STYLE="font-size: 9pt">XPENSES</FONT><FONT STYLE="font-size: 12pt">.
</FONT></B><FONT STYLE="font-size: 12pt">The Borrower will pay:</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(a)</TD><TD STYLE="text-align: justify">on demand the fees (including reasonable attorneys&rsquo; 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 and
duly incurred by the Agents and the Lead Arrangers in connection with any amendments, modifications, approvals, consents or waivers
pursuant hereto or thereto;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(b)</TD><TD STYLE="text-align: justify">on demand, all out-of-pocket expenses (including reasonable attorneys&rsquo; fees and costs) reasonably
and duly 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;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(c)</TD><TD STYLE="text-align: justify">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</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(d)</TD><TD STYLE="text-align: justify">the fees due pursuant to the Fee Letters at the times set forth therein.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 34.9pt"><FONT STYLE="font-size: 12pt">11.4</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 12pt"><B>R</B></FONT><B><FONT STYLE="font-size: 9pt">IGHT OF</FONT> <FONT STYLE="font-size: 12pt">S</FONT><FONT STYLE="font-size: 9pt">ET</FONT><FONT STYLE="font-size: 12pt">-O</FONT><FONT STYLE="font-size: 9pt">FF</FONT><FONT STYLE="font-size: 12pt">.
</FONT></B><FONT STYLE="font-size: 12pt">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 </FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 8pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 50%">&nbsp;</TD><TD STYLE="width: 50%; text-align: right">Execution Version</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify"><FONT STYLE="font-size: 12pt">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. </FONT>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 STYLE="font-size: 12pt">.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 34.9pt"><FONT STYLE="font-size: 12pt">11.5</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 12pt"><B>S</B></FONT><B><FONT STYLE="font-size: 9pt">URVIVAL OF</FONT>
<FONT STYLE="font-size: 12pt">C</FONT><FONT STYLE="font-size: 9pt">OVENANTS</FONT><FONT STYLE="font-size: 12pt">. </FONT></B><FONT STYLE="font-size: 12pt">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></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 34.9pt"><FONT STYLE="font-size: 12pt">11.6</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 12pt"><B>N</B></FONT><B><FONT STYLE="font-size: 9pt">OTICES</FONT><FONT STYLE="font-size: 12pt">.
</FONT></B><FONT STYLE="font-size: 12pt">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></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(a)</TD><TD STYLE="text-align: justify"><I>if to the Borrower</I>:</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in"><B>Adecoagro Vale do Ivinhema S.A.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in">Rua Iguatemi, 192, 12&ordm; andar, Itaim Bibi, S&atilde;o
Paulo, SP 01451-010, Brazil</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in">Attention: Nicolas Schaeffter</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in">Phone: + 55 11 2678.5600</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in">E-mail: <U>financeiro_spo@adecoagro.com</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in">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>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(b)</TD><TD STYLE="text-align: justify"><I>if to Participa&ccedil;&otilde;es</I>:</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in"><B>Adecoagro Brasil Participa&ccedil;&otilde;es S.A.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in">Rua Iguatemi, 192, 12&ordm; andar. Itaim Bibi, S&atilde;o
Paulo, SP 01451-010, Brazil</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in">Attention: Nicolas Schaeffter</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in">Phone: + 55 11 2678.5600</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in">E-mail: <U>financeiro_spo@adecoagro.com</U>;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-align: justify">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>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(c)</TD><TD STYLE="text-align: justify"><I>if to Monte Alegre</I>:</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in"><B>Usina Monte Alegre Ltda.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in">Rua Iguatemi, 192, 12&ordm; andar, Itaim Bibi, S&atilde;o
Paulo, SP 01451-010, Brazil</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in">Attention: Nicolas Schaeffter</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in">Phone: + 55 11 2678.5600</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in">E-mail: <U>financeiro_spo@adecoagro.com</U>;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-align: justify">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>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(d)</TD><TD STYLE="text-align: justify"><I>if to Agropecu&aacute;ria</I>:</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in"><B>Adeco Agropecu&aacute;ria Brasil Ltda.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in">Rua Iguatemi, 192, 12&ordm; andar, Itaim Bibi, S&atilde;o
Paulo, SP 01451-010, Brazil</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in">Attention: Nicolas Schaeffter</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in">Phone: + 55 11 2678.5600</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in">E-mail: <U>financeiro_spo@adecoagro.com</U></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-align: justify">or at such other address for
notice as Agropecu&aacute;ria shall last have furnished in writing to the Administrative Agent and each Lender, or</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(e)</TD><TD STYLE="text-align: justify"><I>if to the Administrative Agent or the Collateral Agent:</I></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in"><B>Banco Rabobank International Brasil S.A.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in">Av das Na&ccedil;&otilde;es Unidas 12.995 &ndash;
7&ordm; andar</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in">S&atilde;o Paulo, SP 04578-000, Brazil</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in">Attn: Agency Services</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in">Phone: +55 11 5503.7044</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in">E-mail: fm.br.saopaulo.AgencyServices@rabobank.com</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-align: justify">or at such other address for
notice as the Administrative Agent or the Collateral Agent as the case may be, shall last have furnished in writing to the Borrower,
the Guarantors and each Lender; or</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(f)</TD><TD STYLE="text-align: justify"><I>if to the Collection Account Agent or the Paying Agent:</I></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in"><B>Co&ouml;peratieve Rabobank U.A.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in">Croeselaan 18, Utrecht</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in">3521 CB</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in">Netherlands</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in">Attn: Agency Services</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in">Phone: +55 11 5503.7044</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in">E-mail: fm.br.saopaulo.AgencyServices@rabobank.com</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-align: justify">or at such other address for
notice as the Collection Account Agent or the Paying Agent, as the case may be, shall last have furnished in writing to the Borrower,
the Guarantors and each Lender; or</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(g)</TD><TD><I>if to a Lead Arranger:</I></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; 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>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(h)</TD><TD STYLE="text-align: justify"><I>if to a Lender:</I></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; 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="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 16.5pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; 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>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 34.9pt"><FONT STYLE="font-size: 12pt">11.7</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 12pt"><B>N</B></FONT><B><FONT STYLE="font-size: 9pt">EW
                                         </FONT><FONT STYLE="font-size: 12pt">Y</FONT><FONT STYLE="font-size: 9pt">ORK</FONT>
                                         <FONT STYLE="font-size: 12pt">L</FONT><FONT STYLE="font-size: 9pt">AW</FONT> <FONT STYLE="font-size: 12pt">C</FONT><FONT STYLE="font-size: 9pt">ONTRACT</FONT><FONT STYLE="font-size: 12pt">.
                                         </FONT></B><FONT STYLE="font-size: 12pt">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="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 12pt">11.8</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 12pt"><B>C</B></FONT><B><FONT STYLE="font-size: 9pt">ONSENT
                                         TO</FONT> <FONT STYLE="font-size: 12pt">J</FONT><FONT STYLE="font-size: 9pt">URISDICTION</FONT><FONT STYLE="font-size: 12pt">.
                                         </FONT></B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 72pt"></TD><TD STYLE="width: 34.55pt">(a)</TD><TD STYLE="text-align: justify">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.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 72pt"></TD><TD STYLE="width: 34.55pt">(b)</TD><TD STYLE="text-align: justify">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 &ldquo;<B>Process Agent</B>&rdquo;) 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</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-align: justify">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.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(c)</TD><TD STYLE="text-align: justify">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.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(d)</TD><TD STYLE="text-align: justify">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.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(e)</TD><TD STYLE="text-align: justify">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.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(f)</TD><TD STYLE="text-align: justify">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.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 33.9pt; text-align: justify; text-indent: -33.9pt">&nbsp;</P>


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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(g)</TD><TD STYLE="text-align: justify">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.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 12pt">11.9</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 12pt"><B>C</B></FONT><B><FONT STYLE="font-size: 9pt">APTIONS</FONT><FONT STYLE="font-size: 12pt">.
                                         </FONT></B><FONT STYLE="font-size: 12pt">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="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 12pt">11.10</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 12pt"><B>S</B></FONT><B><FONT STYLE="font-size: 9pt">EPARATE
                                         </FONT><FONT STYLE="font-size: 12pt">C</FONT><FONT STYLE="font-size: 9pt">OUNTERPARTS</FONT><FONT STYLE="font-size: 12pt">.
                                         </FONT></B><FONT STYLE="font-size: 12pt">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="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 12pt">11.11</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 12pt"><B>S</B></FONT><B><FONT STYLE="font-size: 9pt">EVERABILITY</FONT><FONT STYLE="font-size: 12pt">.
                                         </FONT></B><FONT STYLE="font-size: 12pt">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&rsquo;S OBLIGATIONS
                                         BE DIVISIBLE FROM THE BORROWER&rsquo;S OBLIGATIONS HEREUNDER. IN PARTICULAR, IT IS EACH
                                         GUARANTOR&rsquo;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="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 12pt">11.12</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 12pt"><B>C</B></FONT><B><FONT STYLE="font-size: 9pt">ONSENTS</FONT><FONT STYLE="font-size: 12pt">,
                                         A</FONT><FONT STYLE="font-size: 9pt">MENDMENTS AND</FONT> <FONT STYLE="font-size: 12pt">W</FONT><FONT STYLE="font-size: 9pt">AIVERS</FONT><FONT STYLE="font-size: 12pt">.
                                         </FONT></B><FONT STYLE="font-size: 12pt">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 </FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify">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 &ldquo;Required
Lenders&rdquo; 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, other than as permitted under the Credit Documents, 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 Collection Account Agent, as the case may be, shall exercise rights thereunder that explicitly require the consent
of the Lenders or the Required Lenders or agree to amendments or modifications thereof, 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.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 12pt">11.13</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 12pt"><B>U.S.
                                         D</B></FONT><B><FONT STYLE="font-size: 9pt">OLLAR</FONT> <FONT STYLE="font-size: 12pt">L</FONT><FONT STYLE="font-size: 9pt">OAN
                                         </FONT><FONT STYLE="font-size: 12pt">C</FONT><FONT STYLE="font-size: 9pt">URRENCY</FONT></B><FONT STYLE="font-size: 12pt">.
                                         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&rsquo;s and the Guarantors&rsquo; obligations hereunder to make payments
                                         in Dollars (the &ldquo;<B>Obligation Currency</B>&rdquo;) 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 </FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify">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 &ldquo;<B>Judgment Currency</B>&rdquo;) 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 &ldquo;<B>Judgment Currency Conversion Date</B>&rdquo;). 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.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 12pt">11.14</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 12pt"><B>I</B></FONT><B><FONT STYLE="font-size: 9pt">NDEMNIFICATION</FONT><FONT STYLE="font-size: 12pt">.
                                         </FONT></B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(a)</TD><TD STYLE="text-align: justify">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 &ldquo;<B>Indemnified Parties</B>&rdquo;) 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> &ldquo;<B>Liabilities</B>&rdquo;)
                                         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</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-align: justify">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). 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.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(b)</TD><TD STYLE="text-align: justify">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&rsquo;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.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(c)</TD><TD STYLE="text-align: justify">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.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(d)</TD><TD STYLE="text-align: justify">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.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 12pt">11.15</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 12pt"><B>W</B></FONT><B><FONT STYLE="font-size: 9pt">AIVER
                                         OF</FONT> <FONT STYLE="font-size: 12pt">J</FONT><FONT STYLE="font-size: 9pt">URY</FONT>
                                         <FONT STYLE="font-size: 12pt">T</FONT><FONT STYLE="font-size: 9pt">RIAL AND</FONT> <FONT STYLE="font-size: 12pt">S</FONT><FONT STYLE="font-size: 9pt">PECIAL
                                         </FONT><FONT STYLE="font-size: 12pt">D</FONT><FONT STYLE="font-size: 9pt">AMAGES</FONT><FONT STYLE="font-size: 12pt">.
                                         THE BORROWER, EACH GUARANTOR, EACH LENDER, EACH AGENT AND EACH LEAD ARRANGER HEREBY KNOWINGLY,
                                         VOLUNTARILY AND INTENTIONALLY WAIVE ANY RIGHTS THEY MAY HAVE TO </FONT></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: 12pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify"><B>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
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></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 12pt">11.16</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 12pt"><B>S</B></FONT><B><FONT STYLE="font-size: 9pt">URVIVAL</FONT><FONT STYLE="font-size: 12pt">.
                                         </FONT></B><FONT STYLE="font-size: 12pt">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></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 12pt">11.17</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 12pt"><B>N</B></FONT><B><FONT STYLE="font-size: 9pt">EUTRAL
                                         </FONT><FONT STYLE="font-size: 12pt">I</FONT><FONT STYLE="font-size: 9pt">NTERPRETATION</FONT></B><FONT STYLE="font-size: 12pt">.
                                         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></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 12pt">11.18</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 12pt"><B>U</B></FONT><B><FONT STYLE="font-size: 9pt">SURY</FONT><FONT STYLE="font-size: 12pt">.
                                         </FONT></B><FONT STYLE="font-size: 12pt">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></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 12pt">11.19</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 12pt"><B>A</B></FONT><B><FONT STYLE="font-size: 9pt">CKNOWLEDGEMENTS</FONT><FONT STYLE="font-size: 12pt">.
                                         </FONT></B><FONT STYLE="font-size: 12pt">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 </FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify">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.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 12pt">11.20</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 12pt"><B>C</B></FONT><B><FONT STYLE="font-size: 9pt">ONFIDENTIALITY</FONT><FONT STYLE="font-size: 12pt">/
                                         US P</FONT><FONT STYLE="font-size: 9pt">ATRIOT</FONT> <FONT STYLE="font-size: 12pt">A</FONT><FONT STYLE="font-size: 9pt">CT
                                         </FONT><FONT STYLE="font-size: 12pt">N</FONT><FONT STYLE="font-size: 9pt">OTICE</FONT><FONT STYLE="font-size: 12pt">/A</FONT><FONT STYLE="font-size: 9pt">NTI</FONT><FONT STYLE="font-size: 12pt">-M</FONT><FONT STYLE="font-size: 9pt">ONEY
                                         </FONT><FONT STYLE="font-size: 12pt">L</FONT><FONT STYLE="font-size: 9pt">AUNDERING</FONT><FONT STYLE="font-size: 12pt">.</FONT></B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(a)</TD><TD STYLE="text-align: justify">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 well as all the Credit Documents, Shipping Documents
                                         and Off-take Contracts 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, including
                                         without limitation the Credit Documents, Shipping Documents and Off-take Contracts, to
                                         any of such Agents or Lenders or their respective Affiliates, partners, directors, employees,
                                         officers, agents, trustees, administrators, managers, representatives, any regulatory,
                                         tax, customs or judicial authority, any rating agency, auditor, insurance or reinsurance
                                         broker, 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. In addition, each Agent and each Lender may disclose the existence
                                         of this Agreement and information about this Agreement to service providers to the Agents
                                         and the Lenders in connection with the administration of this Agreement, the other Credit
                                         Documents, and the Commitments.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 70pt; text-align: justify; text-indent: -33.9pt">&nbsp;</P>


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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(b)</TD><TD STYLE="text-align: justify">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.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(c)</TD><TD STYLE="text-align: justify">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.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(d)</TD><TD STYLE="text-align: justify">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&rsquo;s
                                         obligations to prevent money laundering and to conduct ongoing monitoring of its business
                                         relationship with the Borrower and the Guarantors.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 12pt">11.21</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 12pt"><B>E</B></FONT><B><FONT STYLE="font-size: 9pt">NGLISH
                                         </FONT><FONT STYLE="font-size: 12pt">L</FONT><FONT STYLE="font-size: 9pt">ANGUAGE</FONT><FONT STYLE="font-size: 12pt">.
                                         </FONT></B><FONT STYLE="font-size: 12pt">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></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 12pt">11.22</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 12pt"><B>A</B></FONT><B><FONT STYLE="font-size: 9pt">UTHORIZATION</FONT><FONT STYLE="font-size: 12pt">.
                                         </FONT></B><FONT STYLE="font-size: 12pt">The Borrower and each Guarantor irrevocably
                                         and unconditionally authorize each Lender, until all the Obligations are satisfied in
                                         full, to consult: </FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(a)</TD><TD STYLE="text-align: justify">the consolidated information concerning
                                         it held in the Central Bank of Brazil&rsquo;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;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 71.9pt; text-align: justify; text-indent: -35.9pt">&nbsp;</P>


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    <!-- Field: /Page -->

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(b)</TD><TD STYLE="text-align: justify">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</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(c)</TD><TD STYLE="text-align: justify">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.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 12pt">11.23</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 12pt"><B>A</B></FONT><B><FONT STYLE="font-size: 9pt">CKNOWLEDGEMENT
                                         AND</FONT> <FONT STYLE="font-size: 12pt">C</FONT><FONT STYLE="font-size: 9pt">ONSENT TO
                                         </FONT><FONT STYLE="font-size: 12pt">B</FONT><FONT STYLE="font-size: 9pt">AIL</FONT><FONT STYLE="font-size: 12pt">-I</FONT><FONT STYLE="font-size: 9pt">N
                                         OF</FONT> <FONT STYLE="font-size: 12pt">EEA F</FONT><FONT STYLE="font-size: 9pt">INANCIAL
                                         </FONT><FONT STYLE="font-size: 12pt">I</FONT><FONT STYLE="font-size: 9pt">NSTITUTIONS</FONT><FONT STYLE="font-size: 12pt">.
                                         </FONT></B><FONT STYLE="font-size: 12pt">Notwithstanding anything to the contrary in
                                         any Credit Document or in any other agreement, arrangement or understanding among any
                                         such parties, each party hereto acknowledges that any liability of any EEA Financial
                                         Institution arising under any Credit Document, to the extent such liability is unsecured,
                                         may be subject to the write-down and conversion powers of an EEA Resolution Authority
                                         and agrees and consents to, and acknowledges and agrees to be bound by: </FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.25in">(a)</TD><TD STYLE="text-align: justify">the application of any Write-Down
                                         and Conversion Powers by an EEA Resolution Authority to any such liabilities arising
                                         hereunder which may be payable to it by any party hereto that is an EEA Financial Institution;
                                         and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.25in">(b)</TD><TD STYLE="text-align: justify">the effects of any Bail-in Action
                                         on any such liability, including, if applicable:</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-align: justify">(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a
reduction in full or in part or cancellation of any such liability;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-align: justify">(ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a
conversion of all, or a portion of, such liability into shares or other instruments of ownership in such EEA Financial Institution,
its parent undertaking, or a bridge institution that may be issued to it or otherwise conferred on it, and that such shares or
other instruments of ownership will be accepted by it in lieu of any rights with respect to any such liability under this Agreement
or any other Credit Document; or</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-align: justify">(iii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the
variation of the terms of such liability in connection with the exercise of the write-down and conversion powers of any EEA Resolution
Authority.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 71.9pt; text-align: justify; text-indent: 0.15pt">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify">For purposes of this Section 11.23, the following terms
shall have the following meanings:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


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    <!-- Field: /Page -->

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify">&ldquo;<B>Bail-In Action</B>&rdquo;
means the exercise of any Write-Down and Conversion Powers by the applicable EEA Resolution Authority in respect of any liability
of an EEA Financial Institution.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify">&ldquo;<B>Bail-In Legislation</B>&rdquo;
means, with respect to any EEA Member Country implementing Article 55 of Directive 2014/59/EU of the European Parliament and of
the Council of the European Union, the implementing law for such EEA Member Country from time to time which is described in the
EU Bail-In Legislation Schedule.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify">&ldquo;<B>EEA Financial Institution</B>&rdquo;
means (a) any credit institution or investment firm established in any EEA Member Country which is subject to the supervision
of an EEA Resolution Authority, (b) any entity established in an EEA Member Country which is a parent of an institution described
in clause (a) of this definition, or (c) any financial institution established in an EEA Member Country which is a subsidiary
of an institution described in clauses (a) or (b) of this definition and is subject to consolidated supervision with its parent.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify">&ldquo;<B>EEA Member Country</B>&rdquo;
means any of the member states of the European Union, Iceland, Liechtenstein, and Norway.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify">&ldquo;<B>EEA Resolution Authority</B>&rdquo;
means any public administrative authority or any Person entrusted with public administrative authority of any EEA Member Country
(including any delegee) having responsibility for the resolution of any EEA Financial Institution.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify">&ldquo;<B>EU Bail-In Legislation Schedule</B>&rdquo;
means the EU Bail-In Legislation Schedule published by the Loan Market Association (or any successor person), as in effect from
time to time, which as of the Execution Date can be found at <U>http://www.lma.eu.com/uploads/files/EU%20BAIL-IN%20LEGISLATION%20SCHEDULE%2022-Dec-2015%2010-46%20.pdf</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify">&ldquo;<B>Write-Down and Conversion
Powers</B>&rdquo; means, with respect to any EEA Resolution Authority, the write-down and conversion powers of such EEA Resolution
Authority from time to time under the Bail-In Legislation for the applicable EEA Member Country, which write-down and conversion
powers are described in the EU Bail-In Legislation Schedule.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 12pt">11.24</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 12pt"><B>E</B></FONT><B><FONT STYLE="font-size: 9pt">NTIRE
                                         </FONT><FONT STYLE="font-size: 12pt">A</FONT><FONT STYLE="font-size: 9pt">GREEMENT</FONT><FONT STYLE="font-size: 12pt">.
                                         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. </FONT></B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.9pt; text-align: justify; text-indent: -35.9pt">&nbsp;</P>


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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><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="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0"><B>ADECOAGRO VALE DO IVINHEMA S.A.</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0"><I>as Borrower</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; width: 90%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 7%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">By:</FONT></TD>
    <TD STYLE="width: 36%; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="width: 14%">&nbsp;</TD>
    <TD STYLE="width: 7%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">By:</FONT></TD>
    <TD STYLE="width: 36%; border-bottom: Black 1pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">Name:</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">Name:</FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">Title:</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">Title:</FONT></TD>
    <TD>&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; width: 90%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD COLSPAN="5"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt"><B>ADECOAGRO BRASIL PARTICIPA&Ccedil;&Otilde;ES
    S.A.</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="5"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt"><I>as Guarantor</I></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 7%">&nbsp;</TD>
    <TD STYLE="width: 36%">&nbsp;</TD>
    <TD STYLE="width: 14%">&nbsp;</TD>
    <TD STYLE="width: 7%">&nbsp;</TD>
    <TD STYLE="width: 36%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">By:</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">By:</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">Name:</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">Name:</FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">Title:</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">Title:</FONT></TD>
    <TD>&nbsp;</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 COLSPAN="5"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt"><B>USINA MONTE ALEGRE LTDA.</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="5"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt"><I>as Guarantor</I></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><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">By:</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">By:</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">Name:</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">Name:</FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">Title:</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">Title:</FONT></TD>
    <TD>&nbsp;</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 COLSPAN="5"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt"><B>ADECO AGROPECU&Aacute;RIA BRASIL
    LTDA.</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="5"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt"><I>as Guarantor</I></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><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">By:</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">By:</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">Name:</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">Name:</FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">Title:</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">Title:</FONT></TD>
    <TD>&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">&nbsp;</P>


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<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0"><B>BANCO RABOBANK INTERNATIONAL BRASIL S.A. </B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0"><I>as Administrative Agent and Collateral Agent</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; width: 90%; border-collapse: collapse">
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    <TD STYLE="width: 7%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">By:</FONT></TD>
    <TD STYLE="width: 36%; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="width: 14%">&nbsp;</TD>
    <TD STYLE="width: 7%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">By:</FONT></TD>
    <TD STYLE="width: 36%; border-bottom: Black 1pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">Name:</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">Name:</FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">Title:</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">Title:</FONT></TD>
    <TD>&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: 12pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0"><B>CO&Ouml;PERATIEVE RABOBANK U.A.</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0"><I>as Collection Account Agent and Paying Agent</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; width: 90%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 7%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">By:</FONT></TD>
    <TD STYLE="width: 36%; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="width: 14%">&nbsp;</TD>
    <TD STYLE="width: 7%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">By:</FONT></TD>
    <TD STYLE="width: 36%; border-bottom: Black 1pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">Name:</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">Name:</FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">Title:</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">Title:</FONT></TD>
    <TD>&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


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    <!-- Field: /Page -->

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0"><B>ING CAPITAL LLC</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0"><I>as a Lead Arranger</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; width: 90%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 7%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">By:</FONT></TD>
    <TD STYLE="width: 36%; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="width: 14%">&nbsp;</TD>
    <TD STYLE="width: 7%">&nbsp;</TD>
    <TD STYLE="width: 36%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">Name:</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">Title:</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0">Address for notices:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><B>ING Capital LLC</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 12pt">c/o Av. Pres. Juscelino Kubitschek,
510 &ndash; 3<SUP>o</SUP> andar</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 12pt">S&atilde;o Paulo, SP
04543-000, Brazil</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0">Tel.: +55-11-4504-6471/6282</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0">Attn: Alcides Santos/Katia Garcia</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0">E-mail: <U>alcides.santos@americas.ing.com</U> / <U>katia.garcia@americas.ing.com</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0"><B>CO&Ouml;PERATIEVE RABOBANK U.A.</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0"><I>as a Lead Arranger</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; width: 90%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 7%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">By:</FONT></TD>
    <TD STYLE="width: 36%; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="width: 14%">&nbsp;</TD>
    <TD STYLE="width: 7%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">By:</FONT></TD>
    <TD STYLE="width: 36%; border-bottom: Black 1pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">Name:</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">Name:</FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">Title:</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">Title:</FONT></TD>
    <TD>&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Address for Notices:</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Co&ouml;peratieve Rabobank U.A.</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: -0.25pt">Croeselaan 18, Utrecht</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: -0.25pt">3521 CB</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0">Netherlands</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0">Tel: +55 11 5503.7044</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0">Attn: Agency Services</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0">E-mail: fm.br.saopaulo.AgencyServices@rabobank.com</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


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    <!-- Field: /Page -->

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0"><B>ING BANK N.V.</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0"><I>as a Lender</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; width: 90%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 7%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">By:</FONT></TD>
    <TD STYLE="width: 36%; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="width: 14%">&nbsp;</TD>
    <TD STYLE="width: 7%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">By:</FONT></TD>
    <TD STYLE="width: 36%; border-bottom: Black 1pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">Name:</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">Name:</FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">Title:</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">Title:</FONT></TD>
    <TD>&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Address for Notices:</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0"><B>ING Bank N.V.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 12pt">Av. Pres. Juscelino Kubitschek,
510 &ndash; 3<SUP>o</SUP> andar, S&atilde;o Paulo, SP, 04543-000, Brazil</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 12pt">Tel.: +55-11-4504-6156/6172</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0">Attn.: Fernanda Villavicencio/Natalia Assunc&atilde;o</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0">E-mail: <U>fernanda.villavicencio@ing.com</U> / <U>natalia.assuncao@ing.com</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Account Details:</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0">Correspondent Bank: JPMorgan Chase Bank &ndash; New York &ndash;
N.Y. &ndash; U.S.A.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0">SWIFT: CHASUS33</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0">Account nr.: 066709547</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 20%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">Account Name: </FONT></TD>
    <TD STYLE="width: 80%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">ING Financial Services LLC
    Loan Services on behalf of and for the benefit of ING Bank NV (Amsterdam Service Center)</FONT></TD></TR>
</TABLE>
<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0">ABA: 021000021</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0">Reference: US$ 150 million 2016 Syndicated Pre-Export Finance
Facility</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


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    <!-- Field: /Page -->

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0"><B>CO&Ouml;PERATIEVE RABOBANK U.A.</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0"><I>as a Lender</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; width: 90%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 7%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">By:</FONT></TD>
    <TD STYLE="width: 36%; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="width: 14%">&nbsp;</TD>
    <TD STYLE="width: 7%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">By:</FONT></TD>
    <TD STYLE="width: 36%; border-bottom: Black 1pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">Name:</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">Name:</FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">Title:</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">Title:</FONT></TD>
    <TD>&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Address for Notices:</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Co&ouml;peratieve Rabobank U.A.</B>&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: -0.25pt">Croeselaan 18, Utrecht</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: -0.25pt">3521 CB&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0">Netherlands</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0">Tel: +55 11 5503.7044</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0">Attn: Agency Services</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0">E-mail: fm.br.saopaulo.AgencyServices@rabobank.com</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Account Details:</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0">Correspondent Bank: JP Morgan Chase NA</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0">Swift Address CHASUS33</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0">ABA: 021000021</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0">Account No: 0011627312</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0">Account Name: Co&ouml;peratieve Rabobank U.A., Swift Address
RABONL2U</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


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    <!-- Field: /Page -->

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0"><B>ABN AMRO BANK N.V.</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0"><I>as a Lender</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; width: 90%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 7%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">By:</FONT></TD>
    <TD STYLE="width: 36%; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="width: 14%">&nbsp;</TD>
    <TD STYLE="width: 7%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">By:</FONT></TD>
    <TD STYLE="width: 36%; border-bottom: Black 1pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">Name:</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">Name:</FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">Title:</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">Title:</FONT></TD>
    <TD>&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Address for Notices:</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0"><B>ABN AMRO Bank N.V.</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 12pt">Rua Leopoldo Couto de Magalh&atilde;es
Jr., 700-4<SUP>th</SUP> Floor</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0">S&atilde;o Paulo, SP&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0">CEP 04542-000</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0">Brazil</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0">Tel: +(55-11) 3073-7422/7418</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0">Attn: Mauro Rego/Margarete Ludovico</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0">Email: <U>mail_ccmbr@br.abnamro.com</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Account Details:</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0">Correspondent Bank: Bank of America &ndash; New York</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0">SWIFT: BOFAUS3N</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0">Account No.: 6550368324</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0">Account Name: ABN AMRO Bank N.V. (SWIFT: ABNANL2A)</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0">FFC: Adecoagro Vale do Ivanhema &ndash; 47.39.54.656</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0">Ref: US$150 million Syndicated Pre-Export Finance Facility</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


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    <!-- Field: /Page -->

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0"><B>CR&Eacute;DIT AGRICOLE CORPORATE AND INVESTMENT BANK, LONDON
BRANCH</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0"><B></B><I>as a Lender</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; width: 90%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 7%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">By:</FONT></TD>
    <TD STYLE="width: 36%; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="width: 14%">&nbsp;</TD>
    <TD STYLE="width: 7%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">By:</FONT></TD>
    <TD STYLE="width: 36%; border-bottom: Black 1pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">Name:</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">Name:</FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">Title:</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">Title:</FONT></TD>
    <TD>&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Notices:</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Cr&eacute;dit Agricole Corporate And Investment Bank, London
Branch</B></P>

<P STYLE="font: 11.5pt Times New Roman, Times, Serif; margin: 0pt 0">Broadwalk House</P>

<P STYLE="font: 11.5pt Times New Roman, Times, Serif; margin: 0pt 0">5 Appold Street</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0">London, EC2A 2DA</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0">United Kingdom</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0">Tel: +44 (0) 207 214 7143/7035/5140/5138 - +44(0)207 214 6723/6718/6672</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0">Attn: SFI &ndash; Agency &amp; Middle Office/ Business Support Group</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0">E-mail: <U>sfi_middleofficescflondon@cacib.com</U> &amp; <U>bsgukandbelgium@ca-cib.com</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Account Details:</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0">Correspondent Bank: Citibank &ndash; New York &ndash; N.Y.
&ndash; U.S.A.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0">SWIFT: CITIUS33</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0">Account nr<U>.</U>: 36254109</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0">Account Name: Credit Agricole Corporate and Investment Bank,
London Branch</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0">ABA: 021000089</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0"><B>BANCO VOTORANTIM S/A &ndash; NASSAU BRANCH</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0"><I>as a Lender</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; width: 90%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 7%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">By:</FONT></TD>
    <TD STYLE="width: 36%; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="width: 14%">&nbsp;</TD>
    <TD STYLE="width: 7%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">By:</FONT></TD>
    <TD STYLE="width: 36%; border-bottom: Black 1pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">Name:</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">Name:</FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">Title:</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">Title:</FONT></TD>
    <TD>&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Notices:</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Banco Votorantim S/A &ndash; Nassau Branch</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0">Av. Das Na&ccedil;&otilde;es Unidas, 14.171 &ndash; 17 andar</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0">Sao Paulo, SP</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0">Brazil</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0">Tel: +(55-11) 5171-3216</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0">Attn: Fabio Paniza</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0">Email: <U>fabio.paniza@bancovotorantim.com.br</U> / <U>trade.finance@bancovotorantim.com.br</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Account Details:</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0">Correspondent Bank: JPMorgan Chase Bank &ndash; New York &ndash;
N.Y. &ndash; U.S.A.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0">SWIFT: CHASUS33</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0">Account nr<U>.</U>: 400941759</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0">Account Name: Banco Votorantim S.A. &ndash; Nassau Branch (BAVOBSNS)</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0">ABA: 021000021</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; width: 90%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 45%; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="width: 10%">&nbsp;</TD>
    <TD STYLE="width: 45%; border-bottom: Black 1pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">Witness:</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">Witness:</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">ID:</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">ID:</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


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    <!-- Field: /Page -->

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>SCHEDULE 1</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><U>COMMITMENTS</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 76%; border: Black 1pt solid; padding: 3pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt"><B>Lender</B></FONT></TD>
    <TD STYLE="width: 24%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt"><B>Commitment
    (US$)</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding: 3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">ING
    Bank N.V.</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 3pt 15pt 3pt 3pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">40,000,000.00</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding: 3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">Co&ouml;peratieve
    Rabobank U.A.</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 3pt 15pt 3pt 3pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">40,000,000.00</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding: 3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">ABN
    AMRO Bank N.V.</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 3pt 15pt 3pt 3pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">30,000,000.00</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding: 3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">Cr&eacute;dit
    Agricole Corporate and Investment Bank, London Branch</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 3pt 15pt 3pt 3pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">30,000,000.00</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding: 3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">Banco
    Votorantim S/A &ndash; Nassau Branch</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 3pt 15pt 3pt 3pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">10,000,000.00</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding: 3pt">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 3pt 15pt 3pt 3pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding: 3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt"><B>Total:</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 3pt 15pt 3pt 3pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt"><B>150,000,000.00</B></FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


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    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 12pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->103<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 8pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 50%">&nbsp;</TD><TD STYLE="width: 50%; text-align: right">Execution Version</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>SCHEDULE 2</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><U>LIST OF ELIGIBLE OFF-TAKERS</U></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; padding-left: 9pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">ADM</FONT></TD>
    <TD STYLE="width: 50%; border-top: Black 1pt solid; border-right: Black 1pt solid; padding-left: 9pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">GreenPlains</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-left: Black 1pt solid; padding-left: 9pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">Alcotra</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; padding-left: 9pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">Gunvor</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-left: Black 1pt solid; padding-left: 9pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">Bunge</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; padding-left: 9pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">Kolmar</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-left: Black 1pt solid; padding-left: 9pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">BP</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; padding-left: 9pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">Lansing</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-left: Black 1pt solid; padding-left: 9pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">Cargill</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; padding-left: 9pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">Louis
    Dreyfus</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-left: Black 1pt solid; padding-left: 9pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">Chemoil</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; padding-left: 9pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">Mercuria</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-left: Black 1pt solid; padding-left: 9pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">Chevron</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; padding-left: 9pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">Mitsui</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-left: Black 1pt solid; padding-left: 9pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">CHS</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; padding-left: 9pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">Morgan
    Stanley</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-left: Black 1pt solid; padding-left: 9pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">Cofco</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; padding-left: 9pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">Noble</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-left: Black 1pt solid; padding-left: 9pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">Copersucar</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; padding-left: 9pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">Petrobras
    Trading</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-left: Black 1pt solid; padding-left: 9pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">Czarnikow</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; padding-left: 9pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">Phillips66</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-left: Black 1pt solid; padding-left: 9pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">Eco-energy</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; padding-left: 9pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">Ra&iacute;zen
    Trading</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-left: Black 1pt solid; padding-left: 9pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">ED&amp;F
    Man</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; padding-left: 9pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">RCMA</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-left: Black 1pt solid; padding-left: 9pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">EISA</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; padding-left: 9pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">Sekab</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-left: Black 1pt solid; padding-left: 9pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">ExxonMobil</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; padding-left: 9pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">Sojitz</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-left: Black 1pt solid; padding-left: 9pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">Gavilon</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; padding-left: 9pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">Sucden</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-left: Black 1pt solid; padding-left: 9pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">Glencore</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; padding-left: 9pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">Tate&amp;Lyle
    Sugar</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-left: Black 1pt solid; padding-left: 9pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">Greenergy</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; padding-left: 9pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">Toyota
    Tsusho Sugar Trading Ltd.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-left: Black 1pt solid; padding-left: 9pt">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; padding-left: 9pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">VE&amp;A</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-left: Black 1pt solid; padding-left: 9pt">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; padding-left: 9pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">Valero</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-left: Black 1pt solid; padding-left: 9pt">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; padding-left: 9pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">Vitol</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-left: 9pt">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-left: 9pt">&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


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    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 12pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->104<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 8pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 50%">&nbsp;</TD><TD STYLE="width: 50%; text-align: right">Execution Version</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>SCHEDULE 3</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><U>MORTGAGED PROPERTIES</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; width: 90%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 20%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; padding: 2pt 2pt 0; text-align: center">&nbsp;</TD>
    <TD STYLE="width: 20%; border-top: Black 1pt solid; border-right: Black 1pt solid; padding: 2pt 2pt 0; text-align: center">&nbsp;</TD>
    <TD STYLE="width: 20%; border-top: Black 1pt solid; border-right: Black 1pt solid; padding: 2pt 2pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt"><B>Real Estate</B></FONT></TD>
    <TD STYLE="width: 40%; border-top: Black 1pt solid; border-right: Black 1pt solid; padding: 2pt 2pt 0; text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-right: Black 1pt solid; border-left: Black 1pt solid; padding: 0 2pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt"><B>Farm</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; padding: 0 2pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt"><B>Location</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; padding: 0 2pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt"><B>Registration</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; padding: 0 2pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt"><B>Owner</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding: 0 2pt 2pt; text-align: center">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 0 2pt 2pt; text-align: center">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 0 2pt 2pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt"><B>Number</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 0 2pt 2pt; text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding: 2pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">Takuar&ecirc;</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 2pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">Ang&eacute;lica/MS</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 2pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">2.737</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 2pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">Adecoagro Vale do Ivinhema S.A.</FONT></TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">&nbsp;&nbsp;</P>


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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 8pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 50%">&nbsp;</TD><TD STYLE="width: 50%; text-align: right">Execution Version</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"><B>SCHEDULE 4</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"><U>LIENS EXISTING ON THE EXECUTION DATE</U></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"><U>Adecoagro Vale do Ivinhema S.A.</U></P>



<P STYLE="margin-top: 0; margin-bottom: 0; text-align: center">&nbsp;<B>&nbsp;</B>&nbsp;&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="background-color: Black">
    <TD STYLE="width: 10%; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: white"><B>Loan</B></FONT></TD>
    <TD STYLE="width: 10%; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: white"><B>Bank</B></FONT></TD>
    <TD STYLE="width: 15%; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: white"><B>Borrowed
    <BR>
    Amounts</B></FONT></TD>
    <TD STYLE="width: 15%; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: white"><B>Commencement <BR>
Date</B></FONT></TD>
    <TD STYLE="width: 15%; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: white"><B>Maturity
    <BR>
    Date</B></FONT></TD>
    <TD STYLE="width: 17%; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: white"><B>Agreement</B></FONT></TD>
    <TD STYLE="width: 18%; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: white"><B>Liens</B></FONT></TD></TR>
<TR STYLE="background-color: rgb(238,236,225)">
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">FCO Ivinhema</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Banco do Brasil</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">R$ 130,000,000</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">19-Oct-12</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">1-Nov-22</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">N&ordm; 40/00553-4</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>First Ranking Mortgage
    on the Carmen farm (Registration Number 10888) and Fiduciary Assignment of Financed Assets</B></FONT></TD></TR>
<TR STYLE="background-color: rgb(238,236,225)">
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">CDC</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">CNH</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">R$ 1,360,000</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">1-May-13</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">15-Feb-18</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">N&ordm; 201201552-8/001</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>Fiduciary Assignment
    of Financed Assets</B></FONT></TD></TR>
<TR STYLE="background-color: rgb(238,236,225)">
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">CDC</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">CNH</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">R$ 1,672,000</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">1-May-13</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">15-Feb-18</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">N&ordm; 201201552-9/001</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>Fiduciary Assignment
    of Financed Assets</B></FONT></TD></TR>
<TR STYLE="background-color: rgb(238,236,225)">
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">CDC</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">CNH</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">R$ 746,240</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">8-Nov-13</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">1-Sep-17</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">N&ordm; 201301160-7/001</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>Fiduciary Assignment
    of Financed Assets</B></FONT></TD></TR>
<TR STYLE="background-color: rgb(238,236,225)">
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">FINAME</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Banco do Brasil</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">R$ 9,905,000</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">15-Jun-12</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">15-May-22</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">N&ordm; 40/00506-2</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>Fiduciary Assignment
    of Financed Assets</B></FONT></TD></TR>
<TR STYLE="background-color: rgb(238,236,225)">
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">FINAME</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Banco do Brasil</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">R$ 8,100,000</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">22-Mar-13</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">15-Jan-23</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">N&ordm; 40/00583-6</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>Fiduciary Assignment
    of Financed Assets</B></FONT></TD></TR>
<TR STYLE="background-color: rgb(238,236,225)">
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">FINAME</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">CNH</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">R$ 1,710,000</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">19-Feb-13</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">16-Oct-17</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">N&ordm; 2012009281</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>Fiduciary Assignment
    of Financed Assets</B></FONT></TD></TR>
<TR STYLE="background-color: rgb(238,236,225)">
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">FINAME</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">CNH</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">R$ 679,500</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">30-Jul-13</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">15-Jun-18</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">N&ordm; 2013006085</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>Fiduciary Assignment
    of Financed Assets</B></FONT></TD></TR>
<TR STYLE="background-color: rgb(238,236,225)">
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">FINAME</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">CNH</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">R$ 2,003,400</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">8-Nov-13</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">15-Aug-18</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">N&ordm; 2013008978</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>Fiduciary Assignment
    of Financed Assets</B></FONT></TD></TR>
<TR STYLE="background-color: rgb(238,236,225)">
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">FINAME</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">CNH</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">R$ 575,316</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">2-Dec-13</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">15-Oct-18</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">N&ordm; 2013011606</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>Fiduciary Assignment
    of Financed Assets</B></FONT></TD></TR>
<TR STYLE="background-color: rgb(238,236,225)">
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">FINAME</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">CNH</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">R$ 2,438,424</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">2-Dec-13</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">15-Oct-18</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">N&ordm; 2013011605</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>Fiduciary Assignment
    of Financed Assets</B></FONT></TD></TR>
<TR STYLE="background-color: rgb(238,236,225)">
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">FINAME</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">CNH</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">R$ 1,216,498</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">2-Dec-13</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">15-Aug-18</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">N&ordm; 2013008977</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>Fiduciary Assignment</B></FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt">&nbsp;&nbsp;</FONT></P>


<!-- Field: Page; Sequence: 106; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 12pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->106<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 8pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 50%">&nbsp;</TD><TD STYLE="width: 50%; text-align: right">Execution Version</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="background-color: rgb(238,236,225)">
    <TD STYLE="width: 10%; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 10%; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 15%; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 15%; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 15%; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 17%; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 18%; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>of Financed
    Assets</B></FONT></TD></TR>
<TR STYLE="background-color: rgb(238,236,225)">
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">FINAME</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">CNH</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">R$ 575,316</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">24-Feb-14</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">17-Dec-18</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">N&ordm; 2013013481</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>Fiduciary Assignment
    of Financed Assets</B></FONT></TD></TR>
<TR STYLE="background-color: rgb(238,236,225)">
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">FINAME</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">BDMG</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">R$ 432,000</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">15-Mar-13</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">15-Nov-22</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">N&ordm; 155.755/12</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>Fiduciary Assignment
    of Financed Assets</B></FONT></TD></TR>
<TR STYLE="background-color: rgb(238,236,225)">
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">FINAME</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">BDMG</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">R$ 5,006,300</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">20-May-13</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">15-Jan-23</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">N&ordm; 158.841/12</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>Fiduciary Assignment
    of Financed Assets</B></FONT></TD></TR>
<TR STYLE="background-color: rgb(238,236,225)">
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">FINAME</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">BDMG</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">R$ 1,695,600</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">12-Mar-13</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">15-Jan-23</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">N&ordm; 158.870/12</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>Fiduciary Assignment
    of Financed Assets</B></FONT></TD></TR>
<TR STYLE="background-color: rgb(238,236,225)">
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">FINAME</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">BDMG</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">R$ 113,400</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">18-Mar-13</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">15-Nov-22</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">N&ordm; 156.043/12</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>Fiduciary Assignment
    of Financed Assets</B></FONT></TD></TR>
<TR STYLE="background-color: rgb(238,236,225)">
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">FINAME</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">BDMG</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">R$ 1,386,000</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">15-Mar-13</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">15-Nov-22</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">N&ordm; 155.680/12</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>Fiduciary Assignment
    of Financed Assets</B></FONT></TD></TR>
<TR STYLE="background-color: rgb(238,236,225)">
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">FINAME</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">BDMG</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">R$ 432,900</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">11-Mar-13</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">15-Nov-22</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">N&ordm; 155.825/12</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>Fiduciary Assignment
    of Financed Assets</B></FONT></TD></TR>
<TR STYLE="background-color: rgb(238,236,225)">
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">FINAME</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">BDMG</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">R$ 315,000</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">5-Apr-13</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">15-Nov-22</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">N&ordm; 155.826/12</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>Fiduciary Assignment
    of Financed Assets</B></FONT></TD></TR>
<TR STYLE="background-color: rgb(238,236,225)">
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">FINAME</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">BDMG</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">R$ 321,300</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">28-Nov-13</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">15-Sep-23</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">N&ordm; 170.179-13</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>Fiduciary Assignment
    of Financed Assets</B></FONT></TD></TR>
<TR STYLE="background-color: rgb(238,236,225)">
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">FINAME</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">John Deere</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">R$ 10,886,400</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">8-Apr-16</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">15-Jun-20</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">N&ordm; 120734-16</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>Fiduciary Assignment
    of Financed Assets</B></FONT></TD></TR>
<TR STYLE="background-color: rgb(238,236,225)">
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">FINAME</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">John Deere</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">R$ 4,517,100</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">16-Jun-16</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">15-Dec-20</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">N&ordm; 1269797-16</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>Fiduciary Assignment
    of Financed Assets</B></FONT></TD></TR>
<TR STYLE="background-color: rgb(238,236,225)">
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">FINAME</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Ita&uacute; BBA</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">R$ 8,890,798</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">14-Dec-12</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">16-Nov-22</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">N&ordm; 50002875100</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>Fiduciary Assignment
    of Financed Assets</B></FONT></TD></TR>
<TR STYLE="background-color: rgb(238,236,225)">
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">FINAME</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Ita&uacute; BBA</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">R$ 7,641,000</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">14-Dec-12</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">16-Nov-22</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">N&ordm; 50002875600</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>Fiduciary Assignment
    of Financed Assets</B></FONT></TD></TR>
<TR STYLE="background-color: rgb(238,236,225)">
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">FINAME</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Ita&uacute; BBA</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">R$ 8,488,198</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">14-Jan-13</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">16-Nov-22</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">N&ordm; 50002875200</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>Fiduciary Assignment
    of Financed Assets</B></FONT></TD></TR>
<TR STYLE="background-color: rgb(238,236,225)">
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">FINAME</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Ita&uacute; BBA</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">R$ 4,950,000</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">14-Jan-13</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">16-Nov-22</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">N&ordm; 50002875300</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>Fiduciary Assignment
    of Financed</B></FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt">&nbsp;</FONT></P>


<!-- Field: Page; Sequence: 107; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 12pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->107<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 8pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 50%">&nbsp;</TD><TD STYLE="width: 50%; text-align: right">Execution Version</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="background-color: rgb(238,236,225)">
    <TD STYLE="width: 10%; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 10%; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 15%; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 15%; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 15%; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 17%; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 18%; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>Assets</B></FONT></TD></TR>
<TR STYLE="background-color: rgb(238,236,225)">
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">FINAME</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Ita&uacute; BBA</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">R$ 8,237,268</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">14-Jan-13</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">17-Oct-22</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">N&ordm; 50002875700</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>Fiduciary Assignment
    of Financed Assets</B></FONT></TD></TR>
<TR STYLE="background-color: rgb(238,236,225)">
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">FINAME</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Ita&uacute; BBA</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">R$ 7,740,000</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">14-Jan-13</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">16-Nov-22</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">N&ordm; 50002875500</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>Fiduciary Assignment
    of Financed Assets</B></FONT></TD></TR>
<TR STYLE="background-color: rgb(238,236,225)">
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">FINAME</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Ita&uacute; BBA</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">R$ 2,797,200</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">9-Jun-16</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">15-May-21</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">N&ordm; 50004312500</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>Fiduciary Assignment
    of Financed Assets</B></FONT></TD></TR>
<TR STYLE="background-color: rgb(238,236,225)">
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Ita&uacute; BBA</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>First Ranking Mortgage
    on the Carmen farm (Registration Number 10888); Second Ranking Mortgage on the Takuar&ecirc; farm</B></FONT></TD></TR>
<TR STYLE="background-color: rgb(238,236,225)">
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">FINEM Ivinhema</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Banco do Brasil</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">R$ 273,207,000</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">11-Jun-13</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">15-Jan-23</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">N&ordm; 21/00310-6</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>(Registration Number
    2737) and Sap&aacute;lio farm (Registration Number 8399); Fiduciary Assignment of Financed Assets; Receivables of Power Contract
    (300 MWh).</B></FONT></TD></TR>
<TR STYLE="background-color: rgb(238,236,225)">
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">FINEM Ivinhema</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">BNDES</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">R$ 215,431,000</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">21-Nov-13</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">15-Jan-23</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">N&ordm; 12.2.1433.1</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>Fiduciary Assignment
    of Financed Assets and Receivables of Power Contract (131 MWh)</B></FONT></TD></TR>
<TR STYLE="background-color: rgb(238,236,225)">
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">CPR</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Ita&uacute; BBA</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">R$ 70,000,000</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">29-Sep-16</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">31-Mar-17</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">102016090000800</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>Pledge Ethanol</B></FONT></TD></TR>
<TR STYLE="background-color: rgb(238,236,225)">
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">NCE</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Ita&uacute; BBA</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">R$ 75,000,000</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">5-Mar-13</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">15-Mar-19</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">N&ordm; 100113030001400</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>Receivables of Power
    Contract (87 MWh)</B></FONT></TD></TR>
<TR STYLE="background-color: rgb(238,236,225)">
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">NCE</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">HSBC</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">R$ 90,000,000</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">1-Jul-16</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">15-May-19</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">N&ordm; 141188-16</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>Pledge Ethanol</B></FONT></TD></TR>
<TR STYLE="background-color: rgb(238,236,225)">
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">PPE</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Rabobank HSBC</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">USD 20,000,000 <BR>
USD
    20,000,000</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">20-Sep-13</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">15-Jul-17</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">-</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>Export Agreement
    and Pledge Cane Sugar</B></FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt">&nbsp;&nbsp;</FONT></P>


<!-- Field: Page; Sequence: 108; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 12pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->108<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 8pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 50%">&nbsp;</TD><TD STYLE="width: 50%; text-align: right">Execution Version</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="background-color: rgb(238,236,225)">
    <TD STYLE="width: 10%; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 10%; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Bradesco</FONT></TD>
    <TD STYLE="width: 15%; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">USD 20,000,000</FONT></TD>
    <TD STYLE="width: 15%; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 15%; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 17%; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 18%; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD></TR>
<TR STYLE="background-color: rgb(238,236,225)">
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">PGGM</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">USD 20,000,000</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD></TR>
<TR STYLE="background-color: rgb(238,236,225)">
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Hinduja Bank</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">USD 10,000,000</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD></TR>
<TR STYLE="background-color: rgb(238,236,225)">
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">ING</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">USD 20,000,000</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD></TR>
<TR STYLE="background-color: rgb(238,236,225)">
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">HSBC</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">USD 12,500,000</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD></TR>
<TR STYLE="background-color: rgb(238,236,225)">
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">ICBC</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">USD 12,500,000</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD></TR>
<TR STYLE="background-color: rgb(238,236,225)">
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">BES</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">USD 10,000,000</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>Export</B></FONT></TD></TR>
<TR STYLE="background-color: rgb(238,236,225)">
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">PPE</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Bradesco</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">USD 10,000,000</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">25-Mar-14</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">15-Dec-17</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">-</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>Agreement and Pledge</B></FONT></TD></TR>
<TR STYLE="background-color: rgb(238,236,225)">
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Bladex</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">USD 10,000,000</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>Cane Sugar</B></FONT></TD></TR>
<TR STYLE="background-color: rgb(238,236,225)">
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Hinduja Bank</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">USD 10,000,000</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD></TR>
<TR STYLE="background-color: rgb(238,236,225)">
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Monte Dei Paschi</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">USD 8,000,000</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD></TR>
<TR STYLE="background-color: rgb(238,236,225)">
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Banco da China</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">USD 7,000,000</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD></TR>
<TR STYLE="background-color: rgb(238,236,225)">
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">ING</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">USD 40,000,000</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>First Ranking</B></FONT></TD></TR>
<TR STYLE="background-color: rgb(238,236,225)">
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Rabobank</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">USD 35,000,000</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>Mortgage on the
    Ouro Verde farm</B></FONT></TD></TR>
<TR STYLE="background-color: rgb(238,236,225)">
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">ABN</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">USD 30,000,000</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>(Registration Number</B></FONT></TD></TR>
<TR STYLE="background-color: rgb(238,236,225)">
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Cr&eacute;dit Agricole</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">USD 20,000,000</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>1642), &Aacute;gua
    Branca</B></FONT></TD></TR>
<TR STYLE="background-color: rgb(238,236,225)">
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">HSBC</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">USD 15,000,000</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>farm (Registration</B></FONT></TD></TR>
<TR STYLE="background-color: rgb(238,236,225)">
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Caixa Geral</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">USD 10,000,000</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>Number 1077),</B></FONT></TD></TR>
<TR STYLE="background-color: rgb(238,236,225)">
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">PPE</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Galena</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">USD 10,000,000</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">2-Jan-15</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">30-Dec-18</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">-</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>Conquista I-II-III
    farms (Registration Number 3867 - 1620 - 1619), Alto Alegre I-II-III-IV farms (Registration Number 3757 - 3771 - 3772 - 3773),
    Bela Manh&atilde; farm (Registration Number 1431 - 1432 - 1433 - 1434 - 1435 - 1515 - 1516 - 1517 - 1645 - 1647 - 2022 - 2023
    - 2325), Nossa Senhora Aparecida</B></FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt">&nbsp;</FONT></P>


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    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top; background-color: rgb(238,236,225)">
    <TD STYLE="width: 10%; text-align: center; vertical-align: middle"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 10%; text-align: center; vertical-align: middle"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 15%; text-align: center; vertical-align: middle"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 15%; text-align: center; vertical-align: middle"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 15%; text-align: center; vertical-align: middle"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 17%; text-align: center; vertical-align: middle"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 18%; text-align: center; vertical-align: middle"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>farm (Registration Number
    9879 - 9881) and Dom Fabr&iacute;cio farm (Registration Number 3492); Export Agreement and Pledge Cane Sugar</B></FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(238,236,225)">
    <TD STYLE="text-align: center; vertical-align: middle"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center; vertical-align: middle"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">ING</FONT></TD>
    <TD STYLE="text-align: center; vertical-align: middle"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">USD 22,500,000</FONT></TD>
    <TD STYLE="text-align: center; vertical-align: middle"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center; vertical-align: middle"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center; vertical-align: middle"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center; vertical-align: middle"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>First</B></FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(238,236,225)">
    <TD STYLE="text-align: center; vertical-align: middle"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center; vertical-align: middle"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Rabobank</FONT></TD>
    <TD STYLE="text-align: center; vertical-align: middle"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">USD 22,500,000</FONT></TD>
    <TD STYLE="text-align: center; vertical-align: middle"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center; vertical-align: middle"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center; vertical-align: middle"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center; vertical-align: middle"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>Ranking Mortgage on</B></FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(238,236,225)">
    <TD STYLE="text-align: center; vertical-align: middle"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center; vertical-align: middle"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Cr&eacute;dit Agricole</FONT></TD>
    <TD STYLE="text-align: center; vertical-align: middle"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">USD 20,000,000</FONT></TD>
    <TD STYLE="text-align: center; vertical-align: middle"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center; vertical-align: middle"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">20-Dec-19</FONT></TD>
    <TD STYLE="text-align: center; vertical-align: middle"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center; vertical-align: middle"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>the Rio de Janeiro farm</B></FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(238,236,225)">
    <TD STYLE="text-align: center; vertical-align: middle"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">PPE</FONT></TD>
    <TD STYLE="text-align: center; vertical-align: middle"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Bladex</FONT></TD>
    <TD STYLE="text-align: center; vertical-align: middle"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">USD 20,000,000</FONT></TD>
    <TD STYLE="text-align: center; vertical-align: middle"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">11-Aug-15</FONT></TD>
    <TD STYLE="text-align: center; vertical-align: middle"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"></FONT></TD>
    <TD STYLE="text-align: center; vertical-align: middle"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">-</FONT></TD>
    <TD STYLE="text-align: center; vertical-align: middle"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>(Registration Number</B></FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(238,236,225)">
    <TD STYLE="text-align: center; vertical-align: middle"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center; vertical-align: middle"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Votorantim</FONT></TD>
    <TD STYLE="text-align: center; vertical-align: middle"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">USD 15,000,000</FONT></TD>
    <TD STYLE="text-align: center; vertical-align: middle"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center; vertical-align: middle"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center; vertical-align: middle"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center; vertical-align: middle"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>47.462) and Export</B></FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(238,236,225)">
    <TD STYLE="text-align: center; vertical-align: middle"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center; vertical-align: middle"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">ABN</FONT></TD>
    <TD STYLE="text-align: center; vertical-align: middle"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">USD 10,000,000</FONT></TD>
    <TD STYLE="text-align: center; vertical-align: middle"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center; vertical-align: middle"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center; vertical-align: middle"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center; vertical-align: middle"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>Agreement</B></FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(238,236,225)">
    <TD STYLE="text-align: center; vertical-align: middle"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">PPE</FONT></TD>
    <TD STYLE="text-align: center; vertical-align: middle"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Tokyo- Mitsubishi</FONT></TD>
    <TD STYLE="text-align: center; vertical-align: middle"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">USD 30,000,000</FONT></TD>
    <TD STYLE="text-align: center; vertical-align: middle"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">10-Aug-16</FONT></TD>
    <TD STYLE="text-align: center; vertical-align: middle"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">15-Aug-19</FONT></TD>
    <TD STYLE="text-align: center; vertical-align: middle"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">-</FONT></TD>
    <TD STYLE="text-align: center; vertical-align: middle"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>Export Agreement</B></FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt">&nbsp;</FONT></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><U>Usina Monte Alegre Ltda.</U></P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top; background-color: Black">
    <TD NOWRAP STYLE="width: 10%; text-align: center; vertical-align: middle"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: white"><B>Loan</B></FONT></TD>
    <TD NOWRAP STYLE="width: 10%; text-align: center; vertical-align: middle"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: white"><B>Bank</B></FONT></TD>
    <TD NOWRAP STYLE="width: 15%; text-align: center; vertical-align: middle"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: white"><B>Borrowed
    <BR>
    Amounts</B></FONT></TD>
    <TD NOWRAP STYLE="width: 15%; text-align: center; vertical-align: middle"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: white"><B>Commencement<BR>
Date</B></FONT></TD>
    <TD NOWRAP STYLE="width: 15%; text-align: center; vertical-align: middle"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: white"><B>Maturity
    Date</B></FONT></TD>
    <TD NOWRAP STYLE="width: 17%; text-align: center; vertical-align: middle"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: white"><B>Agreement</B></FONT></TD>
    <TD NOWRAP STYLE="width: 18%; text-align: center; vertical-align: middle"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: white"><B>Liens</B></FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(238,236,225)">
    <TD STYLE="text-align: center; vertical-align: middle"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">FINAME</FONT></TD>
    <TD STYLE="text-align: center; vertical-align: middle"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">BDMG</FONT></TD>
    <TD STYLE="text-align: center; vertical-align: middle"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">R$ 179,628.03</FONT></TD>
    <TD STYLE="text-align: center; vertical-align: middle"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">26-Sep-12</FONT></TD>
    <TD STYLE="text-align: center; vertical-align: middle"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">15-Jul-22</FONT></TD>
    <TD STYLE="text-align: center; vertical-align: middle"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">N&ordm; 153.778/11</FONT></TD>
    <TD STYLE="text-align: center; vertical-align: middle"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>Fiduciary Assignment of Financed Assets</B></FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(238,236,225)">
    <TD STYLE="text-align: center; vertical-align: middle"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">FINAME</FONT></TD>
    <TD STYLE="text-align: center; vertical-align: middle"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">BDMG</FONT></TD>
    <TD STYLE="text-align: center; vertical-align: middle"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">R$ 5,356,976.40</FONT></TD>
    <TD STYLE="text-align: center; vertical-align: middle"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">8-Apr-13</FONT></TD>
    <TD STYLE="text-align: center; vertical-align: middle"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">15-Dec-22</FONT></TD>
    <TD STYLE="text-align: center; vertical-align: middle"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">N&ordm; 158.026/12</FONT></TD>
    <TD STYLE="text-align: center; vertical-align: middle"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>Fiduciary Assignment of Financed Assets</B></FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(238,236,225)">
    <TD STYLE="text-align: center; vertical-align: middle"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">FINAME</FONT></TD>
    <TD STYLE="text-align: center; vertical-align: middle"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">BDMG</FONT></TD>
    <TD STYLE="text-align: center; vertical-align: middle"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">R$ 329,664.00</FONT></TD>
    <TD STYLE="text-align: center; vertical-align: middle"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">20-Jun-14</FONT></TD>
    <TD STYLE="text-align: center; vertical-align: middle"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">15-Apr-24</FONT></TD>
    <TD STYLE="text-align: center; vertical-align: middle"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">N&ordm; 181.922/14</FONT></TD>
    <TD STYLE="text-align: center; vertical-align: middle"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>Fiduciary Assignment of Financed Assets</B></FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(238,236,225)">
    <TD STYLE="text-align: center; vertical-align: middle"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">FINAME</FONT></TD>
    <TD STYLE="text-align: center; vertical-align: middle"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">BDMG</FONT></TD>
    <TD STYLE="text-align: center; vertical-align: middle"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">R$ 188,800.00</FONT></TD>
    <TD STYLE="text-align: center; vertical-align: middle"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">20-Jun-14</FONT></TD>
    <TD STYLE="text-align: center; vertical-align: middle"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">15-Apr-22</FONT></TD>
    <TD STYLE="text-align: center; vertical-align: middle"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">N&ordm; 181.919/14</FONT></TD>
    <TD STYLE="text-align: center; vertical-align: middle"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>Fiduciary Assignment of Financed Assets</B></FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(238,236,225)">
    <TD STYLE="text-align: center; vertical-align: middle"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">FINAME</FONT></TD>
    <TD STYLE="text-align: center; vertical-align: middle"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">BDMG</FONT></TD>
    <TD STYLE="text-align: center; vertical-align: middle"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">R$ 2,349,000.00</FONT></TD>
    <TD STYLE="text-align: center; vertical-align: middle"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">25-Mar-15</FONT></TD>
    <TD STYLE="text-align: center; vertical-align: middle"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">15-Jan-23</FONT></TD>
    <TD STYLE="text-align: center; vertical-align: middle"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">N&ordm; 197.808/14</FONT></TD>
    <TD STYLE="text-align: center; vertical-align: middle"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>Fiduciary Assignment of Financed Assets</B></FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(238,236,225)">
    <TD STYLE="text-align: center; vertical-align: middle"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">FINAME</FONT></TD>
    <TD STYLE="text-align: center; vertical-align: middle"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">BDMG</FONT></TD>
    <TD STYLE="text-align: center; vertical-align: middle"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">R$ 243,000.00</FONT></TD>
    <TD STYLE="text-align: center; vertical-align: middle"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">22-Dec-15</FONT></TD>
    <TD STYLE="text-align: center; vertical-align: middle"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">15-Feb-23</FONT></TD>
    <TD STYLE="text-align: center; vertical-align: middle"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">N&ordm; 209.066/15</FONT></TD>
    <TD STYLE="text-align: center; vertical-align: middle"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>Fiduciary Assignment of Financed Assets</B></FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(238,236,225)">
    <TD STYLE="text-align: center; vertical-align: middle"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">FINAME</FONT></TD>
    <TD STYLE="text-align: center; vertical-align: middle"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">BDMG</FONT></TD>
    <TD STYLE="text-align: center; vertical-align: middle"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">R$ 746,286.00</FONT></TD>
    <TD STYLE="text-align: center; vertical-align: middle"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">15-Mar-16</FONT></TD>
    <TD STYLE="text-align: center; vertical-align: middle"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">15-Jun-23</FONT></TD>
    <TD STYLE="text-align: center; vertical-align: middle"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">N&ordm; 212.792/15</FONT></TD>
    <TD STYLE="text-align: center; vertical-align: middle"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>Fiduciary Assignment of Financed Assets</B></FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(238,236,225)">
    <TD STYLE="text-align: center; vertical-align: middle"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">FINAME</FONT></TD>
    <TD STYLE="text-align: center; vertical-align: middle"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">CNH</FONT></TD>
    <TD STYLE="text-align: center; vertical-align: middle"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">R$ 780,073.20</FONT></TD>
    <TD STYLE="text-align: center; vertical-align: middle"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">19-Dec-13</FONT></TD>
    <TD STYLE="text-align: center; vertical-align: middle"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">17-Dec-18</FONT></TD>
    <TD STYLE="text-align: center; vertical-align: middle"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">N&ordm; 2013013592</FONT></TD>
    <TD STYLE="text-align: center; vertical-align: middle"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>Fiduciary Assignment of Financed Assets</B></FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(238,236,225)">
    <TD STYLE="text-align: center; vertical-align: middle"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">FINAME</FONT></TD>
    <TD STYLE="text-align: center; vertical-align: middle"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">CNH</FONT></TD>
    <TD STYLE="text-align: center; vertical-align: middle"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">R$ 2,763,442.80</FONT></TD>
    <TD STYLE="text-align: center; vertical-align: middle"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">24-Feb-14</FONT></TD>
    <TD STYLE="text-align: center; vertical-align: middle"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">15-Jan-19</FONT></TD>
    <TD STYLE="text-align: center; vertical-align: middle"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">N&ordm; 2013014770</FONT></TD>
    <TD STYLE="text-align: center; vertical-align: middle"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>Fiduciary Assignment of Financed Assets</B></FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(238,236,225)">
    <TD STYLE="text-align: center; vertical-align: middle"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">FINAME</FONT></TD>
    <TD STYLE="text-align: center; vertical-align: middle"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">CNH</FONT></TD>
    <TD STYLE="text-align: center; vertical-align: middle"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">R$ 180,000.00</FONT></TD>
    <TD STYLE="text-align: center; vertical-align: middle"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">8-Oct-14</FONT></TD>
    <TD STYLE="text-align: center; vertical-align: middle"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">15-Aug-19</FONT></TD>
    <TD STYLE="text-align: center; vertical-align: middle"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">N&ordm; 2014013744</FONT></TD>
    <TD STYLE="text-align: center; vertical-align: middle"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>Fiduciary Assignment of Financed Assets</B></FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(238,236,225)">
    <TD STYLE="text-align: center; vertical-align: middle"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">NCE</FONT></TD>
    <TD STYLE="text-align: center; vertical-align: middle"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Votorantim</FONT></TD>
    <TD STYLE="text-align: center; vertical-align: middle"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">USD 15,000,000.00</FONT></TD>
    <TD STYLE="text-align: center; vertical-align: middle"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">8-Jul-16</FONT></TD>
    <TD STYLE="text-align: center; vertical-align: middle"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">28-Jun-19</FONT></TD>
    <TD STYLE="text-align: center; vertical-align: middle"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">N&ordm; 0184068</FONT></TD>
    <TD STYLE="text-align: center; vertical-align: middle"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>Receivables of Power Contract (46 MWh)</B></FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(238,236,225)">
    <TD STYLE="text-align: center; vertical-align: middle"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">PESA</FONT></TD>
    <TD STYLE="text-align: center; vertical-align: middle"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Bradesco</FONT></TD>
    <TD STYLE="text-align: center; vertical-align: middle"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">R$ 2,256,144.28</FONT></TD>
    <TD STYLE="text-align: center; vertical-align: middle"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">1-Mar-00</FONT></TD>
    <TD STYLE="text-align: center; vertical-align: middle"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">1-Mar-20</FONT></TD>
    <TD STYLE="text-align: center; vertical-align: middle"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">N&ordm; 97-0001-3</FONT></TD>
    <TD STYLE="text-align: center; vertical-align: middle"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>Mortgage on the Monte Belo farm (Registration Number 1001)</B></FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(238,236,225)">
    <TD STYLE="text-align: center; vertical-align: middle"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">PESA</FONT></TD>
    <TD STYLE="text-align: center; vertical-align: middle"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Bradesco</FONT></TD>
    <TD STYLE="text-align: center; vertical-align: middle"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">R$ 2,256,144.28</FONT></TD>
    <TD STYLE="text-align: center; vertical-align: middle"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">1-Mar-00</FONT></TD>
    <TD STYLE="text-align: center; vertical-align: middle"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">1-Mar-20</FONT></TD>
    <TD STYLE="text-align: center; vertical-align: middle"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">N&ordm; 97-00021</FONT></TD>
    <TD STYLE="text-align: center; vertical-align: middle"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>Mortgage on the Monte Belo farm (Registration Number</B></FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt">&nbsp;</FONT></P>


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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 8pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 50%">&nbsp;</TD><TD STYLE="width: 50%; text-align: right">Execution Version</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top; background-color: rgb(238,236,225)">
    <TD STYLE="width: 10%; text-align: center; vertical-align: middle"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 10%; text-align: center; vertical-align: middle"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 15%; text-align: center; vertical-align: middle"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 15%; text-align: center; vertical-align: middle"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 15%; text-align: center; vertical-align: middle"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 17%; text-align: center; vertical-align: middle"><FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 18%; text-align: center; vertical-align: middle"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>1001)</B></FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(238,236,225)">
    <TD STYLE="text-align: center; vertical-align: middle"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Ita&uacute; BBA</FONT></TD>
    <TD STYLE="text-align: center; vertical-align: middle"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">CCB-Rural</FONT></TD>
    <TD STYLE="text-align: center; vertical-align: middle"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">R$ 30,000,000.00</FONT></TD>
    <TD STYLE="text-align: center; vertical-align: middle"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">5-Nov-15</FONT></TD>
    <TD STYLE="text-align: center; vertical-align: middle"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">1-Nov-18</FONT></TD>
    <TD STYLE="text-align: center; vertical-align: middle"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">N&ordm; 604-12368200-6</FONT></TD>
    <TD STYLE="text-align: center; vertical-align: middle"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>Receivables of Power Contract (87 MWh)</B></FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt">&nbsp;</FONT></P>


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    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 11pt">&nbsp;&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><U>Adeco Agropecu&aacute;ria Brasil Ltda.</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>None</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">&nbsp;<FONT STYLE="font-size: 11pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 11pt"></FONT></P>

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 8pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 50%">&nbsp;</TD><TD STYLE="width: 50%; text-align: right">Execution Version</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 11pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 0"><B>SCHEDULE 5</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 0"><U>TAX LIENS FILED AGAINST PROPERTIES</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;<FONT STYLE="font-size: 11pt">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top; background-color: rgb(243,243,243)">
    <TD STYLE="width: 33%; border: Black 1pt solid; padding: 2pt; text-align: center; vertical-align: middle"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Data:
    16/12/2016</B></FONT></TD>
    <TD STYLE="width: 67%; border-bottom: Black 1pt solid; padding: 2pt; border-right: Black 1pt solid; border-top: Black 1pt solid; text-align: center; vertical-align: middle"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Empresa:
    Usina Monte Alegre Ltda</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding: 2pt; border-right: Black 1pt solid; text-align: center; vertical-align: middle"><P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Escrit&oacute;rio:</B></FONT></P>
                                                                                                                                                                      <P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>Advogados Respons&aacute;veis:</B></FONT></P></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 2pt; border-right: Black 1pt solid; text-align: center; vertical-align: middle"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Castro
    Barros Sobral Gomes Advogados Andr&eacute; Oliveira / Daniela Duque Estrada / Gabriel Manica / Natasha Pinheiro</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding: 2pt; border-right: Black 1pt solid; text-align: center; vertical-align: middle"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>&Aacute;rea:</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 2pt; border-right: Black 1pt solid; text-align: center; vertical-align: middle"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Tribut&aacute;rio</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding: 2pt; border-right: Black 1pt solid; text-align: center; vertical-align: middle"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Autor:</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 2pt; border-right: Black 1pt solid; text-align: center; vertical-align: middle"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Uni&atilde;o
    Federal</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding: 2pt; border-right: Black 1pt solid; text-align: center; vertical-align: middle"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>R&eacute;u:</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 2pt; border-right: Black 1pt solid; text-align: center; vertical-align: middle"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Usina
    Monte Alegre S/A</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding: 2pt; border-right: Black 1pt solid; text-align: center; vertical-align: middle"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Natureza
    da A&ccedil;&atilde;o:</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 2pt; border-right: Black 1pt solid; text-align: center; vertical-align: middle"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Execu&ccedil;&atilde;o
    Fiscal</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding: 2pt; border-right: Black 1pt solid; text-align: center; vertical-align: middle"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Processo
    n&ordm;.:</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 2pt; border-right: Black 1pt solid; text-align: center; vertical-align: middle"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">0430.06.001295-1
    (465/2005)</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding: 2pt; border-right: Black 1pt solid; text-align: center; vertical-align: middle"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Vara/Comarca:</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 2pt; border-right: Black 1pt solid; text-align: center; vertical-align: middle"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Vara
    &Uacute;nica da Justi&ccedil;a Estadual de Monte Belo</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding: 2pt; border-right: Black 1pt solid; text-align: center; vertical-align: middle"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Distribui&ccedil;&atilde;o:</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 2pt; border-right: Black 1pt solid; text-align: center; vertical-align: middle"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">10.10.2005</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding: 2pt; border-right: Black 1pt solid; text-align: center; vertical-align: middle"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Valor
    Pleiteado:</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 2pt; border-right: Black 1pt solid; text-align: center; vertical-align: middle"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">R$
    13.155.607,86 (em outubro/2005)</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding: 2pt; border-right: Black 1pt solid; text-align: center; vertical-align: middle"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Valor
    Atualizado:</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 2pt; border-right: Black 1pt solid; text-align: center; vertical-align: middle"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">R$
    17.311.349,42 (em julho/2015)</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding: 2pt; border-right: Black 1pt solid; text-align: center; vertical-align: middle"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Objeto:</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 2pt; border-right: Black 1pt solid; text-align: justify; vertical-align: middle"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Execu&ccedil;&atilde;o
    Fiscal objetivando a cobran&ccedil;a judicial de supostos d&eacute;bitos de IPI inscritos como D&iacute;vida Ativa da Uni&atilde;o
    por meio da CDA n&ordm; 60.3.01.000307-20, constitu&iacute;dos atrav&eacute;s do Processo Administrativo n&ordm; 13656.000511/2001-58.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding: 2pt; border-right: Black 1pt solid; text-align: center; vertical-align: middle"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Artigos
    de Enquadramento:</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 2pt; border-right: Black 1pt solid; text-align: center; vertical-align: middle"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding: 2pt; border-right: Black 1pt solid; text-align: center; vertical-align: middle"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Andamento:</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 2pt; border-right: Black 1pt solid; text-align: justify; vertical-align: middle"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Em
    06.06.2007, foi proferido despacho determinando a suspens&atilde;o dessa execu&ccedil;&atilde;o fiscal at&eacute; o julgamento
    final dos embargos &agrave; execu&ccedil;&atilde;o n&ordm; 0430.07.002112-5.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding: 2pt; border-right: Black 1pt solid; text-align: center; vertical-align: middle"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Observa&ccedil;&otilde;es:</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 2pt; border-right: Black 1pt solid; text-align: center; vertical-align: middle"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding: 2pt; border-right: Black 1pt solid; text-align: center; vertical-align: middle"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Garantias:</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 2pt; border-right: Black 1pt solid; text-align: justify; vertical-align: middle"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Vide
    Embargos &agrave; Execu&ccedil;&atilde;o Fiscal n&ordm; 0430.07.002112-5 (item 3).</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding: 2pt; border-right: Black 1pt solid; text-align: center; vertical-align: middle"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Probabilidade
    de Perda: (em percentual)</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 2pt; border-right: Black 1pt solid; text-align: justify; vertical-align: middle"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Vide
    Embargos &agrave; Execu&ccedil;&atilde;o Fiscal n&ordm; 0430.07.002112-5 (item 3).</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding: 2pt; border-right: Black 1pt solid; text-align: center; vertical-align: middle"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Sugest&atilde;o
    de Provis&atilde;o:</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 2pt; border-right: Black 1pt solid; text-align: center; vertical-align: middle"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 11pt">&nbsp;</FONT></P>


<!-- Field: Page; Sequence: 114; Value: 2 -->
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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 8pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 50%">&nbsp;</TD><TD STYLE="width: 50%; text-align: right">Execution Version</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 11pt">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top; background-color: rgb(243,243,243)">
    <TD STYLE="width: 33%; padding: 2pt; border: Black 1pt solid; text-align: center; vertical-align: middle"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Data:
    16/12/2016</B></FONT></TD>
    <TD STYLE="width: 67%; padding: 2pt; border-bottom: Black 1pt solid; border-right: Black 1pt solid; border-top: Black 1pt solid; text-align: center; vertical-align: middle"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Empresa:
    Usina Monte Alegre Ltda</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 2pt; border-bottom: Black 1pt solid; border-left: Black 1pt solid; border-right: Black 1pt solid; text-align: center; vertical-align: middle"><P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Escrit&oacute;rio:</B></FONT></P>
                                                                                                                                                                      <P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>Advogados Respons&aacute;veis:</B></FONT></P></TD>
    <TD STYLE="padding: 2pt; border-bottom: Black 1pt solid; border-right: Black 1pt solid; text-align: center; vertical-align: middle"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Castro
    Barros Sobral Gomes Advogados Andr&eacute; Oliveira / Daniela Duque Estrada / Gabriel Manica / Natasha Pinheiro</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 2pt; border-bottom: Black 1pt solid; border-left: Black 1pt solid; border-right: Black 1pt solid; text-align: center; vertical-align: middle"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>&Aacute;rea:</B></FONT></TD>
    <TD STYLE="padding: 2pt; border-bottom: Black 1pt solid; border-right: Black 1pt solid; text-align: center; vertical-align: middle"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Tribut&aacute;rio</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 2pt; border-bottom: Black 1pt solid; border-left: Black 1pt solid; border-right: Black 1pt solid; text-align: center; vertical-align: middle"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Embargado:</B></FONT></TD>
    <TD STYLE="padding: 2pt; border-bottom: Black 1pt solid; border-right: Black 1pt solid; text-align: center; vertical-align: middle"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Fazenda
    Nacional</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 2pt; border-bottom: Black 1pt solid; border-left: Black 1pt solid; border-right: Black 1pt solid; text-align: center; vertical-align: middle"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Embargante:</B></FONT></TD>
    <TD STYLE="padding: 2pt; border-bottom: Black 1pt solid; border-right: Black 1pt solid; text-align: center; vertical-align: middle"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Usina
    Monte Alegre S/A</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 2pt; border-bottom: Black 1pt solid; border-left: Black 1pt solid; border-right: Black 1pt solid; text-align: center; vertical-align: middle"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Natureza
    da A&ccedil;&atilde;o:</B></FONT></TD>
    <TD STYLE="padding: 2pt; border-bottom: Black 1pt solid; border-right: Black 1pt solid; text-align: center; vertical-align: middle"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Embargos
    &agrave; Execu&ccedil;&atilde;o Fiscal</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 2pt; border-bottom: Black 1pt solid; border-left: Black 1pt solid; border-right: Black 1pt solid; text-align: center; vertical-align: middle"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Processo
    n&ordm;.:</B></FONT></TD>
    <TD STYLE="padding: 2pt; border-bottom: Black 1pt solid; border-right: Black 1pt solid; text-align: center; vertical-align: middle"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">0430.07.002112-5
    / 2009.01.99.022059-0</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 2pt; border-bottom: Black 1pt solid; border-left: Black 1pt solid; border-right: Black 1pt solid; text-align: center; vertical-align: middle"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>Vara/Comarca:</B></FONT></FONT></TD>
    <TD STYLE="padding: 2pt; border-bottom: Black 1pt solid; border-right: Black 1pt solid; text-align: center; vertical-align: middle"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Vara
    &Uacute;nica da Justi&ccedil;a Estadual de Monte Belo /<BR>
<FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">08&ordf;
    Turma do Tribunal Regional Federal da 01&ordf; Regi&atilde;o</FONT></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 2pt; border-bottom: Black 1pt solid; border-left: Black 1pt solid; border-right: Black 1pt solid; text-align: center; vertical-align: middle"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Distribui&ccedil;&atilde;o:</B></FONT></TD>
    <TD STYLE="padding: 2pt; border-bottom: Black 1pt solid; border-right: Black 1pt solid; text-align: center; vertical-align: middle"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">22.05.2007</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 2pt; border-bottom: Black 1pt solid; border-left: Black 1pt solid; border-right: Black 1pt solid; text-align: center; vertical-align: middle"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Valor
    Pleiteado:</B></FONT></TD>
    <TD STYLE="padding: 2pt; border-bottom: Black 1pt solid; border-right: Black 1pt solid; text-align: center; vertical-align: middle"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Ver
    item supra.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 2pt; border-bottom: Black 1pt solid; border-left: Black 1pt solid; border-right: Black 1pt solid; text-align: center; vertical-align: middle"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Valor
    Atualizado:</B></FONT></TD>
    <TD STYLE="padding: 2pt; border-bottom: Black 1pt solid; border-right: Black 1pt solid; text-align: center; vertical-align: middle"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Ver
    item supra.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 2pt; border-bottom: Black 1pt solid; border-left: Black 1pt solid; border-right: Black 1pt solid; text-align: center; vertical-align: middle"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Objeto:</B></FONT></TD>
    <TD STYLE="padding: 2pt; border-bottom: Black 1pt solid; border-right: Black 1pt solid; text-align: justify; vertical-align: middle"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Desconstitui&ccedil;&atilde;o
    da CDA n&ordm; 60.301.000307-20, que constitui o objeto da Execu&ccedil;&atilde;o Fiscal n&ordm; 465/2005, na medida em que
    os d&eacute;bitos nela refletidos est&atilde;o extintos, na forma do artigo 156, inciso V, do CTN, seja pela decad&ecirc;ncia,
    seja pela prescri&ccedil;&atilde;o.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 2pt; border-bottom: Black 1pt solid; border-left: Black 1pt solid; border-right: Black 1pt solid; text-align: center; vertical-align: middle"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Artigos
    de Enquadramento:</B></FONT></TD>
    <TD STYLE="padding: 2pt; border-bottom: Black 1pt solid; border-right: Black 1pt solid; text-align: justify; vertical-align: middle"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Artigos
    150, par&aacute;grafo 4&ordm;, 174, 156, inciso V, do C&oacute;digo Tribut&aacute;rio Nacional.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 2pt; border-bottom: Black 1pt solid; border-left: Black 1pt solid; border-right: Black 1pt solid; text-align: center; vertical-align: middle"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Andamento:</B></FONT></TD>
    <TD STYLE="padding: 2pt; border-bottom: Black 1pt solid; border-right: Black 1pt solid; text-align: justify; vertical-align: middle"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Em
    25.09.2008, foi publicada senten&ccedil;a julgando procedente o pedido formulado na inicial dos embargos &agrave; execu&ccedil;&atilde;o
    fiscal, para reconhecer que os cr&eacute;ditos tribut&aacute;rios de IPI encontram-se extintos pela decad&ecirc;ncia, determinando,
    ainda, a extin&ccedil;&atilde;o da Execu&ccedil;&atilde;o Fiscal n&ordm; 465/2005. Em 16.11.2008, a Fazenda Nacional interp&ocirc;s
    recurso de apela&ccedil;&atilde;o, tendo sido proferida decis&atilde;o monocr&aacute;tica, em 13.08.2012, dando integral provimento
    ao recurso da Uni&atilde;o para reformar a senten&ccedil;a e manter a cobran&ccedil;a dos cr&eacute;ditos exequendos. Contra
    tal decis&atilde;o, foram opostos embargos de declara&ccedil;&atilde;o pela Usina, em 27.08.2012, e agravo regimental pela
    Uni&atilde;o, em 13.09.2012, objetivando a majora&ccedil;&atilde;o da condena&ccedil;&atilde;o da empresa em honor&aacute;rios
    sucumbenciais. Os embargos da Usina foram convertidos em agravo regimental. Em sess&atilde;o de julgamento realizada no dia
    01.03.2013, foi proferido ac&oacute;rd&atilde;o, por maioria de votos, no qual foi dado provimento ao agravo regimental da
    Usina, e negado</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 11pt">&nbsp;</FONT></P>


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    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 11pt">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 33%; border: Black 1pt solid; padding: 2pt; text-align: center; vertical-align: middle"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 67%; border-bottom: Black 1pt solid; padding: 2pt; border-right: Black 1pt solid; border-top: Black 1pt solid; text-align: justify; vertical-align: middle"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">provimento ao agravo regimental
    da Uni&atilde;o, para reformar a decis&atilde;o monocr&aacute;tica e reconhecer que os d&eacute;bitos exequendos encontram-se
    fulminados pela prescri&ccedil;&atilde;o, nos termos do voto-vista do Juiz Federal Convocado Clodomir Sebasti&atilde;o Reis.
    Foram opostos embargos de declara&ccedil;&atilde;o da Uni&atilde;o, objetivando a reforma integral do ac&oacute;rd&atilde;o
    proferido, bem como embargos declarat&oacute;rios pela Usina, objetivando t&atilde;o somente a majora&ccedil;&atilde;o da
    condena&ccedil;&atilde;o em honor&aacute;rios. Ambos embargos de declara&ccedil;&atilde;o foram desprovidos. A Usina interp&ocirc;s
    recurso especial objetivando a majora&ccedil;&atilde;o dos honor&aacute;rios, e a Uni&atilde;o tamb&eacute;m interp&ocirc;s
    recurso especial objetivando a reforma integral do ac&oacute;rd&atilde;o que negou provimento &agrave; apela&ccedil;&atilde;o.
    Atualmente, aguarda-se o exame de admissibilidade desses recursos.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding: 2pt; border-right: Black 1pt solid; text-align: center; vertical-align: middle"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Observa&ccedil;&otilde;es:</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 2pt; border-right: Black 1pt solid; text-align: justify; vertical-align: middle"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding: 2pt; border-right: Black 1pt solid; text-align: center; vertical-align: middle"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Garantias:</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 2pt; border-right: Black 1pt solid; text-align: justify; vertical-align: middle"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Foram oferecidos bens &agrave; penhora pela Usina
    Monte Alegre S/A (m&aacute;quinas, equipamentos, ve&iacute;culos e im&oacute;vel onde funciona sua sede), no valor total de
    R$ 12.213.920,00 (em maio/2007).</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding: 2pt; border-right: Black 1pt solid; text-align: center; vertical-align: middle"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Probabilidade de Perda: (em percentual)</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 2pt; border-right: Black 1pt solid; text-align: justify; vertical-align: middle"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Igual ou menor a 40%, se avaliada apenas sob
    o ponto de vista do direito substantivo, sem quaisquer pondera&ccedil;&otilde;es que decorram dos aspectos processuais envolvidos,
    e considerando a probabilidade de perda restrita &agrave; argumenta&ccedil;&atilde;o de m&eacute;rito, que consiste no reconhecimento
    da prescri&ccedil;&atilde;o ou decad&ecirc;ncia do direito de as autoridades fiscais cobrarem/lan&ccedil;arem os respectivos
    cr&eacute;ditos tribut&aacute;rios. Entendemos que a probabilidade de perda pode ser estimada como remota. Todavia, considerando
    o que o Tribunal Regional Federal da 1&ordf; Regi&atilde;o, inicialmente, julgou favoravelmente a causa em favor da Uni&atilde;o
    Federal, estimamos as atuais chances de &ecirc;xito como poss&iacute;veis (entre 40% e 60%).</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding: 2pt; border-right: Black 1pt solid; text-align: center; vertical-align: middle"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Sugest&atilde;o de Provis&atilde;o:</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 2pt; border-right: Black 1pt solid; text-align: justify; vertical-align: middle"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 11pt">&nbsp;</FONT></P>


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    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 11pt">&nbsp;&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>EXHIBIT I</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><U>CORPORATE STRUCTURE</U></P>



<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><U>[see
next page]</U></P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">&nbsp;</P>

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    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><IMG SRC="t1701194_ex4-4pg118.jpg" ALT=""></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">(1)
</FONT><B>Leonardo Berridi det&eacute;m uma quota.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;&nbsp;</P>

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 8pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 50%">&nbsp;</TD><TD STYLE="width: 50%; text-align: right">Execution Version</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0"><B>ANNEX A</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0"><U>FORM OF PROMISSORY NOTE</U></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0"><B>NOTA PROMISS&Oacute;RIA</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 12pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Valor:
</B>US$ [</FONT><FONT STYLE="font-family: Symbol">&#183;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif">]</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Data de Emiss&atilde;o</B>: 19 de dezembro de 2016.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Local de Emiss&atilde;o</B>: Munic&iacute;pio de Ang&eacute;lica,
Estado do Mato Grosso do Sul <B></B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Pra&ccedil;a de Pagamento</B>: Munic&iacute;pio de S&atilde;o Paulo, Estado de S&atilde;o Paulo</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><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; 7 (sete) anos contados da presente data.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Refer&ecirc;ncia</B>: <I>Export
Prepayment Finance Agreement</I> (Contrato de Pr&eacute;-Pagamento de Exporta&ccedil;&atilde;o), celebrado em 16 de dezembro
de 2016, entre a Emitente (abaixo definida), Banco Rabobank International Brasil S.A., Co&ouml;peratieve Rabobank U.A., ING
Capital LLC, entre outros (&ldquo;<B>Contrato de Pr&eacute;-pagamento de Exporta&ccedil;&atilde;o</B>&rdquo;).</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Emitente</B>: Adecoagro Vale do Ivinhema S.A.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 12pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: 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 an&ocirc;nima 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 de acordo com seu Estatuto Social, <B>pagar&aacute; incondicionalmente e &agrave; vista </B>ao <B>[</B></FONT><FONT STYLE="font-family: Symbol">&#183;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>]</B>,
institui&ccedil;&atilde;o financeira constitu&iacute;da de acordo com as leis [</FONT><FONT STYLE="font-family: Symbol">&#183;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif">],
com sede na cidade de [</FONT><FONT STYLE="font-family: Symbol">&#183;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif">],
em [</FONT><FONT STYLE="font-family: Symbol">&#183;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif">] (o &ldquo;<B>Credor</B>&rdquo;),
ou &agrave; sua ordem, a quantia de US$ [</FONT><FONT STYLE="font-family: Symbol">&#183;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif">]
([</FONT><FONT STYLE="font-family: Symbol">&#183;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif">]), convertido
em moeda corrente nacional mediante a utiliza&ccedil;&atilde;o da taxa de c&acirc;mbio de venda PTAX, estabelecida pelo Banco Central
do Brasil em seu website 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.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0">Esta Nota Promiss&oacute;ria &eacute; regida pelas leis da Rep&uacute;blica
Federativa do Brasil.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">Ang&eacute;lica, 19 de dezembro de 2016.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Emitente:</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD NOWRAP STYLE="width: 30%; font: 11pt Calibri, Helvetica, Sans-Serif; text-align: center">&nbsp;</TD>
    <TD NOWRAP STYLE="width: 40%; border-top: Black 1pt solid; font: 11pt Calibri, Helvetica, Sans-Serif; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt"><B>ADECOAGRO VALE DO IVINHEMA S.A.</B></FONT></TD>
    <TD NOWRAP STYLE="width: 30%; font: 11pt Calibri, Helvetica, Sans-Serif; text-align: center">&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 107pt">&nbsp;</P>


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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>[Verso da Nota Promiss&oacute;ria]</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 148pt">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Avalistas:</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Bom por aval:</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD NOWRAP STYLE="width: 30%; text-align: center; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD NOWRAP STYLE="width: 40%; border-top: Black 1pt solid; padding: 0; text-align: center; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt"><B>ADECOAGRO BRASIL PARTICIPA&Ccedil;&Otilde;ES S.A.</B></FONT></TD>
    <TD NOWRAP STYLE="width: 30%; text-align: center; padding: 0; text-indent: 0">&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Bom por aval:</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD NOWRAP STYLE="width: 30%; text-align: center; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD NOWRAP STYLE="width: 40%; border-top: Black 1pt solid; padding: 0; text-align: center; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt"><B>USINA MONTE ALEGRE LTDA.</B></FONT></TD>
    <TD NOWRAP STYLE="width: 30%; text-align: center; padding: 0; text-indent: 0">&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;&nbsp;&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Bom por aval:</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD NOWRAP STYLE="width: 30%; text-align: center; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD NOWRAP STYLE="width: 40%; border-top: Black 1pt solid; padding: 0; text-align: center; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt"><B>ADECO AGROPECU&Aacute;RIA BRASIL LTDA.</B></FONT></TD>
    <TD NOWRAP STYLE="width: 30%; text-align: center; padding: 0; text-indent: 0">&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


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    <!-- Field: /Page -->

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>ANNEX B</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><U>FORM OF NOTICE OF DRAWDOWN</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 11.5pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: right">______ __, 2016</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0">Banco Rabobank International Brasil S.A.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0">As Administrative Agent</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0">Av. das Na&ccedil;&otilde;es Unidas 12.995 &ndash; 7&ordm; andar</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0">S&atilde;o Paulo, SP 04578-000</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Brazil</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in; text-align: left">Re:</TD><TD>Export Prepayment Finance Agreement dated as of December
20, 2016</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0">Ladies and Gentlemen:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We refer to the Export Prepayment Finance
Agreement (as may be amended, varied, novated, supplemented or otherwise modified from time to time, the &ldquo;Export Prepayment
Finance Agreement&rdquo;) dated as of December 20, 2016 among Adecoagro Vale do Ivinhema S.A. as the Borrower, the Guarantors,
Banco Rabobank International Brasil S.A., as the Administrative Agent and the Collateral Agent, the Collection Account Agent, the
Paying 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="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We hereby give you notice that, pursuant
to the Export Prepayment Finance Agreement and on [&bull;], 2016, 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="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We confirm that, on the date hereof, the
representations set out in Section 3 of the Export Prepayment Finance Agreement are true and correct, we are in compliance in all
respects with the covenants set out in Sections 5 and 6 thereof, that the conditions to the making of the Loans set out in Section
4 thereof have been satisfied and that no Default has occurred and is continuing or will occur after giving effect to the requested
Loans.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>ADECOAGRO VALE DO IVINHEMA S.A.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 107pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; width: 90%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 7%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">By:</FONT></TD>
    <TD STYLE="width: 36%; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="width: 14%">&nbsp;</TD>
    <TD STYLE="width: 7%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">By:</FONT></TD>
    <TD STYLE="width: 36%; border-bottom: Black 1pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">Name:</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">Name:</FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">Title:</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">Title:</FONT></TD>
    <TD>&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


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    <!-- Field: /Page -->

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>ANNEX C</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><U>FORM OF ASSIGNMENT AND ACCEPTANCE</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">ASSIGNMENT AND ACCEPTANCE</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Reference is made to the Export Prepayment
Finance Agreement (as may be amended, varied, novated, supplemented or otherwise modified from time to time, the &ldquo;Export
Prepayment Finance Agreement&rdquo;) dated as of December 20, 2016 among Adecoagro Vale do Ivinhema S.A. as the Borrower, the Guarantors,
Banco Rabobank International Brasil S.A., as the Administrative Agent and the Collateral Agent, the Collection Account Agent, the
Paying 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="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD NOWRAP STYLE="width: 40%; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD NOWRAP STYLE="width: 20%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">&nbsp;(the
    &ldquo;Assignor&rdquo;)     and&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="width: 40%; border-bottom: Black 1pt solid">&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0">(the &ldquo;Assignee&rdquo;) agree as follows:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 35.4pt">1.</TD><TD STYLE="text-align: justify">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 &ldquo;Assigned Interest&rdquo;) in and to the Assignor&rsquo;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.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 35.4pt">2.</TD><TD STYLE="text-align: justify">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 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.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 35.4pt">3.</TD><TD STYLE="text-align: justify">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</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


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    <!-- Field: /Page -->

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">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.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 35.4pt">4.</TD><TD STYLE="text-align: justify">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 &ldquo;Assignment Effective Date&rdquo;).</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 35.4pt">5.</TD><TD STYLE="text-align: justify">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.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 35.4pt">6.</TD><TD STYLE="text-align: justify">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&rsquo;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.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 40.45pt; text-align: justify">&nbsp;</P>


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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 35.4pt">7.</TD><TD STYLE="text-align: justify">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.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">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>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 4.45pt; text-align: justify">&nbsp;</P>


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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 8pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 50%">&nbsp;</TD><TD STYLE="width: 50%; text-align: right">Execution Version</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 11.5pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">Schedule 1 to<BR>
Assignment and Acceptance</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">Relating to the Export Prepayment
Finance Agreement dated as of December 20, 2016 among Adecoagro Vale do Ivinhema S.A. as the Borrower, the Guarantors, Banco Rabobank
International Brasil S.A., as the Administrative Agent and the Collateral Agent, the Collection Account Agent, the Paying Agent,
the Lead Arrangers and the Lenders party thereto</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0">Name of Assignor:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0">Name of Assignee:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0">Assignment Effective Date:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0">Loan Principal Amount Assigned:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0">Percentage of Loan Assigned:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; width: 90%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt"><B>ASSIGNEE</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt"><B>ASSIGNOR</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 7%">&nbsp;</TD>
    <TD STYLE="width: 36%">&nbsp;</TD>
    <TD STYLE="width: 14%">&nbsp;</TD>
    <TD STYLE="width: 7%">&nbsp;</TD>
    <TD STYLE="width: 36%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">By:</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">By:</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">Name:</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">Name:</FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">Title:</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">Title:</FONT></TD>
    <TD>&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0">Address for Notices:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0">Approved and Accepted, if required pursuant to Section
11.1(a):</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>Banco Rabobank International Brasil S.A.</B>, <I>as
Administrative Agent</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 52pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; width: 90%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 7%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">By:</FONT></TD>
    <TD STYLE="width: 36%; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="width: 14%">&nbsp;</TD>
    <TD STYLE="width: 7%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">By:</FONT></TD>
    <TD STYLE="width: 36%; border-bottom: Black 1pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">Name:</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">Name:</FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">Title:</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">Title:</FONT></TD>
    <TD>&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


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    <!-- Field: /Page -->

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>ANNEX D</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><U>CERTIFICATE OF OFFICER OF BORROWER</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">[DATE]</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in; text-align: left">To:</TD><TD>Banco Rabobank International Brasil S.A.</TD>
</TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">As Administrative Agent</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">Av. das Na&ccedil;&otilde;es Unidas 12.995 &ndash;
7&ordm; andar</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">S&atilde;o Paulo, SP 04578-000</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">Brazil</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in; text-align: left">Re:</TD><TD>Export Prepayment Finance Agreement dated as of December
20, 2016</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">I refer to the Export
Prepayment Finance Agreement (as may be amended, varied, novated, supplemented or otherwise modified from time to time, the &ldquo;Export
Prepayment Finance Agreement&rdquo;) dated as of December 20, 2016 among Adecoagro Vale do Ivinhema S.A. as the Borrower, the Guarantors,
Banco Rabobank International Brasil S.A., as the Administrative Agent and the Collateral Agent, the Collection Account Agent, the
Paying 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="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">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 &ldquo;Certificate&rdquo;) as follows:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 32pt">(1)</TD><TD STYLE="text-align: justify">I am duly authorized to give this Certificate.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 32pt">(2)</TD><TD STYLE="text-align: justify"><U>Powers</U>: Attached as <U>Exhibit A</U>&nbsp;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&rsquo;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.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 32pt">(3)</TD><TD STYLE="text-align: justify"><U>Due Execution</U>: Attached as <U>Exhibit B</U>&nbsp;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</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


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    <!-- Field: /Page -->

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify"><FONT STYLE="font-size: 12pt">the
Borrower and who (either individually or with others, as provided in the [Resolutions/Governing Documents]<SUP>1</SUP>) 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></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 12pt">(4)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 12pt"><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:
                                         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;], 2016, 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 &ldquo;Resolutions&rdquo;). 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="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(5)</TD><TD STYLE="text-align: justify"><U>Default</U>: No Default has occurred and is continuing as of the date of this Certificate.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(6)</TD><TD STYLE="text-align: justify"><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.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%">&nbsp;</TD>
    <TD STYLE="width: 50%; border-bottom: Black 1pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">Name:</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 251.9pt">&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: 25%">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 20.9pt">1</TD><TD STYLE="text-align: justify">Choose as appropriate</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 17.9pt; text-align: justify; text-indent: -17.9pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 17.9pt">2</TD><TD STYLE="text-align: justify">Insert the relevant corporate body (Board of Directors, Executive Committee) or other group (such
as shareholders), as appropriate, if this bracketed clause is applicable</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 17.9pt; text-align: justify; text-indent: -17.9pt">&nbsp;</P>


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    <!-- Field: /Page -->

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>EXHIBIT B TO CERTIFICATE OF OFFICER</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">[BORROWER&rsquo;S LETTERHEAD]</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>Incumbency Certificate</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2.25in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1pt; text-align: justify">I, [<B>&bull;</B>], [title] of
______________ (the &ldquo;<B>Borrower</B>&rdquo;), DO HEREBY CERTIFY, in connection with the Export Prepayment Finance Agreement
dated as of December 20, 2016 among Adecoagro Vale do Ivinhema S.A. as the Borrower, the Guarantors, Banco Rabobank International
Brasil S.A., as the Administrative Agent and the Collateral Agent, the Collection Account Agent, the Paying Agent, the Lead Arrangers
and the Lenders party thereto (the &ldquo;<B>Agreement</B>&rdquo;), that the following statements are true and correct:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1pt; text-align: justify; text-indent: 0.1pt">1.&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="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1pt; text-align: justify; text-indent: 0.1pt">2.&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>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 30%; border-bottom: Black 1pt solid; padding-left: 0.1in"><FONT STYLE="font-family: Times New Roman, Times, Serif">Name</FONT></TD>
    <TD STYLE="width: 30%; border-bottom: Black 1pt solid; padding-left: 0.1in; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">Office</FONT></TD>
    <TD STYLE="width: 40%; border-bottom: Black 1pt solid; padding-left: 0.1in; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">Signature</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.1in">&nbsp;</TD>
    <TD STYLE="padding-left: 0.1in">&nbsp;</TD>
    <TD STYLE="padding-left: 0.1in">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.1in"><FONT STYLE="font-family: Times New Roman, Times, Serif">[<B>&bull;</B>]</FONT></TD>
    <TD STYLE="padding-left: 0.1in"><FONT STYLE="font-family: Times New Roman, Times, Serif">[<B>&bull;</B>]</FONT></TD>
    <TD STYLE="padding-left: 0.1in">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.1in">&nbsp;</TD>
    <TD STYLE="padding-left: 0.1in">&nbsp;</TD>
    <TD STYLE="padding-left: 0.1in">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.1in"><FONT STYLE="font-family: Times New Roman, Times, Serif">[<B>&bull;</B>]</FONT></TD>
    <TD STYLE="padding-left: 0.1in"><FONT STYLE="font-family: Times New Roman, Times, Serif">[<B>&bull;</B>]</FONT></TD>
    <TD STYLE="padding-left: 0.1in">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.1in">&nbsp;</TD>
    <TD STYLE="padding-left: 0.1in">&nbsp;</TD>
    <TD STYLE="padding-left: 0.1in">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.1in"><FONT STYLE="font-family: Times New Roman, Times, Serif">[<B>&bull;</B>]</FONT></TD>
    <TD STYLE="padding-left: 0.1in"><FONT STYLE="font-family: Times New Roman, Times, Serif">[<B>&bull;</B>]</FONT></TD>
    <TD STYLE="padding-left: 0.1in">&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1pt">IN WITNESS WHEREOF, I have signed this certificate this
[<B>&bull;</B>] day of [&bull;], 2016.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; width: 90%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%">&nbsp;</TD>
    <TD STYLE="width: 50%; border-bottom: Black 1pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">Name: [<B>&bull;</B>]</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">Title: [<B>&bull;</B>]</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 217pt">&nbsp;</P>


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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 8pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 50%">&nbsp;</TD><TD STYLE="width: 50%; text-align: right">Execution Version</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>ANNEX E</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><U>CERTIFICATE OF OFFICER OF GUARANTOR</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">[DATE]</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in; text-align: left">To:</TD><TD>Banco Rabobank International Brasil S.A.</TD>
</TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">As Administrative Agent</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">Av. das Na&ccedil;&otilde;es Unidas 12.995 &ndash;
7&ordm; andar</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">S&atilde;o Paulo, SP 04578-000</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">Brazil</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in; text-align: left">Re:</TD><TD>Export Prepayment Finance Agreement dated as of December
20, 2016</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">I refer to the Export
Prepayment Finance Agreement (as may be amended, varied, novated, supplemented or otherwise modified from time to time, the &ldquo;Export
Prepayment Finance Agreement&rdquo;) dated as of December 20, 2106 among Adecoagro Vale do Ivinhema S.A. as the Borrower, the Guarantors,
Banco Rabobank International Brasil S.A., as the Administrative Agent and the Collateral Agent, the Collection Account Agent, the
Paying 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="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">I am a _______[title]____________
of [Adecoagro Brasil Participa&ccedil;&otilde;es S.A.][Usina Monte Alegre S.A.][Adeco Agropecu&aacute;ria Brasil Ltda.] (the &ldquo;Guarantor&rdquo;)
and, pursuant to Section 4.1(c) of the Export Prepayment Finance Agreement, hereby certify in this certificate (this &ldquo;Certificate&rdquo;)
as follows:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(1)</TD><TD STYLE="text-align: justify">I am duly authorized to give this Certificate.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(2)</TD><TD STYLE="text-align: justify"><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&rsquo;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.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(3)</TD><TD STYLE="text-align: justify"><U>Due Execution</U>: Attached as <U>Exhibit B</U>&nbsp;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</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -35.9pt">&nbsp;</P>


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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 8pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 50%">&nbsp;</TD><TD STYLE="width: 50%; text-align: right">Execution Version</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify"><FONT STYLE="font-size: 12pt">the
Guarantor and who (either individually or with others, as provided in the [Resolutions/Governing Documents]<SUP>3</SUP>) 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></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 12pt">(4)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 12pt"><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:
                                         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>4</SUP> duly held on [&bull;], 2016, 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 &ldquo;Resolutions&rdquo;). 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 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="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(5)</TD><TD STYLE="text-align: justify"><U>Default</U>: No Default has occurred and is continuing as of the date of this Certificate.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(6)</TD><TD STYLE="text-align: justify"><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.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%">&nbsp;</TD>
    <TD STYLE="width: 50%; border-bottom: Black 1pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">Name:</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 251.9pt">&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: 25%">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 20.9pt">3</TD><TD STYLE="text-align: justify">Choose as appropriate</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 17.9pt">4</TD><TD STYLE="text-align: justify">Insert the relevant corporate body (Board of Directors, Executive Committee) or other group (such
as shareholders), as appropriate, if this bracketed clause is applicable</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 17.9pt; text-align: justify; text-indent: -17.9pt">&nbsp;</P>


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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 8pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 50%">&nbsp;</TD><TD STYLE="width: 50%; text-align: right">Execution Version</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>EXHIBIT B TO CERTIFICATE OF OFFICER</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">[GUARANTOR&rsquo;S LETTERHEAD]</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>Incumbency Certificate</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2.25in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1pt; text-align: justify">I, [<B>&bull;</B>], [title] of
[Adecoagro Brasil Participa&ccedil;&otilde;es S.A.][Usina Monte Alegre S.A.][Adeco Agropecu&aacute;ria Brasil Ltda.] (the &ldquo;<B>Guarantor</B>&rdquo;),
DO HEREBY CERTIFY, in connection with the Export Prepayment Finance Agreement dated as of December 20, 2016 among Adecoagro Vale
do Ivinhema S.A. as the Borrower, the Guarantors, Banco Rabobank International Brasil S.A., as the Administrative Agent and the
Collateral Agent, the Collection Account Agent, the Paying Agent, the Lead Arrangers and the Lenders party thereto (the &ldquo;<B>Agreement</B>&rdquo;),
that the following statements are true and correct:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1pt; text-align: justify; text-indent: 0.1pt">1.&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="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1pt; text-align: justify; text-indent: 0.1pt">2.&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>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 30%; border-bottom: Black 1pt solid; padding-left: 0.1in"><FONT STYLE="font-family: Times New Roman, Times, Serif">Name</FONT></TD>
    <TD STYLE="width: 30%; border-bottom: Black 1pt solid; padding-left: 0.1in; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">Office</FONT></TD>
    <TD STYLE="width: 40%; border-bottom: Black 1pt solid; padding-left: 0.1in; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">Signature</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.1in">&nbsp;</TD>
    <TD STYLE="padding-left: 0.1in">&nbsp;</TD>
    <TD STYLE="padding-left: 0.1in">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.1in"><FONT STYLE="font-family: Times New Roman, Times, Serif">[<B>&bull;</B>]</FONT></TD>
    <TD STYLE="padding-left: 0.1in"><FONT STYLE="font-family: Times New Roman, Times, Serif">[<B>&bull;</B>]</FONT></TD>
    <TD STYLE="padding-left: 0.1in">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.1in">&nbsp;</TD>
    <TD STYLE="padding-left: 0.1in">&nbsp;</TD>
    <TD STYLE="padding-left: 0.1in">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.1in"><FONT STYLE="font-family: Times New Roman, Times, Serif">[<B>&bull;</B>]</FONT></TD>
    <TD STYLE="padding-left: 0.1in"><FONT STYLE="font-family: Times New Roman, Times, Serif">[<B>&bull;</B>]</FONT></TD>
    <TD STYLE="padding-left: 0.1in">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.1in">&nbsp;</TD>
    <TD STYLE="padding-left: 0.1in">&nbsp;</TD>
    <TD STYLE="padding-left: 0.1in">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.1in"><FONT STYLE="font-family: Times New Roman, Times, Serif">[<B>&bull;</B>]</FONT></TD>
    <TD STYLE="padding-left: 0.1in"><FONT STYLE="font-family: Times New Roman, Times, Serif">[<B>&bull;</B>]</FONT></TD>
    <TD STYLE="padding-left: 0.1in">&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1pt">IN WITNESS WHEREOF, I have signed this certificate this
[<B>&bull;</B>]<SUP>h</SUP> day of [&bull;], 2016.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; width: 90%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%">&nbsp;</TD>
    <TD STYLE="width: 50%; border-bottom: Black 1pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">Name: [<B>&bull;</B>]</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">Title: [<B>&bull;</B>]</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 217pt">&nbsp;</P>


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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>ANNEX F</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><U>FORM OF COMPLIANCE CERTIFICATE</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">ADECOAGRO VALE DO IVINHEMA S.A.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">COMPLIANCE CERTIFICATE</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">[DATE]</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 35pt">To:</TD><TD>Banco Rabobank International Brasil S.A. <BR>
As Administrative Agent</TD></TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">Av. das Na&ccedil;&otilde;es Unidas 12.995 &ndash;
7&ordm; andar<BR>
S&atilde;o Paulo, SP 04578-000</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">Brazil</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in; text-align: left">Re:</TD><TD>Export Prepayment Finance Agreement dated as of December
20, 2016</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0">Ladies and Gentlemen:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">I refer to the
Export Prepayment Finance Agreement (as may be amended, varied, novated, supplemented or otherwise modified from time to
time, the &ldquo;Export Prepayment Finance Agreement&rdquo;) dated as of December 20, 2016 among Adecoagro Vale do Ivinhema
S.A. as the Borrower, the Guarantors, Banco Rabobank International Brasil S.A., as the Administrative Agent and the
Collateral Agent, the Collection Account Agent, the Paying 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="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">I am a [title] of the
Borrower and hereby certify in this certificate (this &ldquo;<U>Certificate</U>&rdquo;) as follows:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(1)</TD><TD STYLE="text-align: justify">I am duly authorized to give this Certificate.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(2)</TD><TD STYLE="text-align: justify"><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]).</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(3)</TD><TD STYLE="text-align: justify"><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.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; width: 90%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%">&nbsp;</TD>
    <TD STYLE="width: 50%; border-bottom: Black 1pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">Name:</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">Title: Chief Financial Officer</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">Schedule A to Compliance Certificate</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0">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="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(i)</TD><TD STYLE="text-align: justify">Its Interest Coverage Ratio is:</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(ii)</TD><TD STYLE="text-align: justify">The ratio of its Net Bank Debt to its EBITDA is:</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>


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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>ANNEX G</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><U>FORM OF MERCANTILE PLEDGE AGREEMENT</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">&nbsp;</P>


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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;&nbsp;</P>

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</DOCUMENT>
<DOCUMENT>
<TYPE>EX-4.45
<SEQUENCE>4
<FILENAME>t1701194_ex4-45.htm
<DESCRIPTION>EXHIBIT 4.45
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="margin-top: 0; text-align: center; margin-bottom: 0">&nbsp;</P>

<P STYLE="margin-top: 0; text-align: right; margin-bottom: 0"><B>Exhibit 4.45</B></P>

<P STYLE="margin-top: 0; text-align: center; margin-bottom: 0"><B>&nbsp;</B></P>

<P STYLE="font: 18pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>EXPORT PREPAYMENT FACILITY AGREEMENT</B></P>

<P STYLE="font: 18pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">&nbsp;</P>

<P STYLE="font: 14pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>dated as of</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">&nbsp;</P>

<P STYLE="font: 14pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>November 5, 2014</B></P>

<P STYLE="font: 14pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">&nbsp;</P>

<P STYLE="font: 14pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">by and among</P>

<P STYLE="font: 14pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">&nbsp;</P>

<P STYLE="font: 14pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>ADECOAGRO VALE DO IVINHEMA S.A</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">&nbsp;</P>

<P STYLE="font: 14pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">as the Borrower,</P>

<P STYLE="font: 14pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">&nbsp;</P>

<P STYLE="font: 14pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>ADECOAGRO BRASIL PARTICIPA&Ccedil;&Otilde;ES
S.A.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">&nbsp;</P>

<P STYLE="font: 14pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">&nbsp;</P>

<P STYLE="font: 14pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>USINA MONTE ALEGRE LTDA.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">&nbsp;</P>

<P STYLE="font: 14pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">as the Guarantors,</P>

<P STYLE="font: 14pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">&nbsp;</P>

<P STYLE="font: 14pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>ING CAPITAL LLC</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">&nbsp;</P>

<P STYLE="font: 14pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">&nbsp;</P>

<P STYLE="font: 14pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>RABOBANK CURA&Ccedil;AO N.V.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">&nbsp;</P>

<P STYLE="font: 14pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">as the Mandated Lead Arrangers and Bookrunners,</P>

<P STYLE="font: 14pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">&nbsp;</P>

<P STYLE="font: 14pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>ING BANK N.V.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">&nbsp;</P>

<P STYLE="font: 14pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">as the Administrative Agent &amp; Collateral
Agent,</P>

<P STYLE="font: 14pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">&nbsp;</P>

<P STYLE="font: 14pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>ING BANK N.V., S&Atilde;O PAULO BRANCH</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">&nbsp;</P>

<P STYLE="font: 14pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">as the Brazilian Collateral Agent</P>

<P STYLE="font: 14pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">&nbsp;</P>

<P STYLE="font: 14pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">and</P>

<P STYLE="font: 14pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">&nbsp;</P>

<P STYLE="font: 14pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>THE LENDERS</B></P>

<P STYLE="font: 14pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">hereto</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">EXECUTION VERSION</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt"><B>EXPORT PREPAYMENT FINANCE AGREEMENT</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 5.1pt; text-align: justify"><B>EXPORT PREPAYMENT
FINANCE AGREEMENT</B> dated as of November 5, 2014 (the &ldquo;<B>Execution Date</B>&rdquo;) 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. <FONT STYLE="font-size: 12pt">07.903.169/0001-09 (the
&ldquo;<B>Borrower</B>&rdquo;); 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
(&ldquo;<B>Participa&ccedil;&otilde;es</B>&rdquo;); 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 (&ldquo;<B>Monte Alegre</B>&rdquo; and together
with Participa&ccedil;&otilde;es, each a &ldquo;<B>Guarantor</B>&rdquo; and collectively, the
&ldquo;<B>Guarantors</B>&rdquo;); 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 &ldquo;<B>Administrative Agent</B>&rdquo;) and in the capacity of Collateral Agent
for the Lenders (the &ldquo;<B>Collateral Agent</B>&rdquo;); 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</FONT><FONT STYLE="font-size: 8pt">rd</FONT> <FONT STYLE="font-size: 12pt">floor, S&atilde;o Paulo, SP, Brazil (the
&ldquo;<B>Brazilian Collateral Agent</B>&rdquo;); 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 &ldquo;<B>Lead Arrangers</B>&rdquo; and individually, each a &ldquo;<B>Lead Arranger</B>&rdquo;); and the
lenders listed on the signature pages hereof and each lender that becomes a &ldquo;Lender&rdquo; after the Execution
Date pursuant to Section 11.1 hereof (individually, a &ldquo;<B>Lender</B>&rdquo; and, collectively, the
&ldquo;<B>Lenders</B>&rdquo;).</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 5.1pt; text-align: justify"><B>WHEREAS:</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 5.1pt"></TD><TD STYLE="width: 36pt"><B>A</B>.</TD><TD STYLE="text-align: justify">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).</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 5.1pt"></TD><TD STYLE="width: 36pt"><B>B.</B></TD><TD STYLE="text-align: justify">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.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 5.1pt"></TD><TD STYLE="width: 36pt"><B>C.</B></TD><TD STYLE="text-align: justify">On the basis of the terms and conditions specified in this Agreement, the Lenders are willing to
make the loan arrangements described herein.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<!-- Field: Page; Sequence: 2 -->
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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 0pt"><P STYLE="margin: 0pt"></P><TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 99%; border-collapse: collapse; margin-left: 7.1pt"><TR STYLE="vertical-align: top"><TD STYLE="width: 100%; border-bottom: Black 1pt solid; font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: -2.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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: 0pt"></P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 7.1pt"><B>NOW, THEREFORE,</B> the parties hereto hereby agree
as follows:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 7.15pt"></TD><TD STYLE="width: 35.85pt; text-align: left"><B>1.</B></TD><TD><B>DEFINITIONS</B></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 7.15pt"></TD><TD STYLE="width: 35.85pt"><FONT STYLE="font-size: 12pt">1.1</FONT></TD><TD><FONT STYLE="font-size: 12pt"><B>C</B></FONT><B><FONT STYLE="font-size: 9.5pt">ERTAIN</FONT> <FONT STYLE="font-size: 12pt">D</FONT><FONT STYLE="font-size: 9.5pt">EFINITIONS</FONT><FONT STYLE="font-size: 12pt">.</FONT></B><FONT STYLE="font-size: 12pt">
Unless otherwise defined above, capitalized terms used in this Agreement shall have the following meanings assigned to them:</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 43.1pt; text-align: justify"><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="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 43.1pt; text-align: justify"><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="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 43.1pt; text-align: justify"><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="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 43.1pt; text-align: justify"><B><I>Administrative Agent&rsquo;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="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; width: 82%; border-collapse: collapse; margin-left: 1.25in">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 35%"><FONT STYLE="font-family: Times New Roman, Times, Serif">Corresponding Bank:</FONT></TD>
    <TD STYLE="width: 65%"><FONT STYLE="font-family: Times New Roman, Times, Serif">JPMorgan Chase Bank &ndash; New York &ndash; N.Y. &ndash; U.S.A. </FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">Swift address:</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">CHASUS33</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">ABA no.:</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">021000021</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">Beneficiary&rsquo;s name:</FONT></TD>
    <TD><FONT STYLE="font-family: 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>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">Account number:</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">066709547</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">Reference:</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">Adecoagro, 2014</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 43.1pt; text-align: justify"><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,
&ldquo;control&rdquo; 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="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 43.1pt; text-align: justify"><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="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 43.1pt; text-align: justify"><B><I>Agent Indemnified Party</I></B>
has the meaning ascribed to it in Section 10.7.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 43.1pt; text-align: justify"><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>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 0pt"><P STYLE="margin: 0pt"></P><TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 99%; border-collapse: collapse; margin-left: 7.1pt"><TR STYLE="vertical-align: top"><TD STYLE="width: 100%; border-bottom: Black 1pt solid; font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: -2.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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: 0pt"></P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 43.1pt; text-align: justify"><B><I>Agricultural and Mercantile
Pledge Agreement </I></B>means the agreement or agreements (&ldquo;<I>Instrumento Particular de Penhor Agr&iacute;cola e Mercantil</I>&rdquo;)
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 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="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 43.1pt; text-align: justify"><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="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 43.1pt; text-align: justify"><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="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 43.1pt; text-align: justify"><B><I>Applicable Margin</I></B>
means 4.40% per annum.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 43.1pt; text-align: justify"><B><I>ASA</I></B> means Adecoagro
S/A, a corporation established and incorporated in Luxembourg, registered with the Luxembourg tax authorities under No. 2010 2212
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="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 43.1pt; text-align: justify"><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="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 43.1pt; text-align: justify"><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 C</U> hereto.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 43.1pt; text-align: justify"><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="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 43.1pt; text-align: justify"><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.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 43.1pt; text-align: justify"><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</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 0pt"><P STYLE="margin: 0pt"></P><TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 99%; border-collapse: collapse; margin-left: 7.1pt"><TR STYLE="vertical-align: top"><TD STYLE="width: 100%; border-bottom: Black 1pt solid; font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: -2.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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: 0pt"></P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 43.1pt; text-align: justify">and letter of credit facilities,
(b) all payment obligations, contingent or otherwise, of such Person evidenced by bonds, debentures, notes, CPRs (&ldquo;<I>C&eacute;dula
de Produto Rural</I>&rdquo;) or CDCAs (&ldquo;<I>Certificado de Direitos Credit&oacute;rios do Agroneg&oacute;cio</I>&rdquo;) 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="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 43.1pt; text-align: justify"><B><I>Borrower</I></B> - See
Preamble.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 43.1pt; text-align: justify"><B><I>Brazil</I></B> means the
Federative Republic of Brazil.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 43.1pt; text-align: justify"><B><I>Brazilian Collateral Agent</I></B>
&ndash; See Preamble.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 43.1pt; text-align: justify"><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 &quot;broken
funding&quot; 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="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 43.1pt; text-align: justify"><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="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 43.1pt; text-align: justify"><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="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 43.1pt; text-align: justify"><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="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 43.1pt; text-align: justify"><B><I>Change in Law</I></B>
means the occurrence, after the Execution Date, of any of the following: (a) the adoption or taking effect of any law, rule, regulation
or treaty, (b) any change in any law, rule, regulation or treaty or in the administration, interpretation, implementation or application
thereof by any Governmental Authority or (c) 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</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 0pt"><P STYLE="margin: 0pt"></P><TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 99%; border-collapse: collapse; margin-left: 7.1pt"><TR STYLE="vertical-align: top"><TD STYLE="width: 100%; border-bottom: Black 1pt solid; font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: -2.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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: 0pt"></P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 43.1pt; text-align: justify">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 &ldquo;Change in Law&rdquo;, regardless of the date enacted,
adopted or issued.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 43.1pt; text-align: justify"><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&rsquo;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&rsquo; 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&rsquo;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="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 42.5pt; text-align: justify"><B><I>Code</I></B> means the
Internal Revenue Code of 1986.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 43.1pt; text-align: justify"><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="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 43.1pt; text-align: justify"><B><I>Collateral Agent</I></B>
&ndash; See Preamble.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 43.1pt; text-align: justify"><B><I>Collateral Amount</I></B>
has the meaning ascribed to it in Section 5(l)(ii) hereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 43.1pt; text-align: justify"><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="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 43.1pt; text-align: justify"><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>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 0pt"><P STYLE="margin: 0pt"></P><TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 99%; border-collapse: collapse; margin-left: 7.1pt"><TR STYLE="vertical-align: top"><TD STYLE="width: 100%; border-bottom: Black 1pt solid; font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: -2.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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: 0pt"></P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 43.1pt; text-align: justify; text-indent: -0.7pt"><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.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 43.1pt; text-align: justify"><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="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 43.1pt; text-align: justify"><B><I>Commitment</I></B> means,
with respect to any Lender, the amount set forth opposite such Lender&rsquo;s name in <U>Schedule 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&rsquo;s Commitment, and recorded in the Register maintained by the Administrative
Agent as such Lender&rsquo;s Commitment.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 43.1pt; text-align: justify"><B><I>Commitment Fee</I></B>
has the meaning ascribed to it in Section 2.1(c).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 43.1pt; text-align: justify"><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="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 43.1pt; text-align: justify"><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="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 43.1pt; text-align: justify"><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="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 43.1pt; text-align: justify"><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="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 43.1pt; text-align: justify"><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="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 43.1pt; text-align: justify"><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>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 0pt"><P STYLE="margin: 0pt"></P><TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 99%; border-collapse: collapse; margin-left: 7.1pt"><TR STYLE="vertical-align: top"><TD STYLE="width: 100%; border-bottom: Black 1pt solid; font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: -2.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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: 0pt"></P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 43.1pt; text-align: justify"><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="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 43.1pt; text-align: justify"><B><I>Drawdown Date</I></B>
means, for any Loan, the date of the relevant Drawdown.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 43.1pt; text-align: justify"><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="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 43.1pt; text-align: justify"><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="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 43.1pt; text-align: justify"><B><I>Effective Coverage Ratio</I></B>
has the meaning ascribed to it in Section 5(l)(i).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 43.1pt; text-align: justify"><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&rsquo;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="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 43.1pt; text-align: justify"><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 &ldquo;Eligible Off-taker Material Adverse Effect&rdquo;
and the ten (10) day notice period set forth in Section 5(l) shall not be applicable.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 43.1pt; text-align: justify"><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</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 0pt"><P STYLE="margin: 0pt"></P><TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 99%; border-collapse: collapse; margin-left: 7.1pt"><TR STYLE="vertical-align: top"><TD STYLE="width: 100%; border-bottom: Black 1pt solid; font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: -2.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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: 0pt"></P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 43.1pt; text-align: justify">conduct concerning pollution
or protection of human health or the environment, as now or may at any time hereafter be in effect.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 43.1pt; text-align: justify"><B><I>Event of Default</I></B>
has the meaning ascribed to it in Section 7.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 43.1pt; text-align: justify"><B><I>Execution Date</I></B>
- See Preamble.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 43.1pt; text-align: justify"><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="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 43.1pt; text-align: justify"><B><I>Export Contract Collateral
Amount</I></B> has the meaning ascribed to it in Section 5(l)(iii).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 43.1pt; text-align: justify"><B><I>Export Receivables</I></B>
means all amounts due to the Borrower or the Importer from</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 43.1pt; text-align: justify">Eligible Off-takers for sales
of Goods under Off-take Contracts.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 43.1pt; text-align: justify"><B><I>Facility Amount</I></B>
means US$160,000,000.00.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 43.1pt; text-align: justify"><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="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 43.1pt; text-align: justify"><B><I>FATCA Deduction</I></B>
means a deduction or withholding from a payment under a Credit Document required by FATCA.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 43.1pt; text-align: justify"><B><I>FATCA Exempt Party</I></B>
means a Person that is entitled to receive payments free from any FATCA Deduction.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 43.1pt; text-align: justify"><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="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 43.1pt; text-align: justify"><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>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 0pt"><P STYLE="margin: 0pt"></P><TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 99%; border-collapse: collapse; margin-left: 7.1pt"><TR STYLE="vertical-align: top"><TD STYLE="width: 100%; border-bottom: Black 1pt solid; font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: -2.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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: 0pt"></P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 43.1pt; text-align: justify"><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="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 43.1pt; text-align: justify"><B><I>Financial Statements</I></B>
has the meaning ascribed to it in Section 3(h).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 43.1pt; text-align: justify"><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="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 43.1pt; text-align: justify"><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="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 43.1pt; text-align: justify"><B><I>Goods</I></B> means sugar
and/or ethanol.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 43.1pt; text-align: justify"><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="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 43.1pt; text-align: justify"><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="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0 0pt 43.1pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt"><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 jure</I> government or is a <I>de facto</I> government)</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 43.1pt; text-align: justify"><B><I>Guaranteed Obligations</I></B>
has the meaning ascribed to it in Section 9.1.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 43.1pt; text-align: justify"><B><I>Guarantor</I></B> - See
Preamble.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 43.1pt; text-align: justify"><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="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 43.1pt; text-align: justify"><B><I>ICE</I></B> means the Intercontinental Exchange.&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 0pt"><P STYLE="margin: 0pt"></P><TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 99%; border-collapse: collapse; margin-left: 7.1pt"><TR STYLE="vertical-align: top"><TD STYLE="width: 100%; border-bottom: Black 1pt solid; font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: -2.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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: 0pt"></P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 43.1pt; text-align: justify"><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 &ldquo;Last&rdquo;
column.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 43.1pt; text-align: justify"><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. 21 575900 0019.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 43.1pt; text-align: justify"><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="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 70.1pt"></TD><TD STYLE="width: 31.55pt">(a)</TD><TD STYLE="text-align: justify">a material adverse effect on the business, operations, Property, or financial condition of the
Importer occurring after the Execution Date;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 70.4pt"></TD><TD STYLE="width: 31.7pt">(b)</TD><TD STYLE="text-align: justify">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;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 70.1pt"></TD><TD STYLE="width: 31.55pt">(c)</TD><TD STYLE="text-align: justify">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;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 70.4pt"></TD><TD STYLE="width: 31.7pt">(d)</TD><TD STYLE="text-align: justify">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</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<!-- Field: Page; Sequence: 11; Value: 2 -->
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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 0pt"><P STYLE="margin: 0pt"></P><TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 99%; border-collapse: collapse; margin-left: 7.1pt"><TR STYLE="vertical-align: top"><TD STYLE="width: 100%; border-bottom: Black 1pt solid; font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: -2.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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: 0pt"></P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 102.1pt">for relief or the appointment of a custodian, receiver
or trustee for all or any substantial part of its Property;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 70.1pt"></TD><TD STYLE="width: 31.55pt">(e)</TD><TD STYLE="text-align: justify">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</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 70.4pt"></TD><TD STYLE="width: 31.7pt">(f)</TD><TD STYLE="text-align: justify">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.</TD></TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 102.1pt"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 43.1pt; text-align: justify"><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 (&ldquo;<I>C&eacute;dula de Produto Rural</I>&rdquo;) or CDCAs (&ldquo;<I>Certificado de Direitos Credit&oacute;rios
do Agroneg&oacute;cio</I>&rdquo;) 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&rsquo;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="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 43.1pt; text-align: justify"><B><I>Indemnified Costs</I></B>
has the meaning ascribed to it in Section 10.7.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 43.1pt; text-align: justify"><B><I>Indemnified Parties</I></B>
has the meaning ascribed to it in Section 11.14(a).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 43.1pt; text-align: justify"><B><I>Interest Coverage Ratio</I></B>
means, as to any Person and at any date of determination, the ratio of such Person&rsquo;s Adjusted EBITDA to such Person&rsquo;s
Net Financial</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<!-- Field: Page; Sequence: 12; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt; font: 9pt Times New Roman, Times, Serif">~ <!-- Field: Sequence; Type: Arabic; Name: PageNo -->11<!-- Field: /Sequence --> ~</P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 0pt"><P STYLE="margin: 0pt"></P><TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 99%; border-collapse: collapse; margin-left: 7.1pt"><TR STYLE="vertical-align: top"><TD STYLE="width: 100%; border-bottom: Black 1pt solid; font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: -2.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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: 0pt"></P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 43.1pt; text-align: justify">Expenses, in each case as shown
in such Person&rsquo;s financial statements as at the end of the most recently terminated fiscal year.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 43.1pt; text-align: justify"><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&rsquo;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="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 43.1pt; text-align: justify"><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="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 43.1pt; text-align: justify"><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="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 43.1pt; text-align: justify"><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="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 43.1pt; text-align: justify"><B><I>Judgment Currency</I></B>
has the meaning ascribed to it in Section 11.13.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 43.1pt; text-align: justify"><B><I>Judgment Currency Conversion
Date</I></B> has the meaning ascribed to it in Section 11.13.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 43.1pt; text-align: justify"><B><I>Lead Arranger</I></B>
or <B><I>Lead Arrangers</I></B> &ndash; See Preamble.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 43.1pt; text-align: justify"><B><I>Lender</I></B> or <B><I>Lenders</I></B>
- See Preamble.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 43.1pt; text-align: justify"><B><I>Lending Office</I></B>
has the meaning ascribed to it in Section 2.4.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 43.1pt; text-align: justify"><B><I>Liabilities</I></B> has
the meaning ascribed to it in Section 11.14(a).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 43.1pt; text-align: justify"><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 &ldquo;LIBOR01&rdquo;
(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</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<!-- Field: Page; Sequence: 13; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt; font: 9pt Times New Roman, Times, Serif">~ <!-- Field: Sequence; Type: Arabic; Name: PageNo -->12<!-- Field: /Sequence --> ~</P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 0pt"><P STYLE="margin: 0pt"></P><TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 99%; border-collapse: collapse; margin-left: 7.1pt"><TR STYLE="vertical-align: top"><TD STYLE="width: 100%; border-bottom: Black 1pt solid; font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: -2.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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: 0pt"></P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 43.1pt; text-align: justify">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>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 43.1pt; text-align: justify"><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="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 43.1pt; text-align: justify"><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="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 43.1pt; text-align: justify"><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="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 43.1pt; text-align: justify"><B><I>Margin Stock </I></B>means
&ldquo;margin stock&rdquo; 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="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 43.1pt; text-align: justify"><B><I>Market Value means</I></B>
the amount (MV),</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 43.1pt"></TD><TD STYLE="width: 18pt; text-align: left">(a)</TD><TD>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:</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2in">MV = Q x (P +/<B>-</B> S-T)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 63.7pt">Where:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 63.7pt; text-align: justify"><B>&ldquo;Q&rdquo;</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="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 63.95pt; text-align: justify"><B>&ldquo;P&rdquo;</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</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<!-- Field: Page; Sequence: 14; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt; font: 9pt Times New Roman, Times, Serif">~ <!-- Field: Sequence; Type: Arabic; Name: PageNo -->13<!-- Field: /Sequence --> ~</P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 0pt"><P STYLE="margin: 0pt"></P><TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 99%; border-collapse: collapse; margin-left: 7.1pt"><TR STYLE="vertical-align: top"><TD STYLE="width: 100%; border-bottom: Black 1pt solid; font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: -2.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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: 0pt"></P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 63.95pt; text-align: justify">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>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 63.95pt; text-align: justify"><B>&ldquo;S&rdquo;</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 &ldquo;zero&rdquo;;
and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 63.95pt; text-align: justify"><B>&ldquo;T&rdquo;</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$ 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="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 43.1pt"></TD><TD STYLE="width: 18pt; text-align: left">(b)</TD><TD>in relation to sugar cane subject to the Agricultural and
Mercantile Pledge Agreement, determined by the Brazilian Collateral Agent as follows:</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2in">MV = Q x P</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 63.7pt">Where:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 63.7pt; text-align: justify"><B>&ldquo;Q&rdquo;</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="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 63.7pt; text-align: justify"><B>&ldquo;P&rdquo;</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="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 43.1pt; text-align: justify"><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="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 43.1pt; text-align: justify"><B><I>Minimum Coverage Ratio</I></B>
has the meaning ascribed to it in Section 5(l)(i).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 0pt"><P STYLE="margin: 0pt"></P><TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 99%; border-collapse: collapse; margin-left: 7.1pt"><TR STYLE="vertical-align: top"><TD STYLE="width: 100%; border-bottom: Black 1pt solid; font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: -2.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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: 0pt"></P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 43.1pt; text-align: justify"><B><I>Monte Alegre</I></B> -
See Preamble.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 43.1pt; text-align: justify"><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="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 43.1pt; text-align: justify"><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="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 43.1pt; text-align: justify"><B><I>Net Debt</I></B> means,
for any Person at any time, its Bank Debt minus its Cash.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 43.1pt; text-align: justify"><B><I>Net Financial Expenses</I></B>
means, with respect to any Person and for any period, (a) Interest Expense incurred and paid in relation to the Indebtedness of
such Person, including (without duplication) (i) fees (including commitment fees), (ii) 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) 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="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 43.1pt; text-align: justify"><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="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 43.1pt; text-align: justify"><B><I>Note</I></B> means each
promissory note in connection with the Loans in the form of <U>Annex A</U> hereto, duly executed by the Borrower and, with respect
to the guarantee affixed thereon, by the Guarantors.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 43.1pt; text-align: justify"><B><I>Notice of Drawdown</I></B>
has the meaning ascribed to it in Section 2.2(a).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 43.1pt; text-align: justify"><B><I>Obligation Currency</I></B>
has the meaning ascribed to it in Section 11.13.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 43.1pt; text-align: justify"><B><I>Obligations</I></B> mean
any and all obligations of the Borrower under this Agreement and the other Credit Documents.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 43.1pt; text-align: justify"><B><I>OECD Country</I></B> means
any country which is a member of the Organization for</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 43.1pt; text-align: justify">Economic Co-operation and Development.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 43.1pt; text-align: justify"><B><I>OFAC</I></B> means the
Office of Foreign Assets Control of the United States Department of the Treasury.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<!-- Field: Page; Sequence: 16; Value: 2 -->
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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 0pt"><P STYLE="margin: 0pt"></P><TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 99%; border-collapse: collapse; margin-left: 7.1pt"><TR STYLE="vertical-align: top"><TD STYLE="width: 100%; border-bottom: Black 1pt solid; font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: -2.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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: 0pt"></P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 43.1pt; text-align: justify"><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&rsquo;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="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 43.1pt; text-align: justify"><B><I>Other Credit Parties Indebtedness</I></B>
means any Indebtedness of the Borrower or any Guarantor (other than Indebtedness under the Credit Documents) owed to a Lender.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 43.1pt; text-align: justify"><B><I>Other Taxes</I></B> has
the meaning ascribed to it in Section 8.2.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 43.1pt; text-align: justify"><B><I>Participac&otilde;es</I></B>
- See Preamble.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 43.1pt; text-align: justify"><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="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 43.1pt; text-align: justify"><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="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 43.1pt; text-align: justify"><FONT STYLE="font-size: 12pt"><B><I>PLATTS
Settlement Price</I></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 &ldquo;prior
settle&rdquo; column of the page entitled Chicago Ethanol (Platts) Futures Quotes which can be found at the following internet
address: </FONT><U>http://www.cmegroup.com/trading/energy/ethanol/chicago-ethanol-platts-swap.html</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 43.1pt; text-align: justify"><B><I>Principal Repayment
Date </I></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="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 43.1pt; text-align: justify"><B><I>Process Agent</I></B>
has the meaning ascribed to it in Section 11.8(b).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 43.1pt; text-align: justify"><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="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 43.1pt; text-align: justify"><B><I>Reais, Brazilian Reais
</I></B>and the designation <B><I>R$</I></B> each means the lawful currency of Brazil.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 0pt"><P STYLE="margin: 0pt"></P><TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 99%; border-collapse: collapse; margin-left: 7.1pt"><TR STYLE="vertical-align: top"><TD STYLE="width: 100%; border-bottom: Black 1pt solid; font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: -2.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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: 0pt"></P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 43.1pt; text-align: justify"><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="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 43.1pt; text-align: justify"><B><I>Register</I></B> has the
meaning ascribed thereto in Section 11.1(d).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 43.1pt; text-align: justify"><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="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 43.1pt; text-align: justify"><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="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 43.1pt; text-align: justify"><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="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 42.5pt; text-align: justify"><B><I>Restricted Payment</I></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="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 42.5pt; text-align: justify"><B><I>ROF</I></B> has the meaning
ascribed thereto in Section 4.1(d).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 43.1pt; text-align: justify"><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="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 43.1pt; text-align: justify"><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="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 43.1pt; text-align: justify"><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="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 43.1pt; text-align: justify"><B><I>Schedule of Payments</I></B>
has the meaning ascribed thereto in Section 5(p).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 0pt"><P STYLE="margin: 0pt"></P><TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 99%; border-collapse: collapse; margin-left: 7.1pt"><TR STYLE="vertical-align: top"><TD STYLE="width: 100%; border-bottom: Black 1pt solid; font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: -2.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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: 0pt"></P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 43.1pt; text-align: justify"><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="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 43.1pt; text-align: justify"><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="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 43.1pt; text-align: justify"><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="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 43.1pt; text-align: justify"><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="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 43.1pt; text-align: justify"><B><I>Taxes</I></B> has the
meaning ascribed to it in Section 8.1(a).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 43.1pt; text-align: justify"><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="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 43.1pt; text-align: justify"><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="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 43.1pt; text-align: justify"><B><I>Ultra-High Risk Country</I></B>
means any of Cuba, Iran, North Korea, Myanmar, Sudan or Syria (and collectively, the &ldquo;<B>Ultra-High Risk Countries</B>&rdquo;)
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="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 43.1pt; text-align: justify"><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="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 43.1pt; text-align: justify"><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</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 0pt"><P STYLE="margin: 0pt"></P><TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 99%; border-collapse: collapse; margin-left: 7.1pt"><TR STYLE="vertical-align: top"><TD STYLE="width: 100%; border-bottom: Black 1pt solid; font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: -2.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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: 0pt"></P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 43.1pt">Credit Documents are from sources within the United
States for U.S. federal income tax purposes.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0in; text-indent: 0in"><FONT STYLE="font-size: 12pt">1.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>O</B></FONT><B><FONT STYLE="font-size: 9.5pt">THER </FONT><FONT STYLE="font-size: 12pt">D</FONT><FONT STYLE="font-size: 9.5pt">EFINITIONAL
</FONT><FONT STYLE="font-size: 12pt">P</FONT><FONT STYLE="font-size: 9.5pt">ROVISIONS</FONT><FONT STYLE="font-size: 12pt">. </FONT></B><FONT STYLE="font-size: 12pt">In
each Credit Document, unless otherwise indicated:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 43.1pt; text-align: justify; text-indent: 1in">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
term &ldquo;including&rdquo; is not limiting and means &ldquo;including without limitation&rdquo;.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 43.1pt; text-align: justify; text-indent: 1in">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
words &ldquo;hereof&rdquo;, &ldquo;herein&rdquo; and &ldquo;hereunder&rdquo; 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="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 43.1pt; text-align: justify; text-indent: 1in">(c)&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="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 43.1pt; text-align: justify; text-indent: 1in">(d)&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="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 43.1pt; text-align: justify; text-indent: 1in">(e)&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="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 43.1pt; text-align: justify; text-indent: 1in">(f)&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 &ldquo;from&rdquo;
means &ldquo;from and including&rdquo; and the words &ldquo;to&rdquo; and &ldquo;until&rdquo; each mean &ldquo;to but excluding&rdquo;.
Periods of days referred to shall be counted in calendar days unless Business Days are expressly presented.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 43.1pt; text-align: justify; text-indent: 1in">(g)&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="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 43.1pt; text-align: justify; text-indent: 1in">(h)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A
Default or an Event of Default is &ldquo;continuing&rdquo; if it has not been remedied or waived.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 0pt"><P STYLE="margin: 0pt"></P><TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 99%; border-collapse: collapse; margin-left: 7.1pt"><TR STYLE="vertical-align: top"><TD STYLE="width: 100%; border-bottom: Black 1pt solid; font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: -2.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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: 0pt"></P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 7.15pt"></TD><TD STYLE="width: 35.85pt; text-align: left"><B>2.</B></TD><TD><B>THE LOANS.</B></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 43pt"></TD><TD STYLE="width: 35.85pt; text-align: left"><FONT STYLE="font-size: 12pt">2.1</FONT></TD><TD><FONT STYLE="font-size: 12pt"><B>C</B></FONT><B><FONT STYLE="font-size: 9.5pt">OMMITMENTS</FONT><FONT STYLE="font-size: 12pt">;
T</FONT><FONT STYLE="font-size: 9.5pt">HE</FONT> <FONT STYLE="font-size: 12pt">L</FONT><FONT STYLE="font-size: 9.5pt">OANS</FONT><FONT STYLE="font-size: 12pt">.</FONT></B></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 79.1pt"></TD><TD STYLE="width: 36pt">(a)</TD><TD STYLE="text-align: justify">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 &ldquo;<B>Loan</B>&rdquo; and collectively, the &ldquo;<B>Loans</B>&rdquo;) 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&rsquo;s Loans exceed its Commitment. Amounts prepaid or repaid in respect of the Loans shall
not be reborrowed.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 79.1pt"></TD><TD STYLE="width: 36pt">(b)</TD><TD STYLE="text-align: justify">The Commitments, unless sooner terminated pursuant to the other terms of this Agreement, shall
be automatically terminated at the Administrative Agent&rsquo;s close of business on the last day of the Availability Period. The
Commitments once terminated may not be reinstated.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 79.1pt"></TD><TD STYLE="width: 36pt"><FONT STYLE="font-size: 12pt">(c)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 12pt">The Borrower shall pay to the Administrative Agent for distribution
to the Lenders, pro rata to each Lender&rsquo;s Commitment, a commitment fee (the &ldquo;<B>Commitment Fee</B>&rdquo;), 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><FONT STYLE="font-size: 8pt">st</FONT><FONT STYLE="font-size: 12pt">)
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="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 43pt"></TD><TD STYLE="width: 35.85pt; text-align: left"><FONT STYLE="font-size: 12pt">2.2</FONT></TD><TD><FONT STYLE="font-size: 12pt"><B>N</B></FONT><B><FONT STYLE="font-size: 9.5pt">OTICE
OF</FONT> <FONT STYLE="font-size: 12pt">D</FONT><FONT STYLE="font-size: 9.5pt">RAWDOWN</FONT><FONT STYLE="font-size: 12pt">; F</FONT><FONT STYLE="font-size: 9.5pt">UNDING
BY</FONT> <FONT STYLE="font-size: 12pt">L</FONT><FONT STYLE="font-size: 9.5pt">ENDERS</FONT><FONT STYLE="font-size: 12pt">.</FONT></B></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 79.1pt"></TD><TD STYLE="width: 36pt">(a)</TD><TD STYLE="text-align: justify">The Borrower shall make each Drawdown by giving a notice in the form of <U>Annex B</U> hereto (a
&ldquo;<B>Notice of Drawdown</B>&rdquo;) 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&rsquo;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.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 0pt"><P STYLE="margin: 0pt"></P><TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 99%; border-collapse: collapse; margin-left: 7.1pt"><TR STYLE="vertical-align: top"><TD STYLE="width: 100%; border-bottom: Black 1pt solid; font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: -2.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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: 0pt"></P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 115.1pt; text-align: justify">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&rsquo;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.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 79.1pt"></TD><TD STYLE="width: 36pt">(b)</TD><TD STYLE="text-align: justify">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&rsquo; 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).</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 79.1pt"></TD><TD STYLE="width: 36pt">(c)</TD><TD STYLE="text-align: justify">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&rsquo;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&rsquo;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</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 0pt"><P STYLE="margin: 0pt"></P><TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 99%; border-collapse: collapse; margin-left: 7.1pt"><TR STYLE="vertical-align: top"><TD STYLE="width: 100%; border-bottom: Black 1pt solid; font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: -2.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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: 0pt"></P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 115.1pt; text-align: justify">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&rsquo;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.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 79.1pt"></TD><TD STYLE="width: 36pt">(d)</TD><TD STYLE="text-align: justify">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 &ldquo;<I>Recebimento Antecipado
de Exporta&ccedil;&atilde;o</I>&rdquo; 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.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 43.1pt"></TD><TD STYLE="width: 36pt"><FONT STYLE="font-size: 12pt">2.3</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 12pt"><B>N</B></FONT><B><FONT STYLE="font-size: 9.5pt">OTES</FONT><FONT STYLE="font-size: 12pt">;
L</FONT><FONT STYLE="font-size: 9.5pt">ENDERS</FONT><FONT STYLE="font-size: 12pt">&rsquo; R</FONT><FONT STYLE="font-size: 9.5pt">ECORDS</FONT><FONT STYLE="font-size: 12pt">.
</FONT></B><FONT STYLE="font-size: 12pt">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&rsquo;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&rsquo;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>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<!-- Field: Page; Sequence: 23; Value: 2 -->
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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 0pt"><P STYLE="margin: 0pt"></P><TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 99%; border-collapse: collapse; margin-left: 7.1pt"><TR STYLE="vertical-align: top"><TD STYLE="width: 100%; border-bottom: Black 1pt solid; font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: -2.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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: 0pt"></P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 43.1pt"></TD><TD STYLE="width: 36pt"><FONT STYLE="font-size: 12pt">2.4</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 12pt"><B>L</B></FONT><B><FONT STYLE="font-size: 9.5pt">ENDING</FONT> <FONT STYLE="font-size: 12pt">O</FONT><FONT STYLE="font-size: 9.5pt">FFICES</FONT><FONT STYLE="font-size: 12pt">.</FONT></B><FONT STYLE="font-size: 12pt">
The Loans made by each Lender may be made from and maintained at such offices of such Lender or its Affiliates (each a &ldquo;<B>Lending
Office</B>&rdquo;) 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>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 43pt"></TD><TD STYLE="width: 35.85pt; text-align: left"><FONT STYLE="font-size: 12pt">2.5</FONT></TD><TD><FONT STYLE="font-size: 12pt"><B>I</B></FONT><B><FONT STYLE="font-size: 9.5pt">NTEREST
ON THE</FONT> <FONT STYLE="font-size: 12pt">L</FONT><FONT STYLE="font-size: 9.5pt">OANS</FONT><FONT STYLE="font-size: 12pt">.</FONT></B></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 79.1pt"></TD><TD STYLE="width: 36pt">(a)</TD><TD STYLE="text-align: justify">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.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 79.1pt"></TD><TD STYLE="width: 36pt">(b)</TD><TD STYLE="text-align: justify">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.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 43.1pt"></TD><TD STYLE="width: 36pt"><FONT STYLE="font-size: 12pt">2.6</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 12pt"><B>A</B></FONT><B><FONT STYLE="font-size: 9.5pt">LTERNATIVE</FONT>
<FONT STYLE="font-size: 12pt">I</FONT><FONT STYLE="font-size: 9.5pt">NTEREST</FONT> <FONT STYLE="font-size: 12pt">R</FONT><FONT STYLE="font-size: 9.5pt">ATE</FONT>
<FONT STYLE="font-size: 12pt">F</FONT><FONT STYLE="font-size: 9.5pt">OR</FONT> <FONT STYLE="font-size: 12pt">LIBO R</FONT><FONT STYLE="font-size: 9.5pt">ATE</FONT><FONT STYLE="font-size: 12pt">.</FONT></B><FONT STYLE="font-size: 12pt">
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</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<!-- Field: Page; Sequence: 24; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt; font: 9pt Times New Roman, Times, Serif">~ <!-- Field: Sequence; Type: Arabic; Name: PageNo -->23<!-- Field: /Sequence --> ~</P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 0pt"><P STYLE="margin: 0pt"></P><TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 99%; border-collapse: collapse; margin-left: 7.1pt"><TR STYLE="vertical-align: top"><TD STYLE="width: 100%; border-bottom: Black 1pt solid; font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: -2.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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: 0pt"></P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 79.1pt; text-align: justify">the LIBO Rate in calculating
the interest rate applicable to the Loans for such Interest Period. Any Alternative Rate applied pursuant to this Section</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 79.1pt; text-align: justify">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.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 43.1pt"></TD><TD STYLE="width: 36pt"><FONT STYLE="font-size: 12pt">2.7</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 12pt"><B>L</B></FONT><B><FONT STYLE="font-size: 9.5pt">ATE</FONT> <FONT STYLE="font-size: 12pt">P</FONT><FONT STYLE="font-size: 9.5pt">AYMENT</FONT><FONT STYLE="font-size: 12pt">.</FONT></B><FONT STYLE="font-size: 12pt">
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="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 43pt"></TD><TD STYLE="width: 35.85pt; text-align: left"><FONT STYLE="font-size: 12pt">2.8</FONT></TD><TD><FONT STYLE="font-size: 12pt"><B>C</B></FONT><B><FONT STYLE="font-size: 9.5pt">APITAL
</FONT><FONT STYLE="font-size: 12pt">A</FONT><FONT STYLE="font-size: 9.5pt">DEQUACY</FONT><FONT STYLE="font-size: 12pt">.</FONT></B></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 78pt"></TD><TD STYLE="width: 35.4pt">(a)</TD><TD STYLE="text-align: justify">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&rsquo;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&rsquo;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&rsquo;s capital such Lender would have received if such Change in Law had not occurred.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 78pt"></TD><TD STYLE="width: 35.4pt">(b)</TD><TD STYLE="text-align: justify">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.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 79.1pt"></TD><TD STYLE="width: 36pt">(c)</TD><TD STYLE="text-align: justify">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</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<!-- Field: Page; Sequence: 25; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt; font: 9pt Times New Roman, Times, Serif">~ <!-- Field: Sequence; Type: Arabic; Name: PageNo -->24<!-- Field: /Sequence --> ~</P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 0pt"><P STYLE="margin: 0pt"></P><TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 99%; border-collapse: collapse; margin-left: 7.1pt"><TR STYLE="vertical-align: top"><TD STYLE="width: 100%; border-bottom: Black 1pt solid; font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: -2.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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: 0pt"></P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 115.1pt; text-align: justify">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&rsquo;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.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 43pt"></TD><TD STYLE="width: 35.85pt; text-align: left"><FONT STYLE="font-size: 12pt">2.9</FONT></TD><TD><FONT STYLE="font-size: 12pt"><B>S</B></FONT><B><FONT STYLE="font-size: 9.5pt">CHEDULED
</FONT><FONT STYLE="font-size: 12pt">R</FONT><FONT STYLE="font-size: 9.5pt">EPAYMENT</FONT><FONT STYLE="font-size: 12pt">; R</FONT><FONT STYLE="font-size: 9.5pt">EPAYMENT
</FONT><FONT STYLE="font-size: 12pt">M</FONT><FONT STYLE="font-size: 9.5pt">ECHANISM</FONT><FONT STYLE="font-size: 12pt">; C</FONT><FONT STYLE="font-size: 9.5pt">OLLATERAL
</FONT><FONT STYLE="font-size: 12pt">A</FONT><FONT STYLE="font-size: 9.5pt">GENT</FONT><FONT STYLE="font-size: 12pt">&rsquo;</FONT><FONT STYLE="font-size: 9.5pt">S
ACCOUNT</FONT><FONT STYLE="font-size: 12pt">.</FONT></B></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 78pt"></TD><TD STYLE="width: 35.4pt">(a)</TD><TD STYLE="text-align: justify">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.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 77.6pt"></TD><TD STYLE="width: 35.3pt">(b)</TD><TD STYLE="text-align: justify">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&rsquo;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 (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.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<!-- Field: Page; Sequence: 26; Value: 2 -->
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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 0pt"><P STYLE="margin: 0pt"></P><TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 99%; border-collapse: collapse; margin-left: 7.1pt"><TR STYLE="vertical-align: top"><TD STYLE="width: 100%; border-bottom: Black 1pt solid; font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: -2.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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: 0pt"></P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 78pt"></TD><TD STYLE="width: 35.4pt">(c)</TD><TD STYLE="text-align: justify">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.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 78pt"></TD><TD STYLE="width: 35.4pt">(d)</TD><TD STYLE="text-align: justify">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.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 78pt"></TD><TD STYLE="width: 35.4pt">(e)</TD><TD STYLE="text-align: justify">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.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 77.6pt"></TD><TD STYLE="width: 35.3pt">(f)</TD><TD STYLE="text-align: justify">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.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 43.1pt"></TD><TD STYLE="width: 36pt"><FONT STYLE="font-size: 12pt">2.10</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 12pt"><B>M</B></FONT><B><FONT STYLE="font-size: 9.5pt">ETHOD AND </FONT>
<FONT STYLE="font-size: 12pt">A</FONT><FONT STYLE="font-size: 9.5pt">PPLICATION OF </FONT> <FONT STYLE="font-size: 12pt">P</FONT><FONT STYLE="font-size: 9.5pt">AYMENT</FONT><FONT STYLE="font-size: 12pt">.
</FONT></B><FONT STYLE="font-size: 12pt"> 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</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<!-- Field: Page; Sequence: 27; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt; font: 9pt Times New Roman, Times, Serif">~ <!-- Field: Sequence; Type: Arabic; Name: PageNo -->26<!-- Field: /Sequence --> ~</P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 0pt"><P STYLE="margin: 0pt"></P><TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 99%; border-collapse: collapse; margin-left: 7.1pt"><TR STYLE="vertical-align: top"><TD STYLE="width: 100%; border-bottom: Black 1pt solid; font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: -2.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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: 0pt"></P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 79.1pt; text-align: justify">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&rsquo;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&rsquo;s Account pursuant 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&rsquo;s respective interest
of the then aggregate principal amount of the Loans owing to the Lenders.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 43.1pt"></TD><TD STYLE="width: 36pt"><FONT STYLE="font-size: 12pt">2.11</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 12pt"><B>I</B></FONT><B><FONT STYLE="font-size: 9.5pt">LLEGALITY</FONT><FONT STYLE="font-size: 12pt">.</FONT></B><FONT STYLE="font-size: 12pt">
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</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<!-- Field: Page; Sequence: 28; Value: 2 -->
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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 0pt"><P STYLE="margin: 0pt"></P><TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 99%; border-collapse: collapse; margin-left: 7.1pt"><TR STYLE="vertical-align: top"><TD STYLE="width: 100%; border-bottom: Black 1pt solid; font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: -2.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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: 0pt"></P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 79.1pt; text-align: justify">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&rsquo;s Commitment, then such Lender&rsquo;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.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 43pt"></TD><TD STYLE="width: 35.85pt; text-align: left"><FONT STYLE="font-size: 12pt">2.12</FONT></TD><TD><FONT STYLE="font-size: 12pt"><B>I</B></FONT><B><FONT STYLE="font-size: 9.5pt">NCREASED
</FONT><FONT STYLE="font-size: 12pt">C</FONT><FONT STYLE="font-size: 9.5pt">OSTS</FONT><FONT STYLE="font-size: 12pt">.</FONT></B></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 79.1pt"></TD><TD STYLE="width: 36pt">(a)</TD><TD STYLE="text-align: justify">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</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<!-- Field: Page; Sequence: 29; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt; font: 9pt Times New Roman, Times, Serif">~ <!-- Field: Sequence; Type: Arabic; Name: PageNo -->28<!-- Field: /Sequence --> ~</P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 0pt"><P STYLE="margin: 0pt"></P><TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 99%; border-collapse: collapse; margin-left: 7.1pt"><TR STYLE="vertical-align: top"><TD STYLE="width: 100%; border-bottom: Black 1pt solid; font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: -2.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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: 0pt"></P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 115.1pt; text-align: justify">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.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 79.1pt"></TD><TD STYLE="width: 36pt">(b)</TD><TD STYLE="text-align: justify">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&rsquo;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.</TD></TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 115.1pt; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 79.1pt"></TD><TD STYLE="width: 36pt">(c)</TD><TD STYLE="text-align: justify">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&rsquo;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.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 43.1pt"></TD><TD STYLE="width: 36pt"><FONT STYLE="font-size: 12pt">2.13</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 12pt"><B>I</B></FONT><B><FONT STYLE="font-size: 9.5pt">NDEMNITY</FONT></B><FONT STYLE="font-size: 12pt">.
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, &ldquo;loss, cost or reasonable expense&rdquo; 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</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<!-- Field: Page; Sequence: 30; Value: 2 -->
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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 0pt"><P STYLE="margin: 0pt"></P><TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 99%; border-collapse: collapse; margin-left: 7.1pt"><TR STYLE="vertical-align: top"><TD STYLE="width: 100%; border-bottom: Black 1pt solid; font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: -2.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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: 0pt"></P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 79.1pt; text-align: justify">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.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 43.1pt"></TD><TD STYLE="width: 36pt; text-align: left"><FONT STYLE="font-size: 12pt">2.14</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 12pt"><B>S</B></FONT><B><FONT STYLE="font-size: 9.5pt">HARING
OF</FONT> <FONT STYLE="font-size: 12pt">P</FONT><FONT STYLE="font-size: 9.5pt">AYMENTS</FONT><FONT STYLE="font-size: 12pt">, E</FONT><FONT STYLE="font-size: 9.5pt">TC</FONT><FONT STYLE="font-size: 12pt">.
</FONT></B><FONT STYLE="font-size: 12pt">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&rsquo;s ratable share (according to the proportion
of (a) the amount of such Lender&rsquo;s required repayment to (b) 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 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="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 43.1pt"></TD><TD STYLE="width: 36pt"><FONT STYLE="font-size: 12pt">2.15</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 12pt"><B>P</B></FONT><B><FONT STYLE="font-size: 9.5pt">REPAYMENT</FONT><FONT STYLE="font-size: 12pt">.</FONT></B><FONT STYLE="font-size: 12pt">
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</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<!-- Field: Page; Sequence: 31; Value: 2 -->
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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 0pt"><P STYLE="margin: 0pt"></P><TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 99%; border-collapse: collapse; margin-left: 7.1pt"><TR STYLE="vertical-align: top"><TD STYLE="width: 100%; border-bottom: Black 1pt solid; font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: -2.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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: 0pt"></P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 79.1pt; text-align: justify">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&rsquo; 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.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 79.1pt; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 7.05pt"></TD><TD STYLE="width: 35.3pt"><B>3</B>.</TD><TD STYLE="text-align: justify"><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:</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 43.1pt"></TD><TD STYLE="width: 36pt"><FONT STYLE="font-size: 12pt">(a)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 12pt"><B>C</B></FONT><B><FONT STYLE="font-size: 9.5pt">ORPORATE</FONT>
<FONT STYLE="font-size: 12pt">E</FONT><FONT STYLE="font-size: 9.5pt">XISTENCE</FONT><FONT STYLE="font-size: 12pt">.</FONT></B><FONT STYLE="font-size: 12pt">
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="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 43.1pt"></TD><TD STYLE="width: 36pt"><FONT STYLE="font-size: 12pt">(b)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 12pt"><B>N</B></FONT><B><FONT STYLE="font-size: 9.5pt">O</FONT> <FONT STYLE="font-size: 12pt">B</FONT><FONT STYLE="font-size: 9.5pt">REACH</FONT><FONT STYLE="font-size: 12pt">.</FONT></B><FONT STYLE="font-size: 12pt">
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</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<!-- Field: Page; Sequence: 32; Value: 2 -->
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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 0pt"><P STYLE="margin: 0pt"></P><TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 99%; border-collapse: collapse; margin-left: 7.1pt"><TR STYLE="vertical-align: top"><TD STYLE="width: 100%; border-bottom: Black 1pt solid; font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: -2.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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: 0pt"></P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 79.1pt; text-align: justify">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.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 43.1pt"></TD><TD STYLE="width: 36pt"><FONT STYLE="font-size: 12pt">(c)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 12pt"><B>A</B></FONT><B><FONT STYLE="font-size: 9.5pt">UTHORITY</FONT><FONT STYLE="font-size: 12pt">;
B</FONT><FONT STYLE="font-size: 9.5pt">INDING </FONT> <FONT STYLE="font-size: 12pt">E</FONT><FONT STYLE="font-size: 9.5pt">FFECT</FONT><FONT STYLE="font-size: 12pt">.</FONT></B><FONT STYLE="font-size: 12pt">
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="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 43.1pt"></TD><TD STYLE="width: 36pt"><FONT STYLE="font-size: 12pt">(d)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 12pt"><B>T</B></FONT><B><FONT STYLE="font-size: 9.5pt">AX </FONT> <FONT STYLE="font-size: 12pt">R</FONT><FONT STYLE="font-size: 9.5pt">ETURNS
AND </FONT> <FONT STYLE="font-size: 12pt">P</FONT><FONT STYLE="font-size: 9.5pt">AYMENTS</FONT><FONT STYLE="font-size: 12pt">.
</FONT></B><FONT STYLE="font-size: 12pt"> 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="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 43.1pt"></TD><TD STYLE="width: 36pt"><FONT STYLE="font-size: 12pt">(e)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 12pt"><B>L</B></FONT><B><FONT STYLE="font-size: 9.5pt">ITIGATION</FONT><FONT STYLE="font-size: 12pt">.</FONT></B><FONT STYLE="font-size: 12pt">
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="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 43pt"></TD><TD STYLE="width: 35.85pt; text-align: left"><FONT STYLE="font-size: 12pt">(f)</FONT></TD><TD><FONT STYLE="font-size: 12pt"><B>A</B></FONT><B><FONT STYLE="font-size: 9.5pt">BSENCE
OF</FONT> <FONT STYLE="font-size: 12pt">D</FONT><FONT STYLE="font-size: 9.5pt">EFAULTS</FONT><FONT STYLE="font-size: 12pt">.</FONT></B><FONT STYLE="font-size: 12pt">
No Default has occurred and is continuing.</FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 43.1pt"></TD><TD STYLE="width: 36pt"><FONT STYLE="font-size: 12pt">(g)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 12pt"><B>G</B></FONT><B><FONT STYLE="font-size: 9.5pt">OVERNMENTAL </FONT>
<FONT STYLE="font-size: 12pt">A</FONT><FONT STYLE="font-size: 9.5pt">PPROVALS</FONT><FONT STYLE="font-size: 12pt">. </FONT></B><FONT STYLE="font-size: 12pt">
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</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<!-- Field: Page; Sequence: 33; Value: 2 -->
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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 0pt"><P STYLE="margin: 0pt"></P><TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 99%; border-collapse: collapse; margin-left: 7.1pt"><TR STYLE="vertical-align: top"><TD STYLE="width: 100%; border-bottom: Black 1pt solid; font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: -2.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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: 0pt"></P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 79.1pt; text-align: justify">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.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 43.1pt"></TD><TD STYLE="width: 36pt"><FONT STYLE="font-size: 12pt">(h)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 12pt"><B>F</B></FONT><B><FONT STYLE="font-size: 9.5pt">INANCIAL</FONT>
<FONT STYLE="font-size: 12pt">C</FONT><FONT STYLE="font-size: 9.5pt">ONDITION</FONT><FONT STYLE="font-size: 12pt">.</FONT></B><FONT STYLE="font-size: 12pt">
The audited consolidated financial statements dated as of December 31, 2013 of the Borrower and each Guarantor (the &ldquo;<B>Financial
Statements</B>&rdquo;), 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="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 43.1pt"></TD><TD STYLE="width: 36pt"><FONT STYLE="font-size: 12pt">(i)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 12pt"><B>R</B></FONT><B><FONT STYLE="font-size: 9.5pt">ANKING</FONT><FONT STYLE="font-size: 12pt">.</FONT></B><FONT STYLE="font-size: 12pt">
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="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 43.1pt"></TD><TD STYLE="width: 36pt"><FONT STYLE="font-size: 12pt">(j)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 12pt"><B>C</B></FONT><B><FONT STYLE="font-size: 9.5pt">IVIL</FONT> <FONT STYLE="font-size: 12pt">L</FONT><FONT STYLE="font-size: 9.5pt">AW</FONT><FONT STYLE="font-size: 12pt">;
N</FONT><FONT STYLE="font-size: 9.5pt">O</FONT> <FONT STYLE="font-size: 12pt">I</FONT><FONT STYLE="font-size: 9.5pt">MMUNITY</FONT><FONT STYLE="font-size: 12pt">.
</FONT></B><FONT STYLE="font-size: 12pt">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,</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<!-- Field: Page; Sequence: 34; Value: 2 -->
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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 0pt"><P STYLE="margin: 0pt"></P><TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 99%; border-collapse: collapse; margin-left: 7.1pt"><TR STYLE="vertical-align: top"><TD STYLE="width: 100%; border-bottom: Black 1pt solid; font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: -2.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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: 0pt"></P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 79.1pt">attachment prior to judgment, attachment in aid of
execution, execution or otherwise) under the laws of any jurisdiction.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 43.1pt"></TD><TD STYLE="width: 36pt"><FONT STYLE="font-size: 12pt">(k)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 12pt"><B>S</B></FONT><B><FONT STYLE="font-size: 9.5pt">OLVENCY</FONT><FONT STYLE="font-size: 12pt">.
</FONT></B><FONT STYLE="font-size: 12pt"> 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 &ldquo;insolvent,&rdquo; as defined or used in any &ldquo;Applicable Law&rdquo;
(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. &ldquo;<B>Applicable Law</B>&rdquo; means
any Brazilian bankruptcy law and any other applicable law pertaining to fraudulent transfers, corporate debt reorganization (&ldquo;<I>recupera&ccedil;&atilde;o
judicial&rdquo;</I>) or acts voidable by creditors, as such law may be amended from time to time.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 43.1pt"></TD><TD STYLE="width: 36pt"><FONT STYLE="font-size: 12pt">(l)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 12pt"><B>C</B></FONT><B><FONT STYLE="font-size: 9.5pt">OMPLETENESS AND</FONT>
<FONT STYLE="font-size: 12pt">A</FONT><FONT STYLE="font-size: 9.5pt">CCURACY OF</FONT> <FONT STYLE="font-size: 12pt">I</FONT><FONT STYLE="font-size: 9.5pt">NFORMATION</FONT><FONT STYLE="font-size: 12pt">.</FONT></B><FONT STYLE="font-size: 12pt">
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 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="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 43.1pt"></TD><TD STYLE="width: 36pt"><FONT STYLE="font-size: 12pt">(m)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 12pt"><B>M</B></FONT><B><FONT STYLE="font-size: 9.5pt">ARGIN</FONT> <FONT STYLE="font-size: 12pt">S</FONT><FONT STYLE="font-size: 9.5pt">TOCK</FONT><FONT STYLE="font-size: 12pt">.</FONT></B><FONT STYLE="font-size: 12pt">
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="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 43.1pt"></TD><TD STYLE="width: 36pt"><FONT STYLE="font-size: 12pt">(n)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 12pt"><B>P</B></FONT><B><FONT STYLE="font-size: 9.5pt">ROPER </FONT> <FONT STYLE="font-size: 12pt">F</FONT><FONT STYLE="font-size: 9.5pt">ORM</FONT><FONT STYLE="font-size: 12pt">.</FONT></B><FONT STYLE="font-size: 12pt">
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,</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<!-- Field: Page; Sequence: 35; Value: 2 -->
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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 0pt"><P STYLE="margin: 0pt"></P><TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 99%; border-collapse: collapse; margin-left: 7.1pt"><TR STYLE="vertical-align: top"><TD STYLE="width: 100%; border-bottom: Black 1pt solid; font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: -2.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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: 0pt"></P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 79.1pt; text-align: justify">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.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 43.1pt"></TD><TD STYLE="width: 36pt"><FONT STYLE="font-size: 12pt">(o)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 12pt"><B>C</B></FONT><B><FONT STYLE="font-size: 9.5pt">HOICE OF</FONT>
<FONT STYLE="font-size: 12pt">L</FONT><FONT STYLE="font-size: 9.5pt">AW</FONT></B><FONT STYLE="font-size: 12pt">. 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></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 43.1pt"></TD><TD STYLE="width: 34.9pt"><FONT STYLE="font-size: 12pt">(p)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 12pt"><B>S</B></FONT><B><FONT STYLE="font-size: 9.5pt">ECURITY </FONT>
<FONT STYLE="font-size: 12pt">I</FONT><FONT STYLE="font-size: 9.5pt">NTERESTS</FONT></B><FONT STYLE="font-size: 12pt">. 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="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 43pt"></TD><TD STYLE="width: 35.85pt; text-align: left"><FONT STYLE="font-size: 12pt">(q)</FONT></TD><TD><FONT STYLE="font-size: 12pt"><B>E</B></FONT><B><FONT STYLE="font-size: 9.5pt">NVIRONMENTAL
</FONT> <FONT STYLE="font-size: 12pt">M</FONT><FONT STYLE="font-size: 9.5pt">ATTERS</FONT><FONT STYLE="font-size: 12pt">. </FONT></B><FONT STYLE="font-size: 12pt">
The Properties of the Borrower and the </FONT>Guarantors do not contain, and have not previously contained, Hazardous</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<!-- Field: Page; Sequence: 36; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt; font: 9pt Times New Roman, Times, Serif">~ <!-- Field: Sequence; Type: Arabic; Name: PageNo -->35<!-- Field: /Sequence --> ~</P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 0pt"><P STYLE="margin: 0pt"></P><TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 99%; border-collapse: collapse; margin-left: 7.1pt"><TR STYLE="vertical-align: top"><TD STYLE="width: 100%; border-bottom: Black 1pt solid; font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: -2.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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: 0pt"></P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 79.1pt; text-align: justify">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.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 43.1pt"></TD><TD STYLE="width: 36pt"><FONT STYLE="font-size: 12pt">(r)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 12pt"><B>A</B></FONT><B><FONT STYLE="font-size: 9.5pt">SSETS</FONT><FONT STYLE="font-size: 12pt">.</FONT></B><FONT STYLE="font-size: 12pt">
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="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 43.1pt"></TD><TD STYLE="width: 36pt"><FONT STYLE="font-size: 12pt">(s)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 12pt"><B>I</B></FONT><B><FONT STYLE="font-size: 9.5pt">NVESTMENT</FONT>
<FONT STYLE="font-size: 12pt">C</FONT><FONT STYLE="font-size: 9.5pt">OMPANY</FONT> <FONT STYLE="font-size: 12pt">A</FONT><FONT STYLE="font-size: 9.5pt">CT</FONT><FONT STYLE="font-size: 12pt">;
R</FONT><FONT STYLE="font-size: 9.5pt">EGULATORY</FONT> <FONT STYLE="font-size: 12pt">L</FONT><FONT STYLE="font-size: 9.5pt">IMITATIONS</FONT></B><FONT STYLE="font-size: 12pt">.
The Borrower is not (i) an &ldquo;investment company,&rdquo; 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="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 43.1pt"></TD><TD STYLE="width: 36pt"><FONT STYLE="font-size: 12pt">(t)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 12pt"><B>I</B></FONT><B><FONT STYLE="font-size: 9.5pt">NSURANCE</FONT><FONT STYLE="font-size: 12pt">.
</FONT></B><FONT STYLE="font-size: 12pt"> 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="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 43.1pt"></TD><TD STYLE="width: 36pt"><FONT STYLE="font-size: 12pt">(u)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 12pt"><B>W</B></FONT><B><FONT STYLE="font-size: 9.5pt">ITHHOLDING </FONT>
<FONT STYLE="font-size: 12pt">T</FONT><FONT STYLE="font-size: 9.5pt">AXES</FONT></B><FONT STYLE="font-size: 12pt">. 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</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<!-- Field: Page; Sequence: 37; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt; font: 9pt Times New Roman, Times, Serif">~ <!-- Field: Sequence; Type: Arabic; Name: PageNo -->36<!-- Field: /Sequence --> ~</P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 0pt"><P STYLE="margin: 0pt"></P><TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 99%; border-collapse: collapse; margin-left: 7.1pt"><TR STYLE="vertical-align: top"><TD STYLE="width: 100%; border-bottom: Black 1pt solid; font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: -2.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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: 0pt"></P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 79.1pt">delivery of this Agreement, any other Credit Document
or any other document required to be delivered hereunder or thereunder.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 43.1pt"></TD><TD STYLE="width: 36pt"><FONT STYLE="font-size: 12pt">(v)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 12pt"><B>U</B></FONT><B><FONT STYLE="font-size: 9.5pt">SE OF </FONT> <FONT STYLE="font-size: 12pt">P</FONT><FONT STYLE="font-size: 9.5pt">ROCEEDS</FONT><FONT STYLE="font-size: 12pt">.
</FONT></B><FONT STYLE="font-size: 12pt"> 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="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 43.1pt"></TD><TD STYLE="width: 36pt"><FONT STYLE="font-size: 12pt">(w)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 12pt"><B>A</B></FONT><B><FONT STYLE="font-size: 9.5pt">NTI</FONT><FONT STYLE="font-size: 12pt">-T</FONT><FONT STYLE="font-size: 9.5pt">ERRORISM
</FONT><FONT STYLE="font-size: 12pt">L</FONT><FONT STYLE="font-size: 9.5pt">AWS</FONT></B><FONT STYLE="font-size: 12pt">. 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="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 43pt"></TD><TD STYLE="width: 35.85pt; text-align: left">(x)</TD><TD><B>FATCA</B>. The Borrower is not a FATCA FFI or a U.S.
Tax Obligor.</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 43.1pt"></TD><TD STYLE="width: 36pt"><FONT STYLE="font-size: 12pt">(y)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 12pt"><B>U</B></FONT><B><FONT STYLE="font-size: 9.5pt">LTRA</FONT><FONT STYLE="font-size: 12pt">-H</FONT><FONT STYLE="font-size: 9.5pt">IGH</FONT>
<FONT STYLE="font-size: 12pt">R</FONT><FONT STYLE="font-size: 9.5pt">ISK</FONT> <FONT STYLE="font-size: 12pt">C</FONT><FONT STYLE="font-size: 9.5pt">OUNTRIES</FONT><FONT STYLE="font-size: 12pt">.</FONT></B><FONT STYLE="font-size: 12pt">
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="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 43.1pt"></TD><TD STYLE="width: 36pt"><FONT STYLE="font-size: 12pt">(z)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 12pt"><B>S</B></FONT><B><FONT STYLE="font-size: 9.5pt">UBSIDIARIES</FONT></B><FONT STYLE="font-size: 12pt">.
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="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 43.1pt"></TD><TD STYLE="width: 36pt"><FONT STYLE="font-size: 12pt">(aa)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 12pt"><B>F</B></FONT><B><FONT STYLE="font-size: 9.5pt">OREIGN</FONT> <FONT STYLE="font-size: 12pt">C</FONT><FONT STYLE="font-size: 9.5pt">ORRUPT</FONT>
<FONT STYLE="font-size: 12pt">P</FONT><FONT STYLE="font-size: 9.5pt">RACTICES</FONT></B><FONT STYLE="font-size: 12pt">. Neither
the Borrower, any Guarantor nor any of their respective Subsidiaries, nor any director, officer, or employee, nor, to the Borrower&rsquo;s
or any Guarantor&rsquo;s knowledge, any agent or representative of the Borrower, any Guarantor or any of their Subsidiaries,</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 0pt"><P STYLE="margin: 0pt"></P><TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 99%; border-collapse: collapse; margin-left: 7.1pt"><TR STYLE="vertical-align: top"><TD STYLE="width: 100%; border-bottom: Black 1pt solid; font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: -2.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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: 0pt"></P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 79.1pt; text-align: justify">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 &ldquo;government official&rdquo; (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.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 79.1pt; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 7.15pt"></TD><TD STYLE="width: 35.85pt; text-align: left"><B>4.</B></TD><TD><B>CONDITIONS OF THE LOANS.</B></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 43.1pt"></TD><TD STYLE="width: 36pt"><FONT STYLE="font-size: 12pt">4.1</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 12pt"><B>D</B></FONT><B><FONT STYLE="font-size: 9.5pt">OCUMENTS</FONT><FONT STYLE="font-size: 12pt">.</FONT></B><FONT STYLE="font-size: 12pt">
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="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 79.1pt"></TD><TD STYLE="width: 36pt"><FONT STYLE="font-size: 12pt">(a)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 12pt"><B>C</B></FONT><B><FONT STYLE="font-size: 9.5pt">REDIT</FONT> <FONT STYLE="font-size: 12pt">D</FONT><FONT STYLE="font-size: 9.5pt">OCUMENTS</FONT><FONT STYLE="font-size: 12pt">.</FONT></B><FONT STYLE="font-size: 12pt">
Each applicable Credit Document (including the Note issued to each Lender in an amount equivalent to 120% of such Lender&rsquo;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="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 79.1pt"></TD><TD STYLE="width: 36pt"><FONT STYLE="font-size: 12pt">(b)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 12pt"><B>C</B></FONT><B><FONT STYLE="font-size: 9.5pt">ORPORATE</FONT>
<FONT STYLE="font-size: 12pt">D</FONT><FONT STYLE="font-size: 9.5pt">OCUMENTS AND</FONT> <FONT STYLE="font-size: 12pt">A</FONT><FONT STYLE="font-size: 9.5pt">UTHORIZATIONS</FONT></B><FONT STYLE="font-size: 12pt">.
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="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<!-- Field: Page; Sequence: 39; Value: 2 -->
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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 0pt"><P STYLE="margin: 0pt"></P><TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 99%; border-collapse: collapse; margin-left: 7.1pt"><TR STYLE="vertical-align: top"><TD STYLE="width: 100%; border-bottom: Black 1pt solid; font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: -2.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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: 0pt"></P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 79.1pt"></TD><TD STYLE="width: 36pt"><FONT STYLE="font-size: 12pt">(c)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 12pt"><B>O</B></FONT><B><FONT STYLE="font-size: 9.5pt">FFICERS</FONT><FONT STYLE="font-size: 12pt">&rsquo;
C</FONT><FONT STYLE="font-size: 9.5pt">ERTIFICATE</FONT></B><FONT STYLE="font-size: 12pt">. A certificate of the Borrower and each
Guarantor, each substantially in the form of <U>Annex D</U> and <U>Annex 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="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 79.1pt"></TD><TD STYLE="width: 36pt"><FONT STYLE="font-size: 12pt">(d)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 12pt"><B>G</B></FONT><B><FONT STYLE="font-size: 9.5pt">OVERNMENTAL </FONT><FONT STYLE="font-size: 12pt">A</FONT><FONT STYLE="font-size: 9.5pt">ND</FONT>
<FONT STYLE="font-size: 12pt">T</FONT><FONT STYLE="font-size: 9.5pt">HIRD</FONT> <FONT STYLE="font-size: 12pt">P</FONT><FONT STYLE="font-size: 9.5pt">ARTY</FONT>
<FONT STYLE="font-size: 12pt">A</FONT><FONT STYLE="font-size: 9.5pt">PPROVALS</FONT></B><FONT STYLE="font-size: 12pt">. 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 &ldquo;<B>ROF</B>&rdquo;) of the Central Bank Data System (&ldquo;<B>SISBACEN</B>&rdquo;),
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="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 79.1pt"></TD><TD STYLE="width: 36pt"><FONT STYLE="font-size: 12pt">(e)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 12pt"><B>A</B></FONT><B><FONT STYLE="font-size: 9.5pt">PPOINTMENT OF </FONT>
<FONT STYLE="font-size: 12pt">P</FONT><FONT STYLE="font-size: 9.5pt">ROCESS</FONT> <FONT STYLE="font-size: 12pt">A</FONT><FONT STYLE="font-size: 9.5pt">GENT</FONT></B><FONT STYLE="font-size: 12pt">.
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="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 79.1pt"></TD><TD STYLE="width: 36pt"><FONT STYLE="font-size: 12pt">(f)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 12pt"><B>O</B></FONT><B><FONT STYLE="font-size: 9.5pt">PINIONS OF</FONT>
<FONT STYLE="font-size: 12pt">C</FONT><FONT STYLE="font-size: 9.5pt">OUNSEL</FONT><FONT STYLE="font-size: 12pt">.</FONT></B><FONT STYLE="font-size: 12pt">
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="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 79.1pt"></TD><TD STYLE="width: 36pt"><FONT STYLE="font-size: 12pt">(g)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 12pt"><B>R</B></FONT><B><FONT STYLE="font-size: 9.5pt">EGISTRATION</FONT><FONT STYLE="font-size: 12pt">.</FONT></B><FONT STYLE="font-size: 12pt">
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="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 79.1pt"></TD><TD STYLE="width: 36pt; text-align: left"><FONT STYLE="font-size: 12pt">(h)</FONT></TD><TD><FONT STYLE="font-size: 12pt"><B>F</B></FONT><B><FONT STYLE="font-size: 9.5pt">INANCIAL
</FONT><FONT STYLE="font-size: 12pt">S</FONT><FONT STYLE="font-size: 9.5pt">TATEMENTS</FONT><FONT STYLE="font-size: 12pt">.</FONT></B><FONT STYLE="font-size: 12pt">
A copy of the Financial Statements;</FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<!-- Field: Page; Sequence: 40; Value: 2 -->
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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 0pt"><P STYLE="margin: 0pt"></P><TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 99%; border-collapse: collapse; margin-left: 7.1pt"><TR STYLE="vertical-align: top"><TD STYLE="width: 100%; border-bottom: Black 1pt solid; font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: -2.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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: 0pt"></P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 79.1pt"></TD><TD STYLE="width: 36pt"><FONT STYLE="font-size: 12pt">(i)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 12pt"><B>G</B></FONT><B><FONT STYLE="font-size: 9.5pt">EOREFERENCING</FONT><FONT STYLE="font-size: 12pt">.
</FONT></B><FONT STYLE="font-size: 12pt">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="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 79.1pt"></TD><TD STYLE="width: 36pt"><FONT STYLE="font-size: 12pt">(j)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 12pt"><B>R</B></FONT><B><FONT STYLE="font-size: 9.5pt">EPORTS AND</FONT>
<FONT STYLE="font-size: 12pt">A</FONT><FONT STYLE="font-size: 9.5pt">PPRAISALS</FONT><FONT STYLE="font-size: 12pt">.</FONT></B><FONT STYLE="font-size: 12pt">
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="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 43.1pt"></TD><TD STYLE="width: 36pt"><FONT STYLE="font-size: 12pt">4.2</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 12pt"><B>O</B></FONT><B><FONT STYLE="font-size: 9.5pt">THER</FONT> <FONT STYLE="font-size: 12pt">C</FONT><FONT STYLE="font-size: 9.5pt">ONDITIONS</FONT><FONT STYLE="font-size: 12pt">.</FONT></B><FONT STYLE="font-size: 12pt">
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="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 79.1pt"></TD><TD STYLE="width: 36pt"><FONT STYLE="font-size: 12pt">(a)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 12pt"><B>R</B></FONT><B><FONT STYLE="font-size: 9.5pt">EPRESENTATIONS AND</FONT>
<FONT STYLE="font-size: 12pt">W</FONT><FONT STYLE="font-size: 9.5pt">ARRANTIES</FONT><FONT STYLE="font-size: 12pt">.</FONT></B><FONT STYLE="font-size: 12pt">
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="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 79.1pt"></TD><TD STYLE="width: 36pt"><FONT STYLE="font-size: 12pt">(b)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 12pt"><B>N</B></FONT><B><FONT STYLE="font-size: 9.5pt">O</FONT> <FONT STYLE="font-size: 12pt">P</FONT><FONT STYLE="font-size: 9.5pt">ROHIBITION</FONT><FONT STYLE="font-size: 12pt">.
</FONT></B><FONT STYLE="font-size: 12pt">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</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<!-- Field: Page; Sequence: 41; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt; font: 9pt Times New Roman, Times, Serif">~ <!-- Field: Sequence; Type: Arabic; Name: PageNo -->40<!-- Field: /Sequence --> ~</P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 0pt"><P STYLE="margin: 0pt"></P><TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 99%; border-collapse: collapse; margin-left: 7.1pt"><TR STYLE="vertical-align: top"><TD STYLE="width: 100%; border-bottom: Black 1pt solid; font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: -2.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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: 0pt"></P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 115.1pt">prevents the usage of the requested Loans as set
forth in Section 3(v)</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 115.1pt">hereof;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 79.1pt"></TD><TD STYLE="width: 36pt"><FONT STYLE="font-size: 12pt">(c)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 12pt"><B>N</B></FONT><B><FONT STYLE="font-size: 9.5pt">O</FONT> <FONT STYLE="font-size: 12pt">M</FONT><FONT STYLE="font-size: 9.5pt">ATERIAL
</FONT><FONT STYLE="font-size: 12pt">A</FONT><FONT STYLE="font-size: 9.5pt">DVERSE</FONT> <FONT STYLE="font-size: 12pt">E</FONT><FONT STYLE="font-size: 9.5pt">FFECT</FONT><FONT STYLE="font-size: 12pt">.</FONT></B><FONT STYLE="font-size: 12pt">
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="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 79.1pt"></TD><TD STYLE="width: 36pt"><FONT STYLE="font-size: 12pt">(d)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 12pt"><B>N</B></FONT><B><FONT STYLE="font-size: 9.5pt">O </FONT> <FONT STYLE="font-size: 12pt">D</FONT><FONT STYLE="font-size: 9.5pt">EFAULT</FONT><FONT STYLE="font-size: 12pt">.
</FONT></B><FONT STYLE="font-size: 12pt"> 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="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 79.1pt"></TD><TD STYLE="width: 36pt"><FONT STYLE="font-size: 12pt">(e)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 12pt"><B>N</B></FONT><B><FONT STYLE="font-size: 9.5pt">O</FONT> <FONT STYLE="font-size: 12pt">C</FONT><FONT STYLE="font-size: 9.5pt">ONFLICT</FONT></B><FONT STYLE="font-size: 12pt">.
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="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 79.1pt"></TD><TD STYLE="width: 36pt"><FONT STYLE="font-size: 12pt">(f)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 12pt"><B>R</B></FONT><B><FONT STYLE="font-size: 9.5pt">EQUIRED</FONT> <FONT STYLE="font-size: 12pt">F</FONT><FONT STYLE="font-size: 9.5pt">EES
AND</FONT> <FONT STYLE="font-size: 12pt">E</FONT><FONT STYLE="font-size: 9.5pt">XPENSES</FONT><FONT STYLE="font-size: 12pt">.</FONT></B><FONT STYLE="font-size: 12pt">
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&rsquo; 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="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 79.1pt"></TD><TD STYLE="width: 36pt"><FONT STYLE="font-size: 12pt">(g)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 12pt"><B>S</B></FONT><B><FONT STYLE="font-size: 9.5pt">ECURITY</FONT> <FONT STYLE="font-size: 12pt">I</FONT><FONT STYLE="font-size: 9.5pt">NTEREST</FONT></B><FONT STYLE="font-size: 12pt">.
(i) The Brazilian Collateral Agent shall have received from the Borrower evidence satisfactory to the Brazilian Collateral Agent
of the filing for registration (&ldquo;<I>protocolo</I>&rdquo;) 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="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


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    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt; font: 9pt Times New Roman, Times, Serif">~ <!-- Field: Sequence; Type: Arabic; Name: PageNo -->41<!-- Field: /Sequence --> ~</P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 0pt"><P STYLE="margin: 0pt"></P><TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 99%; border-collapse: collapse; margin-left: 7.1pt"><TR STYLE="vertical-align: top"><TD STYLE="width: 100%; border-bottom: Black 1pt solid; font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: -2.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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: 0pt"></P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 79.1pt"></TD><TD STYLE="width: 36pt"><FONT STYLE="font-size: 12pt">(h)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 12pt"><B>P</B></FONT><B><FONT STYLE="font-size: 9.5pt">ROCEEDINGS AND</FONT>
<FONT STYLE="font-size: 12pt">D</FONT><FONT STYLE="font-size: 9.5pt">OCUMENTS</FONT></B><FONT STYLE="font-size: 12pt">. 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="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 115.1pt; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 7.15pt"></TD><TD STYLE="width: 35.85pt"><B>5.</B></TD><TD><B>AFFIRMATIVE COVENANTS.</B> The Borrower and each Guarantor, jointly and severally, covenant and agree that so long as any
Obligation is outstanding:</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 43.1pt"></TD><TD STYLE="width: 36pt"><FONT STYLE="font-size: 12pt">(a)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 12pt"><B>F</B></FONT><B><FONT STYLE="font-size: 9.5pt">INANCIAL</FONT>
<FONT STYLE="font-size: 12pt">S</FONT><FONT STYLE="font-size: 9.5pt">TATEMENTS</FONT><FONT STYLE="font-size: 12pt">.</FONT></B><FONT STYLE="font-size: 12pt">
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="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 79.1pt"></TD><TD STYLE="width: 36pt">(i)</TD><TD STYLE="text-align: justify">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&rsquo;s unconsolidated and, if available, its consolidated balance sheet, (B) Participa&ccedil;&otilde;es&rsquo;
consolidated balance sheet, (C) Monte Alegre&rsquo;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) 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;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 79.1pt"></TD><TD STYLE="width: 36pt">(ii)</TD><TD STYLE="text-align: justify">As soon as available, and in any event not later than seventy-five (75) days after each fiscal
quarter, (A) the Borrower&rsquo;s unconsolidated and, if available, its consolidated balance sheet, (B) Participa&ccedil;&otilde;es&rsquo;
consolidated balance sheet and (C) Monte Alegre&rsquo;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</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<!-- Field: Page; Sequence: 43; Value: 2 -->
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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 0pt"><P STYLE="margin: 0pt"></P><TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 99%; border-collapse: collapse; margin-left: 7.1pt"><TR STYLE="vertical-align: top"><TD STYLE="width: 100%; border-bottom: Black 1pt solid; font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: -2.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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: 0pt"></P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 115.1pt">prepared in accordance with GAAP, duly certified
by its chief financial officers as having been prepared in accordance with GAAP;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 79.1pt"></TD><TD STYLE="width: 36pt">(iii)</TD><TD STYLE="text-align: justify">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</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 79.1pt"></TD><TD STYLE="width: 36pt; text-align: left">(iv)</TD><TD STYLE="text-align: justify">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.</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 43.1pt"></TD><TD STYLE="width: 36pt"><FONT STYLE="font-size: 12pt">(b)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 12pt"><B>A</B></FONT><B><FONT STYLE="font-size: 9.5pt">DDITIONAL</FONT>
<FONT STYLE="font-size: 12pt">I</FONT><FONT STYLE="font-size: 9.5pt">NFORMATION</FONT></B><FONT STYLE="font-size: 12pt">. 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="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 43.1pt"></TD><TD STYLE="width: 36pt; text-align: left"><FONT STYLE="font-size: 12pt">(c)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 12pt"><B>I</B></FONT><B><FONT STYLE="font-size: 9.5pt">NSPECTION</FONT><FONT STYLE="font-size: 12pt">.
</FONT></B><FONT STYLE="font-size: 12pt">It will (i) comply with all inspection provisions under the Collateral Monitoring Agreement
and (ii) permit any officers or employees</FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<!-- Field: Page; Sequence: 44; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt; font: 9pt Times New Roman, Times, Serif">~ <!-- Field: Sequence; Type: Arabic; Name: PageNo -->43<!-- Field: /Sequence --> ~</P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 0pt"><P STYLE="margin: 0pt"></P><TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 99%; border-collapse: collapse; margin-left: 7.1pt"><TR STYLE="vertical-align: top"><TD STYLE="width: 100%; border-bottom: Black 1pt solid; font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: -2.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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: 0pt"></P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 79.1pt; text-align: justify">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.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 43.15pt"></TD><TD STYLE="width: 35.85pt"><FONT STYLE="font-size: 12pt">(d)</FONT></TD><TD><FONT STYLE="font-size: 12pt"><B>C</B></FONT><B><FONT STYLE="font-size: 9.5pt">ORPORATE</FONT> <FONT STYLE="font-size: 12pt">E</FONT><FONT STYLE="font-size: 9.5pt">XISTENCE</FONT><FONT STYLE="font-size: 12pt">,
T</FONT><FONT STYLE="font-size: 9.5pt">AXES AND</FONT> <FONT STYLE="font-size: 12pt">M</FONT><FONT STYLE="font-size: 9.5pt">AINTENANCE
OF</FONT> <FONT STYLE="font-size: 12pt">P</FONT><FONT STYLE="font-size: 9.5pt">ROPERTIES</FONT><FONT STYLE="font-size: 12pt">.</FONT></B><FONT STYLE="font-size: 12pt">
It will:</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 79.1pt"></TD><TD STYLE="width: 36pt">(i)</TD><TD STYLE="text-align: justify">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;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 79.1pt"></TD><TD STYLE="width: 36pt">(ii)</TD><TD STYLE="text-align: justify">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</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 79.1pt"></TD><TD STYLE="width: 36pt">(iii)</TD><TD STYLE="text-align: justify">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.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<!-- Field: Page; Sequence: 45; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt; font: 9pt Times New Roman, Times, Serif">~ <!-- Field: Sequence; Type: Arabic; Name: PageNo -->44<!-- Field: /Sequence --> ~</P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 0pt"><P STYLE="margin: 0pt"></P><TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 99%; border-collapse: collapse; margin-left: 7.1pt"><TR STYLE="vertical-align: top"><TD STYLE="width: 100%; border-bottom: Black 1pt solid; font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: -2.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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: 0pt"></P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 43.1pt"></TD><TD STYLE="width: 36pt"><FONT STYLE="font-size: 12pt">(e)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 12pt"><B>C</B></FONT><B><FONT STYLE="font-size: 9.5pt">OMPLIANCE WITH </FONT>
<FONT STYLE="font-size: 12pt">L</FONT><FONT STYLE="font-size: 9.5pt">AWS</FONT><FONT STYLE="font-size: 12pt">; M</FONT><FONT STYLE="font-size: 9.5pt">AINTENANCE
OF </FONT> <FONT STYLE="font-size: 12pt">A</FONT><FONT STYLE="font-size: 9.5pt">PPROVALS</FONT></B><FONT STYLE="font-size: 12pt">.
(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="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 43.1pt"></TD><TD STYLE="width: 36pt"><FONT STYLE="font-size: 12pt">(f)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 12pt"><B>B</B></FONT><B><FONT STYLE="font-size: 9.5pt">OOKS AND</FONT>
<FONT STYLE="font-size: 12pt">R</FONT><FONT STYLE="font-size: 9.5pt">ECORDS</FONT><FONT STYLE="font-size: 12pt">.</FONT></B><FONT STYLE="font-size: 12pt">
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="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 43.1pt"></TD><TD STYLE="width: 36pt"><FONT STYLE="font-size: 12pt">(g)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 12pt"><B>I</B></FONT><B><FONT STYLE="font-size: 9.5pt">NSURANCE</FONT><FONT STYLE="font-size: 12pt">.</FONT></B><FONT STYLE="font-size: 12pt">
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="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 46.1pt"></TD><TD STYLE="width: 33pt"><FONT STYLE="font-size: 12pt">(h)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 12pt"><B>R</B></FONT><B><FONT STYLE="font-size: 9.5pt">ANKING</FONT><FONT STYLE="font-size: 12pt">.</FONT></B><FONT STYLE="font-size: 12pt">
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="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 43.1pt"></TD><TD STYLE="width: 36pt"><FONT STYLE="font-size: 12pt">(i)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 12pt"><B>S</B></FONT><B><FONT STYLE="font-size: 9.5pt">ECURITY </FONT>
<FONT STYLE="font-size: 12pt">I</FONT><FONT STYLE="font-size: 9.5pt">NTEREST</FONT><FONT STYLE="font-size: 12pt">. </FONT></B><FONT STYLE="font-size: 12pt">
(i) 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</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


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    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt; font: 9pt Times New Roman, Times, Serif">~ <!-- Field: Sequence; Type: Arabic; Name: PageNo -->45<!-- Field: /Sequence --> ~</P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 0pt"><P STYLE="margin: 0pt"></P><TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 99%; border-collapse: collapse; margin-left: 7.1pt"><TR STYLE="vertical-align: top"><TD STYLE="width: 100%; border-bottom: Black 1pt solid; font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: -2.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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: 0pt"></P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 79.1pt; text-align: justify">Properties known as <I>Dom
Fabricio</I> and <I>Nossa Senhora Aparecida </I>into first 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</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<!-- Field: Page; Sequence: 47; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt; font: 9pt Times New Roman, Times, Serif">~ <!-- Field: Sequence; Type: Arabic; Name: PageNo -->46<!-- Field: /Sequence --> ~</P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 0pt"><P STYLE="margin: 0pt"></P><TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 99%; border-collapse: collapse; margin-left: 7.1pt"><TR STYLE="vertical-align: top"><TD STYLE="width: 100%; border-bottom: Black 1pt solid; font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: -2.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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: 0pt"></P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 79.1pt; text-align: justify">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.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 43.1pt"></TD><TD STYLE="width: 36pt"><FONT STYLE="font-size: 12pt">(j)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 12pt"><B>F</B></FONT><B><FONT STYLE="font-size: 9.5pt">URTHER</FONT> <FONT STYLE="font-size: 12pt">A</FONT><FONT STYLE="font-size: 9.5pt">SSURANCES</FONT><FONT STYLE="font-size: 12pt">.</FONT></B><FONT STYLE="font-size: 12pt">
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="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 43.1pt"></TD><TD STYLE="width: 36pt"><FONT STYLE="font-size: 12pt">(k)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 12pt"><B>F</B></FONT><B><FONT STYLE="font-size: 9.5pt">INANCIAL</FONT>
<FONT STYLE="font-size: 12pt">C</FONT><FONT STYLE="font-size: 9.5pt">OVENANTS</FONT><FONT STYLE="font-size: 12pt">.</FONT></B><FONT STYLE="font-size: 12pt">
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="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 79.1pt"></TD><TD STYLE="width: 36pt">(i)</TD><TD STYLE="text-align: justify">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);</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 79.1pt"></TD><TD STYLE="width: 36pt">(ii)</TD><TD STYLE="text-align: justify">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</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 79.1pt"></TD><TD STYLE="width: 36pt">(iii)</TD><TD STYLE="text-align: justify">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</TD></TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 115.1pt">31, 2014).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 43.1pt"></TD><TD STYLE="width: 36pt; text-align: left"><FONT STYLE="font-size: 12pt">(l)</FONT></TD><TD><FONT STYLE="font-size: 12pt"><B>C</B></FONT><B><FONT STYLE="font-size: 9.5pt">OLLATERAL
</FONT><FONT STYLE="font-size: 12pt">C</FONT><FONT STYLE="font-size: 9.5pt">OVERAGE</FONT><FONT STYLE="font-size: 12pt">.</FONT></B><FONT STYLE="font-size: 12pt">
It will ensure that:</FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 79.1pt"></TD><TD STYLE="width: 36pt">(i)</TD><TD STYLE="text-align: justify">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 &ldquo;<B>Minimum Coverage Ratio</B>&rdquo;):</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<!-- Field: Page; Sequence: 48; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt; font: 9pt Times New Roman, Times, Serif">~ <!-- Field: Sequence; Type: Arabic; Name: PageNo -->47<!-- Field: /Sequence --> ~</P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 0pt"><P STYLE="margin: 0pt"></P><TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 99%; border-collapse: collapse; margin-left: 7.1pt"><TR STYLE="vertical-align: top"><TD STYLE="width: 100%; border-bottom: Black 1pt solid; font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: -2.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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: 0pt"></P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; width: 77%; border-collapse: collapse; margin-left: 115.1pt">
<TR STYLE="text-align: center; vertical-align: top">
    <TD COLSPAN="2" STYLE="border: black 1pt solid; padding-left: 0; padding-top: 2pt; padding-bottom: 2pt"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Period</B></FONT></TD>
    <TD ROWSPAN="2" STYLE="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; padding-left: 0; padding-top: 2pt; padding-bottom: 2pt; text-align: center; vertical-align: top">
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>Minimum</B></P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt"><B>Coverage Ratio</B></P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 0; text-align: center; padding-top: 2pt; padding-bottom: 2pt"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>From</B></FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-left: 0; text-align: center; padding-top: 2pt; padding-bottom: 2pt"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>To</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 33%; border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 0; padding-top: 2pt; padding-bottom: 2pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">First Drawdown</FONT></TD>
    <TD STYLE="width: 36%; border-bottom: black 1pt solid; border-right: black 1pt solid; padding-left: 0; padding-top: 2pt; padding-bottom: 2pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">December 31, 2015</FONT></TD>
    <TD STYLE="width: 31%; border-bottom: black 1pt solid; border-right: black 1pt solid; padding-left: 0; text-align: center; padding-top: 2pt; padding-bottom: 2pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">37%</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 0; padding-top: 2pt; padding-bottom: 2pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">January 1, 2016</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-left: 0; padding-top: 2pt; padding-bottom: 2pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">June 30, 2016</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-left: 0; text-align: center; padding-top: 2pt; padding-bottom: 2pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">67%</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 0; padding-top: 2pt; padding-bottom: 2pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">July 1, 2016</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-left: 0; padding-top: 2pt; padding-bottom: 2pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">September 30, 2016</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-left: 0; text-align: center; padding-top: 2pt; padding-bottom: 2pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">75%</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 0; padding-top: 2pt; padding-bottom: 2pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">October 1, 2016</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-left: 0; padding-top: 2pt; padding-bottom: 2pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">December 31, 2016</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-left: 0; text-align: center; padding-top: 2pt; padding-bottom: 2pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">84%</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 0; padding-top: 2pt; padding-bottom: 2pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">January 1, 2017</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-left: 0; padding-top: 2pt; padding-bottom: 2pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">June 30, 2017</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-left: 0; text-align: center; padding-top: 2pt; padding-bottom: 2pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">96%</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 0; padding-top: 2pt; padding-bottom: 2pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">July 1, 2017</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-left: 0; padding-top: 2pt; padding-bottom: 2pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">September 30, 2017</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-left: 0; text-align: center; padding-top: 2pt; padding-bottom: 2pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">112%</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 0; padding-top: 2pt; padding-bottom: 2pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">October 1, 2017</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-left: 0; padding-top: 2pt; padding-bottom: 2pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">December 31, 2017</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-left: 0; text-align: center; padding-top: 2pt; padding-bottom: 2pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">135%</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 0; padding-top: 2pt; padding-bottom: 2pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">January 1, 2018</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-left: 0; padding-top: 2pt; padding-bottom: 2pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">June 31, 2018</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-left: 0; text-align: center; padding-top: 2pt; padding-bottom: 2pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">169%</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 0; padding-top: 2pt; padding-bottom: 2pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">July 1, 2018</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-left: 0; padding-top: 2pt; padding-bottom: 2pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">September 30, 2018</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-left: 0; text-align: center; padding-top: 2pt; padding-bottom: 2pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">253%</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 0; padding-top: 2pt; padding-bottom: 2pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">October 1, 2018</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-left: 0; padding-top: 2pt; padding-bottom: 2pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">Full Repayment</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-left: 0; text-align: center; padding-top: 2pt; padding-bottom: 2pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">507%</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 115.1pt; text-align: justify">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 &ldquo;<B>Effective Coverage Ratio</B>&rdquo;), 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.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 79.1pt"></TD><TD STYLE="width: 36pt; text-align: left">(ii)</TD><TD STYLE="text-align: justify">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 in accordance with the terms of the respective Off-take Contract) (such amount being the &ldquo;<B>Collateral Amount</B>&rdquo;),
shall be equal to or greater than the Adjusted Repayment Amount, provided that if the Collateral</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


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    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt; font: 9pt Times New Roman, Times, Serif">~ <!-- Field: Sequence; Type: Arabic; Name: PageNo -->48<!-- Field: /Sequence --> ~</P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 0pt"><P STYLE="margin: 0pt"></P><TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 99%; border-collapse: collapse; margin-left: 7.1pt"><TR STYLE="vertical-align: top"><TD STYLE="width: 100%; border-bottom: Black 1pt solid; font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: -2.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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: 0pt"></P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 115.1pt; text-align: justify">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</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 79.1pt"></TD><TD STYLE="width: 36pt; text-align: left">(iii)</TD><TD STYLE="text-align: justify">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 &ldquo;<B>Export Contract
Collateral Amount</B>&rdquo;), 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.</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<!-- Field: Page; Sequence: 50; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt; font: 9pt Times New Roman, Times, Serif">~ <!-- Field: Sequence; Type: Arabic; Name: PageNo -->49<!-- Field: /Sequence --> ~</P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 0pt"><P STYLE="margin: 0pt"></P><TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 99%; border-collapse: collapse; margin-left: 7.1pt"><TR STYLE="vertical-align: top"><TD STYLE="width: 100%; border-bottom: Black 1pt solid; font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: -2.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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: 0pt"></P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 43.1pt"></TD><TD STYLE="width: 36pt"><FONT STYLE="font-size: 12pt">(m)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 12pt"><B>M</B></FONT><B><FONT STYLE="font-size: 9.5pt">ATERIAL </FONT><FONT STYLE="font-size: 12pt">C</FONT><FONT STYLE="font-size: 9.5pt">ONTRACTS</FONT><FONT STYLE="font-size: 12pt">.
</FONT></B><FONT STYLE="font-size: 12pt">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="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 43.1pt"></TD><TD STYLE="width: 36pt"><FONT STYLE="font-size: 12pt">(n)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 12pt"><B>E</B></FONT><B><FONT STYLE="font-size: 9.5pt">NVIRONMENTAL</FONT>
<FONT STYLE="font-size: 12pt">L</FONT><FONT STYLE="font-size: 9.5pt">AWS</FONT><FONT STYLE="font-size: 12pt">.</FONT></B><FONT STYLE="font-size: 12pt">
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="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 43.1pt"></TD><TD STYLE="width: 36pt"><FONT STYLE="font-size: 12pt">(o)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 12pt"><B>U</B></FONT><B><FONT STYLE="font-size: 9.5pt">SE OF </FONT> <FONT STYLE="font-size: 12pt">P</FONT><FONT STYLE="font-size: 9.5pt">ROCEEDS</FONT><FONT STYLE="font-size: 12pt">.
</FONT></B><FONT STYLE="font-size: 12pt"> 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="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 43.1pt"></TD><TD STYLE="width: 36pt"><FONT STYLE="font-size: 12pt">(p)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 12pt"><B>C</B></FONT><B><FONT STYLE="font-size: 9.5pt">ENTRAL</FONT> <FONT STYLE="font-size: 12pt">B</FONT><FONT STYLE="font-size: 9.5pt">ANK</FONT>
<FONT STYLE="font-size: 12pt">R</FONT><FONT STYLE="font-size: 9.5pt">EGISTRY</FONT><FONT STYLE="font-size: 12pt">. </FONT></B><FONT STYLE="font-size: 12pt">The
Borrower will ensure that the Schedule of Payments (<I>Esquema de Pagamento</I>) (&ldquo;<B>Schedule of Payments</B>&rdquo;) 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="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 43.1pt"></TD><TD STYLE="width: 36pt"><FONT STYLE="font-size: 12pt">(q)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 12pt"><B>C</B></FONT><B><FONT STYLE="font-size: 9.5pt">OMPLIANCE WITH</FONT>
<FONT STYLE="font-size: 12pt">A</FONT><FONT STYLE="font-size: 9.5pt">NTI</FONT><FONT STYLE="font-size: 12pt">-T</FONT><FONT STYLE="font-size: 9.5pt">ERRORISM</FONT>
<FONT STYLE="font-size: 12pt">L</FONT><FONT STYLE="font-size: 9.5pt">AWS</FONT><FONT STYLE="font-size: 12pt">.</FONT></B><FONT STYLE="font-size: 12pt">
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</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 0pt"><P STYLE="margin: 0pt"></P><TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 99%; border-collapse: collapse; margin-left: 7.1pt"><TR STYLE="vertical-align: top"><TD STYLE="width: 100%; border-bottom: Black 1pt solid; font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: -2.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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: 0pt"></P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 79.1pt; text-align: justify">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 &ldquo;freezing&rdquo; and/or &ldquo;blocking&rdquo; 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&rsquo;s or any Lender&rsquo;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).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 43.1pt"></TD><TD STYLE="width: 36pt">(r)</TD><TD STYLE="text-align: justify"><B>FATCA.</B> The Borrower will ensure that it will not become a FATCA FFI or a U.S. Tax Obligor.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 43.1pt"></TD><TD STYLE="width: 36pt"><FONT STYLE="font-size: 12pt">(s)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 12pt"><B>U</B></FONT><B><FONT STYLE="font-size: 9.5pt">LTRA</FONT><FONT STYLE="font-size: 12pt">-H</FONT><FONT STYLE="font-size: 9.5pt">IGH</FONT>
<FONT STYLE="font-size: 12pt">R</FONT><FONT STYLE="font-size: 9.5pt">ISK</FONT> <FONT STYLE="font-size: 12pt">C</FONT><FONT STYLE="font-size: 9.5pt">OUNTRIES</FONT><FONT STYLE="font-size: 12pt">.</FONT></B><FONT STYLE="font-size: 12pt">
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="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 43.1pt"></TD><TD STYLE="width: 36pt; text-align: left"><FONT STYLE="font-size: 12pt">(t)</FONT></TD><TD><FONT STYLE="font-size: 12pt"><B>G</B></FONT><B><FONT STYLE="font-size: 9.5pt">EOREFERENCING</FONT><FONT STYLE="font-size: 12pt">.
</FONT></B><FONT STYLE="font-size: 12pt">The Borrower shall, and shall, as the case may be, cause Agropecu&aacute;ria to provide
to the Brazilian Collateral Agent at the Borrower&rsquo;s</FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 0pt"><P STYLE="margin: 0pt"></P><TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 99%; border-collapse: collapse; margin-left: 7.1pt"><TR STYLE="vertical-align: top"><TD STYLE="width: 100%; border-bottom: Black 1pt solid; font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: -2.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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: 0pt"></P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 79.1pt; text-align: justify">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 , 2001 and Decree nr. 4.449 of October 30, 2002, as amended by
Decree nr. 7.620 of November 21, 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.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 79.1pt; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 7.15pt"></TD><TD STYLE="width: 35.85pt"><B>6.</B></TD><TD><B>NEGATIVE COVENANTS. </B> The Borrower and each Guarantor, jointly and severally, agree that, so long as any Obligations
are outstanding, it will not:</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 43.1pt"></TD><TD STYLE="width: 36pt"><FONT STYLE="font-size: 12pt">(a)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 12pt"><B>T</B></FONT><B><FONT STYLE="font-size: 9.5pt">RANSACTIONS WITH</FONT>
<FONT STYLE="font-size: 12pt">A</FONT><FONT STYLE="font-size: 9.5pt">FFILIATES</FONT><FONT STYLE="font-size: 12pt">.</FONT></B><FONT STYLE="font-size: 12pt">
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&rsquo;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 &ldquo;arm&rsquo;s
length basis&rdquo;, and shall not exceed US$ 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&rsquo;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="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 43.1pt"></TD><TD STYLE="width: 36pt"><FONT STYLE="font-size: 12pt">(b)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 12pt"><B>M</B></FONT><B><FONT STYLE="font-size: 9.5pt">ERGERS</FONT><FONT STYLE="font-size: 12pt">,
C</FONT><FONT STYLE="font-size: 9.5pt">ORPORATE</FONT> <FONT STYLE="font-size: 12pt">R</FONT><FONT STYLE="font-size: 9.5pt">EORGANIZATION</FONT><FONT STYLE="font-size: 12pt">.</FONT></B><FONT STYLE="font-size: 12pt">
(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</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 0pt"><P STYLE="margin: 0pt"></P><TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 99%; border-collapse: collapse; margin-left: 7.1pt"><TR STYLE="vertical-align: top"><TD STYLE="width: 100%; border-bottom: Black 1pt solid; font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: -2.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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: 0pt"></P></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 79.1pt; text-align: justify">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.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 43.1pt"></TD><TD STYLE="width: 36pt"><FONT STYLE="font-size: 12pt">(c)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 12pt"><B>D</B></FONT><B><FONT STYLE="font-size: 9.5pt">ISPOSITION OF </FONT>
<FONT STYLE="font-size: 12pt">A</FONT><FONT STYLE="font-size: 9.5pt">SSETS</FONT><FONT STYLE="font-size: 12pt">. </FONT></B><FONT STYLE="font-size: 12pt">
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="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 43.1pt"></TD><TD STYLE="width: 34.9pt"><FONT STYLE="font-size: 12pt">(d)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 12pt"><B>C</B></FONT><B><FONT STYLE="font-size: 9.5pt">HANGE IN </FONT>
<FONT STYLE="font-size: 12pt">N</FONT><FONT STYLE="font-size: 9.5pt">ATURE OF </FONT> <FONT STYLE="font-size: 12pt">B</FONT><FONT STYLE="font-size: 9.5pt">USINESS</FONT><FONT STYLE="font-size: 12pt">;
G</FONT><FONT STYLE="font-size: 9.5pt">OVERNING </FONT> <FONT STYLE="font-size: 12pt">D</FONT><FONT STYLE="font-size: 9.5pt">OCUMENTS
</FONT> <FONT STYLE="font-size: 12pt">E</FONT><FONT STYLE="font-size: 9.5pt">TC</FONT><FONT STYLE="font-size: 12pt">. </FONT></B><FONT STYLE="font-size: 12pt">
(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>                                <TR STYLE="vertical-align: top">
<TD>&nbsp;</TD><TD>&nbsp;</TD><TD STYLE="text-align: justify">&nbsp;</TD></TR>
</TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 43.1pt"></TD><TD STYLE="width: 36pt"><FONT STYLE="font-size: 12pt">(e)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 12pt"><B>L</B></FONT><B><FONT STYLE="font-size: 9.5pt">IMIT ON </FONT>
<FONT STYLE="font-size: 12pt">A</FONT><FONT STYLE="font-size: 9.5pt">CCOUNTING </FONT> <FONT STYLE="font-size: 12pt">C</FONT><FONT STYLE="font-size: 9.5pt">HANGES</FONT><FONT STYLE="font-size: 12pt">.
</FONT></B><FONT STYLE="font-size: 12pt"> 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="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 43.1pt"></TD><TD STYLE="width: 36pt"><FONT STYLE="font-size: 12pt">(f)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 12pt"><B>L</B></FONT><B><FONT STYLE="font-size: 9.5pt">IENS</FONT><FONT STYLE="font-size: 12pt">.</FONT></B><FONT STYLE="font-size: 12pt">
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&rsquo;,
warehousemen&rsquo;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&rsquo; 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</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<!-- Field: Page; Sequence: 54; Value: 2 -->
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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 0pt"><P STYLE="margin: 0pt"></P><TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 99%; border-collapse: collapse; margin-left: 7.1pt"><TR STYLE="vertical-align: top"><TD STYLE="width: 100%; border-bottom: Black 1pt solid; font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: -2.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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: 0pt"></P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 79.1pt; text-align: justify">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.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 43.1pt"></TD><TD STYLE="width: 36pt"><FONT STYLE="font-size: 12pt">(g)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 12pt"><B>R</B></FONT><B><FONT STYLE="font-size: 9.5pt">ESTRICTED</FONT>
<FONT STYLE="font-size: 12pt">P</FONT><FONT STYLE="font-size: 9.5pt">AYMENTS</FONT><FONT STYLE="font-size: 12pt">.</FONT></B><FONT STYLE="font-size: 12pt">
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="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 79.1pt; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 7.15pt"></TD><TD STYLE="width: 35.85pt; text-align: left"><B>7.</B></TD><TD><B>EVENTS OF DEFAULT.</B> If:</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 43.1pt"></TD><TD STYLE="width: 18pt">(a)</TD><TD STYLE="text-align: justify">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</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 43.1pt"></TD><TD STYLE="width: 18pt">(b)</TD><TD STYLE="text-align: justify">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</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<!-- Field: Page; Sequence: 55; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt; font: 9pt Times New Roman, Times, Serif">~ <!-- Field: Sequence; Type: Arabic; Name: PageNo -->54<!-- Field: /Sequence --> ~</P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 0pt"><P STYLE="margin: 0pt"></P><TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 99%; border-collapse: collapse; margin-left: 7.1pt"><TR STYLE="vertical-align: top"><TD STYLE="width: 100%; border-bottom: Black 1pt solid; font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: -2.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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: 0pt"></P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 43.1pt"></TD><TD STYLE="width: 18pt">(c)</TD><TD STYLE="text-align: justify">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</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 43.1pt"></TD><TD STYLE="width: 18pt">(d)</TD><TD STYLE="text-align: justify">(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 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) 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</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 43.1pt"></TD><TD STYLE="width: 18pt">(e)</TD><TD STYLE="text-align: justify">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</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<!-- Field: Page; Sequence: 56; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt; font: 9pt Times New Roman, Times, Serif">~ <!-- Field: Sequence; Type: Arabic; Name: PageNo -->55<!-- Field: /Sequence --> ~</P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 0pt"><P STYLE="margin: 0pt"></P><TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 99%; border-collapse: collapse; margin-left: 7.1pt"><TR STYLE="vertical-align: top"><TD STYLE="width: 100%; border-bottom: Black 1pt solid; font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: -2.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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: 0pt"></P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 61.1pt; text-align: justify">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</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 43.1pt"></TD><TD STYLE="width: 18pt">(f)</TD><TD STYLE="text-align: justify">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</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 43.1pt"></TD><TD STYLE="width: 18pt">(g)</TD><TD STYLE="text-align: justify">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</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 43.1pt"></TD><TD STYLE="width: 18pt">(h)</TD><TD STYLE="text-align: justify">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</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<!-- Field: Page; Sequence: 57; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt; font: 9pt Times New Roman, Times, Serif">~ <!-- Field: Sequence; Type: Arabic; Name: PageNo -->56<!-- Field: /Sequence --> ~</P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 0pt"><P STYLE="margin: 0pt"></P><TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 99%; border-collapse: collapse; margin-left: 7.1pt"><TR STYLE="vertical-align: top"><TD STYLE="width: 100%; border-bottom: Black 1pt solid; font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: -2.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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: 0pt"></P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 61.1pt">any Security Agreement shall be contested by the
Borrower, any Guarantor or</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 61.1pt">Agropecu&aacute;ria; or</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 43.1pt"></TD><TD STYLE="width: 18pt; text-align: left">(i)</TD><TD>A Change of Control shall have occurred; or</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 43.1pt"></TD><TD STYLE="width: 18pt">(j)</TD><TD STYLE="text-align: justify">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</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 43.1pt"></TD><TD STYLE="width: 18pt">(k)</TD><TD STYLE="text-align: justify">(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</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 43.1pt"></TD><TD STYLE="width: 18pt">(l)</TD><TD STYLE="text-align: justify">Any event which has or may have a Material Adverse Effect shall have occurred,</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 43.1pt">thereupon and at any time thereafter and in every
such event (each an &ldquo;<B>Event of</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 43.1pt"><B>Default</B>&rdquo;),</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 79.1pt"></TD><TD STYLE="width: 36pt">(1)</TD><TD STYLE="text-align: justify">in the case of an Event of Default other than one specified in clause (f) of this Section 7, the
Administrative Agent (i) 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) 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</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<!-- Field: Page; Sequence: 58; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt; font: 9pt Times New Roman, Times, Serif">~ <!-- Field: Sequence; Type: Arabic; Name: PageNo -->57<!-- Field: /Sequence --> ~</P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 0pt"><P STYLE="margin: 0pt"></P><TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 99%; border-collapse: collapse; margin-left: 7.1pt"><TR STYLE="vertical-align: top"><TD STYLE="width: 100%; border-bottom: Black 1pt solid; font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: -2.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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: 0pt"></P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 115.1pt; text-align: justify">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</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 79.1pt"></TD><TD STYLE="width: 36pt">(2)</TD><TD STYLE="text-align: justify">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.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 78pt">The foregoing shall not limit the Lenders&rsquo; rights
to exercise any of their remedies under any of the other Credit Documents.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 78pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 7.15pt"></TD><TD STYLE="width: 35.85pt; text-align: left"><B>8.</B></TD><TD><B>TAXES</B></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 43pt"></TD><TD STYLE="width: 35.85pt; text-align: left"><FONT STYLE="font-size: 12pt">8.1</FONT></TD><TD><FONT STYLE="font-size: 12pt"><B>T</B></FONT><B><FONT STYLE="font-size: 9.5pt">AXES</FONT></B></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 79.1pt"></TD><TD STYLE="width: 34.3pt">(a)</TD><TD STYLE="text-align: justify">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) (&ldquo;<B>Taxes</B>&rdquo;).</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 79.1pt"></TD><TD STYLE="width: 34.3pt">(b)</TD><TD STYLE="text-align: justify">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</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<!-- Field: Page; Sequence: 59; Value: 2 -->
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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 0pt"><P STYLE="margin: 0pt"></P><TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 99%; border-collapse: collapse; margin-left: 7.1pt"><TR STYLE="vertical-align: top"><TD STYLE="width: 100%; border-bottom: Black 1pt solid; font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: -2.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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: 0pt"></P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 113.4pt; text-align: justify">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.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 79.1pt"></TD><TD STYLE="width: 34.3pt">(c)</TD><TD STYLE="text-align: justify">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.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 43.1pt"></TD><TD STYLE="width: 36pt"><FONT STYLE="font-size: 12pt">8.2</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 12pt"><B>O</B></FONT><B><FONT STYLE="font-size: 9.5pt">THER </FONT> <FONT STYLE="font-size: 12pt">T</FONT><FONT STYLE="font-size: 9.5pt">AXES</FONT><FONT STYLE="font-size: 12pt">.
</FONT></B><FONT STYLE="font-size: 12pt"> 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 (&ldquo;<B>Other Taxes</B>&rdquo;)
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="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 79.1pt; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 7.15pt"></TD><TD STYLE="width: 35.85pt; text-align: left"><B>9.</B></TD><TD><B>GUARANTEE</B></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 43.1pt"></TD><TD STYLE="width: 36pt"><FONT STYLE="font-size: 12pt">9.1.</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 12pt"><B>G</B></FONT><B><FONT STYLE="font-size: 9.5pt">UARANTY</FONT><FONT STYLE="font-size: 12pt">.</FONT></B><FONT STYLE="font-size: 12pt">
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</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<!-- Field: Page; Sequence: 60; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt; font: 9pt Times New Roman, Times, Serif">~ <!-- Field: Sequence; Type: Arabic; Name: PageNo -->59<!-- Field: /Sequence --> ~</P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 0pt"><P STYLE="margin: 0pt"></P><TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 99%; border-collapse: collapse; margin-left: 7.1pt"><TR STYLE="vertical-align: top"><TD STYLE="width: 100%; border-bottom: Black 1pt solid; font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: -2.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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: 0pt"></P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 79.1pt; text-align: justify">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 &ldquo;<B>Guaranteed
Obligations</B>&rdquo;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 43.1pt"></TD><TD STYLE="width: 36pt"><FONT STYLE="font-size: 12pt">9.2.</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 12pt"><B>G</B></FONT><B><FONT STYLE="font-size: 9.5pt">UARANTY</FONT> <FONT STYLE="font-size: 12pt">A</FONT><FONT STYLE="font-size: 9.5pt">BSOLUTE</FONT><FONT STYLE="font-size: 12pt">.</FONT></B><FONT STYLE="font-size: 12pt">
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="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 79.1pt"></TD><TD STYLE="width: 34.3pt; text-align: left">(a)</TD><TD STYLE="text-align: justify">any lack of validity or enforceability of this Agreement,
the Credit Documents, or any other agreement or instrument
relating thereto;</TD>
</TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 113.4pt"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 79.1pt"></TD><TD STYLE="width: 34.3pt">(b)</TD><TD STYLE="text-align: justify">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);</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 79.1pt"></TD><TD STYLE="width: 34.3pt">(c)</TD><TD STYLE="text-align: justify">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;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 79.1pt"></TD><TD STYLE="width: 34.3pt; text-align: left">(d)</TD><TD>any change of control of or ownership in the Borrower or
any Guarantor;</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 79.1pt"></TD><TD STYLE="width: 34.3pt">(e)</TD><TD STYLE="text-align: justify">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;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 79.1pt"></TD><TD STYLE="width: 34.3pt">(f)</TD><TD STYLE="text-align: justify">any acceptance of any partial payment(s) from the Borrower and/or any Guarantor; or</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 79.1pt"></TD><TD STYLE="width: 34.3pt">(g)</TD><TD STYLE="text-align: justify">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.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 79.1pt; text-align: justify">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.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 0pt"><P STYLE="margin: 0pt"></P><TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 99%; border-collapse: collapse; margin-left: 7.1pt"><TR STYLE="vertical-align: top"><TD STYLE="width: 100%; border-bottom: Black 1pt solid; font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: -2.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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: 0pt"></P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 43.1pt"></TD><TD STYLE="width: 36pt"><FONT STYLE="font-size: 12pt">9.3.</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 12pt"><B>E</B></FONT><B><FONT STYLE="font-size: 9.5pt">FFECTIVENESS</FONT><FONT STYLE="font-size: 12pt">,
E</FONT><FONT STYLE="font-size: 9.5pt">NFORCEMENT</FONT><FONT STYLE="font-size: 12pt">. </FONT></B><FONT STYLE="font-size: 12pt">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, &ldquo;<B>fraudulent transfer laws</B>&rdquo; means applicable Brazilian bankruptcy
and fraudulent transfer and conveyance statutes and the related case law.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 43.1pt"></TD><TD STYLE="width: 36pt"><FONT STYLE="font-size: 12pt">9.4.</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 12pt"><B>W</B></FONT><B><FONT STYLE="font-size: 9.5pt">AIVERS</FONT><FONT STYLE="font-size: 12pt">.</FONT></B><FONT STYLE="font-size: 12pt">
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</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 0pt"><P STYLE="margin: 0pt"></P><TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 99%; border-collapse: collapse; margin-left: 7.1pt"><TR STYLE="vertical-align: top"><TD STYLE="width: 100%; border-bottom: Black 1pt solid; font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: -2.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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: 0pt"></P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 79.1pt; text-align: justify">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.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 43.1pt"></TD><TD STYLE="width: 36pt"><FONT STYLE="font-size: 12pt">9.5.</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 12pt"><B>S</B></FONT><B><FONT STYLE="font-size: 9.5pt">UBORDINATION</FONT><FONT STYLE="font-size: 12pt">.</FONT></B><FONT STYLE="font-size: 12pt">
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="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 43.1pt"></TD><TD STYLE="width: 36pt"><FONT STYLE="font-size: 12pt">9.6</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 12pt"><B>N</B></FONT><B><FONT STYLE="font-size: 9.5pt">O</FONT> <FONT STYLE="font-size: 12pt">M</FONT><FONT STYLE="font-size: 9.5pt">ARSHALLING</FONT></B><FONT STYLE="font-size: 12pt">.
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&rsquo; and the Agents&rsquo; 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&rsquo; and/or the Agents&rsquo; rights under
this Section 9, under any of the other Credit Documents or any other agreement.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 43.1pt"></TD><TD STYLE="width: 36pt"><FONT STYLE="font-size: 12pt">9.7</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 12pt"><B>R</B></FONT><B><FONT STYLE="font-size: 9.5pt">EPRESENTATIONS AND
</FONT> <FONT STYLE="font-size: 12pt">W</FONT><FONT STYLE="font-size: 9.5pt">ARRANTIES</FONT><FONT STYLE="font-size: 12pt">. </FONT></B><FONT STYLE="font-size: 12pt">
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 &ldquo;reasonably
equivalent value&rdquo; and &ldquo;fair consideration&rdquo; as those terms are</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 0pt"><P STYLE="margin: 0pt"></P><TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 99%; border-collapse: collapse; margin-left: 7.1pt"><TR STYLE="vertical-align: top"><TD STYLE="width: 100%; border-bottom: Black 1pt solid; font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: -2.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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: 0pt"></P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 79.1pt; text-align: justify">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.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 43.1pt"></TD><TD STYLE="width: 36pt"><FONT STYLE="font-size: 12pt">9.8</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 12pt"><B>N</B></FONT><B><FONT STYLE="font-size: 9.5pt">ATURE OF </FONT>
<FONT STYLE="font-size: 12pt">G</FONT><FONT STYLE="font-size: 9.5pt">UARANTOR</FONT><FONT STYLE="font-size: 12pt">&rsquo;</FONT><FONT STYLE="font-size: 9.5pt">S
</FONT> <FONT STYLE="font-size: 12pt">O</FONT><FONT STYLE="font-size: 9.5pt">BLIGATIONS</FONT><FONT STYLE="font-size: 12pt">. </FONT></B><FONT STYLE="font-size: 12pt">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></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 43.1pt"></TD><TD STYLE="width: 36pt"><FONT STYLE="font-size: 12pt">9.9</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 12pt"><B>A</B></FONT><B><FONT STYLE="font-size: 9.5pt">DDITIONAL </FONT>
<FONT STYLE="font-size: 12pt">S</FONT><FONT STYLE="font-size: 9.5pt">ECURITY</FONT><FONT STYLE="font-size: 12pt">. </FONT></B><FONT STYLE="font-size: 12pt">
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></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 43.1pt"></TD><TD STYLE="width: 36pt"><FONT STYLE="font-size: 12pt">9.10</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 12pt"><B>E</B></FONT><B><FONT STYLE="font-size: 9.5pt">LECTION OF</FONT>
<FONT STYLE="font-size: 12pt">R</FONT><FONT STYLE="font-size: 9.5pt">EMEDIES</FONT><FONT STYLE="font-size: 12pt">.</FONT></B><FONT STYLE="font-size: 12pt">
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&rsquo;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></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 79.1pt; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 7.15pt"></TD><TD STYLE="width: 35.85pt; text-align: left"><B>10.</B></TD><TD><B>THE AGENTS; THE LEAD ARRANGERS</B></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 43.1pt"></TD><TD STYLE="width: 36pt"><FONT STYLE="font-size: 12pt">10.1</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 12pt"><B>A</B></FONT><B><FONT STYLE="font-size: 9.5pt">PPOINTMENT</FONT><FONT STYLE="font-size: 12pt">;
L</FONT><FONT STYLE="font-size: 9.5pt">IMITATION </FONT> <FONT STYLE="font-size: 12pt">O</FONT><FONT STYLE="font-size: 9.5pt">F
</FONT> <FONT STYLE="font-size: 12pt">L</FONT><FONT STYLE="font-size: 9.5pt">IABILITY</FONT><FONT STYLE="font-size: 12pt">. </FONT></B><FONT STYLE="font-size: 12pt">
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</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 0pt"><P STYLE="margin: 0pt"></P><TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 99%; border-collapse: collapse; margin-left: 7.1pt"><TR STYLE="vertical-align: top"><TD STYLE="width: 100%; border-bottom: Black 1pt solid; font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: -2.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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: 0pt"></P></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 79.1pt; text-align: justify">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. 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 &ldquo;agent&rdquo;
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.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 43.1pt"></TD><TD STYLE="width: 36pt"><FONT STYLE="font-size: 12pt">10.2</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 12pt"><B>D</B></FONT><B><FONT STYLE="font-size: 9.5pt">ELEGATION</FONT>
<FONT STYLE="font-size: 12pt">O</FONT><FONT STYLE="font-size: 9.5pt">F</FONT> <FONT STYLE="font-size: 12pt">D</FONT><FONT STYLE="font-size: 9.5pt">UTIES</FONT><FONT STYLE="font-size: 12pt">.</FONT></B><FONT STYLE="font-size: 12pt">
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</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 0pt"><P STYLE="margin: 0pt"></P><TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 99%; border-collapse: collapse; margin-left: 7.1pt"><TR STYLE="vertical-align: top"><TD STYLE="width: 100%; border-bottom: Black 1pt solid; font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: -2.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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: 0pt"></P></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 79.1pt; text-align: justify">responsible or liable for the
negligence or misconduct of attorneys-in-fact or agents selected by it with reasonable care.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 43.1pt"></TD><TD STYLE="width: 36pt"><FONT STYLE="font-size: 12pt">10.3</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 12pt"><B>N</B></FONT><B><FONT STYLE="font-size: 9.5pt">OTICE</FONT> <FONT STYLE="font-size: 12pt">O</FONT><FONT STYLE="font-size: 9.5pt">F</FONT>
<FONT STYLE="font-size: 12pt">D</FONT><FONT STYLE="font-size: 9.5pt">EFAULT</FONT><FONT STYLE="font-size: 12pt">.</FONT></B><FONT STYLE="font-size: 12pt">
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 &ldquo;notice of default.&rdquo; 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></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 43.1pt"></TD><TD STYLE="width: 36pt"><FONT STYLE="font-size: 12pt">10.4</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 12pt"><B>R</B></FONT><B><FONT STYLE="font-size: 9.5pt">ELIANCE OF</FONT>
<FONT STYLE="font-size: 12pt">A</FONT><FONT STYLE="font-size: 9.5pt">GENT</FONT><FONT STYLE="font-size: 12pt">, E</FONT><FONT STYLE="font-size: 9.5pt">TC</FONT><FONT STYLE="font-size: 12pt">.</FONT></B><FONT STYLE="font-size: 12pt">
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) 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) 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) makes no warranty or representation to any Lender and shall not be responsible to any Lender for</FONT></TD></TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 79.1pt; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 0pt"><P STYLE="margin: 0pt"></P><TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 99%; border-collapse: collapse; margin-left: 7.1pt"><TR STYLE="vertical-align: top"><TD STYLE="width: 100%; border-bottom: Black 1pt solid; font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: -2.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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: 0pt"></P></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 79.1pt; text-align: justify">any statements, warranties or
representations (whether written or oral) made in or in connection with the Credit Documents; (iv) 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) 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) 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.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 43.1pt"></TD><TD STYLE="width: 36pt"><FONT STYLE="font-size: 12pt">10.5</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 12pt"><B>A</B></FONT><B><FONT STYLE="font-size: 9.5pt">GENT AS A</FONT>
<FONT STYLE="font-size: 12pt">L</FONT><FONT STYLE="font-size: 9.5pt">ENDER</FONT><FONT STYLE="font-size: 12pt">; A</FONT><FONT STYLE="font-size: 9.5pt">GENTS
IN</FONT> <FONT STYLE="font-size: 12pt">I</FONT><FONT STYLE="font-size: 9.5pt">NDIVIDUAL</FONT> <FONT STYLE="font-size: 12pt">C</FONT><FONT STYLE="font-size: 9.5pt">APACITY</FONT><FONT STYLE="font-size: 12pt">.</FONT></B><FONT STYLE="font-size: 12pt">
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 &ldquo;Lender&rdquo; or &ldquo;Lenders&rdquo; 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&rsquo;s, any Guarantor&rsquo;s or Lender&rsquo;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></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 43.1pt"></TD><TD STYLE="width: 36pt"><FONT STYLE="font-size: 12pt">10.6</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 12pt"><B>L</B></FONT><B><FONT STYLE="font-size: 9.5pt">ENDER</FONT> <FONT STYLE="font-size: 12pt">C</FONT><FONT STYLE="font-size: 9.5pt">REDIT</FONT>
<FONT STYLE="font-size: 12pt">D</FONT><FONT STYLE="font-size: 9.5pt">ECISION</FONT><FONT STYLE="font-size: 12pt">.</FONT></B><FONT STYLE="font-size: 12pt">
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</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 0pt"><P STYLE="margin: 0pt"></P><TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 99%; border-collapse: collapse; margin-left: 7.1pt"><TR STYLE="vertical-align: top"><TD STYLE="width: 100%; border-bottom: Black 1pt solid; font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: -2.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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: 0pt"></P></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 79.1pt; text-align: justify">evaluation regarding the fulfillment
of the conditions precedent for disbursement of the Loans in accordance with the procedures set forth in Section 4 hereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 43.1pt"></TD><TD STYLE="width: 36pt"><FONT STYLE="font-size: 12pt">10.7</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 12pt"><B>I</B></FONT><B><FONT STYLE="font-size: 9.5pt">NDEMNIFICATION</FONT><FONT STYLE="font-size: 12pt">.</FONT></B><FONT STYLE="font-size: 12pt">
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 &ldquo;<B>Agent Indemnified Party</B>&rdquo;) (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 &ldquo;<B>Indemnified Costs</B>&rdquo;), <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&rsquo;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></TABLE>

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 0pt"><P STYLE="margin: 0pt"></P><TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 99%; border-collapse: collapse; margin-left: 7.1pt"><TR STYLE="vertical-align: top"><TD STYLE="width: 100%; border-bottom: Black 1pt solid; font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: -2.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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: 0pt"></P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 43.1pt"></TD><TD STYLE="width: 36pt"><FONT STYLE="font-size: 12pt">10.8</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 12pt"><B>S</B></FONT><B><FONT STYLE="font-size: 9.5pt">UCCESSOR</FONT><FONT STYLE="font-size: 12pt">.</FONT></B><FONT STYLE="font-size: 12pt">
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&rsquo;s giving of notice of resignation or the Lenders&rsquo; 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&rsquo;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></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 43.1pt"></TD><TD STYLE="width: 36pt"><FONT STYLE="font-size: 12pt">10.9</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 12pt"><B>D</B></FONT><B><FONT STYLE="font-size: 9.5pt">ETERMINATIONS </FONT>
<FONT STYLE="font-size: 12pt">P</FONT><FONT STYLE="font-size: 9.5pt">URSUANT TO </FONT> <FONT STYLE="font-size: 12pt">C</FONT><FONT STYLE="font-size: 9.5pt">REDIT
</FONT> <FONT STYLE="font-size: 12pt">D</FONT><FONT STYLE="font-size: 9.5pt">OCUMENTS</FONT></B><FONT STYLE="font-size: 12pt">.
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&rsquo;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></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 43.1pt"></TD><TD STYLE="width: 36pt"><FONT STYLE="font-size: 12pt">10.10</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 12pt"><B>T</B></FONT><B><FONT STYLE="font-size: 9.5pt">HE</FONT> <FONT STYLE="font-size: 12pt">L</FONT><FONT STYLE="font-size: 9.5pt">EAD</FONT>
<FONT STYLE="font-size: 12pt">A</FONT><FONT STYLE="font-size: 9.5pt">RRANGERS</FONT><FONT STYLE="font-size: 12pt">. </FONT></B><FONT STYLE="font-size: 12pt">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></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 43.1pt"></TD><TD STYLE="width: 36pt"><FONT STYLE="font-size: 12pt">10.11</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 12pt"><B>S</B></FONT><B><FONT STYLE="font-size: 9.5pt">TATEMENTS</FONT><FONT STYLE="font-size: 12pt">;
U</FONT><FONT STYLE="font-size: 9.5pt">SE OF </FONT> <FONT STYLE="font-size: 12pt">P</FONT><FONT STYLE="font-size: 9.5pt">ROCEEDS</FONT></B><FONT STYLE="font-size: 12pt">.
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</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<!-- Field: Page; Sequence: 69; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt; font: 9pt Times New Roman, Times, Serif">~ <!-- Field: Sequence; Type: Arabic; Name: PageNo -->68<!-- Field: /Sequence --> ~</P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 0pt"><P STYLE="margin: 0pt"></P><TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 99%; border-collapse: collapse; margin-left: 7.1pt"><TR STYLE="vertical-align: top"><TD STYLE="width: 100%; border-bottom: Black 1pt solid; font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: -2.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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: 0pt"></P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 79.1pt; text-align: justify">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.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 79.1pt; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 7.15pt"></TD><TD STYLE="width: 35.85pt; text-align: left"><B>11.</B></TD><TD><B>MISCELLANEOUS</B></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 43pt"></TD><TD STYLE="width: 35.85pt; text-align: left"><FONT STYLE="font-size: 12pt">11.1</FONT></TD><TD><FONT STYLE="font-size: 12pt"><B>A</B></FONT><B><FONT STYLE="font-size: 9.5pt">SSIGNMENTS</FONT><FONT STYLE="font-size: 12pt">/P</FONT><FONT STYLE="font-size: 9.5pt">ARTICIPATIONS
BY</FONT> <FONT STYLE="font-size: 12pt">L</FONT><FONT STYLE="font-size: 9.5pt">ENDERS</FONT></B></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 79.1pt"></TD><TD STYLE="width: 36pt">(a)</TD><TD STYLE="text-align: justify">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) 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&rsquo;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</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<!-- Field: Page; Sequence: 70; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt; font: 9pt Times New Roman, Times, Serif">~ <!-- Field: Sequence; Type: Arabic; Name: PageNo -->69<!-- Field: /Sequence --> ~</P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 0pt"><P STYLE="margin: 0pt"></P><TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 99%; border-collapse: collapse; margin-left: 7.1pt"><TR STYLE="vertical-align: top"><TD STYLE="width: 100%; border-bottom: Black 1pt solid; font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: -2.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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: 0pt"></P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 115.1pt; text-align: justify">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&rsquo;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.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 79.1pt"></TD><TD STYLE="width: 36pt">(b)</TD><TD STYLE="text-align: justify">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</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<!-- Field: Page; Sequence: 71; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt; font: 9pt Times New Roman, Times, Serif">~ <!-- Field: Sequence; Type: Arabic; Name: PageNo -->70<!-- Field: /Sequence --> ~</P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 0pt"><P STYLE="margin: 0pt"></P><TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 99%; border-collapse: collapse; margin-left: 7.1pt"><TR STYLE="vertical-align: top"><TD STYLE="width: 100%; border-bottom: Black 1pt solid; font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: -2.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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: 0pt"></P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 115.1pt">by the terms of any Credit Document and the documents
delivered in connection therewith are required to be performed by it as a Lender.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 79.1pt"></TD><TD STYLE="width: 36pt">(c)</TD><TD STYLE="text-align: justify">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 A</U> hereto.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 79.1pt"></TD><TD STYLE="width: 36pt">(d)</TD><TD STYLE="text-align: justify">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 &ldquo;<B>Register</B>&rdquo;). 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.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 79.1pt"></TD><TD STYLE="width: 36pt">(e)</TD><TD STYLE="text-align: justify">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&rsquo;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</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<!-- Field: Page; Sequence: 72; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt; font: 9pt Times New Roman, Times, Serif">~ <!-- Field: Sequence; Type: Arabic; Name: PageNo -->71<!-- Field: /Sequence --> ~</P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 0pt"><P STYLE="margin: 0pt"></P><TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 99%; border-collapse: collapse; margin-left: 7.1pt"><TR STYLE="vertical-align: top"><TD STYLE="width: 100%; border-bottom: Black 1pt solid; font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: -2.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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: 0pt"></P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 115.1pt; text-align: justify">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&rsquo;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.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 79.1pt"></TD><TD STYLE="width: 36pt">(f)</TD><TD STYLE="text-align: justify">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.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 43.1pt"></TD><TD STYLE="width: 36pt"><FONT STYLE="font-size: 12pt">11.2</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 12pt"><B>P</B></FONT><B><FONT STYLE="font-size: 9.5pt">ARTIES</FONT><FONT STYLE="font-size: 12pt">-</FONT><FONT STYLE="font-size: 9.5pt">IN</FONT><FONT STYLE="font-size: 12pt">-</FONT><FONT STYLE="font-size: 9.5pt">INTEREST</FONT><FONT STYLE="font-size: 12pt">;
B</FONT><FONT STYLE="font-size: 9.5pt">ORROWER</FONT><FONT STYLE="font-size: 12pt">/G</FONT><FONT STYLE="font-size: 9.5pt">UARANTOR</FONT>
<FONT STYLE="font-size: 12pt">A</FONT><FONT STYLE="font-size: 9.5pt">SSIGNMENT</FONT><FONT STYLE="font-size: 12pt">.</FONT></B><FONT STYLE="font-size: 12pt">
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="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 43.1pt"></TD><TD STYLE="width: 36pt; text-align: left"><FONT STYLE="font-size: 12pt">11.3</FONT></TD><TD><FONT STYLE="font-size: 12pt"><B>F</B></FONT><B><FONT STYLE="font-size: 9.5pt">EES
AND</FONT> <FONT STYLE="font-size: 12pt">E</FONT><FONT STYLE="font-size: 9.5pt">XPENSES</FONT><FONT STYLE="font-size: 12pt">.</FONT></B><FONT STYLE="font-size: 12pt">
The Borrower will pay:</FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 79.1pt"></TD><TD STYLE="width: 34.3pt">(a)</TD><TD STYLE="text-align: justify">on demand the fees (including reasonable attorneys&rsquo; 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;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<!-- Field: Page; Sequence: 73; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt; font: 9pt Times New Roman, Times, Serif">~ <!-- Field: Sequence; Type: Arabic; Name: PageNo -->72<!-- Field: /Sequence --> ~</P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 0pt"><P STYLE="margin: 0pt"></P><TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 99%; border-collapse: collapse; margin-left: 7.1pt"><TR STYLE="vertical-align: top"><TD STYLE="width: 100%; border-bottom: Black 1pt solid; font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: -2.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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: 0pt"></P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 79.1pt"></TD><TD STYLE="width: 34.3pt">(b)</TD><TD STYLE="text-align: justify">on demand, all out-of-pocket expenses (including reasonable attorneys&rsquo; 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;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 79.1pt"></TD><TD STYLE="width: 34.3pt">(c)</TD><TD STYLE="text-align: justify">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</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 79.1pt"></TD><TD STYLE="width: 34.3pt">(d)</TD><TD STYLE="text-align: justify">the fees due pursuant to the Fee Letter(s) at the times set forth therein.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 43.1pt"></TD><TD STYLE="width: 36pt"><FONT STYLE="font-size: 12pt">11.4</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 12pt"><B>R</B></FONT><B><FONT STYLE="font-size: 9.5pt">IGHT OF</FONT> <FONT STYLE="font-size: 12pt">S</FONT><FONT STYLE="font-size: 9.5pt">ET</FONT><FONT STYLE="font-size: 12pt">-O</FONT><FONT STYLE="font-size: 9.5pt">FF</FONT><FONT STYLE="font-size: 12pt">.</FONT></B><FONT STYLE="font-size: 12pt">
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. </FONT>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 STYLE="font-size: 12pt">.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 43.1pt"></TD><TD STYLE="width: 36pt"><FONT STYLE="font-size: 12pt">11.5</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 12pt"><B>S</B></FONT><B><FONT STYLE="font-size: 9.5pt">URVIVAL OF</FONT>
<FONT STYLE="font-size: 12pt">C</FONT><FONT STYLE="font-size: 9.5pt">OVENANTS</FONT><FONT STYLE="font-size: 12pt">.</FONT></B><FONT STYLE="font-size: 12pt">
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</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<!-- Field: Page; Sequence: 74; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt; font: 9pt Times New Roman, Times, Serif">~ <!-- Field: Sequence; Type: Arabic; Name: PageNo -->73<!-- Field: /Sequence --> ~</P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 0pt"><P STYLE="margin: 0pt"></P><TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 99%; border-collapse: collapse; margin-left: 7.1pt"><TR STYLE="vertical-align: top"><TD STYLE="width: 100%; border-bottom: Black 1pt solid; font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: -2.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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: 0pt"></P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 79.1pt; text-align: justify">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.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 43.1pt"></TD><TD STYLE="width: 36pt"><FONT STYLE="font-size: 12pt">11.6</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 12pt"><B>N</B></FONT><B><FONT STYLE="font-size: 9.5pt">OTICES</FONT><FONT STYLE="font-size: 12pt">.</FONT></B><FONT STYLE="font-size: 12pt">
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></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 79.1pt"></TD><TD STYLE="width: 36pt; text-align: left">(a)</TD><TD><I>if to the Borrower</I>:</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 115.1pt"><B>Adecoagro Vale do Ivinhema S.A.</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 115.1pt">Rua Iguatemi, 192, 12&ordm; andar, Itaim Bibi, S&atilde;o
Paulo, SP 01451-010, Brazil</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 115.1pt">Attention: Nicolas Schaeffter</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 115.1pt">Fax No. + 55 11 2678.5647</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 115.1pt">Phone: + 55 11 2678.5600</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 115.1pt">E-mail: <U>financeiro_spo@adecoagro.com</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 115.1pt">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>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 79.1pt"></TD><TD STYLE="width: 36pt; text-align: left">(b)</TD><TD><I>if to Participa&ccedil;&otilde;es</I>:</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 115.1pt"><B>Adecoagro Brasil Participa&ccedil;&otilde;es
S.A.</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 115.1pt">Rua Iguatemi, 192, 12&ordm; andar. Itaim Bibi, S&atilde;o
Paulo, SP 01451-010, Brazil</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 115.1pt">Attention: Nicolas Schaeffter</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 115.1pt">Fax No. + 55 11 2678.5647</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 115.1pt">Phone: + 55 11 2678.5600</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 115.1pt">E-mail: <U>financeiro_spo@adecoagro.com</U>;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 115.1pt">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>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 79.1pt"></TD><TD STYLE="width: 36pt; text-align: left">(c)</TD><TD><I>if to Monte Alegre</I>:</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 115.1pt"><B>Usina Monte Alegre Ltda.</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 115.1pt">Rua Iguatemi, 192, 12&ordm; andar, Itaim Bibi, S&atilde;o
Paulo, SP 01451-010, Brazil</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 115.1pt">Attention: Nicolas Schaeffter</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 115.1pt">Fax No. + 55 11 2678.5647</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 115.1pt">Phone: + 55 11 2678.5600</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 115.1pt">E-mail: <U>financeiro_spo@adecoagro.com</U>;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 115.1pt">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>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<!-- Field: Page; Sequence: 75; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt; font: 9pt Times New Roman, Times, Serif">~ <!-- Field: Sequence; Type: Arabic; Name: PageNo -->74<!-- Field: /Sequence --> ~</P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 0pt"><P STYLE="margin: 0pt"></P><TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 99%; border-collapse: collapse; margin-left: 7.1pt"><TR STYLE="vertical-align: top"><TD STYLE="width: 100%; border-bottom: Black 1pt solid; font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: -2.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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: 0pt"></P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 79.1pt"></TD><TD STYLE="width: 36pt; text-align: left">(d)</TD><TD><I>if to the Administrative Agent, the Collateral Agent
or the Brazilian Collateral Agent:</I></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 115.1pt; text-align: justify"><B>ING Bank N.V.</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 115.3pt; text-align: justify">c/o Av. Pres. Juscelino Kubitschek,
510 &ndash; 3<FONT STYLE="font-size: 7pt">o</FONT> andar</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 115.3pt; text-align: justify">S&atilde;o Paulo, SP 04543-000,
Brazil</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 115.3pt; text-align: justify">Tel.: +55-11-4504-6471/6282</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 115.3pt; text-align: justify">Fax: +55-11-4504-6302</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 115.3pt; text-align: justify">Attn: Alcides Santos/Katia
Garcia</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 115.1pt">e-mail: <U>alcides.santos@americas.ing.com / katia.garcia@americas.ing.com</U>
<FONT STYLE="font-size: 12pt">or at such other address for notice as the Administrative Agent, the Collateral Agent or the Brazilian
Collateral Agent, as the case may</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 115.1pt; text-align: justify">be, shall last have furnished
in writing to the Borrower, the</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 115.1pt; text-align: justify">Guarantors and each Lender;
or</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 79.1pt"></TD><TD STYLE="width: 36pt; text-align: left">(e)</TD><TD><I>if to a Lead Arranger:</I></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 115.1pt; 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>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 79.1pt"></TD><TD STYLE="width: 36pt; text-align: left">(f)</TD><TD><I>if to a Lender:</I></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 115.1pt; 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="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 115.1pt; 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</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<!-- Field: Page; Sequence: 76; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt; font: 9pt Times New Roman, Times, Serif">~ <!-- Field: Sequence; Type: Arabic; Name: PageNo -->75<!-- Field: /Sequence --> ~</P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 0pt"><P STYLE="margin: 0pt"></P><TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 99%; border-collapse: collapse; margin-left: 7.1pt"><TR STYLE="vertical-align: top"><TD STYLE="width: 100%; border-bottom: Black 1pt solid; font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: -2.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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: 0pt"></P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 115.1pt; text-align: justify">(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>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 43.1pt"></TD><TD STYLE="width: 36pt"><FONT STYLE="font-size: 12pt">11.7</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 12pt"><B>N</B></FONT><B><FONT STYLE="font-size: 9.5pt">EW</FONT> <FONT STYLE="font-size: 12pt">Y</FONT><FONT STYLE="font-size: 9.5pt">ORK</FONT>
<FONT STYLE="font-size: 12pt">L</FONT><FONT STYLE="font-size: 9.5pt">AW</FONT> <FONT STYLE="font-size: 12pt">C</FONT><FONT STYLE="font-size: 9.5pt">ONTRACT</FONT><FONT STYLE="font-size: 12pt">.</FONT></B><FONT STYLE="font-size: 12pt">
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="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 43.1pt"></TD><TD STYLE="width: 36pt; text-align: left"><FONT STYLE="font-size: 12pt">11.8</FONT></TD><TD><FONT STYLE="font-size: 12pt"><B>C</B></FONT><B><FONT STYLE="font-size: 9.5pt">ONSENT
TO</FONT> <FONT STYLE="font-size: 12pt">J</FONT><FONT STYLE="font-size: 9.5pt">URISDICTION</FONT><FONT STYLE="font-size: 12pt">.</FONT></B></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 79.1pt"></TD><TD STYLE="width: 34.55pt">(a)</TD><TD STYLE="text-align: justify">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.</TD></TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 79.1pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 79.1pt"></TD><TD STYLE="width: 34.55pt; text-align: left">(b)</TD><TD STYLE="text-align: justify">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 &ldquo;<B>Process Agent</B>&rdquo;) 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</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<!-- Field: Page; Sequence: 77; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt; font: 9pt Times New Roman, Times, Serif">~ <!-- Field: Sequence; Type: Arabic; Name: PageNo -->76<!-- Field: /Sequence --> ~</P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 0pt"><P STYLE="margin: 0pt"></P><TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 99%; border-collapse: collapse; margin-left: 7.1pt"><TR STYLE="vertical-align: top"><TD STYLE="width: 100%; border-bottom: Black 1pt solid; font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: -2.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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: 0pt"></P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 113.4pt; text-align: justify">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.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 79.1pt"></TD><TD STYLE="width: 34.3pt">(c)</TD><TD STYLE="text-align: justify">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.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 79.1pt"></TD><TD STYLE="width: 34.55pt">(d)</TD><TD STYLE="text-align: justify">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.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 79.1pt"></TD><TD STYLE="width: 34.3pt">(e)</TD><TD STYLE="text-align: justify">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.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 79.1pt"></TD><TD STYLE="width: 34.3pt">(f)</TD><TD STYLE="text-align: justify">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</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<!-- Field: Page; Sequence: 78; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt; font: 9pt Times New Roman, Times, Serif">~ <!-- Field: Sequence; Type: Arabic; Name: PageNo -->77<!-- Field: /Sequence --> ~</P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 0pt"><P STYLE="margin: 0pt"></P><TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 99%; border-collapse: collapse; margin-left: 7.1pt"><TR STYLE="vertical-align: top"><TD STYLE="width: 100%; border-bottom: Black 1pt solid; font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: -2.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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: 0pt"></P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 113.4pt; text-align: justify">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.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 79.1pt"></TD><TD STYLE="width: 34.55pt">(g)</TD><TD STYLE="text-align: justify">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.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 43.1pt"></TD><TD STYLE="width: 36pt"><FONT STYLE="font-size: 12pt">11.9</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 12pt"><B>C</B></FONT><B><FONT STYLE="font-size: 9.5pt">APTIONS</FONT><FONT STYLE="font-size: 12pt">.</FONT></B><FONT STYLE="font-size: 12pt">
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="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 43.1pt"></TD><TD STYLE="width: 36pt"><FONT STYLE="font-size: 12pt">11.10</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 12pt"><B>S</B></FONT><B><FONT STYLE="font-size: 9.5pt">EPARATE</FONT> <FONT STYLE="font-size: 12pt">C</FONT><FONT STYLE="font-size: 9.5pt">OUNTERPARTS</FONT><FONT STYLE="font-size: 12pt">.
</FONT></B><FONT STYLE="font-size: 12pt">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="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 43.1pt"></TD><TD STYLE="width: 36pt"><FONT STYLE="font-size: 12pt">11.11</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 12pt"><B>S</B></FONT><B><FONT STYLE="font-size: 9.5pt">EVERABILITY</FONT><FONT STYLE="font-size: 12pt">.
</FONT></B><FONT STYLE="font-size: 12pt">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&rsquo;S OBLIGATIONS BE DIVISIBLE FROM THE BORROWER&rsquo;S
OBLIGATIONS HEREUNDER. IN PARTICULAR, IT IS EACH GUARANTOR&rsquo;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="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<!-- Field: Page; Sequence: 79; Value: 2 -->
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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 0pt"><P STYLE="margin: 0pt"></P><TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 99%; border-collapse: collapse; margin-left: 7.1pt"><TR STYLE="vertical-align: top"><TD STYLE="width: 100%; border-bottom: Black 1pt solid; font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: -2.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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: 0pt"></P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 43.1pt"></TD><TD STYLE="width: 36pt; text-align: left"><FONT STYLE="font-size: 12pt">11.12</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 12pt"><B>C</B></FONT><B><FONT STYLE="font-size: 9.5pt">ONSENTS</FONT><FONT STYLE="font-size: 12pt">,
A</FONT><FONT STYLE="font-size: 9.5pt">MENDMENTS AND</FONT> <FONT STYLE="font-size: 12pt">W</FONT><FONT STYLE="font-size: 9.5pt">AIVERS</FONT><FONT STYLE="font-size: 12pt">.
</FONT></B><FONT STYLE="font-size: 12pt">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
&ldquo;Required Lenders&rdquo; 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, 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></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 43.1pt"></TD><TD STYLE="width: 36pt"><FONT STYLE="font-size: 12pt">11.13</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 12pt"><B>U.S. D</B></FONT><B><FONT STYLE="font-size: 9.5pt">OLLAR</FONT>
<FONT STYLE="font-size: 12pt">L</FONT><FONT STYLE="font-size: 9.5pt">OAN</FONT> <FONT STYLE="font-size: 12pt">C</FONT><FONT STYLE="font-size: 9.5pt">URRENCY</FONT></B><FONT STYLE="font-size: 12pt">.
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&rsquo;s and the Guarantors&rsquo; obligations hereunder to make
payments in Dollars (the &ldquo;<B>Obligation Currency</B>&rdquo;) shall not be discharged or satisfied by any tender of (or recovery
pursuant to any judgment expressed in or converted into) any</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<!-- Field: Page; Sequence: 80; Value: 2 -->
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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 0pt"><P STYLE="margin: 0pt"></P><TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 99%; border-collapse: collapse; margin-left: 7.1pt"><TR STYLE="vertical-align: top"><TD STYLE="width: 100%; border-bottom: Black 1pt solid; font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: -2.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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: 0pt"></P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 79.1pt; text-align: justify">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 &ldquo;<B>Judgment Currency</B>&rdquo;)
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 &ldquo;<B>Judgment Currency Conversion Date</B>&rdquo;). 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.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 43.1pt"></TD><TD STYLE="width: 36pt; text-align: left"><FONT STYLE="font-size: 12pt">11.14</FONT></TD><TD><FONT STYLE="font-size: 12pt"><B>I</B></FONT><B><FONT STYLE="font-size: 9.5pt">NDEMNIFICATION</FONT><FONT STYLE="font-size: 12pt">.</FONT></B></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 79.1pt"></TD><TD STYLE="width: 34.3pt">(a)</TD><TD STYLE="text-align: justify">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 &ldquo;<B>Indemnified Parties</B>&rdquo;) 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> &ldquo;<B>Liabilities</B>&rdquo;) 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</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 0pt"><P STYLE="margin: 0pt"></P><TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 99%; border-collapse: collapse; margin-left: 7.1pt"><TR STYLE="vertical-align: top"><TD STYLE="width: 100%; border-bottom: Black 1pt solid; font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: -2.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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: 0pt"></P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 113.4pt; text-align: justify">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). 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.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 79.1pt"></TD><TD STYLE="width: 34.3pt">(b)</TD><TD STYLE="text-align: justify">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&rsquo;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.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 79.1pt"></TD><TD STYLE="width: 34.3pt">(c)</TD><TD STYLE="text-align: justify">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.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 79.1pt"></TD><TD STYLE="width: 34.55pt">(d)</TD><TD STYLE="text-align: justify">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</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 0pt"><P STYLE="margin: 0pt"></P><TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 99%; border-collapse: collapse; margin-left: 7.1pt"><TR STYLE="vertical-align: top"><TD STYLE="width: 100%; border-bottom: Black 1pt solid; font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: -2.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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: 0pt"></P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 113.65pt">or the other Credit Documents or the transactions
contemplated hereby or thereby.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 43.1pt"></TD><TD STYLE="width: 36pt"><FONT STYLE="font-size: 12pt">11.15</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 12pt"><B>W</B></FONT><B><FONT STYLE="font-size: 9.5pt">AIVER OF</FONT>
<FONT STYLE="font-size: 12pt">J</FONT><FONT STYLE="font-size: 9.5pt">URY</FONT> <FONT STYLE="font-size: 12pt">T</FONT><FONT STYLE="font-size: 9.5pt">RIAL
AND</FONT> <FONT STYLE="font-size: 12pt">S</FONT><FONT STYLE="font-size: 9.5pt">PECIAL</FONT> <FONT STYLE="font-size: 12pt">D</FONT><FONT STYLE="font-size: 9.5pt">AMAGES</FONT><FONT STYLE="font-size: 12pt">.
THE BORROWER, EACH GUARANTOR, EACH LENDER, EACH AGENT AND EACH LEAD ARRANGER 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 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.</FONT></B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 43.1pt"></TD><TD STYLE="width: 36pt"><FONT STYLE="font-size: 12pt">11.16</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 12pt"><B>S</B></FONT><B><FONT STYLE="font-size: 9.5pt">URVIVAL</FONT><FONT STYLE="font-size: 12pt">.</FONT></B><FONT STYLE="font-size: 12pt">
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></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 43.1pt"></TD><TD STYLE="width: 36pt"><FONT STYLE="font-size: 12pt">11.17</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 12pt"><B>N</B></FONT><B><FONT STYLE="font-size: 9.5pt">EUTRAL</FONT> <FONT STYLE="font-size: 12pt">I</FONT><FONT STYLE="font-size: 9.5pt">NTERPRETATION</FONT></B><FONT STYLE="font-size: 12pt">.
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></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 43.1pt"></TD><TD STYLE="width: 36pt"><FONT STYLE="font-size: 12pt">11.18</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 12pt"><B>U</B></FONT><B><FONT STYLE="font-size: 9.5pt">SURY</FONT><FONT STYLE="font-size: 12pt">.</FONT></B><FONT STYLE="font-size: 12pt">
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</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 0pt"><P STYLE="margin: 0pt"></P><TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 99%; border-collapse: collapse; margin-left: 7.1pt"><TR STYLE="vertical-align: top"><TD STYLE="width: 100%; border-bottom: Black 1pt solid; font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: -2.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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: 0pt"></P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 79.1pt">such event, the rates of interest shall be reduced
to the maximum permitted by the applicable law.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 43.1pt"></TD><TD STYLE="width: 36pt"><FONT STYLE="font-size: 12pt">11.19</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 12pt"><B>A</B></FONT><B><FONT STYLE="font-size: 9.5pt">CKNOWLEDGEMENTS</FONT><FONT STYLE="font-size: 12pt">.</FONT></B><FONT STYLE="font-size: 12pt">
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></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 43.1pt"></TD><TD STYLE="width: 36pt; text-align: left"><FONT STYLE="font-size: 12pt">11.20</FONT></TD><TD><FONT STYLE="font-size: 12pt"><B>C</B></FONT><B><FONT STYLE="font-size: 9.5pt">ONFIDENTIALITY</FONT><FONT STYLE="font-size: 12pt">/
                                         US P</FONT><FONT STYLE="font-size: 9.5pt">ATRIOT</FONT></B><FONT STYLE="font-size: 9.5pt">
                                         </FONT><FONT STYLE="font-size: 12pt"><B>A</B></FONT><B><FONT STYLE="font-size: 9.5pt">CT
                                         </FONT><FONT STYLE="font-size: 12pt">N</FONT><FONT STYLE="font-size: 9.5pt">OTICE</FONT><FONT STYLE="font-size: 12pt">/A</FONT><FONT STYLE="font-size: 9.5pt">NTI</FONT><FONT STYLE="font-size: 12pt">-M</FONT><FONT STYLE="font-size: 9.5pt">ONEY
                                         </FONT><FONT STYLE="font-size: 12pt">L</FONT><FONT STYLE="font-size: 9.5pt">AUNDERING</FONT><FONT STYLE="font-size: 12pt">.</FONT></B></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 79.1pt"></TD><TD STYLE="width: 34.3pt">(a)</TD><TD STYLE="text-align: justify">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.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 79.1pt"></TD><TD STYLE="width: 34.3pt; text-align: left">(b)</TD><TD>Each Lender and each Agent (for itself and not on behalf
of any Lender) hereby notifies the Borrower and the Guarantors that</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 0pt"><P STYLE="margin: 0pt"></P><TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 99%; border-collapse: collapse; margin-left: 7.1pt"><TR STYLE="vertical-align: top"><TD STYLE="width: 100%; border-bottom: Black 1pt solid; font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: -2.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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: 0pt"></P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 113.65pt; text-align: justify">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.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 79.1pt"></TD><TD STYLE="width: 34.3pt">(c)</TD><TD STYLE="text-align: justify">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.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 79.1pt"></TD><TD STYLE="width: 34.3pt">(d)</TD><TD STYLE="text-align: justify">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's obligations
to prevent money laundering and to conduct ongoing monitoring of its business relationship with the Borrower and the Guarantors.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 43.1pt"></TD><TD STYLE="width: 36pt"><FONT STYLE="font-size: 12pt">11.21</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 12pt"><B>E</B></FONT><B><FONT STYLE="font-size: 9.5pt">NGLISH </FONT> <FONT STYLE="font-size: 12pt">L</FONT><FONT STYLE="font-size: 9.5pt">ANGUAGE</FONT><FONT STYLE="font-size: 12pt">.
</FONT></B><FONT STYLE="font-size: 12pt"> 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></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 43.1pt"></TD><TD STYLE="width: 36pt"><FONT STYLE="font-size: 12pt">11.22</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 12pt"><B>A</B></FONT><B><FONT STYLE="font-size: 9.5pt">UTHORIZATION</FONT><FONT STYLE="font-size: 12pt">.
</FONT></B><FONT STYLE="font-size: 12pt">The Borrower and each Guarantor irrevocably and unconditionally authorize each Lender,
until all the Obligations are satisfied in full, to consult:</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 79.1pt"></TD><TD STYLE="width: 36pt">(a)</TD><TD STYLE="text-align: justify">the consolidated information concerning it held in the Central Bank of Brazil&rsquo;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;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 79.1pt"></TD><TD STYLE="width: 36pt">(b)</TD><TD STYLE="text-align: justify">information concerning its financial derivatives position, pursuant to the terms of Resolution
nr. 3908 of the Brazilian National Monetary</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 0pt"><P STYLE="margin: 0pt"></P><TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 99%; border-collapse: collapse; margin-left: 7.1pt"><TR STYLE="vertical-align: top"><TD STYLE="width: 100%; border-bottom: Black 1pt solid; font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: -2.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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: 0pt"></P></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 115.1pt">Council, as such Resolution may be altered and/or
amended from time to time; and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 79.1pt"></TD><TD STYLE="width: 36pt">(c)</TD><TD STYLE="text-align: justify">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.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 43.1pt"></TD><TD STYLE="width: 36pt"><FONT STYLE="font-size: 12pt">11.23</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 12pt"><B>E</B></FONT><B><FONT STYLE="font-size: 9.5pt">NTIRE </FONT> <FONT STYLE="font-size: 12pt">A</FONT><FONT STYLE="font-size: 9.5pt">GREEMENT</FONT><FONT STYLE="font-size: 12pt">.
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.</FONT></B></TD></TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 79.1pt; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center">[REST
OF PAGE LEFT BLANK]</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 0pt"><P STYLE="margin: 0pt"></P><TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 99%; border-collapse: collapse; margin-left: 7.1pt"><TR STYLE="vertical-align: top"><TD STYLE="width: 100%; border-bottom: Black 1pt solid; font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: -2.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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: 0pt"></P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 7.1pt; text-align: justify"><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="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 7.1pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 7.1pt; text-align: justify"><B>ADECOAGRO VALE DO IVINHEMA S.A.</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 7.1pt; text-align: justify"><I>as Borrower</I></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 7.1pt; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; width: 99%; border-collapse: collapse; margin-left: 7.1pt">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 7%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">By:</FONT></TD>
    <TD STYLE="width: 30%; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="width: 16%">&nbsp;</TD>
    <TD STYLE="width: 7%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">By:</FONT></TD>
    <TD STYLE="width: 30%; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="width: 10%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">Name: </FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">Name: </FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">Title:</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">Title:</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 7.1pt">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 7.1pt; text-align: justify"><B>ADECOAGRO BRASIL PARTICIPA&Ccedil;&Otilde;ES S.A.</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 7.1pt; text-align: justify"><I>as Guarantor</I></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 7.1pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; width: 99%; border-collapse: collapse; margin-left: 7.1pt">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 7%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">By:</FONT></TD>
    <TD STYLE="width: 30%; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="width: 16%">&nbsp;</TD>
    <TD STYLE="width: 7%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">By:</FONT></TD>
    <TD STYLE="width: 30%; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="width: 10%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">Name: </FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">Name: </FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">Title:</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">Title:</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 7.1pt">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 7.1pt; text-align: justify"><B>USINA MONTE ALEGRE LTDA.</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 7.1pt; text-align: justify"><I>as Guarantor</I></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; width: 99%; border-collapse: collapse; margin-left: 7.1pt">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 7%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">By:</FONT></TD>
    <TD STYLE="width: 30%; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="width: 16%">&nbsp;</TD>
    <TD STYLE="width: 7%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">By:</FONT></TD>
    <TD STYLE="width: 30%; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="width: 10%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">Name: </FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">Name: </FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">Title:</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">Title:</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


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    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt; font: 9pt Times New Roman, Times, Serif">~ <!-- Field: Sequence; Type: Arabic; Name: PageNo -->86<!-- Field: /Sequence --> ~</P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 0pt"><P STYLE="margin: 0pt"></P><TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 99%; border-collapse: collapse; margin-left: 7.1pt"><TR STYLE="vertical-align: top"><TD STYLE="width: 100%; border-bottom: Black 1pt solid; font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: -2.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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: 0pt"></P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 7.1pt; text-align: justify"><B>ING BANK N.V.</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 7.1pt; text-align: justify"><I>as Administrative Agent and Collateral Agent</I></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; width: 99%; border-collapse: collapse; margin-left: 7.1pt">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 7%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">By:</FONT></TD>
    <TD STYLE="width: 30%; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="width: 16%">&nbsp;</TD>
    <TD STYLE="width: 7%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">By:</FONT></TD>
    <TD STYLE="width: 30%; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="width: 10%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">Name: </FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">Name: </FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">Title:</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">Title:</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 0pt"><P STYLE="margin: 0pt"></P><TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 99%; border-collapse: collapse; margin-left: 7.1pt"><TR STYLE="vertical-align: top"><TD STYLE="width: 100%; border-bottom: Black 1pt solid; font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: -2.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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: 0pt"></P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 7.1pt; text-align: justify"><B>ING BANK N.V., S&atilde;o Paulo Branch</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 7.1pt; text-align: justify"><I>as Brazilian Collateral Agent</I></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; width: 99%; border-collapse: collapse; margin-left: 7.1pt">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 7%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">By:</FONT></TD>
    <TD STYLE="width: 30%; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="width: 16%">&nbsp;</TD>
    <TD STYLE="width: 7%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">By:</FONT></TD>
    <TD STYLE="width: 30%; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="width: 10%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">Name: </FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">Name: </FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">Title:</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">Title:</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 0pt"><P STYLE="margin: 0pt"></P><TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 99%; border-collapse: collapse; margin-left: 7.1pt"><TR STYLE="vertical-align: top"><TD STYLE="width: 100%; border-bottom: Black 1pt solid; font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: -2.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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: 0pt"></P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 7.1pt; text-align: justify"><B>ING CAPITAL LLC</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 7.1pt; text-align: justify"><I>as a Lead Arranger</I></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; width: 99%; border-collapse: collapse; margin-left: 7.1pt">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 7%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">By:</FONT></TD>
    <TD STYLE="width: 30%; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="width: 63%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">Name: </FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">Title:</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 7.1pt; text-align: justify">Address for notices:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 7.1pt; text-align: justify"><B>ING Capital LLC</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 7.1pt; text-align: justify">c/o Av. Pres. Juscelino Kubitschek, 510 &ndash; 3<FONT STYLE="font-size: 7pt">o</FONT>
andar</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 7.1pt; text-align: justify">S&atilde;o Paulo, SP 04543-000, Brazil</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 7.1pt; text-align: justify">Tel.: +55-11-4504-6471/6282</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 7.1pt; text-align: justify">Fax: +55-11-4504-6302</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 7.1pt; text-align: justify">Attn: Alcides Santos/Katia Garcia</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 7.1pt; text-align: justify">e-mail: <U>alcides.santos@americas.ing.com</U> / <U>katia.garcia@americas.ing.com</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 0pt"><P STYLE="margin: 0pt"></P><TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 99%; border-collapse: collapse; margin-left: 7.1pt"><TR STYLE="vertical-align: top"><TD STYLE="width: 100%; border-bottom: Black 1pt solid; font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: -2.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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: 0pt"></P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 7.1pt; text-align: justify"><B>RABOBANK CURA&Ccedil;AO N.V.</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 7.1pt; text-align: justify"><I>as a Lead Arranger</I></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; width: 99%; border-collapse: collapse; margin-left: 7.1pt">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 7%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">By:</FONT></TD>
    <TD STYLE="width: 30%; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="width: 16%">&nbsp;</TD>
    <TD STYLE="width: 7%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">By:</FONT></TD>
    <TD STYLE="width: 30%; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="width: 10%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">Name: </FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">Name: </FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">Title:</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">Title:</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 7.1pt; text-align: justify"><B>Notices:</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 7.1pt; text-align: justify"><FONT STYLE="font-size: 10pt"><U>Address</U>: Av das Na&ccedil;&otilde;es
Unidas 12.995 &ndash; 7</FONT><FONT STYLE="font-size: 12pt">&ordm; andar &ndash; SP/Brazil &ndash; 04578-000</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 7.1pt; text-align: justify"><U>Attn.</U>: Operations Wholesale / Offshore</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 7.1pt; text-align: justify"><U>Tel.</U>: + 55 11 5503-7452</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 7.1pt; text-align: justify"><U>E-mail</U>: <U>opsoff@rabobank.com</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 7.1pt"><B>Account Details:</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 7.1pt"><U>Correspondent Bank</U>: JPMorgan Chase Bank New York</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 7.1pt"><U>SWIFT</U>: CHASUS33</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 7.1pt"><U>Account nr.</U>: 400-212420</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 7.1pt"><U>Account Name</U>: Rabobank Cura&ccedil;ao N.V.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 7.1pt"><U>ABA</U>:
021000021</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 7.1pt"><U>Reference</U>: Adeco US$160mm EPP</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


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    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt; font: 9pt Times New Roman, Times, Serif">~ <!-- Field: Sequence; Type: Arabic; Name: PageNo -->90<!-- Field: /Sequence --> ~</P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 0pt"><P STYLE="margin: 0pt"></P><TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 99%; border-collapse: collapse; margin-left: 7.1pt"><TR STYLE="vertical-align: top"><TD STYLE="width: 100%; border-bottom: Black 1pt solid; font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: -2.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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: 0pt"></P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 7.1pt; text-align: justify"><B>ING BANK N.V.</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 7.1pt; text-align: justify"><I>as a Lender</I></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; width: 99%; border-collapse: collapse; margin-left: 7.1pt">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 7%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">By:</FONT></TD>
    <TD STYLE="width: 30%; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="width: 16%">&nbsp;</TD>
    <TD STYLE="width: 7%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">By:</FONT></TD>
    <TD STYLE="width: 30%; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="width: 10%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">Name: </FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">Name: </FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">Title:</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">Title:</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 7.1pt; text-align: justify"><B>Notices:</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 7.1pt; text-align: justify"><FONT STYLE="font-size: 10pt"><U>Address</U>: Av. Pres. Juscelino
Kubitschek, 510 &ndash; 3</FONT><FONT STYLE="font-size: 6.5pt">o</FONT> <FONT STYLE="font-size: 10pt">andar, S&atilde;o Paulo,
SP, 04543-000, Brazil</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 7.1pt"><U>Attn.</U>: Alcides Santos/Katia Garcia</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 7.1pt"><U>Tel.</U>: +55-11-4504-6471/6282</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 7.1pt"><U>Fax</U>: +55-11-4504-6302</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 7.1pt"><U>E-mail</U>: <U>alcides.santos@americas.ing.com</U> / <U>katia.garcia@americas.ing.com</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 7.1pt">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 7.1pt"><B>Account Details:</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 7.1pt"><U>Correspondent Bank</U>: JPMorgan Chase Bank &ndash; New York
&ndash; N.Y. &ndash; U.S.A.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 7.1pt"><U>SWIFT</U>: CHASUS33</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 7.1pt"><U>Account nr.</U>: 066709547</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 7.1pt"><U>Account Name</U>: ING Financial Services LLC Loan Services
on behalf of and for the benefit of ING Bank</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in">NV (Amsterdam Service Center)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 7.1pt"><U>ABA</U>: 021000021</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 7.1pt"><U>Reference</U>: Adecoagro 2014</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 7.1pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 7.1pt">&nbsp;</P>

<!-- Field: Page; Sequence: 92; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt; font: 9pt Times New Roman, Times, Serif">~ <!-- Field: Sequence; Type: Arabic; Name: PageNo -->91<!-- Field: /Sequence --> ~</P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 0pt"><P STYLE="margin: 0pt"></P><TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 99%; border-collapse: collapse; margin-left: 7.1pt"><TR STYLE="vertical-align: top"><TD STYLE="width: 100%; border-bottom: Black 1pt solid; font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: -2.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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: 0pt"></P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 7.1pt">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 7.1pt"><B>RABOBANK CURA&Ccedil;AO N.V.</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 7.1pt"><I>as a Lender</I></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; width: 99%; border-collapse: collapse; margin-left: 7.1pt">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 7%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">By:</FONT></TD>
    <TD STYLE="width: 30%; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="width: 16%">&nbsp;</TD>
    <TD STYLE="width: 7%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">By:</FONT></TD>
    <TD STYLE="width: 30%; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="width: 10%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">Name: </FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">Name: </FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">Title:</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">Title:</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 7.1pt"><FONT STYLE="font-size: 11pt"><B>Notices:</B></FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 7.1pt"><FONT STYLE="font-size: 10pt"><U>Address</U>: Av das Na&ccedil;&otilde;es
Unidas 12.995 &ndash; 7</FONT><FONT STYLE="font-size: 12pt">&ordm; andar &ndash; SP/Brazil &ndash; 04578-000</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 7.1pt"><U>Attn.</U>: Operations Wholesale / Offshore</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 7.1pt"><U>Tel.</U>: + 55 11 5503-7452</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 7.1pt"><U>E-mail</U>: <U>opsoff@rabobank.com</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 7.1pt">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 7.1pt"><B>Account Details:</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 7.1pt"><U>Correspondent Bank</U>: JPMorgan Chase Bank New York</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 7.1pt"><U>SWIFT</U>: CHASUS33</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 7.1pt"><U>Account nr.</U>: 400-212420</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 7.1pt"><U>Account Name</U>: Rabobank Cura&ccedil;ao N.V. <U>ABA</U>:
021000021</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 7.1pt"><U>Reference</U>: Adeco US$160mm EPP</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 0pt"><P STYLE="margin: 0pt"></P><TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 99%; border-collapse: collapse; margin-left: 7.1pt"><TR STYLE="vertical-align: top"><TD STYLE="width: 100%; border-bottom: Black 1pt solid; font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: -2.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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: 0pt"></P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 7.1pt"><B>ABN AMRO BANK N.V.</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 7.1pt"><I>as a Lender</I></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; width: 99%; border-collapse: collapse; margin-left: 7.1pt">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 7%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">By:</FONT></TD>
    <TD STYLE="width: 30%; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="width: 16%">&nbsp;</TD>
    <TD STYLE="width: 7%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">By:</FONT></TD>
    <TD STYLE="width: 30%; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="width: 10%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">Name: </FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">Name: </FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">Title:</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">Title:</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 7.1pt"><B>Notices:</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 7.1pt"><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="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 7.1pt"><U>Attn.</U>: Leandro Almeida/Mauro Rego/Larissa Oliveira/Margarete
Ludovico</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 7.1pt"><U>Tel.</U>: +55-11-3073-7711/7422/7421/7418</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 7.1pt"><U>Fax</U>: +55-11-3073-7404</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 7.1pt"><U>E-mail</U>: <U>leandro.almeida@br.abnamro.com</U> / <U>mail_ectservicesbrazil@br.abnamro.com</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 7.1pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 7.1pt"><U>Address</U>: Coolsingel, 93, Rotterdam, 3000 AS, The Netherlands</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 7.1pt"><U>Attn.</U>: Dien Quan</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 7.1pt"><U>Tel.</U>: +31-10-4016601</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 7.1pt"><U>Fax</U>: +31-10-4016118</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 7.1pt"><U>E-mail</U>: <U>dien.quan@nl.abnamro.com</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 7.1pt">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 7.1pt"><B>Account Details:</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 7.1pt"><U>Correspondent Bank</U>: Bank of America International &ndash;
New York</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 7.1pt"><U>SWIFT</U>: BOFAUS3N <U>Account nr.</U>: 6550368324</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 7.1pt"><U>Account Name</U>: ABN AMRO Bank N.V., Amsterdam</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 7.1pt"><U>SWIFT</U>: ABNANL2A</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 7.1pt"><U>FFC</U>: Adecoagro Vale do Ivinhema S.A.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<!-- Field: Page; Sequence: 94; Value: 2 -->
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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 0pt"><P STYLE="margin: 0pt"></P><TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 99%; border-collapse: collapse; margin-left: 7.1pt"><TR STYLE="vertical-align: top"><TD STYLE="width: 100%; border-bottom: Black 1pt solid; font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: -2.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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: 0pt"></P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 7.1pt"><B>CR&Eacute;DIT AGRICOLE CORPORATE AND INVESTMENT BANK</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 7.1pt"><I>as a Lender</I></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; width: 99%; border-collapse: collapse; margin-left: 7.1pt">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 7%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">By:</FONT></TD>
    <TD STYLE="width: 30%; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="width: 16%">&nbsp;</TD>
    <TD STYLE="width: 7%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">By:</FONT></TD>
    <TD STYLE="width: 30%; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="width: 10%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">Name: </FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">Name: </FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">Title:</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">Title:</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 7.1pt"><B>Notices:</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 7.1pt"><U>Address</U>: Broadwalk House, 5, Appold St., London EC2A
2DA</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 7.1pt"><U>Attn.</U>: Loans Admin., c/c Agency &amp; Middle Office -
SFI</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 7.1pt"><U>Tel.</U>: + 44-20-7214-6672/6718</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 7.1pt"><U>Fax</U>: + 44-20-7214-6816 and + 44-20-7214-6683</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 7.1pt"><U>E-mail</U>: <U>syndloans@ca-cib.com</U> / <U>sfi_middleofficescflondon@ca-cib.com</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 7.1pt">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 7.1pt"><B>Account Details:</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 7.1pt"><U>Correspondent Bank</U>: Citibank, New York</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 7.1pt"><U>SWIFT</U>: CITIUS33</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 7.1pt"><U>Account nr.</U>: 36254109</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 7.1pt"><U>Account Name</U>: Credit Agriciole Corporate and Investment
Bank, London</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 7.1pt"><U>SWIFT: CRLYGB2L</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 7.1pt"><U>Attn.: Loans Admin</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 7.1pt"><U>Reference</U>: Adecoagro Vale do Ivinhema S.A.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 0pt"><P STYLE="margin: 0pt"></P><TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 99%; border-collapse: collapse; margin-left: 7.1pt"><TR STYLE="vertical-align: top"><TD STYLE="width: 100%; border-bottom: Black 1pt solid; font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: -2.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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: 0pt"></P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 7.1pt"><B>HSBC BANK BRASIL S.A. &ndash; BANCO M&Uacute;LTIPLO, GRAND
CAYMAN BRANCH</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 7.1pt"><I>as a Lender</I></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; width: 99%; border-collapse: collapse; margin-left: 7.1pt">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 7%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">By:</FONT></TD>
    <TD STYLE="width: 30%; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="width: 16%">&nbsp;</TD>
    <TD STYLE="width: 7%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">By:</FONT></TD>
    <TD STYLE="width: 30%; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="width: 10%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">Name: </FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">Name: </FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">Title:</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">Title:</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 7.1pt"><B>Notices:</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 7.1pt"><U>Address</U>: Av. Brig. Faria Lima, 3064 &ndash; 3o andar,
S&atilde;o Paulo, SP</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 7.1pt"><U>Attn.</U>: Marcelo Tambelli</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 7.1pt"><U>Tel.</U>: + 55-11-96448-0962</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 7.1pt"><U>E-mail</U>: <U>marcelo.taqmbelli@hsbc.com.br</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 7.1pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 7.1pt"><U>Address</U>: R. Duque de Caxias, 595, Ribeir&atilde;o Preto,
SP</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 7.1pt"><U>Attn.</U>: Gustavo Sigiani</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 7.1pt"><U>Tel.</U>: + 55-16-3977-5083</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 7.1pt"><U>E-mail</U>: <U>gustavo.a.sigiani@hsbc.com.br</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 7.1pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 7.1pt"><U>Address</U>: R. Dr. Seidel, 425 &ndash; 1o andar, S&atilde;o
Paulo, SP</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 7.1pt"><U>Attn.</U>: Marco A. Jorge Cordeiro</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 7.1pt"><U>Tel.</U>: + 55-11-3646-3521</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 7.1pt"><U>E-mail</U>: <U>marco.a.cordeiro@hsbc.com.br</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 7.1pt">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 7.1pt"><B>Account Details:</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 7.1pt"><U>Correspondent Bank</U>: HSBC Bank U.S.A., New York, - USA</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 7.1pt"><U>Account nr.</U>: 000055212</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 7.1pt"><U>Account Name</U>: HSBC Bank Brasil S.A. &ndash; Banco M&uacute;ltiplo,
Grand Cayman Branch</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 7.1pt"><U>Attn</U>.: Marco A. Cordeiro/Rafael F. Augusto</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 0pt"><P STYLE="margin: 0pt"></P><TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 99%; border-collapse: collapse; margin-left: 7.1pt"><TR STYLE="vertical-align: top"><TD STYLE="width: 100%; border-bottom: Black 1pt solid; font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: -2.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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: 0pt"></P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 7.1pt"><B>CAIXA GERAL DE DEP&Oacute;SITOS, S.A. - NEW YORK BRANCH</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 7.1pt"><I>as a Lender</I></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; width: 99%; border-collapse: collapse; margin-left: 7.1pt">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 7%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">By:</FONT></TD>
    <TD STYLE="width: 30%; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="width: 16%">&nbsp;</TD>
    <TD STYLE="width: 7%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">By:</FONT></TD>
    <TD STYLE="width: 30%; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="width: 10%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">Name: </FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">Name: </FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">Title:</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">Title:</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 7.1pt"><B>Notices:</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 7.1pt"><FONT STYLE="font-size: 10pt"><U>Address</U>: 733 Third Avenue,
22</FONT><FONT STYLE="font-size: 6.5pt">nd</FONT> <FONT STYLE="font-size: 10pt">floor, New York, NY 10017</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 7.1pt"><U>Attn.</U>: Dale Prosinowski/Anna Vivelo/Lane Li/Paula Ferreira</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 7.1pt"><U>Tel.</U>: +1-212-557-0025</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 7.1pt"><U>Fax</U>: +1-212-687-0848</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 7.1pt"><U>E-mail</U>: <U>dale.prusinowksi@cgdus.com</U> / <U>operationsdept@cgdus.com</U>
/ <U>Paula.ferreira@cgdus.com</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 7.1pt">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 7.1pt"><B>Account Details:</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 7.1pt"><U>Correspondent Bank</U>: Citibank, New York</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 7.1pt"><U>SWIFT</U>: CITIUS33</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 7.1pt"><U>Account nr.</U>: 36151281</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 7.1pt"><U>Account Name</U>: Caixa Geral de Depositos, New York</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 7.1pt"><U>SWIFT</U>: CGDIUS33</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 7.1pt"><U>ABA</U>: 021000089</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 7.1pt"><U>Reference</U>: Adecoagro &ndash; USD 160 million Export Prepayment
Facility</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 0pt"><P STYLE="margin: 0pt"></P><TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 99%; border-collapse: collapse; margin-left: 7.1pt"><TR STYLE="vertical-align: top"><TD STYLE="width: 100%; border-bottom: Black 1pt solid; font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: -2.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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: 0pt"></P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 7.1pt"><B>GALENA COMMODITY TRADE FINANCE MASTER FUND LIMITED</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 7.1pt"><I>as a Lender</I></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; width: 99%; border-collapse: collapse; margin-left: 7.1pt">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 7%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">By:</FONT></TD>
    <TD STYLE="width: 30%; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="width: 16%">&nbsp;</TD>
    <TD STYLE="width: 7%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">By:</FONT></TD>
    <TD STYLE="width: 30%; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="width: 10%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">Name: </FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">Name: </FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">Title:</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">Title:</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 7.1pt"><B>Notices:</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 7.1pt"><U>Address</U>: Rue de Jargonnant, 1 &ndash; 1207 Geneva, Switzerland</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 7.1pt"><U>Attn.</U>: Alexandre Vieira/Gregoire Lamare/Thomas Randall</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 7.1pt"><U>Tel.</U>: +41-22-592-3715/+44-207-170-7760</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 7.1pt"><U>Fax</U>: +41-22-594-6901</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; width: 98%; border-collapse: collapse; margin-left: 7.1pt">
<TR STYLE="vertical-align: top">
    <TD NOWRAP STYLE="width: 6%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>E-mail:</U></FONT></TD>
    <TD STYLE="width: 94%; text-decoration: underline"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>galenactff@galena-invest.com</U> / <U>alexandre.vieira@galena-invest.com</U> /</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-decoration: underline"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>gregoire.lamare@galena-invest.com</U> / <U>tom.randall@galena-invest.com</U> /</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-decoration: underline"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>galenactff-settlements@galena-invest.com</U></FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 7.1pt"><B>Account Details:</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 7.1pt"><U>Correspondent Bank</U>: The Bank of New York, New York</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 7.1pt"><U>Correspondent SWIFT</U>: IRVTUS3N</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 7.1pt"><U>Correspondent Account
nr.</U>: 021 000 018</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 7.1pt">Name of Beneficiary: Galena Commodity Trade Finance Master Fund
Limited</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 7.1pt"><U>Beneficiary Account nr.</U>: 8900285451</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 7.1pt">Beneficiary Bank Name: The Bank of New York Mellon SA</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 7.1pt"><U>Beneficiary
Bank SWIFT</U>: IRVTBEBB:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 7.1pt"><U>Special Instruction</U>: FFC a/c 334702 8400 (Galena Com
Trade Fin Fd Mas Ltd)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 0pt"><P STYLE="margin: 0pt"></P><TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 99%; border-collapse: collapse; margin-left: 7.1pt"><TR STYLE="vertical-align: top"><TD STYLE="width: 100%; border-bottom: Black 1pt solid; font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: -2.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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: 0pt"></P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; width: 99%; border-collapse: collapse; margin-left: 7.1pt">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 37%; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="width: 16%">&nbsp;</TD>
    <TD STYLE="width: 37%; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="width: 10%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 1px"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">Witness:</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">Witness:</FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">ID:</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">ID:</FONT></TD>
    <TD>&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<!-- Field: Page; Sequence: 99; Value: 2 -->
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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 0pt"><P STYLE="margin: 0pt"></P><TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 99%; border-collapse: collapse; margin-left: 7.1pt"><TR STYLE="vertical-align: top"><TD STYLE="width: 100%; border-bottom: Black 1pt solid; font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: -2.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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: 0pt"></P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>SCHEDULE 1</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><U>COMMITMENTS</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 98%; font: 11pt Calibri, Helvetica, Sans-Serif; border-collapse: collapse; margin-left: 7.1pt">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 78%; border: black 1pt solid; padding-top: 3pt; padding-bottom: 3pt; padding-left: 0">
        <P STYLE="font: 5.5pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>
        <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Lender</B></P></TD>
    <TD STYLE="width: 22%; border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; padding-top: 3pt; padding-bottom: 3pt; padding-left: 0; text-align: center">
        <P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>Commitment</B></P>
        <P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>(US$)</B></P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 0; padding-top: 3pt; padding-bottom: 3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">ING Bank N.V.</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-left: 0; padding-top: 3pt; padding-bottom: 3pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">40,000,000.00</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 0; padding-top: 3pt; padding-bottom: 3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">Rabobank Cura&ccedil;ao N.V.</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-left: 0; padding-top: 3pt; padding-bottom: 3pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">35,000,000.00</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 0; padding-top: 3pt; padding-bottom: 3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">ABN AMRO Bank N.V.</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-left: 0; padding-top: 3pt; padding-bottom: 3pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">30,000,000.00</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 0; padding-top: 3pt; padding-bottom: 3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">Cr&eacute;dit Agricole Corporate and Investment Bank</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-left: 0; padding-top: 3pt; padding-bottom: 3pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">20,000,000.00</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 0; padding-top: 3pt; padding-bottom: 3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">HSBC Bank Brasil S.A. - Banco M&uacute;ltiplo, Grand Cayman Branch</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-left: 0; padding-top: 3pt; padding-bottom: 3pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">15,000,000.00</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 0; padding-top: 3pt; padding-bottom: 3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">Caixa Geral de Dep&oacute;sitos, S.A. - New York Branch</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-left: 0; padding-top: 3pt; padding-bottom: 3pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">10,000,000.00</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 0; padding-top: 3pt; padding-bottom: 3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">Galena Commodity Trade Finance Master Fund Limited</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-left: 0; padding-top: 3pt; padding-bottom: 3pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">10,000,000.00</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 0; padding-top: 3pt; padding-bottom: 3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt"><B>Total:</B></FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-left: 0; padding-top: 3pt; padding-bottom: 3pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt"><B>160,000,000.00</B></FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<!-- Field: Page; Sequence: 100; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt; font: 9pt Times New Roman, Times, Serif">~ <!-- Field: Sequence; Type: Arabic; Name: PageNo -->99<!-- Field: /Sequence --> ~</P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 0pt"><P STYLE="margin: 0pt"></P><TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 99%; border-collapse: collapse; margin-left: 7.1pt"><TR STYLE="vertical-align: top"><TD STYLE="width: 100%; border-bottom: Black 1pt solid; font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: -2.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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: 0pt"></P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>SCHEDULE 2</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt"><U>LIST
OF ELIGIBLE OFF-TAKERS</U></FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 139.8pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 98%; font: 11pt Calibri, Helvetica, Sans-Serif; border-collapse: collapse; margin-left: 7.1pt">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%; border: Black 1pt solid; padding-left: 4pt; padding-top: 4pt; padding-bottom: 4pt">
        <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 7.1pt">ADM</P>
        <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 7.1pt">Alcotra</P>
        <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 7.1pt">BP</P>
        <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 7.1pt">Bunge</P>
        <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 7.1pt">Cargill</P>
        <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 7.1pt">Chemoil</P>
        <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 7.1pt">Chevron CHS</P>
        <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 7.1pt">Copersucar</P>
        <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 7.1pt">Cropenergies</P>
        <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 7.1pt">Czarnikow</P>
        <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 7.1pt">Eco-Energy</P>
        <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 7.1pt">ED&amp;F</P>
        <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 7.1pt">Man</P>
        <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 7.1pt">EISA</P>
        <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 7.1pt">ExxonMobile</P>
        <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 7.1pt">Gavillon</P>
        <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 7.1pt">Glencore</P></TD>
    <TD STYLE="width: 50%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-left: 4pt; padding-top: 4pt; padding-bottom: 4pt"><P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0">Greenergy</P>
        <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0">Gunvor</P>
        <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0">Kolmar</P>
        <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0">Louis Dreyfus</P>
        <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0">Mitsui</P>
        <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0">Morgan Stanley</P>
        <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0">Noble</P>
        <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0">Petrobras Trading</P>
        <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0">Phillips66</P>
        <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0">Raizen Trading</P>
        <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0">Sojitz</P>
        <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0">Sucden</P>
        <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0">Tate &amp; Lyle Sugar</P>
        <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0">Toyota Tsusho Sugar Trading Ltd.</P>
        <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0">Valero</P>
        <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0">Vitol</P>
        <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0">Wilmar</P></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<!-- Field: Page; Sequence: 101; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt; font: 9pt Times New Roman, Times, Serif">~ <!-- Field: Sequence; Type: Arabic; Name: PageNo -->100<!-- Field: /Sequence --> ~</P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 0pt"><P STYLE="margin: 0pt"></P><TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 99%; border-collapse: collapse; margin-left: 7.1pt"><TR STYLE="vertical-align: top"><TD STYLE="width: 100%; border-bottom: Black 1pt solid; font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: -2.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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: 0pt"></P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>SCHEDULE 3</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><U>MORTGAGED PROPERTIES</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR>
    <TD STYLE="width: 25%; border: black 1pt solid; padding: 0; text-align: center"><FONT STYLE="font-size: 8pt">Farm</FONT></TD>
    <TD STYLE="width: 25%; border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; padding: 0; text-align: center"><FONT STYLE="font-size: 8pt">Location</FONT></TD>
    <TD STYLE="width: 25%; border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; padding: 0; text-align: center"><FONT STYLE="font-size: 8pt">Real Estate</FONT><BR>
<FONT STYLE="font-size: 8pt">Registration Number</FONT></TD>
    <TD STYLE="width: 25%; border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; padding: 0; text-align: center"><FONT STYLE="font-size: 8pt">Owner</FONT></TD></TR>
<TR>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: center; padding-top: 10pt; padding-bottom: 10pt"><FONT STYLE="font-size: 8pt">Conquista I, II e III</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center; padding-top: 10pt; padding-bottom: 10pt"><FONT STYLE="font-size: 8pt">Dian&oacute;polis - Tocantins</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center; padding-top: 10pt; padding-bottom: 10pt"><FONT STYLE="font-size: 8pt">3867, 1620, 1619</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center; padding-top: 10pt; padding-bottom: 10pt"><FONT STYLE="font-size: 8pt">Adeco Agropecu&aacute;ria Brasil Ltda.</FONT></TD></TR>
<TR>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: center; padding-top: 10pt; padding-bottom: 10pt"><FONT STYLE="font-size: 8pt">Alto Alegre I, II, III and IV</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center; padding-top: 10pt; padding-bottom: 10pt"><FONT STYLE="font-size: 8pt">Dian&oacute;polis - Tocantins</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center; padding-top: 10pt; padding-bottom: 10pt"><FONT STYLE="font-size: 8pt">3757, 3771, 3772, 3773</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center; padding-top: 10pt; padding-bottom: 10pt"><FONT STYLE="font-size: 8pt">Adeco Agropecu&aacute;ria Brasil Ltda.</FONT></TD></TR>
<TR>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: center; padding-top: 10pt; padding-bottom: 10pt"><FONT STYLE="font-size: 8pt">Ouro Verde</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center; padding-top: 10pt; padding-bottom: 10pt"><FONT STYLE="font-size: 8pt">Ang&eacute;lica - Mato Grosso do Sul</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center; padding-top: 10pt; padding-bottom: 10pt"><FONT STYLE="font-size: 8pt">1642</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center; padding-top: 10pt; padding-bottom: 10pt"><FONT STYLE="font-size: 8pt">Adecoagro Vale do Ivinhema S.A</FONT></TD></TR>
<TR>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: center; padding-top: 10pt; padding-bottom: 10pt"><FONT STYLE="font-size: 8pt">Bela Manh&atilde;</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center; padding-top: 10pt; padding-bottom: 10pt"><FONT STYLE="font-size: 8pt">Ang&eacute;lica - Mato Grosso do Sul</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center; padding-top: 10pt; padding-bottom: 10pt"><FONT STYLE="font-size: 8pt">1431, 1432, 1433, 1434, 1435,<BR>
1515, 1516, 1517, 1645, 1647,<BR>
2022, 2023, 2325</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center; padding-top: 10pt; padding-bottom: 10pt"><FONT STYLE="font-size: 8pt">Adecoagro Vale do Ivinhema S.A</FONT></TD></TR>
<TR>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: center; padding-top: 10pt; padding-bottom: 10pt"><FONT STYLE="font-size: 8pt">&Aacute;gua Branca</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center; padding-top: 10pt; padding-bottom: 10pt"><FONT STYLE="font-size: 8pt">Ivinhema - Mato Grosso do Sul</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center; padding-top: 10pt; padding-bottom: 10pt"><FONT STYLE="font-size: 8pt">1077</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center; padding-top: 10pt; padding-bottom: 10pt"><FONT STYLE="font-size: 8pt">Adecoagro Vale do Ivinhema S.A</FONT></TD></TR>
<TR>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: center; padding-top: 10pt; padding-bottom: 10pt"><FONT STYLE="font-size: 8pt">Nossa Senhora Aparecida</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center; padding-top: 10pt; padding-bottom: 10pt"><FONT STYLE="font-size: 8pt">Ivinhema - Mato Grosso do Sul</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center; padding-top: 10pt; padding-bottom: 10pt"><FONT STYLE="font-size: 8pt">9879, 9881</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center; padding-top: 10pt; padding-bottom: 10pt"><FONT STYLE="font-size: 8pt">Adecoagro Vale do Ivinhema S.A</FONT></TD></TR>
<TR>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: center; padding-top: 10pt; padding-bottom: 10pt"><FONT STYLE="font-size: 8pt">Dom Fabr&iacute;cio</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center; padding-top: 10pt; padding-bottom: 10pt"><FONT STYLE="font-size: 8pt">Ang&eacute;lica - Mato Grosso do Sul</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center; padding-top: 10pt; padding-bottom: 10pt"><FONT STYLE="font-size: 8pt">3492</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center; padding-top: 10pt; padding-bottom: 10pt"><FONT STYLE="font-size: 8pt">Adecoagro Vale do Ivinhema S.A</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<!-- Field: Page; Sequence: 102; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt; font: 9pt Times New Roman, Times, Serif">~ <!-- Field: Sequence; Type: Arabic; Name: PageNo -->101<!-- Field: /Sequence --> ~</P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 0pt"><P STYLE="margin: 0pt"></P><TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 99%; border-collapse: collapse; margin-left: 7.1pt"><TR STYLE="vertical-align: top"><TD STYLE="width: 100%; border-bottom: Black 1pt solid; font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: -2.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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: 0pt"></P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>SCHEDULE 4</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><U>LIENS EXISTING ON THE EXECUTION DATE</U></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><U>Adecoagro Vale do Ivinhema S.A.</U></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top; background-color: black">
    <TD NOWRAP STYLE="border-top: white 1pt solid; border-right: white 1pt solid; border-bottom: white 1pt solid; padding-left: 0; text-align: center; text-indent: 0; vertical-align: middle"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt; color: white">Tipo</FONT></TD>
    <TD NOWRAP STYLE="border-top: white 1pt solid; border-right: white 1pt solid; border-bottom: white 1pt solid; padding-left: 0; text-align: center; text-indent: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt; color: white">Banco</FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="border-top: white 1pt solid; border-right: white 1pt solid; border-bottom: white 1pt solid; padding-left: 0; text-indent: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt; color: white">Valor Tomado</FONT></TD>
    <TD NOWRAP STYLE="border-top: white 1pt solid; border-right: white 1pt solid; border-bottom: white 1pt solid; padding-left: 0; text-align: center; text-indent: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt; color: white">Inicio</FONT></TD>
    <TD NOWRAP STYLE="border-top: white 1pt solid; border-right: white 1pt solid; border-bottom: white 1pt solid; padding-left: 0; text-align: center; text-indent: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt; color: white">Vencimento</FONT></TD>
    <TD NOWRAP STYLE="border-top: white 1pt solid; border-right: white 1pt solid; border-bottom: white 1pt solid; padding-left: 0; text-align: center; text-indent: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt; color: white">Contrato</FONT></TD>
    <TD NOWRAP STYLE="border-top: white 1pt solid; border-right: white 1pt solid; border-bottom: white 1pt solid; padding-left: 0; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt; color: White">Garantia</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: #EEECE1">
    <TD ROWSPAN="4" STYLE="width: 7%; border-bottom: white 1pt solid; border-right: white 1pt solid; padding-left: 0; text-align: center; text-indent: 0; vertical-align: middle"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 5.5pt">CCE</FONT></TD>
    <TD STYLE="width: 12%; border-bottom: white 1pt solid; border-right: white 1pt solid; padding-left: 0; text-align: center; text-indent: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 5.5pt">BTG Pactual</FONT></TD>
    <TD NOWRAP STYLE="width: 2%; border-bottom: white 1pt solid; border-right: white 1pt solid; padding-left: 0; text-indent: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 5.5pt">R$</FONT></TD>
    <TD STYLE="width: 10%; border-bottom: white 1pt solid; border-right: white 1pt solid; padding-left: 0; text-indent: 0; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 5.5pt">65.000.000</FONT></TD>
    <TD ROWSPAN="4" STYLE="width: 7%; border-bottom: white 1pt solid; border-right: white 1pt solid; padding-left: 0; text-align: center; text-indent: 0"><P STYLE="margin-top: 0; margin-bottom: 0"></P>
                                                                                <P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;<FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 5.5pt">10-jul-12</FONT></P></TD>
    <TD ROWSPAN="4" STYLE="width: 7%; border-bottom: white 1pt solid; border-right: white 1pt solid; padding-left: 0; text-align: center; text-indent: 0"><P STYLE="margin-top: 0; margin-bottom: 0"></P>
                                                                                <P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;<FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 5.5pt">30-dez-15</FONT></P></TD>
    <TD STYLE="width: 10%; border-bottom: white 1pt solid; border-right: white 1pt solid; padding-left: 0; text-align: center; text-indent: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 5.5pt">N&ordm; CCE010/12</FONT></TD>
    <TD ROWSPAN="4" STYLE="width: 45%; border-bottom: white 1pt solid; border-right: white 1pt solid; padding-left: 0; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 5.5pt"><B>Hipot&eacute;ca
    1&ordm; grau da Fazendas Nossa Senhora Aparecida e Dom Fabr&iacute;cio + Contrato de Exporta&ccedil;&atilde;o + Penhor de
    Cana-de-A&ccedil;&uacute;car</B></FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: #EEECE1">
    <TD STYLE="border-right: white 1pt solid; border-bottom: white 1pt solid; padding-left: 0; text-align: center; text-indent: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 5.5pt">HSBC</FONT></TD>
    <TD NOWRAP STYLE="border-right: white 1pt solid; border-bottom: white 1pt solid; padding-left: 0; text-indent: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 5.5pt">R$</FONT></TD>
    <TD STYLE="border-right: white 1pt solid; border-bottom: white 1pt solid; padding-left: 0; text-indent: 0; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 5.5pt">55.000.000</FONT></TD>
    <TD STYLE="border-right: white 1pt solid; border-bottom: white 1pt solid; padding-left: 0; text-align: center; text-indent: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 5.5pt">N&ordm; 1054-12</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: #EEECE1">
    <TD STYLE="border-right: white 1pt solid; border-bottom: white 1pt solid; padding-left: 0; text-align: center; text-indent: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 5.5pt">Rabobank</FONT></TD>
    <TD NOWRAP STYLE="border-right: white 1pt solid; border-bottom: white 1pt solid; padding-left: 0; text-indent: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 5.5pt">R$</FONT></TD>
    <TD STYLE="border-right: white 1pt solid; border-bottom: white 1pt solid; padding-left: 0; text-indent: 0; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 5.5pt">75.000.000</FONT></TD>
    <TD STYLE="border-right: white 1pt solid; border-bottom: white 1pt solid; padding-left: 0; text-align: center; text-indent: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 5.5pt">N&ordm; CCE20120001</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: #EEECE1">
    <TD STYLE="border-right: white 1pt solid; border-bottom: white 1pt solid; padding-left: 0; text-align: center; text-indent: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 5.5pt">Votorantim</FONT></TD>
    <TD NOWRAP STYLE="border-right: white 1pt solid; border-bottom: white 1pt solid; padding-left: 0; text-indent: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 5.5pt">R$</FONT></TD>
    <TD STYLE="border-right: white 1pt solid; border-bottom: white 1pt solid; padding-left: 0; text-indent: 0; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 5.5pt">35.000.000</FONT></TD>
    <TD STYLE="border-right: white 1pt solid; border-bottom: white 1pt solid; padding-left: 0; text-align: center; text-indent: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 5.5pt">N&ordm; 10142381</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: #EEECE1">
    <TD STYLE="border-right: white 1pt solid; border-bottom: white 1pt solid; padding-left: 0; text-align: center; text-indent: 0; vertical-align: middle"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 5.5pt">CDC</FONT></TD>
    <TD STYLE="border-right: white 1pt solid; border-bottom: white 1pt solid; padding-left: 0; text-align: center; text-indent: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 5.5pt">CNH</FONT></TD>
    <TD NOWRAP STYLE="border-right: white 1pt solid; border-bottom: white 1pt solid; padding-left: 0; text-indent: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 5.5pt">R$</FONT></TD>
    <TD STYLE="border-right: white 1pt solid; border-bottom: white 1pt solid; padding-left: 0; text-indent: 0; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 5.5pt">1.360.000</FONT></TD>
    <TD STYLE="border-right: white 1pt solid; border-bottom: white 1pt solid; padding-left: 0; text-align: center; text-indent: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 5.5pt">1-m ai-13</FONT></TD>
    <TD STYLE="border-right: white 1pt solid; border-bottom: white 1pt solid; padding-left: 0; text-align: center; text-indent: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 5.5pt">15-fev-18</FONT></TD>
    <TD STYLE="border-right: white 1pt solid; border-bottom: white 1pt solid; padding-left: 0; text-align: center; text-indent: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 5.5pt">N&ordm; 201201552-8/001</FONT></TD>
    <TD STYLE="border-right: white 1pt solid; border-bottom: white 1pt solid; padding-left: 0; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 5.5pt"><B>Aliena&ccedil;&atilde;o
    Fiduci&aacute;ria dos Bens Fianciados</B></FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: #EEECE1">
    <TD STYLE="border-right: white 1pt solid; border-bottom: white 1pt solid; padding-left: 0; text-align: center; text-indent: 0; vertical-align: middle"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 5.5pt">CDC</FONT></TD>
    <TD STYLE="border-right: white 1pt solid; border-bottom: white 1pt solid; padding-left: 0; text-align: center; text-indent: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 5.5pt">CNH</FONT></TD>
    <TD NOWRAP STYLE="border-right: white 1pt solid; border-bottom: white 1pt solid; padding-left: 0; text-indent: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 5.5pt">R$</FONT></TD>
    <TD STYLE="border-right: white 1pt solid; border-bottom: white 1pt solid; padding-left: 0; text-indent: 0; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 5.5pt">1.672.000</FONT></TD>
    <TD STYLE="border-right: white 1pt solid; border-bottom: white 1pt solid; padding-left: 0; text-align: center; text-indent: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 5.5pt">1-m ai-13</FONT></TD>
    <TD STYLE="border-right: white 1pt solid; border-bottom: white 1pt solid; padding-left: 0; text-align: center; text-indent: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 5.5pt">15-fev-18</FONT></TD>
    <TD STYLE="border-right: white 1pt solid; border-bottom: white 1pt solid; padding-left: 0; text-align: center; text-indent: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 5.5pt">N&ordm; 201201552-9/001</FONT></TD>
    <TD STYLE="border-right: white 1pt solid; border-bottom: white 1pt solid; padding-left: 0; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 5.5pt"><B>Aliena&ccedil;&atilde;o
    Fiduci&aacute;ria dos Bens Fianciados</B></FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: #EEECE1">
    <TD STYLE="border-right: white 1pt solid; border-bottom: white 1pt solid; padding-left: 0; text-align: center; text-indent: 0; vertical-align: middle"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 5.5pt">CDC</FONT></TD>
    <TD STYLE="border-right: white 1pt solid; border-bottom: white 1pt solid; padding-left: 0; text-align: center; text-indent: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 5.5pt">CNH</FONT></TD>
    <TD NOWRAP STYLE="border-right: white 1pt solid; border-bottom: white 1pt solid; padding-left: 0; text-indent: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 5.5pt">R$</FONT></TD>
    <TD STYLE="border-right: white 1pt solid; border-bottom: white 1pt solid; padding-left: 0; text-indent: 0; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 5.5pt">746.240</FONT></TD>
    <TD STYLE="border-right: white 1pt solid; border-bottom: white 1pt solid; padding-left: 0; text-align: center; text-indent: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 5.5pt">8-nov-13</FONT></TD>
    <TD STYLE="border-right: white 1pt solid; border-bottom: white 1pt solid; padding-left: 0; text-align: center; text-indent: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 5.5pt">1-s et-17</FONT></TD>
    <TD STYLE="border-right: white 1pt solid; border-bottom: white 1pt solid; padding-left: 0; text-align: center; text-indent: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 5.5pt">N&ordm; 201301160-7/001</FONT></TD>
    <TD STYLE="border-right: white 1pt solid; border-bottom: white 1pt solid; padding-left: 0; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 5.5pt"><B>Aliena&ccedil;&atilde;o
    Fiduci&aacute;ria dos Bens Fianciados</B></FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: #EEECE1">
    <TD STYLE="border-right: white 1pt solid; border-bottom: white 1pt solid; padding-left: 0; text-align: center; text-indent: 0; vertical-align: middle"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 5.5pt">FCO Ang&eacute;lica</FONT></TD>
    <TD STYLE="border-right: white 1pt solid; border-bottom: white 1pt solid; padding-left: 0; text-align: center; text-indent: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 5.5pt">Banco do Bras il</FONT></TD>
    <TD NOWRAP STYLE="border-right: white 1pt solid; border-bottom: white 1pt solid; padding-left: 0; text-indent: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 5.5pt">R$</FONT></TD>
    <TD STYLE="border-right: white 1pt solid; border-bottom: white 1pt solid; padding-left: 0; text-indent: 0; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 5.5pt">70.000.000</FONT></TD>
    <TD STYLE="border-right: white 1pt solid; border-bottom: white 1pt solid; padding-left: 0; text-align: center; text-indent: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 5.5pt">30-jul-10</FONT></TD>
    <TD STYLE="border-right: white 1pt solid; border-bottom: white 1pt solid; padding-left: 0; text-align: center; text-indent: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 5.5pt">1-jul-20</FONT></TD>
    <TD STYLE="border-right: white 1pt solid; border-bottom: white 1pt solid; padding-left: 0; text-align: center; text-indent: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 5.5pt">N&ordm; 40/00370-1</FONT></TD>
    <TD STYLE="border-right: white 1pt solid; border-bottom: white 1pt solid; padding-left: 0; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 5.5pt"><B>Hipot&eacute;ca
    1&ordm; grau da Fazenda Sap&aacute;lio e Aliena&ccedil;&atilde;o Fiduci&aacute;ria dos Bens Fianciados</B></FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: #EEECE1">
    <TD STYLE="border-right: white 1pt solid; border-bottom: white 1pt solid; padding-left: 0; text-align: center; text-indent: 0; vertical-align: middle"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 5.5pt">FCO Ivinhem a</FONT></TD>
    <TD STYLE="border-right: white 1pt solid; border-bottom: white 1pt solid; padding-left: 0; text-align: center; text-indent: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 5.5pt">Banco do Bras il</FONT></TD>
    <TD NOWRAP STYLE="border-right: white 1pt solid; border-bottom: white 1pt solid; padding-left: 0; text-indent: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 5.5pt">R$</FONT></TD>
    <TD STYLE="border-right: white 1pt solid; border-bottom: white 1pt solid; padding-left: 0; text-indent: 0; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 5.5pt">130.000.000</FONT></TD>
    <TD STYLE="border-right: white 1pt solid; border-bottom: white 1pt solid; padding-left: 0; text-align: center; text-indent: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 5.5pt">19-out-12</FONT></TD>
    <TD STYLE="border-right: white 1pt solid; border-bottom: white 1pt solid; padding-left: 0; text-align: center; text-indent: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 5.5pt">1-nov-22</FONT></TD>
    <TD STYLE="border-right: white 1pt solid; border-bottom: white 1pt solid; padding-left: 0; text-align: center; text-indent: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 5.5pt">N&ordm; 40/00553-4</FONT></TD>
    <TD STYLE="border-right: white 1pt solid; border-bottom: white 1pt solid; padding-left: 0; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 5.5pt"><B>Hipot&eacute;ca
    1&ordm; grua da Fazenda Carmen e Aliena&ccedil;&atilde;o Fiduci&aacute;ria dos Bens Fianciados</B></FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: #EEECE1">
    <TD STYLE="border-right: white 1pt solid; border-bottom: white 1pt solid; padding-left: 0; text-align: center; text-indent: 0; vertical-align: middle"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 5.5pt">FINAME</FONT></TD>
    <TD STYLE="border-right: white 1pt solid; border-bottom: white 1pt solid; padding-left: 0; text-align: center; text-indent: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 5.5pt">Banco do Bras il</FONT></TD>
    <TD NOWRAP STYLE="border-right: white 1pt solid; border-bottom: white 1pt solid; padding-left: 0; text-indent: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 5.5pt">R$</FONT></TD>
    <TD STYLE="border-right: white 1pt solid; border-bottom: white 1pt solid; padding-left: 0; text-indent: 0; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 5.5pt">9.905.000</FONT></TD>
    <TD STYLE="border-right: white 1pt solid; border-bottom: white 1pt solid; padding-left: 0; text-align: center; text-indent: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 5.5pt">15-jun-12</FONT></TD>
    <TD STYLE="border-right: white 1pt solid; border-bottom: white 1pt solid; padding-left: 0; text-align: center; text-indent: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 5.5pt">15-m ai-22</FONT></TD>
    <TD STYLE="border-right: white 1pt solid; border-bottom: white 1pt solid; padding-left: 0; text-align: center; text-indent: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 5.5pt">N&ordm; 40/00506-2</FONT></TD>
    <TD STYLE="border-right: white 1pt solid; border-bottom: white 1pt solid; padding-left: 0; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 5.5pt"><B>Aliena&ccedil;&atilde;o
    Fiduci&aacute;ria dos Bens Fianciados</B></FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: #EEECE1">
    <TD STYLE="border-right: white 1pt solid; border-bottom: white 1pt solid; padding-left: 0; text-align: center; text-indent: 0; vertical-align: middle"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 5.5pt">FINAME</FONT></TD>
    <TD STYLE="border-right: white 1pt solid; border-bottom: white 1pt solid; padding-left: 0; text-align: center; text-indent: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 5.5pt">Banco do Bras il</FONT></TD>
    <TD NOWRAP STYLE="border-right: white 1pt solid; border-bottom: white 1pt solid; padding-left: 0; text-indent: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 5.5pt">R$</FONT></TD>
    <TD STYLE="border-right: white 1pt solid; border-bottom: white 1pt solid; padding-left: 0; text-indent: 0; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 5.5pt">8.100.000</FONT></TD>
    <TD STYLE="border-right: white 1pt solid; border-bottom: white 1pt solid; padding-left: 0; text-align: center; text-indent: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 5.5pt">22-m ar-13</FONT></TD>
    <TD STYLE="border-right: white 1pt solid; border-bottom: white 1pt solid; padding-left: 0; text-align: center; text-indent: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 5.5pt">15-jan-23</FONT></TD>
    <TD STYLE="border-right: white 1pt solid; border-bottom: white 1pt solid; padding-left: 0; text-align: center; text-indent: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 5.5pt">N&ordm; 40/00583-6</FONT></TD>
    <TD STYLE="border-right: white 1pt solid; border-bottom: white 1pt solid; padding-left: 0; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 5.5pt"><B>Aliena&ccedil;&atilde;o
    Fiduci&aacute;ria dos Bens Fianciados</B></FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: #EEECE1">
    <TD STYLE="border-right: white 1pt solid; border-bottom: white 1pt solid; padding-left: 0; text-align: center; text-indent: 0; vertical-align: middle"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 5.5pt">FINAME</FONT></TD>
    <TD STYLE="border-right: white 1pt solid; border-bottom: white 1pt solid; padding-left: 0; text-align: center; text-indent: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 5.5pt">Brades co</FONT></TD>
    <TD NOWRAP STYLE="border-right: white 1pt solid; border-bottom: white 1pt solid; padding-left: 0; text-indent: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 5.5pt">R$</FONT></TD>
    <TD STYLE="border-right: white 1pt solid; border-bottom: white 1pt solid; padding-left: 0; text-indent: 0; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 5.5pt">436.192</FONT></TD>
    <TD STYLE="border-right: white 1pt solid; border-bottom: white 1pt solid; padding-left: 0; text-align: center; text-indent: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 5.5pt">26-m ai-10</FONT></TD>
    <TD STYLE="border-right: white 1pt solid; border-bottom: white 1pt solid; padding-left: 0; text-align: center; text-indent: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 5.5pt">15-abr-15</FONT></TD>
    <TD STYLE="border-right: white 1pt solid; border-bottom: white 1pt solid; padding-left: 0; text-align: center; text-indent: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 5.5pt">N&ordm; 0754627-0</FONT></TD>
    <TD STYLE="border-right: white 1pt solid; border-bottom: white 1pt solid; padding-left: 0; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 5.5pt"><B>Aliena&ccedil;&atilde;o
    Fiduci&aacute;ria dos Bens Fianciados</B></FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: #EEECE1">
    <TD STYLE="border-right: white 1pt solid; border-bottom: white 1pt solid; padding-left: 0; text-align: center; text-indent: 0; vertical-align: middle"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 5.5pt">FINAME</FONT></TD>
    <TD STYLE="border-right: white 1pt solid; border-bottom: white 1pt solid; padding-left: 0; text-align: center; text-indent: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 5.5pt">Brades co</FONT></TD>
    <TD NOWRAP STYLE="border-right: white 1pt solid; border-bottom: white 1pt solid; padding-left: 0; text-indent: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 5.5pt">R$</FONT></TD>
    <TD STYLE="border-right: white 1pt solid; border-bottom: white 1pt solid; padding-left: 0; text-indent: 0; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 5.5pt">1.113.288</FONT></TD>
    <TD STYLE="border-right: white 1pt solid; border-bottom: white 1pt solid; padding-left: 0; text-align: center; text-indent: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 5.5pt">26-m ai-10</FONT></TD>
    <TD STYLE="border-right: white 1pt solid; border-bottom: white 1pt solid; padding-left: 0; text-align: center; text-indent: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 5.5pt">15-abr-15</FONT></TD>
    <TD STYLE="border-right: white 1pt solid; border-bottom: white 1pt solid; padding-left: 0; text-align: center; text-indent: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 5.5pt">N&ordm; 0754625-4</FONT></TD>
    <TD STYLE="border-right: white 1pt solid; border-bottom: white 1pt solid; padding-left: 0; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 5.5pt"><B>Aliena&ccedil;&atilde;o
    Fiduci&aacute;ria dos Bens Fianciados</B></FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: #EEECE1">
    <TD STYLE="border-right: white 1pt solid; border-bottom: white 1pt solid; padding-left: 0; text-align: center; text-indent: 0; vertical-align: middle"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 5.5pt">FINAME</FONT></TD>
    <TD STYLE="border-right: white 1pt solid; border-bottom: white 1pt solid; padding-left: 0; text-align: center; text-indent: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 5.5pt">Brades co</FONT></TD>
    <TD NOWRAP STYLE="border-right: white 1pt solid; border-bottom: white 1pt solid; padding-left: 0; text-indent: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 5.5pt">R$</FONT></TD>
    <TD STYLE="border-right: white 1pt solid; border-bottom: white 1pt solid; padding-left: 0; text-indent: 0; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 5.5pt">1.255.012</FONT></TD>
    <TD STYLE="border-right: white 1pt solid; border-bottom: white 1pt solid; padding-left: 0; text-align: center; text-indent: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 5.5pt">17-jun-10</FONT></TD>
    <TD STYLE="border-right: white 1pt solid; border-bottom: white 1pt solid; padding-left: 0; text-align: center; text-indent: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 5.5pt">15-m ai-15</FONT></TD>
    <TD STYLE="border-right: white 1pt solid; border-bottom: white 1pt solid; padding-left: 0; text-align: center; text-indent: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 5.5pt">N&ordm; 0756892-4</FONT></TD>
    <TD STYLE="border-right: white 1pt solid; border-bottom: white 1pt solid; padding-left: 0; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 5.5pt"><B>Aliena&ccedil;&atilde;o
    Fiduci&aacute;ria dos Bens Fianciados</B></FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: #EEECE1">
    <TD STYLE="border-right: white 1pt solid; border-bottom: white 1pt solid; padding-left: 0; text-align: center; text-indent: 0; vertical-align: middle"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 5.5pt">FINAME</FONT></TD>
    <TD STYLE="border-right: white 1pt solid; border-bottom: white 1pt solid; padding-left: 0; text-align: center; text-indent: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 5.5pt">Brades co</FONT></TD>
    <TD NOWRAP STYLE="border-right: white 1pt solid; border-bottom: white 1pt solid; padding-left: 0; text-indent: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 5.5pt">R$</FONT></TD>
    <TD STYLE="border-right: white 1pt solid; border-bottom: white 1pt solid; padding-left: 0; text-indent: 0; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 5.5pt">1.165.368</FONT></TD>
    <TD STYLE="border-right: white 1pt solid; border-bottom: white 1pt solid; padding-left: 0; text-align: center; text-indent: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 5.5pt">29-jun-10</FONT></TD>
    <TD STYLE="border-right: white 1pt solid; border-bottom: white 1pt solid; padding-left: 0; text-align: center; text-indent: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 5.5pt">15-m ai-15</FONT></TD>
    <TD STYLE="border-right: white 1pt solid; border-bottom: white 1pt solid; padding-left: 0; text-align: center; text-indent: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 5.5pt">N&ordm; 0754629-7</FONT></TD>
    <TD STYLE="border-right: white 1pt solid; border-bottom: white 1pt solid; padding-left: 0; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 5.5pt"><B>Aliena&ccedil;&atilde;o
    Fiduci&aacute;ria dos Bens Fianciados</B></FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: #EEECE1">
    <TD STYLE="border-right: white 1pt solid; border-bottom: white 1pt solid; padding-left: 0; text-align: center; text-indent: 0; vertical-align: middle"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 5.5pt">FINAME</FONT></TD>
    <TD STYLE="border-right: white 1pt solid; border-bottom: white 1pt solid; padding-left: 0; text-align: center; text-indent: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 5.5pt">Brades co</FONT></TD>
    <TD NOWRAP STYLE="border-right: white 1pt solid; border-bottom: white 1pt solid; padding-left: 0; text-indent: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 5.5pt">R$</FONT></TD>
    <TD STYLE="border-right: white 1pt solid; border-bottom: white 1pt solid; padding-left: 0; text-indent: 0; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 5.5pt">1.255.012</FONT></TD>
    <TD STYLE="border-right: white 1pt solid; border-bottom: white 1pt solid; padding-left: 0; text-align: center; text-indent: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 5.5pt">29-jun-10</FONT></TD>
    <TD STYLE="border-right: white 1pt solid; border-bottom: white 1pt solid; padding-left: 0; text-align: center; text-indent: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 5.5pt">15-m ai-15</FONT></TD>
    <TD STYLE="border-right: white 1pt solid; border-bottom: white 1pt solid; padding-left: 0; text-align: center; text-indent: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 5.5pt">N&ordm; 0754624-6</FONT></TD>
    <TD STYLE="border-right: white 1pt solid; border-bottom: white 1pt solid; padding-left: 0; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 5.5pt"><B>Aliena&ccedil;&atilde;o
    Fiduci&aacute;ria dos Bens Fianciados</B></FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: #EEECE1">
    <TD STYLE="border-right: white 1pt solid; border-bottom: white 1pt solid; padding-left: 0; text-align: center; text-indent: 0; vertical-align: middle"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 5.5pt">FINAME</FONT></TD>
    <TD STYLE="border-right: white 1pt solid; border-bottom: white 1pt solid; padding-left: 0; text-align: center; text-indent: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 5.5pt">John Deere</FONT></TD>
    <TD NOWRAP STYLE="border-right: white 1pt solid; border-bottom: white 1pt solid; padding-left: 0; text-indent: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 5.5pt">R$</FONT></TD>
    <TD STYLE="border-right: white 1pt solid; border-bottom: white 1pt solid; padding-left: 0; text-indent: 0; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 5.5pt">4.658.500</FONT></TD>
    <TD STYLE="border-right: white 1pt solid; border-bottom: white 1pt solid; padding-left: 0; text-align: center; text-indent: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 5.5pt">28-m ai-10</FONT></TD>
    <TD STYLE="border-right: white 1pt solid; border-bottom: white 1pt solid; padding-left: 0; text-align: center; text-indent: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 5.5pt">15-m ai-15</FONT></TD>
    <TD STYLE="border-right: white 1pt solid; border-bottom: white 1pt solid; padding-left: 0; text-align: center; text-indent: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 5.5pt">N&ordm; 584588/10</FONT></TD>
    <TD STYLE="border-right: white 1pt solid; border-bottom: white 1pt solid; padding-left: 0; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 5.5pt"><B>Aliena&ccedil;&atilde;o
    Fiduci&aacute;ria dos Bens Fianciados</B></FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: #EEECE1">
    <TD STYLE="border-right: white 1pt solid; border-bottom: white 1pt solid; padding-left: 0; text-align: center; text-indent: 0; vertical-align: middle"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 5.5pt">FINAME</FONT></TD>
    <TD STYLE="border-right: white 1pt solid; border-bottom: white 1pt solid; padding-left: 0; text-align: center; text-indent: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 5.5pt">John Deere</FONT></TD>
    <TD NOWRAP STYLE="border-right: white 1pt solid; border-bottom: white 1pt solid; padding-left: 0; text-indent: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 5.5pt">R$</FONT></TD>
    <TD STYLE="border-right: white 1pt solid; border-bottom: white 1pt solid; padding-left: 0; text-indent: 0; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 5.5pt">858.000</FONT></TD>
    <TD STYLE="border-right: white 1pt solid; border-bottom: white 1pt solid; padding-left: 0; text-align: center; text-indent: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 5.5pt">16-s et-11</FONT></TD>
    <TD STYLE="border-right: white 1pt solid; border-bottom: white 1pt solid; padding-left: 0; text-align: center; text-indent: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 5.5pt">15-m ai-16</FONT></TD>
    <TD STYLE="border-right: white 1pt solid; border-bottom: white 1pt solid; padding-left: 0; text-align: center; text-indent: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 5.5pt">N&ordm; 675723/11</FONT></TD>
    <TD STYLE="border-right: white 1pt solid; border-bottom: white 1pt solid; padding-left: 0; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 5.5pt"><B>Aliena&ccedil;&atilde;o
    Fiduci&aacute;ria dos Bens Fianciados</B></FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: #EEECE1">
    <TD STYLE="border-right: white 1pt solid; border-bottom: white 1pt solid; padding-left: 0; text-align: center; text-indent: 0; vertical-align: middle"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 5.5pt">FINAME</FONT></TD>
    <TD STYLE="border-right: white 1pt solid; border-bottom: white 1pt solid; padding-left: 0; text-align: center; text-indent: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 5.5pt">John Deere</FONT></TD>
    <TD NOWRAP STYLE="border-right: white 1pt solid; border-bottom: white 1pt solid; padding-left: 0; text-indent: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 5.5pt">R$</FONT></TD>
    <TD STYLE="border-right: white 1pt solid; border-bottom: white 1pt solid; padding-left: 0; text-indent: 0; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 5.5pt">6.935.375</FONT></TD>
    <TD STYLE="border-right: white 1pt solid; border-bottom: white 1pt solid; padding-left: 0; text-align: center; text-indent: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 5.5pt">21-m ar-12</FONT></TD>
    <TD STYLE="border-right: white 1pt solid; border-bottom: white 1pt solid; padding-left: 0; text-align: center; text-indent: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 5.5pt">15-fev-17</FONT></TD>
    <TD STYLE="border-right: white 1pt solid; border-bottom: white 1pt solid; padding-left: 0; text-align: center; text-indent: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 5.5pt">N&ordm; 724344/12</FONT></TD>
    <TD STYLE="border-right: white 1pt solid; border-bottom: white 1pt solid; padding-left: 0; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 5.5pt"><B>Aliena&ccedil;&atilde;o
    Fiduci&aacute;ria dos Bens Fianciados</B></FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: #EEECE1">
    <TD STYLE="border-right: white 1pt solid; border-bottom: white 1pt solid; padding-left: 0; text-align: center; text-indent: 0; vertical-align: middle"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 5.5pt">FINAME</FONT></TD>
    <TD STYLE="border-right: white 1pt solid; border-bottom: white 1pt solid; padding-left: 0; text-align: center; text-indent: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 5.5pt">Random</FONT></TD>
    <TD NOWRAP STYLE="border-right: white 1pt solid; border-bottom: white 1pt solid; padding-left: 0; text-indent: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 5.5pt">R$</FONT></TD>
    <TD STYLE="border-right: white 1pt solid; border-bottom: white 1pt solid; padding-left: 0; text-indent: 0; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 5.5pt">918.400</FONT></TD>
    <TD STYLE="border-right: white 1pt solid; border-bottom: white 1pt solid; padding-left: 0; text-align: center; text-indent: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 5.5pt">15-jun-12</FONT></TD>
    <TD STYLE="border-right: white 1pt solid; border-bottom: white 1pt solid; padding-left: 0; text-align: center; text-indent: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 5.5pt">15-m ai-17</FONT></TD>
    <TD STYLE="border-right: white 1pt solid; border-bottom: white 1pt solid; padding-left: 0; text-align: center; text-indent: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 5.5pt">N&ordm; 4514</FONT></TD>
    <TD STYLE="border-right: white 1pt solid; border-bottom: white 1pt solid; padding-left: 0; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 5.5pt"><B>Aliena&ccedil;&atilde;o
    Fiduci&aacute;ria dos Bens Fianciados</B></FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: #EEECE1">
    <TD STYLE="border-right: white 1pt solid; border-bottom: white 1pt solid; padding-left: 0; text-align: center; text-indent: 0; vertical-align: middle"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 5.5pt">FINAME</FONT></TD>
    <TD STYLE="border-right: white 1pt solid; border-bottom: white 1pt solid; padding-left: 0; text-align: center; text-indent: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 5.5pt">Random</FONT></TD>
    <TD NOWRAP STYLE="border-right: white 1pt solid; border-bottom: white 1pt solid; padding-left: 0; text-indent: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 5.5pt">R$</FONT></TD>
    <TD STYLE="border-right: white 1pt solid; border-bottom: white 1pt solid; padding-left: 0; text-indent: 0; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 5.5pt">66.080</FONT></TD>
    <TD STYLE="border-right: white 1pt solid; border-bottom: white 1pt solid; padding-left: 0; text-align: center; text-indent: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 5.5pt">29-ago-12</FONT></TD>
    <TD STYLE="border-right: white 1pt solid; border-bottom: white 1pt solid; padding-left: 0; text-align: center; text-indent: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 5.5pt">16-jun-17</FONT></TD>
    <TD STYLE="border-right: white 1pt solid; border-bottom: white 1pt solid; padding-left: 0; text-align: center; text-indent: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 5.5pt">N&ordm; 4963</FONT></TD>
    <TD STYLE="border-right: white 1pt solid; border-bottom: white 1pt solid; padding-left: 0; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 5.5pt"><B>Aliena&ccedil;&atilde;o
    Fiduci&aacute;ria dos Bens Fianciados</B></FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: #EEECE1">
    <TD STYLE="border-right: white 1pt solid; border-bottom: white 1pt solid; padding-left: 0; text-align: center; text-indent: 0; vertical-align: middle"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 5.5pt">FINAME</FONT></TD>
    <TD STYLE="border-right: white 1pt solid; border-bottom: white 1pt solid; padding-left: 0; text-align: center; text-indent: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 5.5pt">Volks wagen</FONT></TD>
    <TD NOWRAP STYLE="border-right: white 1pt solid; border-bottom: white 1pt solid; padding-left: 0; text-indent: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 5.5pt">R$</FONT></TD>
    <TD STYLE="border-right: white 1pt solid; border-bottom: white 1pt solid; padding-left: 0; text-indent: 0; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 5.5pt">495.000</FONT></TD>
    <TD STYLE="border-right: white 1pt solid; border-bottom: white 1pt solid; padding-left: 0; text-align: center; text-indent: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 5.5pt">8-jul-10</FONT></TD>
    <TD STYLE="border-right: white 1pt solid; border-bottom: white 1pt solid; padding-left: 0; text-align: center; text-indent: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 5.5pt">15-dez-14</FONT></TD>
    <TD STYLE="border-right: white 1pt solid; border-bottom: white 1pt solid; padding-left: 0; text-align: center; text-indent: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 5.5pt">N&ordm; 199608/001</FONT></TD>
    <TD STYLE="border-right: white 1pt solid; border-bottom: white 1pt solid; padding-left: 0; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 5.5pt"><B>Aliena&ccedil;&atilde;o
    Fiduci&aacute;ria dos Bens Fianciados</B></FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: #EEECE1">
    <TD STYLE="border-right: white 1pt solid; border-bottom: white 1pt solid; padding-left: 0; text-align: center; text-indent: 0; vertical-align: middle"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 5.5pt">FINAME</FONT></TD>
    <TD STYLE="border-right: white 1pt solid; border-bottom: white 1pt solid; padding-left: 0; text-align: center; text-indent: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 5.5pt">Volks wagen</FONT></TD>
    <TD NOWRAP STYLE="border-right: white 1pt solid; border-bottom: white 1pt solid; padding-left: 0; text-indent: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 5.5pt">R$</FONT></TD>
    <TD STYLE="border-right: white 1pt solid; border-bottom: white 1pt solid; padding-left: 0; text-indent: 0; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 5.5pt">496.000</FONT></TD>
    <TD STYLE="border-right: white 1pt solid; border-bottom: white 1pt solid; padding-left: 0; text-align: center; text-indent: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 5.5pt">13-abr-10</FONT></TD>
    <TD STYLE="border-right: white 1pt solid; border-bottom: white 1pt solid; padding-left: 0; text-align: center; text-indent: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 5.5pt">15-dez-14</FONT></TD>
    <TD STYLE="border-right: white 1pt solid; border-bottom: white 1pt solid; padding-left: 0; text-align: center; text-indent: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 5.5pt">N&ordm; 194820/001</FONT></TD>
    <TD STYLE="border-right: white 1pt solid; border-bottom: white 1pt solid; padding-left: 0; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 5.5pt"><B>Aliena&ccedil;&atilde;o
    Fiduci&aacute;ria dos Bens Fianciados</B></FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: #EEECE1">
    <TD STYLE="border-right: white 1pt solid; border-bottom: white 1pt solid; padding-left: 0; text-align: center; text-indent: 0; vertical-align: middle"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 5.5pt">FINAME</FONT></TD>
    <TD STYLE="border-right: white 1pt solid; border-bottom: white 1pt solid; padding-left: 0; text-align: center; text-indent: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 5.5pt">Volks wagen</FONT></TD>
    <TD NOWRAP STYLE="border-right: white 1pt solid; border-bottom: white 1pt solid; padding-left: 0; text-indent: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 5.5pt">R$</FONT></TD>
    <TD STYLE="border-right: white 1pt solid; border-bottom: white 1pt solid; padding-left: 0; text-indent: 0; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 5.5pt">824.000</FONT></TD>
    <TD STYLE="border-right: white 1pt solid; border-bottom: white 1pt solid; padding-left: 0; text-align: center; text-indent: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 5.5pt">12-dez-09</FONT></TD>
    <TD STYLE="border-right: white 1pt solid; border-bottom: white 1pt solid; padding-left: 0; text-align: center; text-indent: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 5.5pt">15-dez-14</FONT></TD>
    <TD STYLE="border-right: white 1pt solid; border-bottom: white 1pt solid; padding-left: 0; text-align: center; text-indent: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 5.5pt">N&ordm; 192332/001</FONT></TD>
    <TD STYLE="border-right: white 1pt solid; border-bottom: white 1pt solid; padding-left: 0; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 5.5pt"><B>Aliena&ccedil;&atilde;o
    Fiduci&aacute;ria dos Bens Fianciados</B></FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: #EEECE1">
    <TD STYLE="border-right: white 1pt solid; border-bottom: white 1pt solid; padding-left: 0; text-align: center; text-indent: 0; vertical-align: middle"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 5.5pt">FINAME</FONT></TD>
    <TD STYLE="border-right: white 1pt solid; border-bottom: white 1pt solid; padding-left: 0; text-align: center; text-indent: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 5.5pt">Volks wagen</FONT></TD>
    <TD NOWRAP STYLE="border-right: white 1pt solid; border-bottom: white 1pt solid; padding-left: 0; text-indent: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 5.5pt">R$</FONT></TD>
    <TD STYLE="border-right: white 1pt solid; border-bottom: white 1pt solid; padding-left: 0; text-indent: 0; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 5.5pt">124.000</FONT></TD>
    <TD STYLE="border-right: white 1pt solid; border-bottom: white 1pt solid; padding-left: 0; text-align: center; text-indent: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 5.5pt">15-jul-10</FONT></TD>
    <TD STYLE="border-right: white 1pt solid; border-bottom: white 1pt solid; padding-left: 0; text-align: center; text-indent: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 5.5pt">15-jul-15</FONT></TD>
    <TD STYLE="border-right: white 1pt solid; border-bottom: white 1pt solid; padding-left: 0; text-align: center; text-indent: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 5.5pt">N&ordm; 226597/001</FONT></TD>
    <TD STYLE="border-right: white 1pt solid; border-bottom: white 1pt solid; padding-left: 0; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 5.5pt"><B>Aliena&ccedil;&atilde;o
    Fiduci&aacute;ria dos Bens Fianciados</B></FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: #EEECE1">
    <TD STYLE="border-right: white 1pt solid; border-bottom: white 1pt solid; padding-left: 0; text-align: center; text-indent: 0; vertical-align: middle"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 5.5pt">FINAME</FONT></TD>
    <TD STYLE="border-right: white 1pt solid; border-bottom: white 1pt solid; padding-left: 0; text-align: center; text-indent: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 5.5pt">Volks wagen</FONT></TD>
    <TD NOWRAP STYLE="border-right: white 1pt solid; border-bottom: white 1pt solid; padding-left: 0; text-indent: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 5.5pt">R$</FONT></TD>
    <TD STYLE="border-right: white 1pt solid; border-bottom: white 1pt solid; padding-left: 0; text-indent: 0; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 5.5pt">333.900</FONT></TD>
    <TD STYLE="border-right: white 1pt solid; border-bottom: white 1pt solid; padding-left: 0; text-align: center; text-indent: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 5.5pt">20-jun-12</FONT></TD>
    <TD STYLE="border-right: white 1pt solid; border-bottom: white 1pt solid; padding-left: 0; text-align: center; text-indent: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 5.5pt">17-abr-17</FONT></TD>
    <TD STYLE="border-right: white 1pt solid; border-bottom: white 1pt solid; padding-left: 0; text-align: center; text-indent: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 5.5pt">N&ordm; 311372/001</FONT></TD>
    <TD STYLE="border-right: white 1pt solid; border-bottom: white 1pt solid; padding-left: 0; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 5.5pt"><B>Aliena&ccedil;&atilde;o
    Fiduci&aacute;ria dos Bens Fianciados</B></FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: #EEECE1">
    <TD STYLE="border-right: white 1pt solid; border-bottom: white 1pt solid; padding-left: 0; text-align: center; text-indent: 0; vertical-align: middle"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 5.5pt">FINAME</FONT></TD>
    <TD STYLE="border-right: white 1pt solid; border-bottom: white 1pt solid; padding-left: 0; text-align: center; text-indent: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 5.5pt">Volks wagen</FONT></TD>
    <TD NOWRAP STYLE="border-right: white 1pt solid; border-bottom: white 1pt solid; padding-left: 0; text-indent: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 5.5pt">R$</FONT></TD>
    <TD STYLE="border-right: white 1pt solid; border-bottom: white 1pt solid; padding-left: 0; text-indent: 0; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 5.5pt">30.600</FONT></TD>
    <TD STYLE="border-right: white 1pt solid; border-bottom: white 1pt solid; padding-left: 0; text-align: center; text-indent: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 5.5pt">6-jul-12</FONT></TD>
    <TD STYLE="border-right: white 1pt solid; border-bottom: white 1pt solid; padding-left: 0; text-align: center; text-indent: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 5.5pt">17-abr-17</FONT></TD>
    <TD STYLE="border-right: white 1pt solid; border-bottom: white 1pt solid; padding-left: 0; text-align: center; text-indent: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 5.5pt">N&ordm; 311370/001</FONT></TD>
    <TD STYLE="border-right: white 1pt solid; border-bottom: white 1pt solid; padding-left: 0; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 5.5pt"><B>Aliena&ccedil;&atilde;o
    Fiduci&aacute;ria dos Bens Fianciados</B></FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: #EEECE1">
    <TD STYLE="border-right: white 1pt solid; border-bottom: white 1pt solid; padding-left: 0; text-align: center; text-indent: 0; vertical-align: middle"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 5.5pt">FINAME</FONT></TD>
    <TD STYLE="border-right: white 1pt solid; border-bottom: white 1pt solid; padding-left: 0; text-align: center; text-indent: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 5.5pt">Votorantim</FONT></TD>
    <TD NOWRAP STYLE="border-right: white 1pt solid; border-bottom: white 1pt solid; padding-left: 0; text-indent: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 5.5pt">R$</FONT></TD>
    <TD STYLE="border-right: white 1pt solid; border-bottom: white 1pt solid; padding-left: 0; text-indent: 0; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 5.5pt">2.340.000</FONT></TD>
    <TD STYLE="border-right: white 1pt solid; border-bottom: white 1pt solid; padding-left: 0; text-align: center; text-indent: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 5.5pt">13-m ai-11</FONT></TD>
    <TD STYLE="border-right: white 1pt solid; border-bottom: white 1pt solid; padding-left: 0; text-align: center; text-indent: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 5.5pt">15-abr-16</FONT></TD>
    <TD STYLE="border-right: white 1pt solid; border-bottom: white 1pt solid; padding-left: 0; text-align: center; text-indent: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 5.5pt">N&ordm; 83159-3</FONT></TD>
    <TD STYLE="border-right: white 1pt solid; border-bottom: white 1pt solid; padding-left: 0; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 5.5pt"><B>Aliena&ccedil;&atilde;o
    Fiduci&aacute;ria dos Bens Fianciados</B></FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: #EEECE1">
    <TD STYLE="border-right: white 1pt solid; border-bottom: white 1pt solid; padding-left: 0; text-align: center; text-indent: 0; vertical-align: middle"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 5.5pt">FINAME</FONT></TD>
    <TD STYLE="border-right: white 1pt solid; border-bottom: white 1pt solid; padding-left: 0; text-align: center; text-indent: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 5.5pt">CNH</FONT></TD>
    <TD NOWRAP STYLE="border-right: white 1pt solid; border-bottom: white 1pt solid; padding-left: 0; text-indent: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 5.5pt">R$</FONT></TD>
    <TD STYLE="border-right: white 1pt solid; border-bottom: white 1pt solid; padding-left: 0; text-indent: 0; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 5.5pt">1.710.000</FONT></TD>
    <TD STYLE="border-right: white 1pt solid; border-bottom: white 1pt solid; padding-left: 0; text-align: center; text-indent: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 5.5pt">19-fev-13</FONT></TD>
    <TD STYLE="border-right: white 1pt solid; border-bottom: white 1pt solid; padding-left: 0; text-align: center; text-indent: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 5.5pt">16-out-17</FONT></TD>
    <TD STYLE="border-right: white 1pt solid; border-bottom: white 1pt solid; padding-left: 0; text-align: center; text-indent: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 5.5pt">N&ordm; 2012009281</FONT></TD>
    <TD STYLE="border-right: white 1pt solid; border-bottom: white 1pt solid; padding-left: 0; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 5.5pt"><B>Aliena&ccedil;&atilde;o
    Fiduci&aacute;ria dos Bens Fianciados</B></FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: #EEECE1">
    <TD STYLE="border-right: white 1pt solid; border-bottom: white 1pt solid; padding-left: 0; text-align: center; text-indent: 0; vertical-align: middle"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 5.5pt">FINAME</FONT></TD>
    <TD STYLE="border-right: white 1pt solid; border-bottom: white 1pt solid; padding-left: 0; text-align: center; text-indent: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 5.5pt">CNH</FONT></TD>
    <TD NOWRAP STYLE="border-right: white 1pt solid; border-bottom: white 1pt solid; padding-left: 0; text-indent: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 5.5pt">R$</FONT></TD>
    <TD STYLE="border-right: white 1pt solid; border-bottom: white 1pt solid; padding-left: 0; text-indent: 0; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 5.5pt">679.500</FONT></TD>
    <TD STYLE="border-right: white 1pt solid; border-bottom: white 1pt solid; padding-left: 0; text-align: center; text-indent: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 5.5pt">30-jul-13</FONT></TD>
    <TD STYLE="border-right: white 1pt solid; border-bottom: white 1pt solid; padding-left: 0; text-align: center; text-indent: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 5.5pt">15-jun-18</FONT></TD>
    <TD STYLE="border-right: white 1pt solid; border-bottom: white 1pt solid; padding-left: 0; text-align: center; text-indent: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 5.5pt">N&ordm; 2013006085</FONT></TD>
    <TD STYLE="border-right: white 1pt solid; border-bottom: white 1pt solid; padding-left: 0; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 5.5pt"><B>Aliena&ccedil;&atilde;o
    Fiduci&aacute;ria dos Bens Fianciados</B></FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: #EEECE1">
    <TD STYLE="border-right: white 1pt solid; border-bottom: white 1pt solid; padding-left: 0; text-align: center; text-indent: 0; vertical-align: middle"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 5.5pt">FINAME</FONT></TD>
    <TD STYLE="border-right: white 1pt solid; border-bottom: white 1pt solid; padding-left: 0; text-align: center; text-indent: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 5.5pt">CNH</FONT></TD>
    <TD NOWRAP STYLE="border-right: white 1pt solid; border-bottom: white 1pt solid; padding-left: 0; text-indent: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 5.5pt">R$</FONT></TD>
    <TD STYLE="border-right: white 1pt solid; border-bottom: white 1pt solid; padding-left: 0; text-indent: 0; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 5.5pt">2.003.400</FONT></TD>
    <TD STYLE="border-right: white 1pt solid; border-bottom: white 1pt solid; padding-left: 0; text-align: center; text-indent: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 5.5pt">8-nov-13</FONT></TD>
    <TD STYLE="border-right: white 1pt solid; border-bottom: white 1pt solid; padding-left: 0; text-align: center; text-indent: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 5.5pt">15-ago-18</FONT></TD>
    <TD STYLE="border-right: white 1pt solid; border-bottom: white 1pt solid; padding-left: 0; text-align: center; text-indent: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 5.5pt">N&ordm; 2013008978</FONT></TD>
    <TD STYLE="border-right: white 1pt solid; border-bottom: white 1pt solid; padding-left: 0; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 5.5pt"><B>Aliena&ccedil;&atilde;o
    Fiduci&aacute;ria dos Bens Fianciados</B></FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: #EEECE1">
    <TD STYLE="border-right: white 1pt solid; border-bottom: white 1pt solid; padding-left: 0; text-align: center; text-indent: 0; vertical-align: middle"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 5.5pt">FINAME</FONT></TD>
    <TD STYLE="border-right: white 1pt solid; border-bottom: white 1pt solid; padding-left: 0; text-align: center; text-indent: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 5.5pt">CNH</FONT></TD>
    <TD NOWRAP STYLE="border-right: white 1pt solid; border-bottom: white 1pt solid; padding-left: 0; text-indent: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 5.5pt">R$</FONT></TD>
    <TD STYLE="border-right: white 1pt solid; border-bottom: white 1pt solid; padding-left: 0; text-indent: 0; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 5.5pt">575.316</FONT></TD>
    <TD STYLE="border-right: white 1pt solid; border-bottom: white 1pt solid; padding-left: 0; text-align: center; text-indent: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 5.5pt">2-dez-13</FONT></TD>
    <TD STYLE="border-right: white 1pt solid; border-bottom: white 1pt solid; padding-left: 0; text-align: center; text-indent: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 5.5pt">15-out-18</FONT></TD>
    <TD STYLE="border-right: white 1pt solid; border-bottom: white 1pt solid; padding-left: 0; text-align: center; text-indent: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 5.5pt">N&ordm; 2013011606</FONT></TD>
    <TD STYLE="border-right: white 1pt solid; border-bottom: white 1pt solid; padding-left: 0; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 5.5pt"><B>Aliena&ccedil;&atilde;o
    Fiduci&aacute;ria dos Bens Fianciados</B></FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: #EEECE1">
    <TD STYLE="border-right: white 1pt solid; border-bottom: white 1pt solid; padding-left: 0; text-align: center; text-indent: 0; vertical-align: middle"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 5.5pt">FINAME</FONT></TD>
    <TD STYLE="border-right: white 1pt solid; border-bottom: white 1pt solid; padding-left: 0; text-align: center; text-indent: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 5.5pt">CNH</FONT></TD>
    <TD NOWRAP STYLE="border-right: white 1pt solid; border-bottom: white 1pt solid; padding-left: 0; text-indent: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 5.5pt">R$</FONT></TD>
    <TD STYLE="border-right: white 1pt solid; border-bottom: white 1pt solid; padding-left: 0; text-indent: 0; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 5.5pt">2.438.424</FONT></TD>
    <TD STYLE="border-right: white 1pt solid; border-bottom: white 1pt solid; padding-left: 0; text-align: center; text-indent: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 5.5pt">2-dez-13</FONT></TD>
    <TD STYLE="border-right: white 1pt solid; border-bottom: white 1pt solid; padding-left: 0; text-align: center; text-indent: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 5.5pt">15-out-18</FONT></TD>
    <TD STYLE="border-right: white 1pt solid; border-bottom: white 1pt solid; padding-left: 0; text-align: center; text-indent: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 5.5pt">N&ordm; 2013011605</FONT></TD>
    <TD STYLE="border-right: white 1pt solid; border-bottom: white 1pt solid; padding-left: 0; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 5.5pt"><B>Aliena&ccedil;&atilde;o
    Fiduci&aacute;ria dos Bens Fianciados</B></FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: #EEECE1">
    <TD STYLE="border-right: white 1pt solid; border-bottom: white 1pt solid; padding-left: 0; text-align: center; text-indent: 0; vertical-align: middle"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 5.5pt">FINAME</FONT></TD>
    <TD STYLE="border-right: white 1pt solid; border-bottom: white 1pt solid; padding-left: 0; text-align: center; text-indent: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 5.5pt">CNH</FONT></TD>
    <TD NOWRAP STYLE="border-right: white 1pt solid; border-bottom: white 1pt solid; padding-left: 0; text-indent: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 5.5pt">R$</FONT></TD>
    <TD STYLE="border-right: white 1pt solid; border-bottom: white 1pt solid; padding-left: 0; text-indent: 0; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 5.5pt">1.216.498</FONT></TD>
    <TD STYLE="border-right: white 1pt solid; border-bottom: white 1pt solid; padding-left: 0; text-align: center; text-indent: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 5.5pt">2-dez-13</FONT></TD>
    <TD STYLE="border-right: white 1pt solid; border-bottom: white 1pt solid; padding-left: 0; text-align: center; text-indent: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 5.5pt">15-ago-18</FONT></TD>
    <TD STYLE="border-right: white 1pt solid; border-bottom: white 1pt solid; padding-left: 0; text-align: center; text-indent: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 5.5pt">N&ordm; 2013008977</FONT></TD>
    <TD STYLE="border-right: white 1pt solid; border-bottom: white 1pt solid; padding-left: 0; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 5.5pt"><B>Aliena&ccedil;&atilde;o
    Fiduci&aacute;ria dos Bens Fianciados</B></FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: #EEECE1">
    <TD STYLE="border-right: white 1pt solid; border-bottom: white 1pt solid; padding-left: 0; text-align: center; text-indent: 0; vertical-align: middle"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 5.5pt">FINAME</FONT></TD>
    <TD STYLE="border-right: white 1pt solid; border-bottom: white 1pt solid; padding-left: 0; text-align: center; text-indent: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 5.5pt">CNH</FONT></TD>
    <TD NOWRAP STYLE="border-right: white 1pt solid; border-bottom: white 1pt solid; padding-left: 0; text-indent: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 5.5pt">R$</FONT></TD>
    <TD STYLE="border-right: white 1pt solid; border-bottom: white 1pt solid; padding-left: 0; text-indent: 0; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 5.5pt">575.316</FONT></TD>
    <TD STYLE="border-right: white 1pt solid; border-bottom: white 1pt solid; padding-left: 0; text-align: center; text-indent: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 5.5pt">24-fev-14</FONT></TD>
    <TD STYLE="border-right: white 1pt solid; border-bottom: white 1pt solid; padding-left: 0; text-align: center; text-indent: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 5.5pt">17-dez-18</FONT></TD>
    <TD STYLE="border-right: white 1pt solid; border-bottom: white 1pt solid; padding-left: 0; text-align: center; text-indent: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 5.5pt">N&ordm; 2013013481</FONT></TD>
    <TD STYLE="border-right: white 1pt solid; border-bottom: white 1pt solid; padding-left: 0; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 5.5pt"><B>Aliena&ccedil;&atilde;o
    Fiduci&aacute;ria dos Bens Fianciados</B></FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: #EEECE1">
    <TD STYLE="border-right: white 1pt solid; border-bottom: white 1pt solid; padding-left: 0; text-align: center; text-indent: 0; vertical-align: middle"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 5.5pt">FINAME</FONT></TD>
    <TD STYLE="border-right: white 1pt solid; border-bottom: white 1pt solid; padding-left: 0; text-align: center; text-indent: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 5.5pt">BDMG</FONT></TD>
    <TD NOWRAP STYLE="border-right: white 1pt solid; border-bottom: white 1pt solid; padding-left: 0; text-indent: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 5.5pt">R$</FONT></TD>
    <TD STYLE="border-right: white 1pt solid; border-bottom: white 1pt solid; padding-left: 0; text-indent: 0; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 5.5pt">432.000</FONT></TD>
    <TD STYLE="border-right: white 1pt solid; border-bottom: white 1pt solid; padding-left: 0; text-align: center; text-indent: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 5.5pt">15-m ar-13</FONT></TD>
    <TD STYLE="border-right: white 1pt solid; border-bottom: white 1pt solid; padding-left: 0; text-align: center; text-indent: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 5.5pt">15-nov-22</FONT></TD>
    <TD STYLE="border-right: white 1pt solid; border-bottom: white 1pt solid; padding-left: 0; text-align: center; text-indent: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 5.5pt">N&ordm; 155.755/12</FONT></TD>
    <TD STYLE="border-right: white 1pt solid; border-bottom: white 1pt solid; padding-left: 0; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 5.5pt"><B>Aliena&ccedil;&atilde;o
    Fiduci&aacute;ria dos Bens Fianciados</B></FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: #EEECE1">
    <TD STYLE="border-right: white 1pt solid; border-bottom: white 1pt solid; padding-left: 0; text-align: center; text-indent: 0; vertical-align: middle"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 5.5pt">FINAME</FONT></TD>
    <TD STYLE="border-right: white 1pt solid; border-bottom: white 1pt solid; padding-left: 0; text-align: center; text-indent: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 5.5pt">BDMG</FONT></TD>
    <TD NOWRAP STYLE="border-right: white 1pt solid; border-bottom: white 1pt solid; padding-left: 0; text-indent: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 5.5pt">R$</FONT></TD>
    <TD STYLE="border-right: white 1pt solid; border-bottom: white 1pt solid; padding-left: 0; text-indent: 0; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 5.5pt">5.006.300</FONT></TD>
    <TD STYLE="border-right: white 1pt solid; border-bottom: white 1pt solid; padding-left: 0; text-align: center; text-indent: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 5.5pt">20-m ai-13</FONT></TD>
    <TD STYLE="border-right: white 1pt solid; border-bottom: white 1pt solid; padding-left: 0; text-align: center; text-indent: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 5.5pt">15-jan-23</FONT></TD>
    <TD STYLE="border-right: white 1pt solid; border-bottom: white 1pt solid; padding-left: 0; text-align: center; text-indent: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 5.5pt">N&ordm; 158.841/12</FONT></TD>
    <TD STYLE="border-right: white 1pt solid; border-bottom: white 1pt solid; padding-left: 0; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 5.5pt"><B>Aliena&ccedil;&atilde;o
    Fiduci&aacute;ria dos Bens Fianciados</B></FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: #EEECE1">
    <TD STYLE="border-right: white 1pt solid; border-bottom: white 1pt solid; padding-left: 0; text-align: center; text-indent: 0; vertical-align: middle"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 5.5pt">FINAME</FONT></TD>
    <TD STYLE="border-right: white 1pt solid; border-bottom: white 1pt solid; padding-left: 0; text-align: center; text-indent: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 5.5pt">BDMG</FONT></TD>
    <TD NOWRAP STYLE="border-right: white 1pt solid; border-bottom: white 1pt solid; padding-left: 0; text-indent: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 5.5pt">R$</FONT></TD>
    <TD STYLE="border-right: white 1pt solid; border-bottom: white 1pt solid; padding-left: 0; text-indent: 0; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 5.5pt">1.695.600</FONT></TD>
    <TD STYLE="border-right: white 1pt solid; border-bottom: white 1pt solid; padding-left: 0; text-align: center; text-indent: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 5.5pt">12-m ar-13</FONT></TD>
    <TD STYLE="border-right: white 1pt solid; border-bottom: white 1pt solid; padding-left: 0; text-align: center; text-indent: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 5.5pt">15-jan-23</FONT></TD>
    <TD STYLE="border-right: white 1pt solid; border-bottom: white 1pt solid; padding-left: 0; text-align: center; text-indent: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 5.5pt">N&ordm; 158.870/12</FONT></TD>
    <TD STYLE="border-right: white 1pt solid; border-bottom: white 1pt solid; padding-left: 0; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 5.5pt"><B>Aliena&ccedil;&atilde;o
    Fiduci&aacute;ria dos Bens Fianciados</B></FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: #EEECE1">
    <TD STYLE="border-right: white 1pt solid; border-bottom: white 1pt solid; padding-left: 0; text-align: center; text-indent: 0; vertical-align: middle"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 5.5pt">FINAME</FONT></TD>
    <TD STYLE="border-right: white 1pt solid; border-bottom: white 1pt solid; padding-left: 0; text-align: center; text-indent: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 5.5pt">BDMG</FONT></TD>
    <TD NOWRAP STYLE="border-right: white 1pt solid; border-bottom: white 1pt solid; padding-left: 0; text-indent: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 5.5pt">R$</FONT></TD>
    <TD STYLE="border-right: white 1pt solid; border-bottom: white 1pt solid; padding-left: 0; text-indent: 0; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 5.5pt">113.400</FONT></TD>
    <TD STYLE="border-right: white 1pt solid; border-bottom: white 1pt solid; padding-left: 0; text-align: center; text-indent: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 5.5pt">18-m ar-13</FONT></TD>
    <TD STYLE="border-right: white 1pt solid; border-bottom: white 1pt solid; padding-left: 0; text-align: center; text-indent: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 5.5pt">15-nov-22</FONT></TD>
    <TD STYLE="border-right: white 1pt solid; border-bottom: white 1pt solid; padding-left: 0; text-align: center; text-indent: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 5.5pt">N&ordm; 156.043/12</FONT></TD>
    <TD STYLE="border-right: white 1pt solid; border-bottom: white 1pt solid; padding-left: 0; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 5.5pt"><B>Aliena&ccedil;&atilde;o
    Fiduci&aacute;ria dos Bens Fianciados</B></FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: #EEECE1">
    <TD STYLE="border-right: white 1pt solid; border-bottom: white 1pt solid; padding-left: 0; text-align: center; text-indent: 0; vertical-align: middle"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 5.5pt">FINAME</FONT></TD>
    <TD STYLE="border-right: white 1pt solid; border-bottom: white 1pt solid; padding-left: 0; text-align: center; text-indent: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 5.5pt">BDMG</FONT></TD>
    <TD NOWRAP STYLE="border-right: white 1pt solid; border-bottom: white 1pt solid; padding-left: 0; text-indent: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 5.5pt">R$</FONT></TD>
    <TD STYLE="border-right: white 1pt solid; border-bottom: white 1pt solid; padding-left: 0; text-indent: 0; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 5.5pt">1.386.000</FONT></TD>
    <TD STYLE="border-right: white 1pt solid; border-bottom: white 1pt solid; padding-left: 0; text-align: center; text-indent: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 5.5pt">15-m ar-13</FONT></TD>
    <TD STYLE="border-right: white 1pt solid; border-bottom: white 1pt solid; padding-left: 0; text-align: center; text-indent: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 5.5pt">15-nov-22</FONT></TD>
    <TD STYLE="border-right: white 1pt solid; border-bottom: white 1pt solid; padding-left: 0; text-align: center; text-indent: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 5.5pt">N&ordm; 155.680/12</FONT></TD>
    <TD STYLE="border-right: white 1pt solid; border-bottom: white 1pt solid; padding-left: 0; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 5.5pt"><B>Aliena&ccedil;&atilde;o
    Fiduci&aacute;ria dos Bens Fianciados</B></FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: #EEECE1">
    <TD STYLE="border-right: white 1pt solid; border-bottom: white 1pt solid; padding-left: 0; text-align: center; text-indent: 0; vertical-align: middle"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 5.5pt">FINAME</FONT></TD>
    <TD STYLE="border-right: white 1pt solid; border-bottom: white 1pt solid; padding-left: 0; text-align: center; text-indent: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 5.5pt">BDMG</FONT></TD>
    <TD NOWRAP STYLE="border-right: white 1pt solid; border-bottom: white 1pt solid; padding-left: 0; text-indent: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 5.5pt">R$</FONT></TD>
    <TD STYLE="border-right: white 1pt solid; border-bottom: white 1pt solid; padding-left: 0; text-indent: 0; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 5.5pt">432.900</FONT></TD>
    <TD STYLE="border-right: white 1pt solid; border-bottom: white 1pt solid; padding-left: 0; text-align: center; text-indent: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 5.5pt">11-m ar-13</FONT></TD>
    <TD STYLE="border-right: white 1pt solid; border-bottom: white 1pt solid; padding-left: 0; text-align: center; text-indent: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 5.5pt">15-nov-22</FONT></TD>
    <TD STYLE="border-right: white 1pt solid; border-bottom: white 1pt solid; padding-left: 0; text-align: center; text-indent: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 5.5pt">N&ordm; 155.825/12</FONT></TD>
    <TD STYLE="border-right: white 1pt solid; border-bottom: white 1pt solid; padding-left: 0; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 5.5pt"><B>Aliena&ccedil;&atilde;o
    Fiduci&aacute;ria dos Bens Fianciados</B></FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: #EEECE1">
    <TD STYLE="border-right: white 1pt solid; border-bottom: white 1pt solid; padding-left: 0; text-align: center; text-indent: 0; vertical-align: middle"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 5.5pt">FINAME</FONT></TD>
    <TD STYLE="border-right: white 1pt solid; border-bottom: white 1pt solid; padding-left: 0; text-align: center; text-indent: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 5.5pt">BDMG</FONT></TD>
    <TD NOWRAP STYLE="border-right: white 1pt solid; border-bottom: white 1pt solid; padding-left: 0; text-indent: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 5.5pt">R$</FONT></TD>
    <TD STYLE="border-right: white 1pt solid; border-bottom: white 1pt solid; padding-left: 0; text-indent: 0; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 5.5pt">315.000</FONT></TD>
    <TD STYLE="border-right: white 1pt solid; border-bottom: white 1pt solid; padding-left: 0; text-align: center; text-indent: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 5.5pt">5-abr-13</FONT></TD>
    <TD STYLE="border-right: white 1pt solid; border-bottom: white 1pt solid; padding-left: 0; text-align: center; text-indent: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 5.5pt">15-nov-22</FONT></TD>
    <TD STYLE="border-right: white 1pt solid; border-bottom: white 1pt solid; padding-left: 0; text-align: center; text-indent: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 5.5pt">N&ordm; 155.826/12</FONT></TD>
    <TD STYLE="border-right: white 1pt solid; border-bottom: white 1pt solid; padding-left: 0; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 5.5pt"><B>Aliena&ccedil;&atilde;o
    Fiduci&aacute;ria dos Bens Fianciados</B></FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: #EEECE1">
    <TD STYLE="border-right: white 1pt solid; border-bottom: white 1pt solid; padding-left: 0; text-align: center; text-indent: 0; vertical-align: middle"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 5.5pt">FINAME</FONT></TD>
    <TD STYLE="border-right: white 1pt solid; border-bottom: white 1pt solid; padding-left: 0; text-align: center; text-indent: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 5.5pt">BDMG</FONT></TD>
    <TD NOWRAP STYLE="border-right: white 1pt solid; border-bottom: white 1pt solid; padding-left: 0; text-indent: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 5.5pt">R$</FONT></TD>
    <TD STYLE="border-right: white 1pt solid; border-bottom: white 1pt solid; padding-left: 0; text-indent: 0; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 5.5pt">321.300</FONT></TD>
    <TD STYLE="border-right: white 1pt solid; border-bottom: white 1pt solid; padding-left: 0; text-align: center; text-indent: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 5.5pt">28-nov-13</FONT></TD>
    <TD STYLE="border-right: white 1pt solid; border-bottom: white 1pt solid; padding-left: 0; text-align: center; text-indent: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 5.5pt">15-s et-23</FONT></TD>
    <TD STYLE="border-right: white 1pt solid; border-bottom: white 1pt solid; padding-left: 0; text-align: center; text-indent: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 5.5pt">N&ordm; 170.179-13</FONT></TD>
    <TD STYLE="border-right: white 1pt solid; border-bottom: white 1pt solid; padding-left: 0; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 5.5pt"><B>Aliena&ccedil;&atilde;o
    Fiduci&aacute;ria dos Bens Fianciados</B></FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: #EEECE1">
    <TD STYLE="border-right: white 1pt solid; border-bottom: white 1pt solid; padding-left: 0; text-align: center; text-indent: 0; vertical-align: middle"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 5.5pt">FINAME</FONT></TD>
    <TD STYLE="border-right: white 1pt solid; border-bottom: white 1pt solid; padding-left: 0; text-align: center; text-indent: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 5.5pt">Ita&uacute; BBA</FONT></TD>
    <TD NOWRAP STYLE="border-right: white 1pt solid; border-bottom: white 1pt solid; padding-left: 0; text-indent: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 5.5pt">R$</FONT></TD>
    <TD STYLE="border-right: white 1pt solid; border-bottom: white 1pt solid; padding-left: 0; text-indent: 0; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 5.5pt">8.890.798</FONT></TD>
    <TD STYLE="border-right: white 1pt solid; border-bottom: white 1pt solid; padding-left: 0; text-align: center; text-indent: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 5.5pt">14-dez-12</FONT></TD>
    <TD STYLE="border-right: white 1pt solid; border-bottom: white 1pt solid; padding-left: 0; text-align: center; text-indent: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 5.5pt">16-nov-22</FONT></TD>
    <TD STYLE="border-right: white 1pt solid; border-bottom: white 1pt solid; padding-left: 0; text-align: center; text-indent: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 5.5pt">N&ordm; 50002875100</FONT></TD>
    <TD STYLE="border-right: white 1pt solid; border-bottom: white 1pt solid; padding-left: 0; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 5.5pt"><B>Aliena&ccedil;&atilde;o
    Fiduci&aacute;ria dos Bens Fianciados</B></FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: #EEECE1">
    <TD STYLE="border-right: white 1pt solid; border-bottom: white 1pt solid; padding-left: 0; text-align: center; text-indent: 0; vertical-align: middle"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 5.5pt">FINAME</FONT></TD>
    <TD STYLE="border-right: white 1pt solid; border-bottom: white 1pt solid; padding-left: 0; text-align: center; text-indent: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 5.5pt">Ita&uacute; BBA</FONT></TD>
    <TD NOWRAP STYLE="border-right: white 1pt solid; border-bottom: white 1pt solid; padding-left: 0; text-indent: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 5.5pt">R$</FONT></TD>
    <TD STYLE="border-right: white 1pt solid; border-bottom: white 1pt solid; padding-left: 0; text-indent: 0; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 5.5pt">7.641.000</FONT></TD>
    <TD STYLE="border-right: white 1pt solid; border-bottom: white 1pt solid; padding-left: 0; text-align: center; text-indent: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 5.5pt">14-dez-12</FONT></TD>
    <TD STYLE="border-right: white 1pt solid; border-bottom: white 1pt solid; padding-left: 0; text-align: center; text-indent: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 5.5pt">16-nov-22</FONT></TD>
    <TD STYLE="border-right: white 1pt solid; border-bottom: white 1pt solid; padding-left: 0; text-align: center; text-indent: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 5.5pt">N&ordm; 50002875600</FONT></TD>
    <TD STYLE="border-right: white 1pt solid; border-bottom: white 1pt solid; padding-left: 0; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 5.5pt"><B>Aliena&ccedil;&atilde;o
    Fiduci&aacute;ria dos Bens Fianciados</B></FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: #EEECE1">
    <TD STYLE="border-right: white 1pt solid; border-bottom: white 1pt solid; padding-left: 0; text-align: center; text-indent: 0; vertical-align: middle"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 5.5pt">FINAME</FONT></TD>
    <TD STYLE="border-right: white 1pt solid; border-bottom: white 1pt solid; padding-left: 0; text-align: center; text-indent: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 5.5pt">Ita&uacute; BBA</FONT></TD>
    <TD NOWRAP STYLE="border-right: white 1pt solid; border-bottom: white 1pt solid; padding-left: 0; text-indent: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 5.5pt">R$</FONT></TD>
    <TD STYLE="border-right: white 1pt solid; border-bottom: white 1pt solid; padding-left: 0; text-indent: 0; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 5.5pt">8.488.198</FONT></TD>
    <TD STYLE="border-right: white 1pt solid; border-bottom: white 1pt solid; padding-left: 0; text-align: center; text-indent: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 5.5pt">14-jan-13</FONT></TD>
    <TD STYLE="border-right: white 1pt solid; border-bottom: white 1pt solid; padding-left: 0; text-align: center; text-indent: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 5.5pt">16-nov-22</FONT></TD>
    <TD STYLE="border-right: white 1pt solid; border-bottom: white 1pt solid; padding-left: 0; text-align: center; text-indent: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 5.5pt">N&ordm; 50002875200</FONT></TD>
    <TD STYLE="border-right: white 1pt solid; border-bottom: white 1pt solid; padding-left: 0; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 5.5pt"><B>Aliena&ccedil;&atilde;o
    Fiduci&aacute;ria dos Bens Fianciados</B></FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: #EEECE1">
    <TD STYLE="border-right: white 1pt solid; border-bottom: white 1pt solid; padding-left: 0; text-align: center; text-indent: 0; vertical-align: middle"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 5.5pt">FINAME</FONT></TD>
    <TD STYLE="border-right: white 1pt solid; border-bottom: white 1pt solid; padding-left: 0; text-align: center; text-indent: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 5.5pt">Ita&uacute; BBA</FONT></TD>
    <TD NOWRAP STYLE="border-right: white 1pt solid; border-bottom: white 1pt solid; padding-left: 0; text-indent: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 5.5pt">R$</FONT></TD>
    <TD STYLE="border-right: white 1pt solid; border-bottom: white 1pt solid; padding-left: 0; text-indent: 0; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 5.5pt">4.950.000</FONT></TD>
    <TD STYLE="border-right: white 1pt solid; border-bottom: white 1pt solid; padding-left: 0; text-align: center; text-indent: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 5.5pt">14-jan-13</FONT></TD>
    <TD STYLE="border-right: white 1pt solid; border-bottom: white 1pt solid; padding-left: 0; text-align: center; text-indent: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 5.5pt">16-nov-22</FONT></TD>
    <TD STYLE="border-right: white 1pt solid; border-bottom: white 1pt solid; padding-left: 0; text-align: center; text-indent: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 5.5pt">N&ordm; 50002875300</FONT></TD>
    <TD STYLE="border-right: white 1pt solid; border-bottom: white 1pt solid; padding-left: 0; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 5.5pt"><B>Aliena&ccedil;&atilde;o
    Fiduci&aacute;ria dos Bens Fianciados</B></FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: #EEECE1">
    <TD STYLE="border-right: white 1pt solid; border-bottom: white 1pt solid; padding-left: 0; text-align: center; text-indent: 0; vertical-align: middle"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 5.5pt">FINAME</FONT></TD>
    <TD STYLE="border-right: white 1pt solid; border-bottom: white 1pt solid; padding-left: 0; text-align: center; text-indent: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 5.5pt">Ita&uacute; BBA</FONT></TD>
    <TD NOWRAP STYLE="border-right: white 1pt solid; border-bottom: white 1pt solid; padding-left: 0; text-indent: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 5.5pt">R$</FONT></TD>
    <TD STYLE="border-right: white 1pt solid; border-bottom: white 1pt solid; padding-left: 0; text-indent: 0; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 5.5pt">8.237.268</FONT></TD>
    <TD STYLE="border-right: white 1pt solid; border-bottom: white 1pt solid; padding-left: 0; text-align: center; text-indent: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 5.5pt">14-jan-13</FONT></TD>
    <TD STYLE="border-right: white 1pt solid; border-bottom: white 1pt solid; padding-left: 0; text-align: center; text-indent: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 5.5pt">17-out-22</FONT></TD>
    <TD STYLE="border-right: white 1pt solid; border-bottom: white 1pt solid; padding-left: 0; text-align: center; text-indent: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 5.5pt">N&ordm; 50002875700</FONT></TD>
    <TD STYLE="border-right: white 1pt solid; border-bottom: white 1pt solid; padding-left: 0; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 5.5pt"><B>Aliena&ccedil;&atilde;o
    Fiduci&aacute;ria dos Bens Fianciados</B></FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: #EEECE1">
    <TD STYLE="border-right: white 1pt solid; border-bottom: white 1pt solid; padding-left: 0; text-align: center; text-indent: 0; vertical-align: middle"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 5.5pt">FINAME</FONT></TD>
    <TD STYLE="border-right: white 1pt solid; border-bottom: white 1pt solid; padding-left: 0; text-align: center; text-indent: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 5.5pt">Ita&uacute; BBA</FONT></TD>
    <TD NOWRAP STYLE="border-right: white 1pt solid; border-bottom: white 1pt solid; padding-left: 0; text-indent: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 5.5pt">R$</FONT></TD>
    <TD STYLE="border-right: white 1pt solid; border-bottom: white 1pt solid; padding-left: 0; text-indent: 0; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 5.5pt">7.740.000</FONT></TD>
    <TD STYLE="border-right: white 1pt solid; border-bottom: white 1pt solid; padding-left: 0; text-align: center; text-indent: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 5.5pt">14-jan-13</FONT></TD>
    <TD STYLE="border-right: white 1pt solid; border-bottom: white 1pt solid; padding-left: 0; text-align: center; text-indent: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 5.5pt">16-nov-22</FONT></TD>
    <TD STYLE="border-right: white 1pt solid; border-bottom: white 1pt solid; padding-left: 0; text-align: center; text-indent: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 5.5pt">N&ordm; 50002875500</FONT></TD>
    <TD STYLE="border-right: white 1pt solid; border-bottom: white 1pt solid; padding-left: 0; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 5.5pt"><B>Aliena&ccedil;&atilde;o
    Fiduci&aacute;ria dos Bens Fianciados</B></FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: #EEECE1">
    <TD ROWSPAN="6" STYLE="border-right: white 1pt solid; border-bottom: white 1pt solid; padding-left: 0; text-align: center; text-indent: 0; vertical-align: middle"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 5.5pt">FINEM</FONT></TD>
    <TD STYLE="border-right: white 1pt solid; border-bottom: white 1pt solid; padding-left: 0; text-align: center; text-indent: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 5.5pt">Brades co</FONT></TD>
    <TD ROWSPAN="6" NOWRAP STYLE="border-right: white 1pt solid; border-bottom: white 1pt solid; padding-left: 0; text-indent: 0; text-align: center; vertical-align: middle"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 5.5pt">R$</FONT></TD>
    <TD ROWSPAN="6" STYLE="border-right: white 1pt solid; border-bottom: white 1pt solid; padding-left: 0; text-indent: 0; text-align: right; vertical-align: middle"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 5.5pt">151.000.000</FONT></TD>
    <TD ROWSPAN="6" STYLE="border-right: white 1pt solid; border-bottom: white 1pt solid; padding-left: 0; text-align: center; text-indent: 0; vertical-align: middle"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 5.5pt">17-m ar-08</FONT></TD>
    <TD ROWSPAN="6" STYLE="border-right: white 1pt solid; border-bottom: white 1pt solid; padding-left: 0; text-align: center; text-indent: 0; vertical-align: middle"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 5.5pt">15-abr-18</FONT></TD>
    <TD ROWSPAN="6" STYLE="border-right: white 1pt solid; border-bottom: white 1pt solid; padding-left: 0; text-align: center; text-indent: 0; vertical-align: middle"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 5.5pt">N&ordm; 91.2.149.6.1.013</FONT></TD>
    <TD ROWSPAN="6" STYLE="border-right: white 1pt solid; border-bottom: white 1pt solid; padding-left: 0; text-align: center; vertical-align: middle"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 5.5pt"><B>Hipot&eacute;ca
    1&ordm; grau da Fazenda Takuar&ecirc;, Aliena&ccedil;&atilde;o Fiduci&aacute;ria dos Bens Fianciados e 99,99% das A&ccedil;&otilde;es
    da Adecoagro Brasil Participa&ccedil;&otilde;es S.A.</B></FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: #EEECE1">
    <TD STYLE="border-right: white 1pt solid; border-bottom: white 1pt solid; padding-left: 0; text-align: center; text-indent: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 5.5pt">HSBC</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: #EEECE1">
    <TD STYLE="border-right: white 1pt solid; border-bottom: white 1pt solid; padding-left: 0; text-align: center; text-indent: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 5.5pt">Ita&uacute; BBA</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: #EEECE1">
    <TD STYLE="border-right: white 1pt solid; border-bottom: white 1pt solid; padding-left: 0; text-align: center; text-indent: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 5.5pt">Ita&uacute; Unibanco</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: #EEECE1">
    <TD STYLE="border-right: white 1pt solid; border-bottom: white 1pt solid; padding-left: 0; text-align: center; text-indent: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 5.5pt">Rabobank</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: #EEECE1">
    <TD STYLE="border-right: white 1pt solid; border-bottom: white 1pt solid; padding-left: 0; text-align: center; text-indent: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 5.5pt">Santander</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: #EEECE1">
    <TD ROWSPAN="2" STYLE="border-right: white 1pt solid; border-bottom: white 1pt solid; padding-left: 0; text-align: center; text-indent: 0; vertical-align: middle"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 5.5pt">FINEM</FONT></TD>
    <TD STYLE="border-right: white 1pt solid; border-bottom: white 1pt solid; padding-left: 0; text-align: center; text-indent: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 5.5pt">Ita&uacute; BBA</FONT></TD>
    <TD ROWSPAN="2" NOWRAP STYLE="border-right: white 1pt solid; border-bottom: white 1pt solid; padding-left: 0; text-indent: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 5.5pt">R$</FONT></TD>
    <TD ROWSPAN="2" STYLE="border-right: white 1pt solid; border-bottom: white 1pt solid; padding-left: 0; text-indent: 0; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 5.5pt">273.207.000</FONT></TD>
    <TD ROWSPAN="2" STYLE="border-right: white 1pt solid; border-bottom: white 1pt solid; padding-left: 0; text-align: center; text-indent: 0; vertical-align: middle"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 5.5pt">11-jun-13</FONT></TD>
    <TD ROWSPAN="2" STYLE="border-right: white 1pt solid; border-bottom: white 1pt solid; padding-left: 0; text-align: center; text-indent: 0; vertical-align: middle"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 5.5pt">15-jan-23</FONT></TD>
    <TD ROWSPAN="2" STYLE="border-right: white 1pt solid; border-bottom: white 1pt solid; padding-left: 0; text-align: center; text-indent: 0; vertical-align: middle"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 5.5pt">N&ordm; 21/00310-6</FONT></TD>
    <TD ROWSPAN="2" STYLE="border-right: white 1pt solid; border-bottom: white 1pt solid; padding-left: 0; text-align: center; vertical-align: middle"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 5.5pt"><B>Hipot&eacute;ca
    1&ordm; grua da Fazenda Carmen, 2&ordm; grau da Fazenda Takuare e 2&ordm; grau da Fazenda Sap&aacute;lio,
    Aliena&ccedil;&atilde;o     Fiduci&aacute;ria dos Bens Fianciados e Contrato de Enegia da Usina de Ang&eacute;lica (300
    Mwh)</B></FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: #EEECE1">
    <TD STYLE="border-right: white 1pt solid; border-bottom: white 1pt solid; padding-left: 0; text-align: center; text-indent: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 5.5pt">Banco do Bras il</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: #EEECE1">
    <TD STYLE="border-right: white 1pt solid; border-bottom: white 1pt solid; padding-left: 0; text-align: center; text-indent: 0; vertical-align: middle"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 5.5pt">FINEM</FONT></TD>
    <TD STYLE="border-right: white 1pt solid; border-bottom: white 1pt solid; padding-left: 0; text-align: center; text-indent: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 5.5pt">BNDES</FONT></TD>
    <TD NOWRAP STYLE="border-right: white 1pt solid; border-bottom: white 1pt solid; padding-left: 0; text-indent: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 5.5pt">R$</FONT></TD>
    <TD STYLE="border-right: white 1pt solid; border-bottom: white 1pt solid; padding-left: 0; text-indent: 0; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 5.5pt">215.431.000</FONT></TD>
    <TD STYLE="border-right: white 1pt solid; border-bottom: white 1pt solid; padding-left: 0; text-align: center; text-indent: 0; vertical-align: middle"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 5.5pt">21-nov-13</FONT></TD>
    <TD STYLE="border-right: white 1pt solid; border-bottom: white 1pt solid; padding-left: 0; text-align: center; text-indent: 0; vertical-align: middle"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 5.5pt">15-jan-23</FONT></TD>
    <TD STYLE="border-right: white 1pt solid; border-bottom: white 1pt solid; padding-left: 0; text-align: center; text-indent: 0; vertical-align: middle"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 5.5pt">N&ordm; 12.2.1433.1</FONT></TD>
    <TD STYLE="border-right: white 1pt solid; border-bottom: white 1pt solid; padding-left: 0; text-align: center; vertical-align: middle"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 5.5pt"><B>Aliena&ccedil;&atilde;o
    Fiduci&aacute;ria dos Bens Fianciados e Contrato de Enegia da Usina de Ang&eacute;lica (131 Mwh)</B></FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: #EEECE1">
    <TD STYLE="border-right: white 1pt solid; border-bottom: white 1pt solid; padding-left: 0; text-align: center; text-indent: 0; vertical-align: middle"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 5.5pt">NCE</FONT></TD>
    <TD STYLE="border-right: white 1pt solid; border-bottom: white 1pt solid; padding-left: 0; text-align: center; text-indent: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 5.5pt">Ita&uacute; BBA</FONT></TD>
    <TD NOWRAP STYLE="border-right: white 1pt solid; border-bottom: white 1pt solid; padding-left: 0; text-indent: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 5.5pt">R$</FONT></TD>
    <TD STYLE="border-right: white 1pt solid; border-bottom: white 1pt solid; padding-left: 0; text-indent: 0; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 5.5pt">75.000.000</FONT></TD>
    <TD STYLE="border-right: white 1pt solid; border-bottom: white 1pt solid; padding-left: 0; text-align: center; text-indent: 0; vertical-align: middle"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 5.5pt">5-m ar-13</FONT></TD>
    <TD STYLE="border-right: white 1pt solid; border-bottom: white 1pt solid; padding-left: 0; text-align: center; text-indent: 0; vertical-align: middle"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 5.5pt">15-m ar-19</FONT></TD>
    <TD STYLE="border-right: white 1pt solid; border-bottom: white 1pt solid; padding-left: 0; text-align: center; text-indent: 0; vertical-align: middle"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 5.5pt">N&ordm; 100113030001400</FONT></TD>
    <TD STYLE="border-right: white 1pt solid; border-bottom: white 1pt solid; padding-left: 0; text-align: center; vertical-align: middle"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 5.5pt"><B>Contrato
    de Enegia da Usina de Ang&eacute;lica (87 Mwh)</B></FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: #EEECE1">
    <TD ROWSPAN="3" STYLE="border-right: white 1pt solid; border-bottom: white 1pt solid; padding-left: 0; text-align: center; text-indent: 0; vertical-align: middle"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 5.5pt">PPE</FONT></TD>
    <TD STYLE="border-right: white 1pt solid; border-bottom: white 1pt solid; padding-left: 0; text-align: center; text-indent: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 5.5pt">ING</FONT></TD>
    <TD NOWRAP STYLE="border-right: white 1pt solid; border-bottom: white 1pt solid; padding-left: 0; text-indent: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 5.5pt">USD</FONT></TD>
    <TD STYLE="border-right: white 1pt solid; border-bottom: white 1pt solid; padding-left: 0; text-indent: 0; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 5.5pt">30.000.000</FONT></TD>
    <TD ROWSPAN="3" STYLE="border-right: white 1pt solid; border-bottom: white 1pt solid; padding-left: 0; text-align: center; text-indent: 0; vertical-align: middle"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 5.5pt">30-jul-13</FONT></TD>
    <TD ROWSPAN="3" STYLE="border-right: white 1pt solid; border-bottom: white 1pt solid; padding-left: 0; text-align: center; text-indent: 0; vertical-align: middle"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 5.5pt">15-dez-16</FONT></TD>
    <TD ROWSPAN="3" STYLE="border-right: white 1pt solid; border-bottom: white 1pt solid; padding-left: 0; text-align: center; text-indent: 0; vertical-align: middle"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 5.5pt">Sindicato ING 2013</FONT></TD>
    <TD ROWSPAN="3" STYLE="border-right: white 1pt solid; border-bottom: white 1pt solid; padding-left: 0; text-align: center; vertical-align: middle"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 5.5pt"><B>Penhor
    de Cana-de-A&ccedil;&uacute;car e Contrato de Exporta&ccedil;&atilde;o</B></FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: #EEECE1">
    <TD STYLE="border-right: white 1pt solid; border-bottom: white 1pt solid; padding-left: 0; text-align: center; text-indent: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 5.5pt">Bladex</FONT></TD>
    <TD NOWRAP STYLE="border-right: white 1pt solid; border-bottom: white 1pt solid; padding-left: 0; text-indent: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 5.5pt">USD</FONT></TD>
    <TD STYLE="border-right: white 1pt solid; border-bottom: white 1pt solid; padding-left: 0; text-indent: 0; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 5.5pt">20.000.000</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: #EEECE1">
    <TD STYLE="border-right: white 1pt solid; border-bottom: white 1pt solid; padding-left: 0; text-align: center; text-indent: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 5.5pt">ING</FONT></TD>
    <TD NOWRAP STYLE="border-right: white 1pt solid; border-bottom: white 1pt solid; padding-left: 0; text-indent: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 5.5pt">USD</FONT></TD>
    <TD STYLE="border-right: white 1pt solid; border-bottom: white 1pt solid; padding-left: 0; text-indent: 0; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 5.5pt">20.000.000</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: #EEECE1">
    <TD ROWSPAN="5" STYLE="border-right: white 1pt solid; border-bottom: white 1pt solid; padding-left: 0; text-align: center; text-indent: 0; vertical-align: middle"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 5.5pt">PPE</FONT></TD>
    <TD STYLE="border-right: white 1pt solid; border-bottom: white 1pt solid; padding-left: 0; text-align: center; text-indent: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 5.5pt">Rabobank</FONT></TD>
    <TD NOWRAP STYLE="border-right: white 1pt solid; border-bottom: white 1pt solid; padding-left: 0; text-indent: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 5.5pt">USD</FONT></TD>
    <TD STYLE="border-right: white 1pt solid; border-bottom: white 1pt solid; padding-left: 0; text-indent: 0; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 5.5pt">20.000.000</FONT></TD>
    <TD ROWSPAN="5" STYLE="border-right: white 1pt solid; border-bottom: white 1pt solid; padding-left: 0; text-align: center; text-indent: 0; vertical-align: middle"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 5.5pt">20-s et-13</FONT></TD>
    <TD ROWSPAN="5" STYLE="border-right: white 1pt solid; border-bottom: white 1pt solid; padding-left: 0; text-align: center; text-indent: 0; vertical-align: middle"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 5.5pt">15-jul-17</FONT></TD>
    <TD ROWSPAN="5" STYLE="border-right: white 1pt solid; border-bottom: white 1pt solid; padding-left: 0; text-align: center; text-indent: 0; vertical-align: middle"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 5.5pt">Sindicato Rabobank 2013</FONT></TD>
    <TD ROWSPAN="5" STYLE="border-right: white 1pt solid; border-bottom: white 1pt solid; padding-left: 0; text-align: center; vertical-align: middle"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 5.5pt"><B>Penhor
    de Cana-de-A&ccedil;&uacute;car e Contrato de Exporta&ccedil;&atilde;o</B></FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: #EEECE1">
    <TD STYLE="border-right: white 1pt solid; border-bottom: white 1pt solid; padding-left: 0; text-align: center; text-indent: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 5.5pt">HSBC</FONT></TD>
    <TD NOWRAP STYLE="border-right: white 1pt solid; border-bottom: white 1pt solid; padding-left: 0; text-indent: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 5.5pt">USD</FONT></TD>
    <TD STYLE="border-right: white 1pt solid; border-bottom: white 1pt solid; padding-left: 0; text-indent: 0; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 5.5pt">20.000.000</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: #EEECE1">
    <TD STYLE="border-right: white 1pt solid; border-bottom: white 1pt solid; padding-left: 0; text-align: center; text-indent: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 5.5pt">Brades co</FONT></TD>
    <TD NOWRAP STYLE="border-right: white 1pt solid; border-bottom: white 1pt solid; padding-left: 0; text-indent: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 5.5pt">USD</FONT></TD>
    <TD STYLE="border-right: white 1pt solid; border-bottom: white 1pt solid; padding-left: 0; text-indent: 0; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 5.5pt">20.000.000</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: #EEECE1">
    <TD STYLE="border-right: white 1pt solid; border-bottom: white 1pt solid; padding-left: 0; text-align: center; text-indent: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 5.5pt">PGGM</FONT></TD>
    <TD NOWRAP STYLE="border-right: white 1pt solid; border-bottom: white 1pt solid; padding-left: 0; text-indent: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 5.5pt">USD</FONT></TD>
    <TD STYLE="border-right: white 1pt solid; border-bottom: white 1pt solid; padding-left: 0; text-indent: 0; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 5.5pt">20.000.000</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: #EEECE1">
    <TD STYLE="border-right: white 1pt solid; border-bottom: white 1pt solid; padding-left: 0; text-align: center; text-indent: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 5.5pt">Hinduja Bank</FONT></TD>
    <TD NOWRAP STYLE="border-right: white 1pt solid; border-bottom: white 1pt solid; padding-left: 0; text-indent: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 5.5pt">USD</FONT></TD>
    <TD STYLE="border-right: white 1pt solid; border-bottom: white 1pt solid; padding-left: 0; text-indent: 0; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 5.5pt">10.000.000</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: #EEECE1">
    <TD ROWSPAN="9" STYLE="border-right: white 1pt solid; border-bottom: white 1pt solid; padding-left: 0; text-align: center; text-indent: 0; vertical-align: middle"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 5.5pt">PPE</FONT></TD>
    <TD STYLE="border-right: white 1pt solid; border-bottom: white 1pt solid; padding-left: 0; text-align: center; text-indent: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 5.5pt">ING</FONT></TD>
    <TD NOWRAP STYLE="border-right: white 1pt solid; border-bottom: white 1pt solid; padding-left: 0; text-indent: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 5.5pt">USD</FONT></TD>
    <TD STYLE="border-right: white 1pt solid; border-bottom: white 1pt solid; padding-left: 0; text-indent: 0; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 5.5pt">20.000.000</FONT></TD>
    <TD ROWSPAN="9" STYLE="border-right: white 1pt solid; border-bottom: white 1pt solid; padding-left: 0; text-align: center; text-indent: 0; vertical-align: middle"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 5.5pt">25-m ar-14</FONT></TD>
    <TD ROWSPAN="9" STYLE="border-right: white 1pt solid; border-bottom: white 1pt solid; padding-left: 0; text-align: center; text-indent: 0; vertical-align: middle"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 5.5pt">15-dez-17</FONT></TD>
    <TD ROWSPAN="9" STYLE="border-right: white 1pt solid; border-bottom: white 1pt solid; padding-left: 0; text-align: center; text-indent: 0; vertical-align: middle"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 5.5pt">Sindicato ING 2014</FONT></TD>
    <TD ROWSPAN="9" STYLE="border-right: white 1pt solid; border-bottom: white 1pt solid; padding-left: 0; text-align: center; vertical-align: middle"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 5.5pt"><B>Penhor
    de Cana-de-A&ccedil;&uacute;car e Contrato de Exporta&ccedil;&atilde;o</B></FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: #EEECE1">
    <TD STYLE="border-right: white 1pt solid; border-bottom: white 1pt solid; padding-left: 0; text-align: center; text-indent: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 5.5pt">HSBC</FONT></TD>
    <TD NOWRAP STYLE="border-right: white 1pt solid; border-bottom: white 1pt solid; padding-left: 0; text-indent: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 5.5pt">USD</FONT></TD>
    <TD STYLE="border-right: white 1pt solid; border-bottom: white 1pt solid; padding-left: 0; text-indent: 0; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 5.5pt">12.500.000</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: #EEECE1">
    <TD STYLE="border-right: white 1pt solid; border-bottom: white 1pt solid; padding-left: 0; text-align: center; text-indent: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 5.5pt">ICBC</FONT></TD>
    <TD NOWRAP STYLE="border-right: white 1pt solid; border-bottom: white 1pt solid; padding-left: 0; text-indent: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 5.5pt">USD</FONT></TD>
    <TD STYLE="border-right: white 1pt solid; border-bottom: white 1pt solid; padding-left: 0; text-indent: 0; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 5.5pt">12.500.000</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: #EEECE1">
    <TD STYLE="border-right: white 1pt solid; border-bottom: white 1pt solid; padding-left: 0; text-align: center; text-indent: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 5.5pt">BES</FONT></TD>
    <TD NOWRAP STYLE="border-right: white 1pt solid; border-bottom: white 1pt solid; padding-left: 0; text-indent: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 5.5pt">USD</FONT></TD>
    <TD STYLE="border-right: white 1pt solid; border-bottom: white 1pt solid; padding-left: 0; text-indent: 0; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 5.5pt">10.000.000</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: #EEECE1">
    <TD STYLE="border-right: white 1pt solid; border-bottom: white 1pt solid; padding-left: 0; text-align: center; text-indent: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 5.5pt">Brades co</FONT></TD>
    <TD NOWRAP STYLE="border-right: white 1pt solid; border-bottom: white 1pt solid; padding-left: 0; text-indent: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 5.5pt">USD</FONT></TD>
    <TD STYLE="border-right: white 1pt solid; border-bottom: white 1pt solid; padding-left: 0; text-indent: 0; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 5.5pt">10.000.000</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: #EEECE1">
    <TD STYLE="border-right: white 1pt solid; border-bottom: white 1pt solid; padding-left: 0; text-align: center; text-indent: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 5.5pt">Bladex</FONT></TD>
    <TD NOWRAP STYLE="border-right: white 1pt solid; border-bottom: white 1pt solid; padding-left: 0; text-indent: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 5.5pt">USD</FONT></TD>
    <TD STYLE="border-right: white 1pt solid; border-bottom: white 1pt solid; padding-left: 0; text-indent: 0; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 5.5pt">10.000.000</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: #EEECE1">
    <TD STYLE="border-right: white 1pt solid; border-bottom: white 1pt solid; padding-left: 0; text-align: center; text-indent: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 5.5pt">Hinduja Bank</FONT></TD>
    <TD NOWRAP STYLE="border-right: white 1pt solid; border-bottom: white 1pt solid; padding-left: 0; text-indent: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 5.5pt">USD</FONT></TD>
    <TD STYLE="border-right: white 1pt solid; border-bottom: white 1pt solid; padding-left: 0; text-indent: 0; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 5.5pt">10.000.000</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: #EEECE1">
    <TD STYLE="border-right: white 1pt solid; border-bottom: white 1pt solid; padding-left: 0; text-align: center; text-indent: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 5.5pt">Monte Dei Paschi</FONT></TD>
    <TD NOWRAP STYLE="border-right: white 1pt solid; border-bottom: white 1pt solid; padding-left: 0; text-indent: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 5.5pt">USD</FONT></TD>
    <TD STYLE="border-right: white 1pt solid; border-bottom: white 1pt solid; padding-left: 0; text-indent: 0; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 5.5pt">8.000.000</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: #EEECE1">
    <TD STYLE="border-right: white 1pt solid; border-bottom: white 1pt solid; padding-left: 0; text-align: center; text-indent: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 5.5pt">Banco da China</FONT></TD>
    <TD NOWRAP STYLE="border-right: white 1pt solid; border-bottom: white 1pt solid; padding-left: 0; text-indent: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 5.5pt">USD</FONT></TD>
    <TD STYLE="border-right: white 1pt solid; border-bottom: white 1pt solid; padding-left: 0; text-indent: 0; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 5.5pt">7.000.000</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<!-- Field: Page; Sequence: 103; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt; font: 9pt Times New Roman, Times, Serif">~ <!-- Field: Sequence; Type: Arabic; Name: PageNo -->102<!-- Field: /Sequence --> ~</P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 0pt"><P STYLE="margin: 0pt"></P><TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 99%; border-collapse: collapse; margin-left: 7.1pt"><TR STYLE="vertical-align: top"><TD STYLE="width: 100%; border-bottom: Black 1pt solid; font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: -2.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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: 0pt"></P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><U>Usina Monte Alegre Ltda.</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top; background-color: black">
    <TD NOWRAP STYLE="border: white 1pt solid; text-align: center; vertical-align: middle"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt; color: white">Tipo</FONT></TD>
    <TD NOWRAP STYLE="border-top: white 1pt solid; border-right: white 1pt solid; border-bottom: white 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt; color: white">Banco</FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="border-top: white 1pt solid; border-right: white 1pt solid; border-bottom: white 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt; color: white">Valor Tomado</FONT></TD>
    <TD NOWRAP STYLE="border-top: white 1pt solid; border-right: white 1pt solid; border-bottom: white 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt; color: white">Inicio</FONT></TD>
    <TD NOWRAP STYLE="border-top: white 1pt solid; border-right: white 1pt solid; border-bottom: white 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt; color: white">Vencimento</FONT></TD>
    <TD NOWRAP STYLE="border-top: white 1pt solid; border-right: white 1pt solid; border-bottom: white 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt; color: white">Contrato</FONT></TD>
    <TD NOWRAP STYLE="border-top: white 1pt solid; border-right: white 1pt solid; border-bottom: white 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt; color: white">Garantias</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: #EEECE1">
    <TD STYLE="width: 7%; border-right: white 1pt solid; border-bottom: white 1pt solid; border-left: white 1pt solid; text-align: center; vertical-align: middle"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">CCE</FONT></TD>
    <TD STYLE="width: 12%; border-bottom: white 1pt solid; border-right: white 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">Votorantim</FONT></TD>
    <TD NOWRAP STYLE="width: 2%; border-bottom: white 1pt solid; border-right: white 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">R$</FONT></TD>
    <TD STYLE="width: 10%; border-bottom: white 1pt solid; border-right: white 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">15.000.000,00</FONT></TD>
    <TD STYLE="width: 7%; border-bottom: white 1pt solid; border-right: white 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">9-m ar-12</FONT></TD>
    <TD STYLE="width: 7%; border-bottom: white 1pt solid; border-right: white 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">9-m ar-16</FONT></TD>
    <TD STYLE="width: 10%; border-bottom: white 1pt solid; border-right: white 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">N&ordm; 10136273</FONT></TD>
    <TD STYLE="width: 45%; border-bottom: white 1pt solid; border-right: white 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt"><B>100,00% das A&ccedil;&otilde;es da Usina Monte Alegre Ltda.</B></FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: #EEECE1">
    <TD STYLE="border-right: white 1pt solid; border-bottom: white 1pt solid; border-left: white 1pt solid; text-align: center; vertical-align: middle"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">FINAME</FONT></TD>
    <TD STYLE="border-bottom: white 1pt solid; border-right: white 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">BDMG</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: white 1pt solid; border-right: white 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">R$</FONT></TD>
    <TD STYLE="border-bottom: white 1pt solid; border-right: white 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">1.886.289,72</FONT></TD>
    <TD STYLE="border-bottom: white 1pt solid; border-right: white 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">7-m ar-12</FONT></TD>
    <TD STYLE="border-bottom: white 1pt solid; border-right: white 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">15-jan-20</FONT></TD>
    <TD STYLE="border-bottom: white 1pt solid; border-right: white 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">N&ordm; 151.631/11</FONT></TD>
    <TD STYLE="border-bottom: white 1pt solid; border-right: white 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt"><B>Aliena&ccedil;&atilde;o Fiduci&aacute;ria dos Bens Fianciados</B></FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: #EEECE1">
    <TD STYLE="border-right: white 1pt solid; border-bottom: white 1pt solid; border-left: white 1pt solid; text-align: center; vertical-align: middle"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">FINAME</FONT></TD>
    <TD STYLE="border-bottom: white 1pt solid; border-right: white 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">BDMG</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: white 1pt solid; border-right: white 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">R$</FONT></TD>
    <TD STYLE="border-bottom: white 1pt solid; border-right: white 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">179.628,03</FONT></TD>
    <TD STYLE="border-bottom: white 1pt solid; border-right: white 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">26-s et-12</FONT></TD>
    <TD STYLE="border-bottom: white 1pt solid; border-right: white 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">15-jul-22</FONT></TD>
    <TD STYLE="border-bottom: white 1pt solid; border-right: white 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">N&ordm; 153.778/11</FONT></TD>
    <TD STYLE="border-bottom: white 1pt solid; border-right: white 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt"><B>Aliena&ccedil;&atilde;o Fiduci&aacute;ria dos Bens Fianciados</B></FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: #EEECE1">
    <TD STYLE="border-right: white 1pt solid; border-bottom: white 1pt solid; border-left: white 1pt solid; text-align: center; vertical-align: middle"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">FINAME</FONT></TD>
    <TD STYLE="border-bottom: white 1pt solid; border-right: white 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">BDMG</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: white 1pt solid; border-right: white 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">R$</FONT></TD>
    <TD STYLE="border-bottom: white 1pt solid; border-right: white 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">5.356.976,40</FONT></TD>
    <TD STYLE="border-bottom: white 1pt solid; border-right: white 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">8-abr-13</FONT></TD>
    <TD STYLE="border-bottom: white 1pt solid; border-right: white 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">15-dez-22</FONT></TD>
    <TD STYLE="border-bottom: white 1pt solid; border-right: white 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">N&ordm; 158.026/12</FONT></TD>
    <TD STYLE="border-bottom: white 1pt solid; border-right: white 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt"><B>Aliena&ccedil;&atilde;o Fiduci&aacute;ria dos Bens Fianciados</B></FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: #EEECE1">
    <TD STYLE="border-right: white 1pt solid; border-bottom: white 1pt solid; border-left: white 1pt solid; text-align: center; vertical-align: middle"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">FINAME</FONT></TD>
    <TD STYLE="border-bottom: white 1pt solid; border-right: white 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">BDMG</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: white 1pt solid; border-right: white 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">R$</FONT></TD>
    <TD STYLE="border-bottom: white 1pt solid; border-right: white 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">329.664,00</FONT></TD>
    <TD STYLE="border-bottom: white 1pt solid; border-right: white 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">20-jun-14</FONT></TD>
    <TD STYLE="border-bottom: white 1pt solid; border-right: white 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">15-abr-24</FONT></TD>
    <TD STYLE="border-bottom: white 1pt solid; border-right: white 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">N&ordm; 181.922/14</FONT></TD>
    <TD STYLE="border-bottom: white 1pt solid; border-right: white 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt"><B>Aliena&ccedil;&atilde;o Fiduci&aacute;ria dos Bens Fianciados</B></FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: #EEECE1">
    <TD STYLE="border-right: white 1pt solid; border-bottom: white 1pt solid; border-left: white 1pt solid; text-align: center; vertical-align: middle"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">FINAME</FONT></TD>
    <TD STYLE="border-bottom: white 1pt solid; border-right: white 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">BDMG</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: white 1pt solid; border-right: white 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">R$</FONT></TD>
    <TD STYLE="border-bottom: white 1pt solid; border-right: white 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">188.800,00</FONT></TD>
    <TD STYLE="border-bottom: white 1pt solid; border-right: white 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">20-jun-14</FONT></TD>
    <TD STYLE="border-bottom: white 1pt solid; border-right: white 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">15-abr-22</FONT></TD>
    <TD STYLE="border-bottom: white 1pt solid; border-right: white 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">N&ordm; 181.919/14</FONT></TD>
    <TD STYLE="border-bottom: white 1pt solid; border-right: white 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt"><B>Aliena&ccedil;&atilde;o Fiduci&aacute;ria dos Bens Fianciados</B></FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: #EEECE1">
    <TD STYLE="border-right: white 1pt solid; border-bottom: white 1pt solid; border-left: white 1pt solid; text-align: center; vertical-align: middle"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">FINAME</FONT></TD>
    <TD STYLE="border-bottom: white 1pt solid; border-right: white 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">Votorantim</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: white 1pt solid; border-right: white 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">R$</FONT></TD>
    <TD STYLE="border-bottom: white 1pt solid; border-right: white 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">966.400,00</FONT></TD>
    <TD STYLE="border-bottom: white 1pt solid; border-right: white 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">11-abr-11</FONT></TD>
    <TD STYLE="border-bottom: white 1pt solid; border-right: white 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">15-fev-16</FONT></TD>
    <TD STYLE="border-bottom: white 1pt solid; border-right: white 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">N&ordm; 83160-9</FONT></TD>
    <TD STYLE="border-bottom: white 1pt solid; border-right: white 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt"><B>Aliena&ccedil;&atilde;o Fiduci&aacute;ria dos Bens Fianciados</B></FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: #EEECE1">
    <TD STYLE="border-right: white 1pt solid; border-bottom: white 1pt solid; border-left: white 1pt solid; text-align: center; vertical-align: middle"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">FINAME</FONT></TD>
    <TD STYLE="border-bottom: white 1pt solid; border-right: white 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">Votorantim</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: white 1pt solid; border-right: white 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">R$</FONT></TD>
    <TD STYLE="border-bottom: white 1pt solid; border-right: white 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">409.487,50</FONT></TD>
    <TD STYLE="border-bottom: white 1pt solid; border-right: white 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">20-m ai-11</FONT></TD>
    <TD STYLE="border-bottom: white 1pt solid; border-right: white 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">15-abr-16</FONT></TD>
    <TD STYLE="border-bottom: white 1pt solid; border-right: white 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">N&ordm; 83196-8</FONT></TD>
    <TD STYLE="border-bottom: white 1pt solid; border-right: white 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt"><B>Aliena&ccedil;&atilde;o Fiduci&aacute;ria dos Bens Fianciados</B></FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: #EEECE1">
    <TD STYLE="border-right: white 1pt solid; border-bottom: white 1pt solid; border-left: white 1pt solid; text-align: center; vertical-align: middle"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">FINAME</FONT></TD>
    <TD STYLE="border-bottom: white 1pt solid; border-right: white 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">Votorantim</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: white 1pt solid; border-right: white 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">R$</FONT></TD>
    <TD STYLE="border-bottom: white 1pt solid; border-right: white 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">935.000,00</FONT></TD>
    <TD STYLE="border-bottom: white 1pt solid; border-right: white 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">22-jun-11</FONT></TD>
    <TD STYLE="border-bottom: white 1pt solid; border-right: white 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">15-fev-16</FONT></TD>
    <TD STYLE="border-bottom: white 1pt solid; border-right: white 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">N&ordm; 83162-2</FONT></TD>
    <TD STYLE="border-bottom: white 1pt solid; border-right: white 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt"><B>Aliena&ccedil;&atilde;o Fiduci&aacute;ria dos Bens Fianciados</B></FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: #EEECE1">
    <TD STYLE="border-right: white 1pt solid; border-bottom: white 1pt solid; border-left: white 1pt solid; text-align: center; vertical-align: middle"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">FINAME</FONT></TD>
    <TD STYLE="border-bottom: white 1pt solid; border-right: white 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">CNH</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: white 1pt solid; border-right: white 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">R$</FONT></TD>
    <TD STYLE="border-bottom: white 1pt solid; border-right: white 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">780.073,20</FONT></TD>
    <TD STYLE="border-bottom: white 1pt solid; border-right: white 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">19-dez-13</FONT></TD>
    <TD STYLE="border-bottom: white 1pt solid; border-right: white 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">17-dez-18</FONT></TD>
    <TD STYLE="border-bottom: white 1pt solid; border-right: white 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">N&ordm; 2013013592</FONT></TD>
    <TD STYLE="border-bottom: white 1pt solid; border-right: white 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt"><B>Aliena&ccedil;&atilde;o Fiduci&aacute;ria dos Bens Fianciados</B></FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: #EEECE1">
    <TD STYLE="border-right: white 1pt solid; border-bottom: white 1pt solid; border-left: white 1pt solid; text-align: center; vertical-align: middle"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">FINAME</FONT></TD>
    <TD STYLE="border-bottom: white 1pt solid; border-right: white 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">CNH</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: white 1pt solid; border-right: white 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">R$</FONT></TD>
    <TD STYLE="border-bottom: white 1pt solid; border-right: white 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">2.763.442,80</FONT></TD>
    <TD STYLE="border-bottom: white 1pt solid; border-right: white 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">24-fev-14</FONT></TD>
    <TD STYLE="border-bottom: white 1pt solid; border-right: white 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">15-jan-19</FONT></TD>
    <TD STYLE="border-bottom: white 1pt solid; border-right: white 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">N&ordm; 2013014770</FONT></TD>
    <TD STYLE="border-bottom: white 1pt solid; border-right: white 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt"><B>Aliena&ccedil;&atilde;o Fiduci&aacute;ria dos Bens Fianciados</B></FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: #EEECE1">
    <TD STYLE="border-right: white 1pt solid; border-bottom: white 1pt solid; border-left: white 1pt solid; text-align: center; vertical-align: middle"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">FINAME</FONT></TD>
    <TD STYLE="border-bottom: white 1pt solid; border-right: white 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">CNH</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: white 1pt solid; border-right: white 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">R$</FONT></TD>
    <TD STYLE="border-bottom: white 1pt solid; border-right: white 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">188.800,00</FONT></TD>
    <TD STYLE="border-bottom: white 1pt solid; border-right: white 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">8-out-14</FONT></TD>
    <TD STYLE="border-bottom: white 1pt solid; border-right: white 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">15-ago-19</FONT></TD>
    <TD STYLE="border-bottom: white 1pt solid; border-right: white 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">N&ordm; 181.919-14</FONT></TD>
    <TD STYLE="border-bottom: white 1pt solid; border-right: white 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt"><B>Aliena&ccedil;&atilde;o Fiduci&aacute;ria dos Bens Fianciados</B></FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: #EEECE1">
    <TD STYLE="border-right: white 1pt solid; border-bottom: white 1pt solid; border-left: white 1pt solid; text-align: center; vertical-align: middle"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">NCE</FONT></TD>
    <TD STYLE="border-bottom: white 1pt solid; border-right: white 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">Brades co</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: white 1pt solid; border-right: white 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">USD</FONT></TD>
    <TD STYLE="border-bottom: white 1pt solid; border-right: white 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">11.700.000,00</FONT></TD>
    <TD STYLE="border-bottom: white 1pt solid; border-right: white 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">28-m ai-12</FONT></TD>
    <TD STYLE="border-bottom: white 1pt solid; border-right: white 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">15-dez-16</FONT></TD>
    <TD STYLE="border-bottom: white 1pt solid; border-right: white 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">N&ordm; 201200137</FONT></TD>
    <TD STYLE="border-bottom: white 1pt solid; border-right: white 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt"><B>Im&oacute;vel Matr&iacute;cula 1.001 Fazenda Monte Belo e Aliena&ccedil;&atilde;o Fiduci&aacute;ria de Bens</B></FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: #EEECE1">
    <TD STYLE="border-right: white 1pt solid; border-bottom: white 1pt solid; border-left: white 1pt solid; text-align: center; vertical-align: middle"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">PESA</FONT></TD>
    <TD STYLE="border-bottom: white 1pt solid; border-right: white 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">Brades co</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: white 1pt solid; border-right: white 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">R$</FONT></TD>
    <TD STYLE="border-bottom: white 1pt solid; border-right: white 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">2.256.144,28</FONT></TD>
    <TD STYLE="border-bottom: white 1pt solid; border-right: white 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">1-m ar-00</FONT></TD>
    <TD STYLE="border-bottom: white 1pt solid; border-right: white 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">1-m ar-20</FONT></TD>
    <TD STYLE="border-bottom: white 1pt solid; border-right: white 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">N&ordm; 97-00013</FONT></TD>
    <TD ROWSPAN="2" STYLE="border-bottom: white 1pt solid; border-right: white 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt"><B>Im&oacute;vel Matr&iacute;cula 1.001 Fazenda Monte Belo</B></FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: #EEECE1">
    <TD STYLE="border-right: white 1pt solid; border-bottom: white 1pt solid; border-left: white 1pt solid; text-align: center; vertical-align: middle"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">PESA</FONT></TD>
    <TD STYLE="border-bottom: white 1pt solid; border-right: white 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">Brades co</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: white 1pt solid; border-right: white 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">R$</FONT></TD>
    <TD STYLE="border-bottom: white 1pt solid; border-right: white 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">2.256.144,28</FONT></TD>
    <TD STYLE="border-bottom: white 1pt solid; border-right: white 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">1-m ar-00</FONT></TD>
    <TD STYLE="border-bottom: white 1pt solid; border-right: white 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">1-m ar-20</FONT></TD>
    <TD STYLE="border-bottom: white 1pt solid; border-right: white 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">N&ordm; 97-00021</FONT></TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<!-- Field: Page; Sequence: 104; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt; font: 9pt Times New Roman, Times, Serif">~ <!-- Field: Sequence; Type: Arabic; Name: PageNo -->103<!-- Field: /Sequence --> ~</P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 0pt"><P STYLE="margin: 0pt"></P><TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 99%; border-collapse: collapse; margin-left: 7.1pt"><TR STYLE="vertical-align: top"><TD STYLE="width: 100%; border-bottom: Black 1pt solid; font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: -2.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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: 0pt"></P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 11.5pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>SCHEDULE 5</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 11.5pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">TAX LIENS FILED AGAINST PROPERTIES</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" ALIGN="CENTER" STYLE="width: 90%; font: 11pt Calibri, Helvetica, Sans-Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 30%; border-top: #1F1C1F 1pt solid; border-right: #231C1F 1pt solid; border-bottom: #1F1C1F 1pt solid; border-left: #1F1C1F 1pt solid; text-align: center; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #262124"><B>2) Data: 31</B></FONT><B><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #676074">/</FONT></B><B><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #262124">1212013</FONT></B></TD>
    <TD STYLE="width: 70%; border-top: #1F1C1F 1pt solid; border-right: #1F1C1F 1pt solid; border-bottom: #1F1C1F 1pt solid; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #262124"><B>Empresa:U</B></FONT><B><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #36313B">si</FONT></B><B><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #262124">na Monte Alegre</FONT></B><B> <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #36313B">S</FONT></B><B><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #676074">/</FONT></B><B><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #262124">A</FONT></B></TD></TR>
<TR>
    <TD STYLE="border-right: #231C1F 1pt solid; border-bottom: #1F1C1F 1pt solid; border-left: #1F1C1F 1pt solid; text-align: center; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #262124"><B>Escrit&oacute;rio: Advogados Respons&aacute;veis:</B></FONT></TD>
    <TD STYLE="vertical-align: top; border-right: #1F1C1F 1pt solid; border-bottom: #1F1C1F 1pt solid; padding-left: 2pt">
        <P STYLE="font: 9.5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><FONT STYLE="color: #4F495B">Cas</FONT><FONT STYLE="color: #36313B">t</FONT><FONT STYLE="color: #4F495B">ro
        Barros Sobral Gomes Advogados</FONT></P>
        <P STYLE="font: 5pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center">&nbsp;</P>
        <P STYLE="font: 9.5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><FONT STYLE="color: #4F495B">Andr&eacute;
        O</FONT><FONT STYLE="color: #262124">l</FONT><FONT STYLE="color: #4F495B">iveira</FONT><FONT STYLE="color: #707291"><I>1</I></FONT>
        <FONT STYLE="color: #4F495B">Daniela Duque Estrada</FONT> <FONT STYLE="color: #707291"><I>1</I></FONT> <FONT STYLE="color: #4F495B">Gabr</FONT><FONT STYLE="color: #262124">i</FONT><FONT STYLE="color: #4F495B">e</FONT><FONT STYLE="color: #262124">l</FONT>
        <FONT STYLE="color: #4F495B">Man</FONT><FONT STYLE="color: #262124">i</FONT><FONT STYLE="color: #4F495B">ca</FONT><FONT STYLE="color: #707291"><I>1</I></FONT></P>
        <P STYLE="font: 5pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center">&nbsp;</P>
        <P STYLE="font: 9.5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><FONT STYLE="color: #4F495B">Adr</FONT><FONT STYLE="color: #496285">i</FONT><FONT STYLE="color: #4F495B">ana
        To</FONT><FONT STYLE="color: #36313B">r</FONT><FONT STYLE="color: #4F495B">res</FONT></P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: #231C1F 1pt solid; border-bottom: #1F1C1F 1pt solid; border-left: #1F1C1F 1pt solid; text-align: center; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #262124"><B>&Aacute;rea:</B></FONT></TD>
    <TD STYLE="border-right: #1F1C1F 1pt solid; border-bottom: #1F1C1F 1pt solid; text-align: center; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9.5pt; color: #4F495B">Tribut&aacute;rio</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: #231C1F 1pt solid; border-bottom: #1F1C1F 1pt solid; border-left: #1F1C1F 1pt solid; text-align: center; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #262124"><B>Autor:</B></FONT></TD>
    <TD STYLE="border-right: #1F1C1F 1pt solid; border-bottom: #1F1C1F 1pt solid; text-align: center; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9.5pt; color: #4F495B">Uniao Federa</FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9.5pt; color: #262124">l</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: #231C1F 1pt solid; border-bottom: #1F1C1F 1pt solid; border-left: #1F1C1F 1pt solid; text-align: center; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #262124"><B>R&eacute;u:</B></FONT></TD>
    <TD STYLE="border-right: #1F1C1F 1pt solid; border-bottom: #1F1C1F 1pt solid; text-align: center; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9.5pt; color: #4F495B">Usina Monte A</FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9.5pt; color: #262124">l</FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9.5pt; color: #4F495B">egre S</FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9.5pt; color: #707291">/</FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9.5pt; color: #4F495B">A</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: #231C1F 1pt solid; border-bottom: #1F1C1F 1pt solid; border-left: #1F1C1F 1pt solid; text-align: center; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #262124"><B>Natureza&nbsp;&nbsp;da A&laquo;&iexcl;:&aacute;o:</B></FONT></TD>
    <TD STYLE="border-right: #1F1C1F 1pt solid; border-bottom: #1F1C1F 1pt solid; text-align: center; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9.5pt; color: #4F495B">Execuc;ao Fisca</FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9.5pt; color: #262124">l</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: #231C1F 1pt solid; border-bottom: #1F1C1F 1pt solid; border-left: #1F1C1F 1pt solid; text-align: center; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #262124"><B>l?rocesso n</B></FONT><B><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #4F495B">&ordm;</FONT></B><B><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #262124">.:</FONT></B></TD>
    <TD STYLE="border-right: #1F1C1F 1pt solid; border-bottom: #1F1C1F 1pt solid; text-align: center; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9.5pt; color: #4F495B">0430</FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9.5pt; color: #23345E">.</FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9.5pt; color: #4F495B">06</FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9.5pt; color: #262124">.</FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9.5pt; color: #4F495B">001295</FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9.5pt; color: #676074">-</FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9.5pt; color: #4F495B">1 (465</FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9.5pt; color: #707291">/</FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9.5pt; color: #4F495B">2005)</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: #231C1F 1pt solid; border-bottom: #1F1C1F 1pt solid; border-left: #1F1C1F 1pt solid; text-align: center; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #36313B"><B>Var</B></FONT><B><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #4F495B">a/</FONT></B><B><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #262124">Comarca:</FONT></B></TD>
    <TD STYLE="border-right: #1F1C1F 1pt solid; border-bottom: #1F1C1F 1pt solid; text-align: center; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9.5pt; color: #4F495B">Vara &Uacute;nica da Just</FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9.5pt; color: #676074">c</FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9.5pt; color: #4F495B">i</FONT> <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9.5pt; color: #676074">;</FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9.5pt; color: #4F495B">a Estadual de Mon</FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9.5pt; color: #36313B">t</FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9.5pt; color: #4F495B">e Belo</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: #231C1F 1pt solid; border-bottom: #1F1C1F 1pt solid; border-left: #1F1C1F 1pt solid; text-align: center; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #262124"><B>Di</B></FONT><B><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #4F495B">s</FONT></B><B><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #262124">tribuis;&aacute;o:</FONT></B></TD>
    <TD STYLE="border-right: #1F1C1F 1pt solid; border-bottom: #1F1C1F 1pt solid; text-align: center; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9.5pt; color: #4F495B">10</FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9.5pt; color: #262124">.</FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9.5pt; color: #4F495B">10.2005</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: #231C1F 1pt solid; border-bottom: #1F1C1F 1pt solid; border-left: #1F1C1F 1pt solid; text-align: center; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #262124"><B>Valor Pleiteado:</B></FONT></TD>
    <TD STYLE="border-right: #1F1C1F 1pt solid; border-bottom: #1F1C1F 1pt solid; text-align: center; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9.5pt; color: #4F495B">R$ 13</FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9.5pt; color: #262124">.</FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9.5pt; color: #4F495B">155</FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9.5pt; color: #23345E">.</FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9.5pt; color: #4F495B">607</FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9.5pt; color: #676074">,</FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9.5pt; color: #4F495B">86 (em ou</FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9.5pt; color: #36313B">t</FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9.5pt; color: #4F495B">ubro</FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9.5pt; color: #707291">/</FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9.5pt; color: #4F495B">2005</FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9.5pt; color: #676074">)</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: #231C1F 1pt solid; border-bottom: #1F1C1F 1pt solid; border-left: #1F1C1F 1pt solid; text-align: center; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #262124"><B>V</B></FONT><B><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #4F495B">a</FONT></B><B><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #262124">lor Atualizado:</FONT></B></TD>
    <TD STYLE="border-right: #1F1C1F 1pt solid; border-bottom: #1F1C1F 1pt solid; text-align: center; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9.5pt; color: #4F495B">R$ 16.661</FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9.5pt; color: #23345E">.</FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9.5pt; color: #4F495B">551</FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9.5pt; color: #87898E">,</FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9.5pt; color: #4F495B">23</FONT> <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9.5pt; color: #676074">(</FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9.5pt; color: #4F495B">em janeiro</FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9.5pt; color: #707291">/</FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9.5pt; color: #4F495B">2014)</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: #231C1F 1pt solid; border-bottom: #1F1C1F 1pt solid; border-left: #1F1C1F 1pt solid; padding-left: 2pt">
        <P STYLE="font: 7pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center">&nbsp;</P>
        <P STYLE="font: 7pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center">&nbsp;</P>
        <P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center; color: #262124"><B>Objeto:</B></P></TD>
    <TD STYLE="border-right: #1F1C1F 1pt solid; border-bottom: #1F1C1F 1pt solid; padding-left: 2pt">
        <P STYLE="font: 9.5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: #4F495B">Execuc;ao
        Fiscal obje</FONT><FONT STYLE="color: #36313B">t</FONT><FONT STYLE="color: #4F495B">ivando a cobranc;a</FONT> <FONT STYLE="color: #36313B">j</FONT><FONT STYLE="color: #4F495B">ud</FONT><FONT STYLE="color: #262124">i</FONT><FONT STYLE="color: #4F495B">c</FONT><FONT STYLE="color: #262124">i</FONT><FONT STYLE="color: #4F495B">a</FONT><FONT STYLE="color: #262124">l</FONT>
        <FONT STYLE="color: #4F495B">de supostos d&eacute;bitos de</FONT> <FONT STYLE="color: #36313B">I</FONT><FONT STYLE="color: #4F495B">P</FONT><FONT STYLE="color: #496285">I</FONT>
        <FONT STYLE="color: #4F495B">i</FONT><FONT STYLE="color: #693F34">n</FONT><FONT STYLE="color: #4F495B">s</FONT><FONT STYLE="color: #676074">c</FONT><FONT STYLE="color: #4F495B">ritos
        como D&iacute;vida A</FONT><FONT STYLE="color: #496285">ti</FONT><FONT STYLE="color: #4F495B">va da Uniao por meio da COA n&ordm;
        60.3</FONT><FONT STYLE="color: #23345E">.</FONT><FONT STYLE="color: #4F495B">01</FONT><FONT STYLE="color: #262124">.</FONT><FONT STYLE="color: #4F495B">000307-20</FONT><FONT STYLE="color: #707291">,</FONT>
        <FONT STYLE="color: #4F495B">const</FONT><FONT STYLE="color: #262124">it</FONT><FONT STYLE="color: #4F495B">u&iacute;dos atrav&eacute;s
        do Processo</FONT></P>
        <P STYLE="font: 9.5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: #4F495B">Admin</FONT><FONT STYLE="color: #6E5B56">i</FONT><FONT STYLE="color: #4F495B">s</FONT><FONT STYLE="color: #36313B">t</FONT><FONT STYLE="color: #4F495B">rativo
        n</FONT><FONT STYLE="color: #676074">&ordm;</FONT> <FONT STYLE="color: #4F495B">13656</FONT><FONT STYLE="color: #262124">.</FONT><FONT STYLE="color: #4F495B">000511</FONT><FONT STYLE="color: #707291">/</FONT><FONT STYLE="color: #4F495B">2001</FONT><FONT STYLE="color: #262124">-</FONT><FONT STYLE="color: #4F495B">58.</FONT></P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: #231C1F 1pt solid; border-bottom: #1F1C1F 1.5pt solid; border-left: #1F1C1F 1pt solid; text-align: center; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #262124"><B>Artigos de Enquadramento:</B></FONT></TD>
    <TD STYLE="border-right: #1F1C1F 1pt solid; border-bottom: #1F1C1F 1.5pt solid; text-align: center; padding-left: 2pt">&nbsp;</TD></TR>
<TR>
    <TD STYLE="border-right: #231C1F 1pt solid; border-bottom: #1F1C1F 1pt solid; border-left: #1F1C1F 1pt solid; text-align: center; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #262124"><B>Andamento:</B></FONT></TD>
    <TD STYLE="vertical-align: top; border-right: #1F1C1F 1pt solid; border-bottom: #1F1C1F 1pt solid; padding-left: 2pt">
        <P STYLE="font: 9.5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: #4F495B">Em 06.06.2007</FONT><FONT STYLE="color: #676074">,</FONT>
        <FONT STYLE="color: #4F495B">proferido despacho de</FONT><FONT STYLE="color: #36313B">t</FONT><FONT STYLE="color: #4F495B">erm</FONT><FONT STYLE="color: #496285">i</FONT><FONT STYLE="color: #4F495B">nando
        a suspensao essa execuc;ao fisca</FONT><FONT STYLE="color: #262124">l</FONT> <FONT STYLE="color: #4F495B">at&eacute; o</FONT> <FONT STYLE="color: #36313B">j</FONT><FONT STYLE="color: #4F495B">u</FONT><FONT STYLE="color: #262124">l</FONT><FONT STYLE="color: #4F495B">gamento
        final dos emb</FONT><FONT STYLE="color: #496285">a</FONT><FONT STYLE="color: #4F495B">rgos</FONT><FONT STYLE="color: #23345E">.</FONT>
        <FONT STYLE="color: #4F495B">Ap&oacute;s ormalizada a lavra</FONT><FONT STYLE="color: #36313B">t</FONT><FONT STYLE="color: #4F495B">ura
        de</FONT> <FONT STYLE="color: #262124">t</FONT><FONT STYLE="color: #4F495B">ermo de penhora para a substituic;ao e pa</FONT><FONT STYLE="color: #496285">r</FONT><FONT STYLE="color: #4F495B">te
        dos be</FONT><FONT STYLE="color: #693F34">n</FONT><FONT STYLE="color: #4F495B">s penhor</FONT><FONT STYLE="color: #676074">a</FONT><FONT STYLE="color: #4F495B">dos
        nos autos da execw;:ao</FONT> <FONT STYLE="color: #36313B">fi</FONT><FONT STYLE="color: #4F495B">sca</FONT><FONT STYLE="color: #262124">l</FONT><FONT STYLE="color: #496285">,</FONT>
        <FONT STYLE="color: #4F495B">em arantia aos d&eacute;bitos exequendos</FONT><FONT STYLE="color: #87898E">,</FONT> <FONT STYLE="color: #4F495B">apresentamos
        petic;ao reque</FONT><FONT STYLE="color: #496285">r</FONT><FONT STYLE="color: #4F495B">endo a subst</FONT><FONT STYLE="color: #6E5B56">i</FONT><FONT STYLE="color: #4F495B">tuic;ao
        de parte dos bens penhorados</FONT><FONT STYLE="color: #707291">,</FONT> <FONT STYLE="color: #4F495B">a qua</FONT><FONT STYLE="color: #262124">l
        </FONT><FONT STYLE="color: #4F495B">oi indefer</FONT><FONT STYLE="color: #262124">i</FONT><FONT STYLE="color: #4F495B">da</FONT><FONT STYLE="color: #262124">.</FONT>
        <FONT STYLE="color: #4F495B">D</FONT><FONT STYLE="color: #262124">i</FONT><FONT STYLE="color: #4F495B">an</FONT><FONT STYLE="color: #36313B">t</FONT><FONT STYLE="color: #4F495B">e
        deste cen&aacute;rio</FONT><FONT STYLE="color: #707291">,</FONT> <FONT STYLE="color: #4F495B">petic</FONT><FONT STYLE="color: #262124">i</FONT><FONT STYLE="color: #4F495B">onamos
        no sentido de presentar novos bens em substituic;ao aos o</FONT><FONT STYLE="color: #496285">r</FONT><FONT STYLE="color: #4F495B">a
        penho</FONT><FONT STYLE="color: #23345E">r</FONT><FONT STYLE="color: #4F495B">ados, bem omo ratificamos a necessidade da manutenc;ao
        da suspensao</FONT></P>
        <P STYLE="font: 9.5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: #4F495B">a execuc;ao
        fiscal. Aguarda</FONT><FONT STYLE="color: #676074">-</FONT><FONT STYLE="color: #4F495B">se a aprecia</FONT><FONT STYLE="color: #676074">c;</FONT><FONT STYLE="color: #4F495B">ao
        do ped</FONT><FONT STYLE="color: #262124">i</FONT><FONT STYLE="color: #4F495B">do</FONT><FONT STYLE="color: #262124">.</FONT></P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: #231C1F 1pt solid; border-bottom: #1F1C1F 1pt solid; border-left: #1F1C1F 1pt solid; text-align: center; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #262124"><B>Observagoes:</B></FONT></TD>
    <TD STYLE="border-right: #1F1C1F 1pt solid; border-bottom: #1F1C1F 1pt solid; text-align: center; padding-left: 2pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: #231C1F 1pt solid; border-bottom: #1F1C1F 1pt solid; border-left: #1F1C1F 1pt solid; text-align: center; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #262124"><B>Garant&iacute;as:</B></FONT></TD>
    <TD STYLE="border-right: #1F1C1F 1pt solid; border-bottom: #1F1C1F 1pt solid; text-align: justify; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9.5pt; color: #4F495B">V</FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9.5pt; color: #262124">i</FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9.5pt; color: #4F495B">de Embargos</FONT> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 14.5pt; color: #4F495B">a</FONT> <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9.5pt; color: #4F495B">Execugao Fisca</FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9.5pt; color: #496285">l</FONT> <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9.5pt; color: #4F495B">n&ordm; 0430</FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9.5pt; color: #23345E">.</FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9.5pt; color: #4F495B">07</FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9.5pt; color: #262124">.</FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9.5pt; color: #4F495B">002112-5</FONT> <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9.5pt; color: #676074">(</FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9.5pt; color: #496285">i</FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9.5pt; color: #4F495B">tem 3</FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9.5pt; color: #676074">)</FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9.5pt; color: #23345E">.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: #231C1F 1pt solid; border-bottom: #1F1C1F 1pt solid; border-left: #1F1C1F 1pt solid; text-align: center; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #262124"><B>Probabilidade de Perda: </B></FONT><B><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #36313B">(em</FONT></B><B> <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #262124">percentual)</FONT></B></TD>
    <TD STYLE="border-right: #1F1C1F 1pt solid; border-bottom: #1F1C1F 1pt solid; text-align: justify; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9.5pt; color: #4F495B">V</FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9.5pt; color: #262124">i</FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9.5pt; color: #4F495B">de Embargos</FONT> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 14.5pt; color: #4F495B">a</FONT> <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9.5pt; color: #4F495B">Execugao Fisca</FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9.5pt; color: #496285">l</FONT> <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9.5pt; color: #4F495B">n&ordm; 0</FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9.5pt; color: #36313B">4</FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9.5pt; color: #4F495B">30</FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9.5pt; color: #23345E">.</FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9.5pt; color: #4F495B">07</FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9.5pt; color: #262124">.</FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9.5pt; color: #4F495B">002112</FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9.5pt; color: #676074">-</FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9.5pt; color: #4F495B">5</FONT> <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9.5pt; color: #676074">(</FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9.5pt; color: #496285">it</FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9.5pt; color: #4F495B">em 3</FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9.5pt; color: #676074">)</FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9.5pt; color: #23345E">.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: #231C1F 1pt solid; border-bottom: #1F1C1F 1pt solid; border-left: #1F1C1F 1pt solid; text-align: center; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #36313B"><B>Sugest&aacute;o &nbsp;</B></FONT><B><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #262124">de Provis&aacute;o:</FONT></B></TD>
    <TD STYLE="border-right: #1F1C1F 1pt solid; border-bottom: #1F1C1F 1pt solid; text-align: center; padding-left: 2pt">&nbsp;</TD></TR>
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<!-- Field: Page; Sequence: 105; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt; font: 9pt Times New Roman, Times, Serif">~ <!-- Field: Sequence; Type: Arabic; Name: PageNo -->104<!-- Field: /Sequence --> ~</P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 0pt"><P STYLE="margin: 0pt"></P><TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 99%; border-collapse: collapse; margin-left: 7.1pt"><TR STYLE="vertical-align: top"><TD STYLE="width: 100%; border-bottom: Black 1pt solid; font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: -2.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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: 0pt"></P></DIV>
    <!-- Field: /Page -->

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" ALIGN="CENTER" STYLE="width: 90%; font: 11pt Calibri, Helvetica, Sans-Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 30%; border: #1F1C1F 1pt solid; padding-left: 2pt; text-align: center; vertical-align: middle"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #262124"><B>3</B></FONT><B><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #423A4B">)</FONT></B><B> <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #262124">Data: 31</FONT></B><B><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #755972">/</FONT></B><B><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #262124">1</FONT></B><B><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #423A4B">2/</FONT></B><B><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #262124">2013</FONT></B></TD>
    <TD STYLE="width: 70%; border-top: #1F1C1F 1pt solid; border-right: #1F1C1F 1pt solid; border-bottom: #1F1C1F 1pt solid; text-align: center; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #262124"><B>Empre</B></FONT><B><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #423A4B">sa</FONT></B><B><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #442D28">:</FONT></B><B> <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #262124">U</FONT></B><B><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #423A4B">s</FONT></B><B><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #262124">ina Monte Alegre S</FONT></B><B><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #50495B">/</FONT></B><B><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #262124">A</FONT></B></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: #1F1C1F 1pt solid; border-bottom: #1F1C1F 1pt solid; border-left: #1F1C1F 1pt solid; padding-left: 2pt; text-align: center; vertical-align: middle">
        <P STYLE="font: 12pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>
        <P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="color: #262124"><B>E</B></FONT><B><FONT STYLE="color: #423A4B">s</FONT><FONT STYLE="color: #262124">crit&oacute;rio:
        Advogado</FONT><FONT STYLE="color: #423A4B">s</FONT> <FONT STYLE="color: #262124">Re</FONT><FONT STYLE="color: #423A4B">s</FONT><FONT STYLE="color: #262124">p</FONT><FONT STYLE="color: #423A4B">o</FONT><FONT STYLE="color: #262124">n</FONT><FONT STYLE="color: #423A4B">s</FONT><FONT STYLE="color: #262124">&aacute;vei</FONT><FONT STYLE="color: #423A4B">s</FONT><FONT STYLE="color: #262124">:</FONT></B></P></TD>
    <TD STYLE="border-right: #1F1C1F 1pt solid; border-bottom: #1F1C1F 1pt solid; padding-left: 2pt">
        <P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center; color: #50495B">Castro Barros Sobral Gomes
        Advogados</P>
        <P STYLE="font: 5pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center">&nbsp;</P>
        <P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 9pt; color: #50495B">Andr&eacute;
        O</FONT><FONT STYLE="font-size: 9pt; color: #70564B">l</FONT><FONT STYLE="font-size: 9pt; color: #50495B">iveira</FONT><FONT STYLE="font-size: 9.5pt; color: #79758E"><I>1</I></FONT>
        <FONT STYLE="font-size: 9pt; color: #50495B">Daniela Duque Estrada</FONT> <FONT STYLE="font-size: 9.5pt; color: #79758E"><I>1</I></FONT>
        <FONT STYLE="font-size: 9pt; color: #50495B">Gabrie</FONT><FONT STYLE="font-size: 9pt; color: #262124">l</FONT> <FONT STYLE="font-size: 9pt; color: #50495B">Man</FONT><FONT STYLE="font-size: 9pt; color: #70564B">i</FONT><FONT STYLE="font-size: 9pt; color: #50495B">ca</FONT><FONT STYLE="font-size: 9.5pt; color: #79758E"><I>1</I></FONT></P>
        <P STYLE="font: 5.5pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center">&nbsp;</P>
        <P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><FONT STYLE="color: #423A4B">Adr</FONT><FONT STYLE="color: #262124">i</FONT><FONT STYLE="color: #50495B">ana</FONT>
        <FONT STYLE="color: #423A4B">Torres</FONT></P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: #1F1C1F 1pt solid; border-bottom: #1F1C1F 1pt solid; border-left: #1F1C1F 1pt solid; text-align: center; padding-left: 2pt; vertical-align: middle"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #262124"><B>&Aacute;rea:</B></FONT></TD>
    <TD STYLE="border-right: #1F1C1F 1pt solid; border-bottom: #1F1C1F 1pt solid; text-align: center; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #50495B">Tribut&aacute;rio</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: #1F1C1F 1pt solid; border-bottom: #1F1C1F 1pt solid; border-left: #1F1C1F 1pt solid; text-align: center; padding-left: 2pt; vertical-align: middle"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #262124"><B>Embargado:</B></FONT></TD>
    <TD STYLE="border-right: #1F1C1F 1pt solid; border-bottom: #1F1C1F 1pt solid; text-align: center; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #50495B">Fazenda Nacional</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: #1F1C1F 1pt solid; border-bottom: #1F1C1F 1pt solid; border-left: #1F1C1F 1pt solid; text-align: center; padding-left: 2pt; vertical-align: middle"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #262124"><B>Embargante:</B></FONT></TD>
    <TD STYLE="border-right: #1F1C1F 1pt solid; border-bottom: #1F1C1F 1pt solid; text-align: center; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #423A4B">Usina</FONT> <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #50495B">Monte</FONT> <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #423A4B">A</FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #262124">l</FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #50495B">egre S</FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #79758E">/</FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #423A4B">A</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: #1F1C1F 1pt solid; border-bottom: #1F1C1F 1pt solid; border-left: #1F1C1F 1pt solid; text-align: center; padding-left: 2pt; vertical-align: middle"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #262124"><B>Natureza d</B></FONT><B><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #423A4B">a</FONT></B><B> <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #262124">A</FONT></B><B><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #423A4B">&aacute;</FONT></B><B><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #262124">o:</FONT></B></TD>
    <TD STYLE="border-right: #1F1C1F 1pt solid; border-bottom: #1F1C1F 1pt solid; text-align: center; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #50495B">Embargos</FONT> <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12.5pt; color: #50495B">a</FONT> <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #50495B">Execugao F</FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #262124">i</FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #50495B">scal</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: #1F1C1F 1pt solid; border-bottom: #1F1C1F 1pt solid; border-left: #1F1C1F 1pt solid; text-align: center; padding-left: 2pt; vertical-align: middle"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #262124"><B>Proce</B></FONT><B><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #423A4B">s</FONT></B><B><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #262124">so n</FONT></B><B><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #50495B">&ordm;</FONT></B><B><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #262124">.:</FONT></B></TD>
    <TD STYLE="border-right: #1F1C1F 1pt solid; border-bottom: #1F1C1F 1pt solid; text-align: center; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #50495B">0430.07</FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #23365E">.</FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #50495B">002112-5</FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9.5pt; color: #79758E"><I>1</I></FONT> <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #50495B">2009</FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #262124">.</FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #50495B">01.99.022059</FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #755972">-</FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #50495B">0</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: #1F1C1F 1pt solid; border-bottom: #1F1C1F 1pt solid; border-left: #1F1C1F 1pt solid; padding-left: 2pt; text-align: center; vertical-align: middle">
        <P STYLE="font: 9.5pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>
        <P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="color: #262124"><B>Var</B></FONT><B><FONT STYLE="color: #423A4B">a/</FONT><FONT STYLE="color: #262124">Comarca:</FONT></B></P></TD>
    <TD STYLE="border-right: #1F1C1F 1pt solid; border-bottom: #1F1C1F 1pt solid; padding-left: 2pt">
        <P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 9pt; color: #50495B">Vara
        &Uacute;nica da</FONT> <FONT STYLE="font-size: 9pt; color: #423A4B">Justiga</FONT> <FONT STYLE="font-size: 9pt; color: #50495B">Estadua</FONT><FONT STYLE="font-size: 9pt; color: #70564B">l</FONT>
        <FONT STYLE="font-size: 9pt; color: #50495B">de Monte Belo</FONT><FONT STYLE="font-size: 9.5pt; color: #79758E"><I>1</I></FONT></P>
        <P STYLE="font: 5pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center">&nbsp;</P>
        <P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><FONT STYLE="color: #50495B">08&ordf;</FONT>
        <FONT STYLE="color: #423A4B">Turma</FONT> <FONT STYLE="color: #50495B">do</FONT> <FONT STYLE="color: #423A4B">Tribunal</FONT> <FONT STYLE="color: #50495B">Regiona</FONT><FONT STYLE="color: #262124">l</FONT>
        <FONT STYLE="color: #50495B">Federal da 01&ordf; Regiao</FONT></P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: #1F1C1F 1pt solid; border-bottom: #1F1C1F 1pt solid; border-left: #1F1C1F 1pt solid; text-align: center; padding-left: 2pt; vertical-align: middle"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #262124"><B>Di</B></FONT><B><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #423A4B">s</FONT></B><B><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #262124">tribui&aacute;o:</FONT></B></TD>
    <TD STYLE="border-right: #1F1C1F 1pt solid; border-bottom: #1F1C1F 1pt solid; text-align: center; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #50495B">22</FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #262124">.</FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #50495B">05.2007</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: #1F1C1F 1pt solid; border-bottom: #1F1C1F 1pt solid; border-left: #1F1C1F 1pt solid; text-align: center; padding-left: 2pt; vertical-align: middle"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #262124"><B>Valor Pleiteado:</B></FONT></TD>
    <TD STYLE="border-right: #1F1C1F 1pt solid; border-bottom: #1F1C1F 1pt solid; text-align: center; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #423A4B">Ver</FONT> <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #50495B">&iacute;tem supra</FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #23365E">.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: #1F1C1F 1pt solid; border-bottom: #1F1C1F 1pt solid; border-left: #1F1C1F 1pt solid; text-align: center; padding-left: 2pt; vertical-align: middle"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #262124"><B>Valor Atu</B></FONT><B><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #423A4B">a</FONT></B><B><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #262124">lizado:</FONT></B></TD>
    <TD STYLE="border-right: #1F1C1F 1pt solid; border-bottom: #1F1C1F 1pt solid; text-align: center; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #423A4B">Ver</FONT> <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #50495B">&iacute;tem supra</FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #23365E">.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: #1F1C1F 1pt solid; border-bottom: #1F1C1F 1.5pt solid; border-left: #1F1C1F 1pt solid; padding-left: 2pt; text-align: center; vertical-align: middle">
        <P STYLE="font: 5.5pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>
        <P STYLE="font: 5.5pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>
        <P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="color: #262124"><B>Objet</B></FONT><B><FONT STYLE="color: #423A4B">o</FONT><FONT STYLE="color: #262124">:</FONT></B></P></TD>
    <TD STYLE="border-right: #1F1C1F 1pt solid; border-bottom: #1F1C1F 1.5pt solid; padding-left: 2pt">
        <P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: #50495B">Desconst</FONT><FONT STYLE="color: #262124">i</FONT><FONT STYLE="color: #50495B">tuigao
        da COA n&ordm; 60</FONT><FONT STYLE="color: #60362A">.</FONT><FONT STYLE="color: #50495B">301</FONT><FONT STYLE="color: #23365E">.</FONT><FONT STYLE="color: #50495B">000307-20</FONT><FONT STYLE="color: #87878E">,</FONT>
        <FONT STYLE="color: #50495B">que constitu&iacute; o objeto da Execugao Fiscal n&ordm; 465</FONT><FONT STYLE="color: #79758E">/</FONT><FONT STYLE="color: #50495B">2005</FONT><FONT STYLE="color: #87878E">,</FONT>
        <FONT STYLE="color: #423A4B">na</FONT> <FONT STYLE="color: #50495B">medida em que os d&eacute;bitos nela refletidos estao extintos</FONT><FONT STYLE="color: #755972">,</FONT>
        <FONT STYLE="color: #50495B">na forma do art</FONT><FONT STYLE="color: #496082">i</FONT><FONT STYLE="color: #50495B">go 156</FONT><FONT STYLE="color: #755972">,</FONT></P>
        <P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><FONT STYLE="color: #50495B">inc</FONT><FONT STYLE="color: #70564B">i</FONT><FONT STYLE="color: #50495B">so
        V</FONT><FONT STYLE="color: #87878E">,</FONT> <FONT STYLE="color: #50495B">do CTN</FONT><FONT STYLE="color: #755972">,</FONT> <FONT STYLE="color: #50495B">se</FONT><FONT STYLE="color: #262124">j</FONT><FONT STYLE="color: #50495B">a</FONT>
        <FONT STYLE="color: #423A4B">pela</FONT> <FONT STYLE="color: #50495B">decadenc</FONT><FONT STYLE="color: #70564B">i</FONT><FONT STYLE="color: #50495B">a</FONT><FONT STYLE="color: #755972">,</FONT>
        <FONT STYLE="color: #50495B">seja pela prescrigao</FONT><FONT STYLE="color: #23365E">.</FONT></P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: #1F1C1F 1pt solid; border-bottom: #1F1C1F 1pt solid; border-left: #1F1C1F 1pt solid; padding-left: 2pt; text-align: center; vertical-align: middle">
        <P STYLE="font: 9.5pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>
        <P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="color: #262124"><B>Artigo</B></FONT><B><FONT STYLE="color: #423A4B">s</FONT>
        <FONT STYLE="color: #262124">de Enquadramento:</FONT></B></P></TD>
    <TD STYLE="border-right: #1F1C1F 1pt solid; border-bottom: #1F1C1F 1pt solid; text-align: justify; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #423A4B">Artigos&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #50495B">150</FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #87878E">,&nbsp;&nbsp;</FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #50495B">par&aacute;grafo&nbsp;&nbsp;&nbsp;4&ordm;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt; color: #79758E">'&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #50495B">174</FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #87878E">,&nbsp;&nbsp;</FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #50495B">156</FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #755972">,&nbsp;&nbsp;</FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #50495B">inciso &nbsp;V</FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #79758E">, &nbsp;</FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #50495B">do &nbsp;C&oacute;digo </FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #423A4B">Tribut&aacute;rio Nacional.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: #1F1C1F 1pt solid; border-bottom: #1F1C1F 1pt solid; border-left: #1F1C1F 1pt solid; text-align: center; vertical-align: middle; padding-left: 2pt">
        <P STYLE="font: 6.5pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0"></P>
        <P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #262124"><B>Andamento:</B></P></TD>
    <TD STYLE="border-right: #1F1C1F 1pt solid; border-bottom: #1F1C1F 1pt solid; padding-left: 2pt">
        <P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 9pt; color: #50495B">Em
        25</FONT><FONT STYLE="font-size: 9pt; color: #23365E">.</FONT><FONT STYLE="font-size: 9pt; color: #50495B">09</FONT><FONT STYLE="font-size: 9pt; color: #262124">.</FONT><FONT STYLE="font-size: 9pt; color: #50495B">2008</FONT><FONT STYLE="font-size: 9pt; color: #87878E">,</FONT>
        <FONT STYLE="font-size: 9pt; color: #50495B">foi pub</FONT><FONT STYLE="font-size: 9pt; color: #262124">li</FONT><FONT STYLE="font-size: 9pt; color: #50495B">cada
        sentenga </FONT> <FONT STYLE="font-size: 9pt; color: #423A4B">ju</FONT><FONT STYLE="font-size: 9pt; color: #262124">l</FONT><FONT STYLE="font-size: 9pt; color: #50495B">gando
        procedente o pedido formu</FONT><FONT STYLE="font-size: 9pt; color: #496082">l</FONT><FONT STYLE="font-size: 9pt; color: #50495B">ado</FONT>
        <FONT STYLE="font-size: 9pt; color: #423A4B">na </FONT> <FONT STYLE="font-size: 9pt; color: #496082">i</FONT><FONT STYLE="font-size: 9pt; color: #423A4B">n</FONT><FONT STYLE="font-size: 9pt; color: #262124">i</FONT><FONT STYLE="font-size: 9pt; color: #50495B">cial
        dos embargos </FONT> <FONT STYLE="font-size: 12.5pt; color: #50495B">a</FONT> <FONT STYLE="font-size: 9pt; color: #50495B">execugao
        fiscal</FONT><FONT STYLE="font-size: 9pt; color: #755972">, </FONT><FONT STYLE="font-size: 9pt; color: #50495B">para recon</FONT><FONT STYLE="font-size: 9pt; color: #496082">h</FONT><FONT STYLE="font-size: 9pt; color: #50495B">ecer
        que os cr&eacute;ditos tribut&aacute;rios de IPI encont</FONT><FONT STYLE="font-size: 9pt; color: #496082">r</FONT><FONT STYLE="font-size: 9pt; color: #50495B">am-se
        extintos pe</FONT><FONT STYLE="font-size: 9pt; color: #496082">l</FONT><FONT STYLE="font-size: 9pt; color: #50495B">a decadencia</FONT><FONT STYLE="font-size: 9pt; color: #755972">,</FONT>
        <FONT STYLE="font-size: 9pt; color: #50495B">determ</FONT><FONT STYLE="font-size: 9pt; color: #262124">i</FONT><FONT STYLE="font-size: 9pt; color: #50495B">nando</FONT><FONT STYLE="font-size: 9pt; color: #755972">,</FONT>
        <FONT STYLE="font-size: 9pt; color: #50495B">ainda</FONT><FONT STYLE="font-size: 9pt; color: #755972">,</FONT> <FONT STYLE="font-size: 9pt; color: #50495B">a
        ext</FONT><FONT STYLE="font-size: 9pt; color: #262124">i</FONT><FONT STYLE="font-size: 9pt; color: #50495B">ngao da Execugao Fiscal
        n&ordm; 465</FONT><FONT STYLE="font-size: 9pt; color: #79758E">/</FONT><FONT STYLE="font-size: 9pt; color: #50495B">2005</FONT><FONT STYLE="font-size: 9pt; color: #23365E">.</FONT>
        <FONT STYLE="font-size: 9pt; color: #50495B">Em 16</FONT><FONT STYLE="font-size: 9pt; color: #262124">.</FONT><FONT STYLE="font-size: 9pt; color: #50495B">11</FONT><FONT STYLE="font-size: 9pt; color: #262124">.</FONT><FONT STYLE="font-size: 9pt; color: #50495B">2008</FONT><FONT STYLE="font-size: 9pt; color: #755972">,</FONT>
        <FONT STYLE="font-size: 9pt; color: #50495B">a Fazenda </FONT><FONT STYLE="font-size: 9pt; color: #423A4B">Nac</FONT><FONT STYLE="font-size: 9pt; color: #262124">i</FONT><FONT STYLE="font-size: 9pt; color: #50495B">ona</FONT><FONT STYLE="font-size: 9pt; color: #262124">l</FONT>
        <FONT STYLE="font-size: 9pt; color: #50495B">in</FONT><FONT STYLE="font-size: 9pt; color: #262124">t</FONT><FONT STYLE="font-size: 9pt; color: #50495B">e</FONT><FONT STYLE="font-size: 9pt; color: #496082">r</FONT><FONT STYLE="font-size: 9pt; color: #50495B">p&oacute;s
        </FONT> <FONT STYLE="font-size: 9pt; color: #496082">r</FONT><FONT STYLE="font-size: 9pt; color: #50495B">ecurso de ape</FONT><FONT STYLE="font-size: 9pt; color: #262124">l</FONT><FONT STYLE="font-size: 9pt; color: #50495B">agao</FONT><FONT STYLE="font-size: 9pt; color: #755972">,</FONT>
        <FONT STYLE="font-size: 9pt; color: #423A4B">tendo </FONT> <FONT STYLE="font-size: 9pt; color: #50495B">s</FONT><FONT STYLE="font-size: 9pt; color: #262124">i</FONT><FONT STYLE="font-size: 9pt; color: #50495B">do</FONT>
        <FONT STYLE="font-size: 9pt; color: #423A4B">proferida </FONT><FONT STYLE="font-size: 9pt; color: #50495B">decisao monocr&aacute;t</FONT><FONT STYLE="font-size: 9pt; color: #262124">i</FONT><FONT STYLE="font-size: 9pt; color: #50495B">ca</FONT><FONT STYLE="font-size: 9pt; color: #79758E">,
        </FONT><FONT STYLE="font-size: 9pt; color: #50495B">em 13.08</FONT><FONT STYLE="font-size: 9pt; color: #23365E">.</FONT><FONT STYLE="font-size: 9pt; color: #50495B">2012</FONT><FONT STYLE="font-size: 9pt; color: #87878E">,</FONT>
        <FONT STYLE="font-size: 9pt; color: #50495B">dando</FONT> <FONT STYLE="font-size: 9pt; color: #262124">i</FONT><FONT STYLE="font-size: 9pt; color: #50495B">ntegra</FONT><FONT STYLE="font-size: 9pt; color: #262124">l</FONT>
        <FONT STYLE="font-size: 9pt; color: #423A4B">provimento </FONT><FONT STYLE="font-size: 9pt; color: #50495B">ao recurso </FONT>
        <FONT STYLE="font-size: 9pt; color: #423A4B">da Uniao </FONT> <FONT STYLE="font-size: 9pt; color: #50495B">para reformar a sentenga
        e manter a cobranga</FONT> <FONT STYLE="font-size: 9pt; color: #423A4B">dos</FONT> <FONT STYLE="font-size: 9pt; color: #50495B">cr&eacute;ditos</FONT>
        <FONT STYLE="font-size: 9pt; color: #423A4B">exequendos</FONT><FONT STYLE="font-size: 9pt; color: #23365E">.</FONT> <FONT STYLE="font-size: 9pt; color: #50495B">Contra
        ta</FONT><FONT STYLE="font-size: 9pt; color: #262124">l</FONT> <FONT STYLE="font-size: 9pt; color: #50495B">dec</FONT><FONT STYLE="font-size: 9pt; color: #262124">i</FONT><FONT STYLE="font-size: 9pt; color: #50495B">sao
        foram opostos embargos de declaragao pela Usina</FONT><FONT STYLE="font-size: 9pt; color: #87878E">,</FONT> <FONT STYLE="font-size: 9pt; color: #50495B">em
        27</FONT><FONT STYLE="font-size: 9pt; color: #60362A">.</FONT><FONT STYLE="font-size: 9pt; color: #50495B">08</FONT><FONT STYLE="font-size: 9pt; color: #262124">.</FONT><FONT STYLE="font-size: 9pt; color: #50495B">2012</FONT><FONT STYLE="font-size: 9pt; color: #87878E">,</FONT>
        <FONT STYLE="font-size: 9pt; color: #50495B">e agravo reg</FONT><FONT STYLE="font-size: 9pt; color: #496082">i</FONT><FONT STYLE="font-size: 9pt; color: #50495B">menta!</FONT>
        <FONT STYLE="font-size: 9pt; color: #423A4B">pela </FONT> <FONT STYLE="font-size: 9pt; color: #50495B">Un</FONT><FONT STYLE="font-size: 9pt; color: #262124">i</FONT><FONT STYLE="font-size: 9pt; color: #50495B">ao,
        em 13</FONT><FONT STYLE="font-size: 9pt; color: #262124">.</FONT><FONT STYLE="font-size: 9pt; color: #50495B">09</FONT><FONT STYLE="font-size: 9pt; color: #262124">.</FONT><FONT STYLE="font-size: 9pt; color: #423A4B">2012</FONT><FONT STYLE="font-size: 9pt; color: #79758E">,</FONT>
        <FONT STYLE="font-size: 9pt; color: #50495B">objetivando a majoragao da condenagao da Us</FONT><FONT STYLE="font-size: 9pt; color: #70564B">i</FONT><FONT STYLE="font-size: 9pt; color: #50495B">na
        em honor&aacute;</FONT><FONT STYLE="font-size: 9pt; color: #496082">r</FONT><FONT STYLE="font-size: 9pt; color: #50495B">ios sucumbenc</FONT><FONT STYLE="font-size: 9pt; color: #70564B">i</FONT><FONT STYLE="font-size: 9pt; color: #50495B">a</FONT><FONT STYLE="font-size: 9pt; color: #262124">i</FONT><FONT STYLE="font-size: 9pt; color: #50495B">s</FONT><FONT STYLE="font-size: 9pt; color: #23365E">.</FONT>
        <FONT STYLE="font-size: 9pt; color: #423A4B">Nossos</FONT> <FONT STYLE="font-size: 9pt; color: #50495B">embargos foram conve</FONT><FONT STYLE="font-size: 9pt; color: #496082">r</FONT><FONT STYLE="font-size: 9pt; color: #50495B">tidos
        em agravo reg&iacute;mental. Em sessao de julgamentos</FONT> <FONT STYLE="font-size: 9pt; color: #423A4B">realizada</FONT> <FONT STYLE="font-size: 9pt; color: #50495B">no
        dia</FONT></P>
        <P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: #50495B">01.03</FONT><FONT STYLE="color: #23365E">.</FONT><FONT STYLE="color: #50495B">2013</FONT><FONT STYLE="color: #87878E">,</FONT>
        <FONT STYLE="color: #50495B">foi profer</FONT><FONT STYLE="color: #262124">i</FONT><FONT STYLE="color: #50495B">do ac&oacute;rdao</FONT><FONT STYLE="color: #755972">,</FONT>
        <FONT STYLE="color: #50495B">por maior</FONT><FONT STYLE="color: #262124">i</FONT><FONT STYLE="color: #50495B">a de votos</FONT><FONT STYLE="color: #79758E">,</FONT>
        <FONT STYLE="color: #50495B">no qua</FONT><FONT STYLE="color: #262124">l </FONT><FONT STYLE="color: #50495B">foi dado</FONT> <FONT STYLE="color: #423A4B">provimento
        </FONT> <FONT STYLE="color: #50495B">ao agravo </FONT> <FONT STYLE="color: #423A4B">regimenta!</FONT> <FONT STYLE="color: #50495B">da
        Usina</FONT><FONT STYLE="color: #79758E">,</FONT> <FONT STYLE="color: #50495B">e negado provimento ao agravo regimenta! da </FONT>
        <FONT STYLE="color: #423A4B">Uniao</FONT><FONT STYLE="color: #87878E">,</FONT> <FONT STYLE="color: #50495B">para reformar a decisao
        monocr&aacute;tica </FONT> <FONT STYLE="color: #423A4B">e</FONT> <FONT STYLE="color: #50495B">reconhecer que os d&eacute;bitos
        exequendos encontram-se </FONT> <FONT STYLE="color: #423A4B">fu</FONT><FONT STYLE="color: #496082">l</FONT><FONT STYLE="color: #50495B">minados
        pela prescr</FONT><FONT STYLE="color: #262124">i</FONT><FONT STYLE="color: #50495B">gao</FONT><FONT STYLE="color: #79758E">,</FONT>
        <FONT STYLE="color: #50495B">nos</FONT> <FONT STYLE="color: #423A4B">termos </FONT><FONT STYLE="color: #50495B">do voto</FONT><FONT STYLE="color: #755972">-</FONT></P></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


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    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt; font: 9pt Times New Roman, Times, Serif">~ <!-- Field: Sequence; Type: Arabic; Name: PageNo -->105<!-- Field: /Sequence --> ~</P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 0pt"><P STYLE="margin: 0pt"></P><TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 99%; border-collapse: collapse; margin-left: 7.1pt"><TR STYLE="vertical-align: top"><TD STYLE="width: 100%; border-bottom: Black 1pt solid; font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: -2.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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: 0pt"></P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 9pt Sans-Serif; margin: 0pt 0; color: Red">&nbsp;</P>

<P STYLE="font: 11.5pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>EXHIBIT 1</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 13pt Courier New, Courier, Monospace; margin: 0pt 0; text-align: center">COPORATESTRUCTURE</P>

<P STYLE="font: 13pt Courier New, Courier, Monospace; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 13pt Courier New, Courier, Monospace; margin-top: 0pt; text-align: center; margin-bottom: 0pt"><IMG SRC="t1701194_ex4-46pg1.jpg" ALT=""></P>

<P STYLE="font: 13pt Courier New, Courier, Monospace; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 8.5pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0 0pt 5.8pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>(1)
</B></FONT> <FONT STYLE="font-family: Times New Roman, Times, Serif">Stork! tradad on NYSE</FONT></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0 0pt 5.8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9.5pt">(2.)
Leonardo </FONT> <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Benidi</FONT> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9.5pt">hold&bull;
one slwe</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


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    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt; font: 9pt Times New Roman, Times, Serif">~ <!-- Field: Sequence; Type: Arabic; Name: PageNo -->106<!-- Field: /Sequence --> ~</P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 0pt"><P STYLE="margin: 0pt"></P><TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 99%; border-collapse: collapse; margin-left: 7.1pt"><TR STYLE="vertical-align: top"><TD STYLE="width: 100%; border-bottom: Black 1pt solid; font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: -2.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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: 0pt"></P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>ANNEX A</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><U>FORM OF PROMISSORY NOTE</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><U>NOTA PROMISS&Oacute;RIA</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 7.1pt">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 7.1pt; text-align: justify; text-indent: 0"><B>N&ordm;</B>: [&bull;]</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 7.1pt; text-align: justify; text-indent: 0"><B>Valor:</B> US$ [&bull;]</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 7.1pt; text-align: justify; text-indent: 0"><B>Data de Emiss&atilde;o</B>: [&bull;]
de [&bull;] de 2014.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 7.1pt; text-align: justify; text-indent: 0"><B>Local de Emiss&atilde;o</B>: Munic&iacute;pio
de Ang&eacute;lica, Estado do Mato Grosso do Sul</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 7.1pt; text-align: justify; text-indent: 0"><B>Pra&ccedil;a de Pagamento</B>: Munic&iacute;pio
de S&atilde;o Paulo, Estado de S&atilde;o Paulo</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 7.1pt; text-align: justify; text-indent: 0"><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="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 7.1pt; text-align: justify; text-indent: 0"><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 (&ldquo;<B>Contrato de Pr&eacute;-pagamento de Exporta&ccedil;&atilde;o</B>&rdquo;)<B></B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 7.1pt; text-align: justify; text-indent: 0"><B>Emitente</B>:
Adecoagro Vale do Ivinhema S.A.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 7.1pt">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 7.1pt; text-align: justify; text-indent: 0">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;. 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 &ldquo;<B>Credor</B>&rdquo;),
ou &agrave; sua ordem, a quantia de US$ [&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="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 7.1pt; text-indent: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 7.1pt; text-align: justify; text-indent: 0">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="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 7.1pt; text-indent: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 7.1pt; text-align: justify; text-indent: 0">Esta Nota Promiss&oacute;ria &eacute; regida
pelas leis da Rep&uacute;blica Federativa do Brasil.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 7.1pt">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 7.1pt">Ang&eacute;lica, [&bull;] de <U>_____</U>de
2014.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 7.1pt">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 7.1pt"><B>Emitente:</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 7.1pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 7.1pt"></P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 7.1pt"></P>

<!-- Field: Rule-Page --><DIV ALIGN="CENTER" STYLE="margin-top: 1pt; margin-bottom: 3pt"><DIV STYLE="font-size: 1pt; border-top: Black 1pt solid; width: 50%">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 7.1pt"></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 7.1pt"><B>ADECOAGRO VALE DO IVINHEMA S.A.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<!-- Field: Page; Sequence: 108; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt; font: 9pt Times New Roman, Times, Serif">~ <!-- Field: Sequence; Type: Arabic; Name: PageNo -->107<!-- Field: /Sequence --> ~</P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 0pt"><P STYLE="margin: 0pt"></P><TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 99%; border-collapse: collapse; margin-left: 7.1pt"><TR STYLE="vertical-align: top"><TD STYLE="width: 100%; border-bottom: Black 1pt solid; font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: -2.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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: 0pt"></P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>[Verso da Nota Promiss&oacute;ria n&ordm;
[&bull;]]</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 7.1pt"><B>Avalistas:</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 7.1pt"><B>Bom por aval:</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt">&nbsp;</P>

<!-- Field: Rule-Page --><DIV ALIGN="CENTER" STYLE="margin-top: 0; margin-bottom: 0"><DIV STYLE="font-size: 1pt; border-top: Black 1pt solid; width: 40%">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt"></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>ADECOAGRO BRASIL PARTICIPA&Ccedil;&Otilde;ES
S.A.</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 7.1pt"><B>Bom por aval:</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt">&nbsp;</P>

<!-- Field: Rule-Page --><DIV ALIGN="CENTER" STYLE="margin-top: 0; margin-bottom: 0"><DIV STYLE="font-size: 1pt; border-top: Black 1pt solid; width: 40%">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt"></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>USINA MONTE ALEGRE LTDA.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<!-- Field: Page; Sequence: 109; Value: 2 -->
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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 0pt"><P STYLE="margin: 0pt"></P><TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 99%; border-collapse: collapse; margin-left: 7.1pt"><TR STYLE="vertical-align: top"><TD STYLE="width: 100%; border-bottom: Black 1pt solid; font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: -2.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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: 0pt"></P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>ANNEX B</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><U>FORM OF NOTICE OF DRAWDOWN</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">_______ ___, 2014</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 7.1pt">ING BANK N.V.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 7.1pt">As Administrative Agent</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 7.1pt"><FONT STYLE="font-size: 12pt">c/o Av. Pres.
Juscelino Kubitschek, 510 &ndash; 3</FONT><FONT STYLE="font-size: 8pt">o</FONT> <FONT STYLE="font-size: 12pt">andar</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 7.1pt">S&atilde;o Paulo 04543-000</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 7.1pt">SP, Brazil</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in; text-align: left">Re:</TD><TD>Export Prepayment Finance Agreement dated as of November
5, 2014</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 7.1pt; text-align: justify; text-indent: 0">Ladies and Gentlemen:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 7.1pt; text-align: justify; text-indent: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 7.1pt; text-align: justify; text-indent: 0">We refer to the Export Prepayment Finance
Agreement (as may be amended, varied, novated, supplemented or otherwise modified from time to time, the &ldquo;Export Prepayment
Finance Agreement&rdquo;) 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="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 7.1pt; text-align: justify; text-indent: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 7.1pt; text-align: justify; text-indent: 0">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="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 7.1pt; text-align: justify; text-indent: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 7.1pt; text-align: justify; text-indent: 0">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="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>ADECOAGRO VALE DO IVINHEMA S.A.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; width: 99%; border-collapse: collapse; margin-left: 7.1pt">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 7%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">By:</FONT></TD>
    <TD STYLE="width: 30%; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="width: 26%">&nbsp;</TD>
    <TD STYLE="width: 7%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">By:</FONT></TD>
    <TD STYLE="width: 30%; border-bottom: Black 1pt solid">&nbsp;</TD>
    </TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">Name: </FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">Name: </FONT></TD>
    <TD>&nbsp;</TD>
    </TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">Title:</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">Title:</FONT></TD>
    <TD>&nbsp;</TD>
    </TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<!-- Field: Page; Sequence: 110; Value: 2 -->
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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 0pt"><P STYLE="margin: 0pt"></P><TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 99%; border-collapse: collapse; margin-left: 7.1pt"><TR STYLE="vertical-align: top"><TD STYLE="width: 100%; border-bottom: Black 1pt solid; font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: -2.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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: 0pt"></P></DIV>
    <!-- Field: /Page -->



<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>ANNEX C</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><U>FORM OF ASSIGNMENT AND ACCEPTANCE</U></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">ASSIGNMENT AND ACCEPTANCE</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.1in; text-align: justify">Reference is made to the Export
Prepayment Finance Agreement (as may be amended, varied, novated, supplemented or otherwise modified from time to time, the &ldquo;Export
Prepayment Finance Agreement&rdquo;) 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="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.1in; text-align: justify">___________________ (the &ldquo;Assignor&rdquo;)
and ___________________ (the &ldquo;Assignee&rdquo;) agree as follows:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 7.1pt"></TD><TD STYLE="width: 36pt">1.</TD><TD STYLE="text-align: justify">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 &ldquo;Assigned Interest&rdquo;) in and to the Assignor&rsquo;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.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 7.1pt"></TD><TD STYLE="width: 36pt">2.</TD><TD STYLE="text-align: justify">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.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 7.1pt"></TD><TD STYLE="width: 36pt">3.</TD><TD STYLE="text-align: justify">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</TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0; text-indent: 0">&nbsp;</P>


<!-- Field: Page; Sequence: 111; Value: 2 -->
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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 0pt"><P STYLE="margin: 0pt"></P><TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 99%; border-collapse: collapse; margin-left: 7.1pt"><TR STYLE="vertical-align: top"><TD STYLE="width: 100%; border-bottom: Black 1pt solid; font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: -2.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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: 0pt"></P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 46.1pt; text-align: justify">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.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 10.1pt"></TD><TD STYLE="width: 36pt">4.</TD><TD STYLE="text-align: justify">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 &ldquo;Assignment Effective Date&rdquo;).</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 5.55pt"></TD><TD STYLE="width: 40.55pt">5.</TD><TD STYLE="text-align: justify">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.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 5.8pt"></TD><TD STYLE="width: 40.3pt">6.</TD><TD STYLE="text-align: justify">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&rsquo;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.</TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>


<!-- Field: Page; Sequence: 112; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt; font: 9pt Times New Roman, Times, Serif">~ <!-- Field: Sequence; Type: Arabic; Name: PageNo -->111<!-- Field: /Sequence --> ~</P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 0pt"><P STYLE="margin: 0pt"></P><TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 99%; border-collapse: collapse; margin-left: 7.1pt"><TR STYLE="vertical-align: top"><TD STYLE="width: 100%; border-bottom: Black 1pt solid; font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: -2.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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: 0pt"></P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 5.55pt"></TD><TD STYLE="width: 40.55pt">7.</TD><TD STYLE="text-align: justify">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.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 10.1pt; text-align: justify">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>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>


<!-- Field: Page; Sequence: 113; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt; font: 9pt Times New Roman, Times, Serif">~ <!-- Field: Sequence; Type: Arabic; Name: PageNo -->112<!-- Field: /Sequence --> ~</P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 0pt"><P STYLE="margin: 0pt"></P><TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 99%; border-collapse: collapse; margin-left: 7.1pt"><TR STYLE="vertical-align: top"><TD STYLE="width: 100%; border-bottom: Black 1pt solid; font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: -2.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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: 0pt"></P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Schedule 1 to</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Assignment and Acceptance</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 19.95pt; text-align: center; text-indent: 0.1pt">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 19.95pt; text-align: center; text-indent: 0.1pt">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="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 7.1pt">Name of Assignor:</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 7.1pt">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 7.1pt">Name of Assignee:</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 7.1pt">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 7.1pt">Assignment Effective Date:</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 7.1pt">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 7.1pt">Loan Principal Amount Assigned:</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 7.1pt">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 7.1pt">Percentage of Loan Assigned:</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 7.1pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; width: 95%; border-collapse: collapse; margin-left: 7.1pt">
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="padding-left: 0; padding-top: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt"><B>ASSIGNEE</B></FONT></TD>
    <TD STYLE="padding-left: 0; padding-top: 0">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-left: 0; padding-top: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt"><B>ASSIGNOR</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 8%; padding-left: 0; padding-top: 0">&nbsp;</TD>
    <TD STYLE="width: 32%; padding-left: 0; padding-top: 0">&nbsp;</TD>
    <TD STYLE="width: 20%; padding-left: 0; padding-top: 0">&nbsp;</TD>
    <TD STYLE="width: 8%; padding-left: 0; padding-top: 0">&nbsp;</TD>
    <TD STYLE="width: 32%; padding-left: 0; padding-top: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 0; padding-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">By:</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-left: 0; padding-top: 0">&nbsp;</TD>
    <TD STYLE="padding-left: 0; padding-top: 0">&nbsp;</TD>
    <TD STYLE="padding-left: 0; padding-top: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">By:</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-left: 0; padding-top: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0; padding-top: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">Name:</FONT></TD>
    <TD STYLE="padding-left: 0; padding-top: 0">&nbsp;</TD>
    <TD STYLE="padding-left: 0; padding-top: 0">&nbsp;</TD>
    <TD STYLE="padding-left: 0; padding-top: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">Name:</FONT></TD>
    <TD STYLE="padding-left: 0; padding-top: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0; padding-top: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">Title:</FONT></TD>
    <TD STYLE="padding-left: 0; padding-top: 0">&nbsp;</TD>
    <TD STYLE="padding-left: 0; padding-top: 0">&nbsp;</TD>
    <TD STYLE="padding-left: 0; padding-top: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">Title:</FONT></TD>
    <TD STYLE="padding-left: 0; padding-top: 0">&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 7.1pt">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 7.1pt">Address for Notices:</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 7.1pt">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 7.1pt">Approved and Accepted, if required pursuant to Section 11.1(a):</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 7.1pt">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>ING Bank N.V.</B>, <I>as Administrative Agent</I></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 127.55pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; width: 95%; border-collapse: collapse; margin-left: 7.1pt">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 8%; padding-top: 0; padding-left: 0; padding-right: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">By:</FONT></TD>
    <TD STYLE="width: 32%; border-bottom: Black 1pt solid; padding-top: 0; padding-right: 0; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="width: 20%; padding-top: 0; padding-right: 0; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="width: 8%; padding-top: 0; padding-right: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">By:</FONT></TD>
    <TD STYLE="width: 32%; border-bottom: Black 1pt solid; padding-top: 0; padding-right: 0; padding-left: 0; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 0; padding-right: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">Name:</FONT></TD>
    <TD STYLE="padding-top: 0; padding-right: 0; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding-top: 0; padding-right: 0; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding-top: 0; padding-right: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">Name:</FONT></TD>
    <TD STYLE="padding-top: 0; padding-right: 0; padding-left: 0; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 0; padding-right: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">Title:</FONT></TD>
    <TD STYLE="padding-top: 0; padding-right: 0; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding-top: 0; padding-right: 0; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding-top: 0; padding-right: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">Title:</FONT></TD>
    <TD STYLE="padding-top: 0; padding-right: 0; padding-left: 0; text-indent: 0">&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 127.55pt">&nbsp;</P>


<!-- Field: Page; Sequence: 114; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt; font: 9pt Times New Roman, Times, Serif">~ <!-- Field: Sequence; Type: Arabic; Name: PageNo -->113<!-- Field: /Sequence --> ~</P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 0pt"><P STYLE="margin: 0pt"></P><TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 99%; border-collapse: collapse; margin-left: 7.1pt"><TR STYLE="vertical-align: top"><TD STYLE="width: 100%; border-bottom: Black 1pt solid; font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: -2.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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: 0pt"></P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>ANNEX D</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><U>CERTIFICATE OF OFFICER OF
BORROWER</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">[DATE]</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 5.2pt; text-align: left">To:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ING BANK N.V.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 43.1pt">As Administrative Agent</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 43.1pt"><FONT STYLE="font-size: 12pt">c/o Av. Pres. Juscelino
Kubitschek, 510 &ndash; 3</FONT><FONT STYLE="font-size: 8pt">o</FONT> <FONT STYLE="font-size: 12pt">andar</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 43.1pt">S&atilde;o Paulo 04543-000</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 43.1pt">SP, Brazil</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 43.1pt">Re:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Export Prepayment Finance Agreement dated
as of November 5, 2014</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 7.1pt; text-align: justify; text-indent: 0.5in">I refer to
the Export Prepayment Finance Agreement (as may be amended, varied, novated, supplemented or otherwise modified from time to time,
the &ldquo;Export Prepayment Finance Agreement&rdquo;) 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="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 7.1pt; text-align: justify; text-indent: 0.5in">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 &ldquo;Certificate&rdquo;)
as follows:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 43.1pt"></TD><TD STYLE="width: 31.55pt; text-align: left">(1)</TD><TD>I am duly authorized to give this Certificate.</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 43.1pt"></TD><TD STYLE="width: 31.55pt">(2)</TD><TD STYLE="text-align: justify"><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&rsquo;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.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 43.1pt"></TD><TD STYLE="width: 31.55pt">(3)</TD><TD STYLE="text-align: justify"><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</TD></TR></TABLE>




<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Page; Sequence: 115; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt; font: 9pt Times New Roman, Times, Serif">~ <!-- Field: Sequence; Type: Arabic; Name: PageNo -->114<!-- Field: /Sequence --> ~</P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 0pt"><P STYLE="margin: 0pt"></P><TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 99%; border-collapse: collapse; margin-left: 7.1pt"><TR STYLE="vertical-align: top"><TD STYLE="width: 100%; border-bottom: Black 1pt solid; font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: -2.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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: 0pt"></P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 74.65pt; text-align: justify"><FONT STYLE="font-size: 12pt">the
Borrower and who (either individually or with others, as provided in the [Resolutions/Governing Documents]</FONT><FONT STYLE="font-size: 8pt">1</FONT><FONT STYLE="font-size: 12pt">)
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></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 43.1pt"></TD><TD STYLE="width: 31.55pt; text-align: left">(4)</TD><TD STYLE="text-align: justify"><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: 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
<FONT STYLE="font-size: 12pt">{board of directors, shareholders, members etc}</FONT><FONT STYLE="font-size: 8pt">2 </FONT><FONT STYLE="font-size: 12pt">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 &ldquo;Resolutions&rdquo;). 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="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 43.1pt"></TD><TD STYLE="width: 31.55pt; text-align: left">(5)</TD><TD><U>Default</U>: No Default has occurred and is continuing
as of the date of this Certificate.</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 43.1pt"></TD><TD STYLE="width: 31.55pt">(6)</TD><TD STYLE="text-align: justify"><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.</TD></TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 74.65pt; text-align: justify; text-indent: -31.55pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%; text-align: justify; padding-top: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="width: 50%; border-bottom: Black 1pt solid; text-align: justify; padding-top: 0; padding-left: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; padding-top: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="padding-top: 0; padding-left: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">Name:</FONT></TD></TR>
</TABLE>
<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 74.65pt; text-align: justify; text-indent: -31.55pt">&nbsp;</P>

<!-- Field: Rule-Page --><DIV ALIGN="LEFT" STYLE="margin-left: 7.05pt; margin-top: 0; margin-bottom: 0"><DIV STYLE="font-size: 1pt; border-top: Black 1pt solid; width: 25%">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 74.65pt; text-align: justify; text-indent: -31.55pt"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 7.05pt"></TD><TD STYLE="width: 0.25in; text-align: left">1</TD><TD>Choose as appropriate</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 7.05pt"></TD><TD STYLE="width: 0.25in">2</TD><TD>Insert the relevant corporate body (Board of Directors, Executive Committee) or other group (such as shareholders), as appropriate,
if this bracketed clause is applicable</TD></TR></TABLE>




<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Page; Sequence: 116; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt; font: 9pt Times New Roman, Times, Serif">~ <!-- Field: Sequence; Type: Arabic; Name: PageNo -->115<!-- Field: /Sequence --> ~</P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 0pt"><P STYLE="margin: 0pt"></P><TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 99%; border-collapse: collapse; margin-left: 7.1pt"><TR STYLE="vertical-align: top"><TD STYLE="width: 100%; border-bottom: Black 1pt solid; font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: -2.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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: 0pt"></P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>EXHIBIT B TO CERTIFICATE OF OFFICER</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">[BORROWER&rsquo;S LETTERHEAD]</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>Incumbency Certificate</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 7.1pt; text-align: justify">I, [<B>&bull;</B>], [title] of ___________ (the &ldquo;<B>Borrower</B>&rdquo;),
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 &ldquo;<B>Agreement</B>&rdquo;), that the following statements
are true and correct:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 7.1pt; text-align: justify">1.&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="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 7.1pt; text-align: justify">2.&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>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 7.1pt; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 34%; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif">Name</FONT></TD>
    <TD STYLE="width: 33%; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif">Office</FONT></TD>
    <TD STYLE="width: 33%; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif">Signature</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">[<B>&bull;</B>]</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">[<B>&bull;</B>]</FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">[<B>&bull;</B>]</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">[<B>&bull;</B>]</FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">[<B>&bull;</B>]</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">[<B>&bull;</B>]</FONT></TD>
    <TD>&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 12.5pt">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 7.1pt">IN WITNESS WHEREOF, I have signed this certificate
this [<B>&bull;</B>] day of [&bull;], 2014.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 7.1pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%; padding-top: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="width: 50%; border-bottom: Black 1pt solid; padding-top: 0; padding-left: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="padding-top: 0; padding-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">Name:
[<B>&bull;</B>] </FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="padding-top: 0; padding-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">Title: [<B>&bull;</B>]</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<!-- Field: Page; Sequence: 117; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt; font: 9pt Times New Roman, Times, Serif">~ <!-- Field: Sequence; Type: Arabic; Name: PageNo -->116<!-- Field: /Sequence --> ~</P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 0pt"><P STYLE="margin: 0pt"></P><TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 99%; border-collapse: collapse; margin-left: 7.1pt"><TR STYLE="vertical-align: top"><TD STYLE="width: 100%; border-bottom: Black 1pt solid; font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: -2.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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: 0pt"></P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>ANNEX E</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><U>CERTIFICATE OF OFFICER OF GUARANTOR</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">[DATE]</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 5.2pt">To:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ING BANK N.V.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 43.1pt">As Administrative Agent</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 43.3pt"><FONT STYLE="font-size: 12pt">c/o Av. Pres. Juscelino
Kubitschek, 510 &ndash; 3</FONT><FONT STYLE="font-size: 8pt"><SUP>o</SUP></FONT><SUP> </SUP><FONT STYLE="font-size: 12pt">andar</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 43.3pt">S&atilde;o Paulo 04543-000</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 43.1pt">SP, Brazil</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 43.1pt">Re:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Export Prepayment Finance Agreement dated
as of November 5, 2014</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.1in; text-align: justify; text-indent: 0.5in">I refer to
the Export Prepayment Finance Agreement (as may be amended, varied, novated, supplemented or otherwise modified from time to time,
the &ldquo;Export Prepayment Finance Agreement&rdquo;) 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="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.1in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.1in; text-align: justify; text-indent: 0.5in">I am a________title]
______________of [Adecoagro Brasil Participa&ccedil;&otilde;es S.A.][Usina Monte Alegre S.A.] (the &ldquo;Guarantor&rdquo;) and,
pursuant to Section 4.1(c) of the Export Prepayment Finance Agreement, hereby certify in this certificate (this &ldquo;Certificate&rdquo;)
as follows:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 43.1pt"></TD><TD STYLE="width: 36pt; text-align: left">(1)</TD><TD>I am duly authorized to give this Certificate.</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 43.1pt"></TD><TD STYLE="width: 36pt">(2)</TD><TD STYLE="text-align: justify"><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&rsquo;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.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 43.1pt"></TD><TD STYLE="width: 36pt">(3)</TD><TD STYLE="text-align: justify"><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</TD></TR></TABLE>




<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Page; Sequence: 118; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt; font: 9pt Times New Roman, Times, Serif">~ <!-- Field: Sequence; Type: Arabic; Name: PageNo -->117<!-- Field: /Sequence --> ~</P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 0pt"><P STYLE="margin: 0pt"></P><TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 99%; border-collapse: collapse; margin-left: 7.1pt"><TR STYLE="vertical-align: top"><TD STYLE="width: 100%; border-bottom: Black 1pt solid; font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: -2.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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: 0pt"></P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 79.1pt; text-align: justify"><FONT STYLE="font-size: 12pt">[Resolutions/Governing
Documents]</FONT><FONT STYLE="font-size: 8pt">3</FONT><FONT STYLE="font-size: 12pt">) 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></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 43.1pt"></TD><TD STYLE="width: 36pt; text-align: left">(4)</TD><TD STYLE="text-align: justify"><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: 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
<FONT STYLE="font-size: 12pt">{board of directors, shareholders, members etc}</FONT><FONT STYLE="font-size: 8pt">4 </FONT><FONT STYLE="font-size: 12pt">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 &ldquo;Resolutions&rdquo;). 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="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 43.1pt"></TD><TD STYLE="width: 36pt; text-align: left">(5)</TD><TD><U>Default</U>: No Default has occurred and is continuing
as of the date of this Certificate.</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 43.1pt"></TD><TD STYLE="width: 36pt">(6)</TD><TD STYLE="text-align: justify"><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.</TD></TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%; text-align: justify; padding-top: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="width: 50%; border-bottom: Black 1pt solid; text-align: justify; padding-top: 0; padding-left: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; padding-top: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="padding-top: 0; padding-left: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">Name:</FONT></TD></TR>
</TABLE>
<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&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: 25%">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 7.05pt"></TD><TD STYLE="width: 0.25in; text-align: left">3</TD><TD>Choose as appropriate</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 7.05pt"></TD><TD STYLE="width: 0.25in">4</TD><TD>Insert the relevant corporate body (Board of Directors, Executive Committee) or other group (such as shareholders), as appropriate,
if this bracketed clause is applicable</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<!-- Field: Page; Sequence: 119; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt; font: 9pt Times New Roman, Times, Serif">~ <!-- Field: Sequence; Type: Arabic; Name: PageNo -->118<!-- Field: /Sequence --> ~</P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 0pt"><P STYLE="margin: 0pt"></P><TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 99%; border-collapse: collapse; margin-left: 7.1pt"><TR STYLE="vertical-align: top"><TD STYLE="width: 100%; border-bottom: Black 1pt solid; font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: -2.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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: 0pt"></P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>EXHIBIT B TO CERTIFICATE OF OFFICER</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">[GUARANTOR&rsquo;S LETTERHEAD]</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Incumbency Certificate</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 7.1pt; text-align: justify">I, [<B>&bull;</B>], [title] of
[Adecoagro Brasil Participa&ccedil;&otilde;es S.A.][Usina Monte Alegre S.A.] (the &ldquo;<B>Guarantor</B>&rdquo;), 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 &ldquo;<B>Agreement</B>&rdquo;), that the following statements are true and
correct:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 7.1pt; text-align: justify">1.&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="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 7.1pt; text-align: justify">2.&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>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 7.1pt; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 34%; border-bottom: Black 1pt solid; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;Name</FONT></TD>
    <TD STYLE="width: 33%; border-bottom: Black 1pt solid; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Office</FONT></TD>
    <TD STYLE="width: 33%; border-bottom: Black 1pt solid; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Signature</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">[<B>&bull;</B>]</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">[<B>&bull;</B>] </FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">[<B>&bull;</B>]</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">[<B>&bull;</B>]</FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">[<B>&bull;</B>]</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">[<B>&bull;</B>]</FONT></TD>
    <TD>&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 12.5pt">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 7.1pt"><FONT STYLE="font-size: 12pt">IN WITNESS WHEREOF,
I have signed this certificate this [<B>&bull;</B>]</FONT><FONT STYLE="font-size: 8pt">h</FONT> <FONT STYLE="font-size: 12pt">day
of [&bull;], 2014.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 7.1pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; width: 90%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 60%; padding-top: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="width: 40%; border-bottom: Black 1pt solid; padding-top: 0; padding-left: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="padding-top: 0; padding-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">Name:
[<B>&bull;</B>] </FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="padding-top: 0; padding-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">Title: [<B>&bull;</B>]</FONT></TD></TR>
</TABLE>
<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0 0pt 223.1pt">&nbsp;</P>


<!-- Field: Page; Sequence: 120; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt; font: 9pt Times New Roman, Times, Serif">~ <!-- Field: Sequence; Type: Arabic; Name: PageNo -->119<!-- Field: /Sequence --> ~</P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 0pt"><P STYLE="margin: 0pt"></P><TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 99%; border-collapse: collapse; margin-left: 7.1pt"><TR STYLE="vertical-align: top"><TD STYLE="width: 100%; border-bottom: Black 1pt solid; font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: -2.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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: 0pt"></P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>ANNEX F</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><U>FORM OF COMPLIANCE CERTIFICATE</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">ADECOAGRO VALE DO IVINHEMA S.A.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">COMPLIANCE CERTIFICATE</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">[DATE]</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 5.2pt">To:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ING BANK N.V.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 43.1pt">As Administrative Agent</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 43.3pt"><FONT STYLE="font-size: 12pt">c/o Av. Pres. Juscelino
Kubitschek, 510 &ndash; 3</FONT><FONT STYLE="font-size: 8pt">o</FONT> <FONT STYLE="font-size: 12pt">andar</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 43.3pt">S&atilde;o Paulo 04543-000</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 43.1pt">SP, Brazil</P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 43.1pt">Re:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Export Prepayment Finance Agreement dated
as of November 5, 2014</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 7.1pt">Ladies and Gentlemen:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 7.1pt; text-align: justify; text-indent: 0.5in">I refer to
the Export Prepayment Finance Agreement (as may be amended, varied, novated, supplemented or otherwise modified from time to time,
the &ldquo;Export Prepayment Finance Agreement&rdquo;) 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="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 7.1pt; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 43.1pt">I am a [title] of the Borrower and hereby certify
in this certificate (this &ldquo;<U>Certificate</U>&rdquo;)</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 7.1pt">as follows:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 43.1pt"></TD><TD STYLE="width: 36pt; text-align: left">(1)</TD><TD>I am duly authorized to give this Certificate.</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 43.1pt"></TD><TD STYLE="width: 36pt">(2)</TD><TD STYLE="text-align: justify"><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]).</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 43.1pt"></TD><TD STYLE="width: 36pt">(3)</TD><TD STYLE="text-align: justify"><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.</TD></TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 79.1pt; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; border-bottom: Black 1pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%; font: 12pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="width: 50%; font: 12pt Times New Roman, Times, Serif">Name:</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font: 12pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif">Title: Chief Financial Officer</TD></TR>
</TABLE>
<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0 0pt 257.2pt; text-align: center">&nbsp;</P>


<!-- Field: Page; Sequence: 121; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt; font: 9pt Times New Roman, Times, Serif">~ <!-- Field: Sequence; Type: Arabic; Name: PageNo -->120<!-- Field: /Sequence --> ~</P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 0pt"><P STYLE="margin: 0pt"></P><TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 99%; border-collapse: collapse; margin-left: 7.1pt"><TR STYLE="vertical-align: top"><TD STYLE="width: 100%; border-bottom: Black 1pt solid; font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: -2.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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: 0pt"></P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt">Schedule A to Compliance Certificate</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 7.1pt">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="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 43.1pt">(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
ratio of its Net Worth to its Total Assets is:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 43.1pt">(ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The ratio of its Net Debt to its Adjusted
EBITDA is:</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 43.1pt">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 43.1pt">(iii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Its Interest Coverage Ratio is:</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 43.1pt">&nbsp;</P>


<!-- Field: Page; Sequence: 122; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt; font: 9pt Times New Roman, Times, Serif">~ <!-- Field: Sequence; Type: Arabic; Name: PageNo -->121<!-- Field: /Sequence --> ~</P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 0pt"><P STYLE="margin: 0pt"></P><TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 99%; border-collapse: collapse; margin-left: 7.1pt"><TR STYLE="vertical-align: top"><TD STYLE="width: 100%; border-bottom: Black 1pt solid; font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: -2.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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: 0pt"></P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>ANNEX G</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><U>FORM OF AGRICULTURAL AND MERCANTILE
PLEDGE AGREEMENT</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">(begins on next page)</P>




<P STYLE="font: 9pt Verdana, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">&nbsp;</P>

<P STYLE="font: 9pt Verdana, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"></P>

<!-- Field: Page; Sequence: 123; Options: NewSection; Value: 122 -->
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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 9pt Verdana, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">&nbsp;</P>

<P STYLE="font: 9pt Verdana, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">INSTRUMENTO PARTICULAR DE PENHOR
AGR&Iacute;COLA E MERCANTIL DE CANA-DE-A&Ccedil;&Uacute;CAR</P>

<P STYLE="font: 9pt Verdana, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">&nbsp;</P>

<P STYLE="font: 9pt Verdana, Helvetica, Sans-Serif; margin: 0pt 0 0pt 24.5pt; text-align: justify">Pelo presente instrumento:</P>

<P STYLE="font: 9pt Verdana, Helvetica, Sans-Serif; margin: 0pt 0 0pt 24.5pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 9pt Verdana, Helvetica, Sans-Serif; margin: 0pt 0 0pt 24.5pt; text-align: justify">ADECOAGRO VALE DO IVINHEMA
S.A., sociedade an&ocirc;nima 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, doravante denominado &ldquo;EMPENHANTE&rdquo;;
e</P>

<P STYLE="font: 9pt Verdana, Helvetica, Sans-Serif; margin: 0pt 0 0pt 24.5pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 9pt Verdana, Helvetica, Sans-Serif; margin: 0pt 0 0pt 24.5pt; text-align: justify">ING BANK N.V., institui&ccedil;&atilde;o
financeira constitu&iacute;da de acordo com as leis da Holanda, com sede na cidade de Amsterd&atilde;, em Bijlmerplein 888 (ING
House), 1102 MG, neste ato representada nos termos de seus documentos constitutivos, doravante denominado &ldquo;CREDOR PIGNORAT&Iacute;CIO&rdquo;;</P>

<P STYLE="font: 9pt Verdana, Helvetica, Sans-Serif; margin: 0pt 0 0pt 24.5pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 9pt Verdana, Helvetica, Sans-Serif; margin: 0pt 0 0pt 24.5pt; text-align: justify">ING BANK N.V., FILIAL DE S&Atilde;O
PAULO, institui&ccedil;&atilde;o financeira devidamente organizada e constitu&iacute;da segundo as leis da Holanda, neste ato representado
por sua filial localizada em S&atilde;o Paulo, a qual &eacute; devidamente organizada e constitu&iacute;da segundo as leis da Rep&uacute;blica
Federativa do Brasil e com endere&ccedil;o localizado na Av. Presidente Juscelino Kubitschek, 510, 3&ordm; andar, na Cidade de
S&atilde;o Paulo, Estado de S&atilde;o Paulo, CNPJ/MF n&ordm; 49.336.860/0001-90, na qualidade agente administrativo e de garantia
local, atuando em benef&iacute;cio dos CREDORES, conforme abaixo definidos (&ldquo;AGENTE DE GARANTIA&rdquo;, e, em conjunto com
a EMPENHANTE e o CREDOR PIGNORAT&Iacute;CIO, as &ldquo;PARTES&rdquo;); e</P>

<P STYLE="font: 9pt Verdana, Helvetica, Sans-Serif; margin: 0pt 0 0pt 24.5pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 9pt Verdana, Helvetica, Sans-Serif; margin: 0pt 0 0pt 24.5pt; text-align: justify">LEONARDO RA&Uacute;L BERRIDI,
brasileiro, casado, engenheiro, residente e domiciliado na Cidade de S&atilde;o Paulo, Estado de S&atilde;o Paulo, com escrit&oacute;rio
na Rua Iguatemi, n&deg; 192, 12&ordm; andar, Itaim Bibi, CEP 01451-010, portador da C&eacute;dula de Identidade n&ordm; 58.831.136-4
e inscrito no CPF sob n&ordm;. 231.115.108-83, doravante denominado &ldquo;FIEL DEPOSIT&Aacute;RIO&rdquo;.</P>

<P STYLE="font: 9pt Verdana, Helvetica, Sans-Serif; margin: 0pt 0 0pt 24.5pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 9pt Verdana, Helvetica, Sans-Serif; margin: 0pt 0 0pt 24.5pt; text-align: justify">CONSIDERANDO QUE:</P>

<P STYLE="font: 9pt Verdana, Helvetica, Sans-Serif; margin: 0pt 0 0pt 24.5pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 9pt Verdana, Helvetica, Sans-Serif; margin: 0pt 0 0pt 24.5pt; text-align: justify">(1) na data de [ ] de [ ] de
2014, a EMPENHANTE celebrou com o CREDOR PIGNORAT&Iacute;CIO, o Rabobank Cura&ccedil;ao N.V. (&ldquo;Rabobank&rdquo; e, em conjunto
com o CREDOR PIGNORAT&Iacute;CIO, os &ldquo;CREDORES&rdquo;) e com o AGENTE DE GARANTIA, entre outras partes, o contrato de financiamento
na modalidade de recebimento</P>

<P STYLE="font: 9pt Verdana, Helvetica, Sans-Serif; margin: 0pt 0 0pt 24.5pt; text-align: justify">&nbsp;</P>


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<P STYLE="font: 9pt Verdana, Helvetica, Sans-Serif; margin: 0pt 0 0pt 24.5pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 9pt Verdana, Helvetica, Sans-Serif; margin: 0pt 0 0pt 24.5pt; text-align: justify">antecipado &agrave; exporta&ccedil;&atilde;o
denominado &ldquo;Export Prepayment Finance Agreement&rdquo; (&ldquo;Contrato de Pr&eacute;-pagamento de Exporta&ccedil;&atilde;o&rdquo;),
nos termos da qual a EMPENHANTE concordou em tomar d&iacute;vida no valor total de US$[ ] ([ ]), equivalentes, para fins de refer&ecirc;ncia,
a R$[ ] ([ ]), com base na taxa de c&acirc;mbio de US$1/R$[ ], utilizando-se da taxa de c&acirc;mbio apurada pelo Banco Central,
segundo crit&eacute;rios por ele definidos e por ele divulgada atrav&eacute;s da p&aacute;gina http://www4.bcb.gov.br/pec/conversao/conversao.asp
(&ldquo;Taxa de Convers&atilde;o&rdquo;), na data de [ ] de [ ] de 2014; e</P>

<P STYLE="font: 9pt Verdana, Helvetica, Sans-Serif; margin: 0pt 0 0pt 24.5pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 9pt Verdana, Helvetica, Sans-Serif; margin: 0pt 0 0pt 24.5pt; text-align: justify">(2) nos termos do Contrato de
Pr&eacute;-pagamento de Exporta&ccedil;&atilde;o, o CREDOR PIGNORAT&Iacute;CIO foi nomeado pelos CREDORES, na qualidade de credor
solid&aacute;rio dos CREDORES, como AGENTE DE GARANTIA para (i) celebrar todos os contratos e demais instrumentos para a devida
constitui&ccedil;&atilde;o de toda e qualquer garantia a ser constitu&iacute;da sob as leis da Rep&uacute;blica Federativa do Brasil
em benef&iacute;cio dos CREDORES atuando em nome pr&oacute;prio e, ainda, em nome e por conta dos CREDORES, na qualidade de mandat&aacute;rio
destes, e (ii) para prestar assist&ecirc;ncia aos CREDORES na administra&ccedil;&atilde;o e controle de toda e qualquer garantia
a ser constitu&iacute;da em benef&iacute;cio dos CREDORES, de acordo com as leis da Rep&uacute;blica Federativa do Brasil;</P>

<P STYLE="font: 9pt Verdana, Helvetica, Sans-Serif; margin: 0pt 0 0pt 24.5pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 9pt Verdana, Helvetica, Sans-Serif; margin: 0pt 0 0pt 24.5pt; text-align: justify">(3) a EMPENHANTE deseja outorgar
a garantia pignorat&iacute;cia a ser constitu&iacute;da neste Instrumento para os CREDORES, por meio do CREDOR PIGNORAT&Iacute;CIO,
na qualidade de credor solid&aacute;rio com os demais CREDORES, de maneira que ela seja compartilhada de forma pari passu e em
igualdade de condi&ccedil;&otilde;es, proporcionalmente ao valor do cr&eacute;dito de cada um dos CREDORES, de forma a garantir
o integral e pontual cumprimento de todas as obriga&ccedil;&otilde;es da EMPENHANTE previstas no Contrato de Pr&eacute;-pagamento
de Exporta&ccedil;&atilde;o, no presente Instrumento e nos demais Documentos da Opera&ccedil;&atilde;o (conforme abaixo definido);
e</P>

<P STYLE="font: 9pt Verdana, Helvetica, Sans-Serif; margin: 0pt 0 0pt 24.5pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 9pt Verdana, Helvetica, Sans-Serif; margin: 0pt 0 0pt 24.5pt; text-align: justify">(4) em vista do acima exposto,
as Partes acordaram a constitui&ccedil;&atilde;o de penhor agr&iacute;cola e mercantil sobre cana-de-a&ccedil;&uacute;car relativa
&agrave;s safras de 2016/2017,</P>

<P STYLE="font: 9pt Verdana, Helvetica, Sans-Serif; margin: 0pt 0 0pt 24.5pt; text-align: justify">2017/2018 e 2018/2019, ressalvados
os direitos dos CREDORES, por meio do</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 9pt Verdana, Helvetica, Sans-Serif; margin: 0pt 0 0pt 24.5pt; text-align: justify">CREDOR PIGNORAT&Iacute;CIO,
na qualidade de credor solid&aacute;rio com os demais CREDORES, decorrentes do artigo 1.443 do C&oacute;digo Civil, no tocante
&agrave; prioridade sobre a safra subsequente, qual seja, 2019/2020, na hip&oacute;tese de a EMPENHANTE n&atilde;o ter cumprido
a integralidade de suas obriga&ccedil;&otilde;es ou</P>

<P STYLE="font: 9pt Verdana, Helvetica, Sans-Serif; margin: 0pt 0 0pt 24.5pt; text-align: justify">&nbsp;</P>


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<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="font: 9pt Verdana, Helvetica, Sans-Serif; margin: 0pt 0 0pt 24.5pt; text-align: justify">frustrarem-se ou se tornarem
insuficientes as safras ora empenhadas, bem como sobre os seus produtos transformados (a&ccedil;&uacute;car e/ou etanol), em garantia
do integral e pontual pagamento das OBRIGA&Ccedil;&Otilde;ES GARANTIDAS (conforme abaixo definido);</P>

<P STYLE="font: 9pt Verdana, Helvetica, Sans-Serif; margin: 0pt 0 0pt 24.5pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 9pt Verdana, Helvetica, Sans-Serif; margin: 0pt 0 0pt 24.5pt; text-align: justify">RESOLVEM, ASSIM, as Partes firmar
o presente Instrumento Particular de Penhor Agr&iacute;cola e Mercantil de Cana-de-A&ccedil;&uacute;car, consoante as seguintes
cl&aacute;usulas e condi&ccedil;&otilde;es (&ldquo;Instrumento&rdquo;):</P>

<P STYLE="font: 9pt Verdana, Helvetica, Sans-Serif; margin: 0pt 0 0pt 24.5pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 9pt Verdana, Helvetica, Sans-Serif; margin: 0pt 0 0pt 24.5pt; text-align: justify">I.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;OBJETO</P>

<P STYLE="font: 9pt Verdana, Helvetica, Sans-Serif; margin: 0pt 0 0pt 24.5pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 9pt Verdana, Helvetica, Sans-Serif; margin: 0pt 0 0pt 24.5pt; text-align: justify">1.1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;De
acordo com o aqui disposto, a fim de garantir o fiel e tempestivo cumprimento de todas as obriga&ccedil;&otilde;es da
EMPENHANTE nos termos do Contrato de Pr&eacute;-pagamento de Exporta&ccedil;&atilde;o (&ldquo;OBRIGA&Ccedil;&Otilde;ES
GARANTIDAS&rdquo;), a EMPENHANTE neste ato empenha aos CREDORES, representados pelo CREDOR PIGNORAT&Iacute;CIO, na qualidade
de credor solid&aacute;rio dos CREDORES, certas quantidades de cana-de-a&ccedil;&uacute;car das safras de 2016/2017,
2017/2018 e 2018/2019 (&ldquo;Lavouras&rdquo;), conforme especificado no Anexo I ao presente Instrumento, as quais
representar&atilde;o uma quantidade estimada de [ ] toneladas de cana-de-a&ccedil;&uacute;car, bem como suas respectivas
ra&iacute;zes (as quais foram e ser&atilde;o plantadas nos im&oacute;veis descritos no Anexo I ao presente Instrumento), com
&aacute;rea total correspondente a [ ] ha por safra e subprodutos decorrentes do beneficiamento da
cana-de-a&ccedil;&uacute;car em quest&atilde;o, todos livres e desembara&ccedil;ados de quaisquer &ocirc;nus (os &ldquo;BENS
EMPENHADOS&rdquo;). O penhor constitu&iacute;do por este Instrumento gravar&aacute; cont&iacute;nua e ininterruptamente todos
os BENS EMPENHADOS at&eacute; a satisfa&ccedil;&atilde;o total das OBRIGA&Ccedil;&Otilde;ES GARANTIDAS e ser&aacute;
regido pelos artigos 1.438, 1.442 al&iacute;neas II e III, 1.447 e seguintes do C&oacute;digo Civil Brasileiro (Lei n&ordm;
10.406, de 10 de janeiro de 2002, conforme alterada).</P>

<P STYLE="font: 9pt Verdana, Helvetica, Sans-Serif; margin: 0pt 0 0pt 24.5pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 9pt Verdana, Helvetica, Sans-Serif; margin: 0pt 0 0pt 24.5pt; text-align: justify">1.2. As OBRIGA&Ccedil;&Otilde;ES
GARANTIDAS incluem todas as obriga&ccedil;&otilde;es de pagamento futuras, atuais, acess&oacute;rias e do principal assumidas ou
que venham a ser assumidas pela EMPENHANTE com rela&ccedil;&atilde;o ao Contrato de Pr&eacute;- pagamento de Exporta&ccedil;&atilde;o,
assim como posteriores altera&ccedil;&otilde;es, se houver.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>


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<P STYLE="font: 9pt Verdana, Helvetica, Sans-Serif; margin: 0pt 0 0pt 24.5pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 9pt Verdana, Helvetica, Sans-Serif; margin: 0pt 0 0pt 24.5pt; text-align: justify">1.2.1.&nbsp;&nbsp;As OBRIGA&Ccedil;&Otilde;ES
GARANTIDAS tem as seguintes caracter&iacute;sticas:</P>

<P STYLE="font: 9pt Verdana, Helvetica, Sans-Serif; margin: 0pt 0 0pt 24.5pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 9pt Verdana, Helvetica, Sans-Serif; margin: 0pt 0 0pt 24.5pt; text-align: justify">(a) Credores: ING Bank N.V.,
Rabobank Cura&ccedil;ao N.V.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 9pt Verdana, Helvetica, Sans-Serif; margin: 0pt 0 0pt 24.5pt; text-align: justify">(b) Valor do Principal: US$[
], equivalentes a R$[ ], calculado com base na taxa de c&acirc;mbio de US$1/R$[ ], conforme Taxa de Convers&atilde;o, na data
de [ ] de [ ] de 2014</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 9pt Verdana, Helvetica, Sans-Serif; margin: 0pt 0 0pt 24.5pt; text-align: justify">(c) Prazo: at&eacute; 30 de
Dezembro de 2018</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 9pt Verdana, Helvetica, Sans-Serif; margin: 0pt 0 0pt 24.5pt; text-align: justify">(d) Datas de Pagamento do Principal:
30 de junho, 30 de setembro e 30 de dezembro dos anos de 2016, 2017 e 2018</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 9pt Verdana, Helvetica, Sans-Serif; margin: 0pt 0 0pt 24.5pt; text-align: justify">(e) Taxa de Juros: taxa LIBOR
adicionada a uma margem anual de 4,40%.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 9pt Verdana, Helvetica, Sans-Serif; margin: 0pt 0 0pt 24.5pt; text-align: justify">(f) Pagamento dos Juros: 30
de mar&ccedil;o, 30 de julho, 30 de setembro e 30 de dezembro dos anos de 2015, 2016, 2017 e 2018.</P>

<P STYLE="font: 9pt Verdana, Helvetica, Sans-Serif; margin: 0pt 0 0pt 24.5pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 9pt Verdana, Helvetica, Sans-Serif; margin: 0pt 0 0pt 24.5pt; text-align: justify">1.3.&nbsp;&nbsp;&nbsp;&nbsp;O penhor constitu&iacute;do
pelo presente Instrumento abranger&aacute; automaticamente a totalidade do a&ccedil;&uacute;car e/ou etanol resultante da transforma&ccedil;&atilde;o
e processamento da cana-de-a&ccedil;&uacute;car proveniente das Lavouras, nos termos do artigo 2&ordm; da Lei 2.666, de 6 de dezembro
de 1955 (doravante denominados simplesmente &ldquo;PRODUTO&rdquo;, e que comp&otilde;em a defini&ccedil;&atilde;o de BENS EMPENHADOS
em conjunto com as Lavouras).</P>

<P STYLE="font: 9pt Verdana, Helvetica, Sans-Serif; margin: 0pt 0 0pt 24.5pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 9pt Verdana, Helvetica, Sans-Serif; margin: 0pt 0 0pt 24.5pt; text-align: justify">1.4.&nbsp;&nbsp;&nbsp;&nbsp;O PRODUTO ser&aacute; armazenado
em dep&oacute;sitos localizados nas unidades industriais descritas no Anexo II ao presente Contrato, sendo que n&atilde;o poder&atilde;o
ser alterados sem a autoriza&ccedil;&atilde;o pr&eacute;via do AGENTE DE GARANTIA.</P>

<P STYLE="font: 9pt Verdana, Helvetica, Sans-Serif; margin: 0pt 0 0pt 24.5pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 9pt Verdana, Helvetica, Sans-Serif; margin: 0pt 0 0pt 24.5pt; text-align: justify">1.5.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A EMPENHANTE dever&aacute;
tomar todas as provid&ecirc;ncias para, &agrave;s suas expensas, levar a efeito o registro do presente Instrumento, conforme estipulado
na Cl&aacute;usula XII, abaixo.</P>

<P STYLE="font: 9pt Verdana, Helvetica, Sans-Serif; margin: 0pt 0 0pt 24.5pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 9pt Verdana, Helvetica, Sans-Serif; margin: 0pt 0 0pt 24.5pt; text-align: justify">1.6.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Nos
termos do artigo 1.439 do C&oacute;digo Civil Brasileiro (Lei n&ordm; 10.406, de 10 de janeiro de 2002, conforme alterada
pela Lei 12.873, de 24 de outubro de 2013), o presente Instrumento vigorar&aacute; at&eacute; o cumprimento integral das
OBRIGA&Ccedil;&Otilde;ES GARANTIDAS, de modo que os BENS EMPENHADOS ser&atilde;o dados em garantia at&eacute; o cumprimento
integral das OBRIGA&Ccedil;&Otilde;ES GARANTIDAS.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>


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<P STYLE="font: 9pt Verdana, Helvetica, Sans-Serif; margin: 0pt 0 0pt 24.5pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 9pt Verdana, Helvetica, Sans-Serif; margin: 0pt 0 0pt 24.5pt; text-align: justify">1.7.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A EMPENHANTE se compromete
a todo momento at&eacute; o t&eacute;rmino da vig&ecirc;ncia deste Instrumento, manter bens empenhados em montante ao menos correspondente
ao Valor M&iacute;nimo, sujeito ao Refor&ccedil;o de Garantia previsto na cl&aacute;usula IV abaixo.</P>

<P STYLE="font: 9pt Verdana, Helvetica, Sans-Serif; margin: 0pt 0 0pt 24.5pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 9pt Verdana, Helvetica, Sans-Serif; margin: 0pt 0 0pt 24.5pt; text-align: justify">II.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;DO FIEL DEPOSIT&Aacute;RIO</P>

<P STYLE="font: 9pt Verdana, Helvetica, Sans-Serif; margin: 0pt 0 0pt 24.5pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 9pt Verdana, Helvetica, Sans-Serif; margin: 0pt 0 0pt 24.5pt; text-align: justify">2.1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;O FIEL DEPOSIT&Aacute;RIO
neste ato recebe a fun&ccedil;&atilde;o de fiel deposit&aacute;rio dos BENS EMPENHADOS, nos termos do artigo 627 e seguintes do
C&oacute;digo Civil Brasileiro (com exce&ccedil;&atilde;o do artigo 644, ao qual o FIEL DEPOSIT&Aacute;RIO, neste ato, expressamente
renuncia). O FIEL DEPOSIT&Aacute;RIO dever&aacute; manter-se como deposit&aacute;rio dos BENS EMPENHADOS at&eacute; a efetiva satisfa&ccedil;&atilde;o
das OBRIGA&Ccedil;&Otilde;ES GARANTIDAS.</P>

<P STYLE="font: 9pt Verdana, Helvetica, Sans-Serif; margin: 0pt 0 0pt 24.5pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 9pt Verdana, Helvetica, Sans-Serif; margin: 0pt 0 0pt 24.5pt; text-align: justify">2.2.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;O FIEL DEPOSIT&Aacute;RIO,
a partir da assinatura do presente Instrumento, compromete-se a, sem nenhuma remunera&ccedil;&atilde;o, (i) defender os BENS EMPENHADOS
e zelar pela sua integridade, respondendo civil e criminalmente pelo fiel desempenho do encargo assumido e obrigando-se a entregar
ou restituir os BENS EMPENHADOS t&atilde;o logo o AGENTE DE GARANTIA assim o exija em benef&iacute;cio dos CREDORES, e (ii) prestar
todas as informa&ccedil;&otilde;es solicitadas pelo AGENTE DE GARANTIA, a respeito dos BENS EMPENHADOS, no prazo m&aacute;ximo
de 3 (tr&ecirc;s) dias &uacute;teis.</P>

<P STYLE="font: 9pt Verdana, Helvetica, Sans-Serif; margin: 0pt 0 0pt 24.5pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 9pt Verdana, Helvetica, Sans-Serif; margin: 0pt 0 0pt 24.5pt; text-align: justify">III.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;DAS INSPE&Ccedil;&Otilde;ES
E DO MONITORAMENTO</P>

<P STYLE="font: 9pt Verdana, Helvetica, Sans-Serif; margin: 0pt 0 0pt 24.5pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 9pt Verdana, Helvetica, Sans-Serif; margin: 0pt 0 0pt 24.5pt; text-align: justify">3.1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A EMPENHANTE, neste ato,
concede ao AGENTE DE GARANTIA, assim como &agrave;s empresas expressamente autorizadas por ele, acesso, mediante pr&eacute;vio
aviso de 72 (setenta e duas) horas, em dia &uacute;til e hor&aacute;rio comercial, ao empreendimento/propriedade rural e/ou mercadoria,
com a finalidade de fiscalizar a condi&ccedil;&atilde;o da lavoura/produ&ccedil;&atilde;o, bem como avaliar a situa&ccedil;&atilde;o
das garantias reais constantes deste Instrumento. Caso se verifique irregularidades, ou qualquer situa&ccedil;&atilde;o que n&atilde;o
esteja em conformidade com o declarado neste Instrumento ou no Contrato de Pr&eacute;-pagamento de Exporta&ccedil;&atilde;o, poder&aacute;
o AGENTE DE GARANTIA, solicitar &agrave; EMPENHANTE que regularize tal situa&ccedil;&atilde;o em um prazo de 5 (cinco) dias &uacute;teis
contados desde o recebimento de tal</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>


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<P STYLE="font: 9pt Verdana, Helvetica, Sans-Serif; margin: 0pt 0 0pt 24.5pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 9pt Verdana, Helvetica, Sans-Serif; margin: 0pt 0 0pt 24.5pt; text-align: justify">solicita&ccedil;&atilde;o, e
caso a situa&ccedil;&atilde;o n&atilde;o seja regularizada nesse prazo, poder&aacute; o AGENTE DE GARANTIA impetrar quaisquer medidas
preventivas, administrativas, judiciais e/ou extrajudiciais ao fiel cumprimento das obriga&ccedil;&otilde;es assumidas neste Instrumento,
independentemente de aviso, interpela&ccedil;&atilde;o ou notifica&ccedil;&atilde;o, judicial ou extrajudicial.</P>

<P STYLE="font: 9pt Verdana, Helvetica, Sans-Serif; margin: 0pt 0 0pt 24.5pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 9pt Verdana, Helvetica, Sans-Serif; margin: 0pt 0 0pt 24.5pt; text-align: justify">3.2.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Al&eacute;m disso, a EMPENHANTE
se compromete a contratar empresa independente de inspe&ccedil;&atilde;o e/ou de avalia&ccedil;&atilde;o, aceit&aacute;vel aos
CREDORES, representados pelo AGENTE DE GARANTIA, para (i) simultaneamente com a execu&ccedil;&atilde;o deste Instrumento e (ii)
posteriormente, semestralmente, fazer a verifica&ccedil;&atilde;o das Lavouras, a fim de averiguar o desenvolvimento das planta&ccedil;&otilde;es
de cana-de-a&ccedil;&uacute;car objeto do presente Instrumento e posteriormente verificar os armaz&eacute;ns em que ser&atilde;o
armazenados os BENS EMPENHADOS e apresentar relat&oacute;rio ao AGENTE DE GARANTIA. Ademais, se forem verificadas discrep&acirc;ncias
relevantes, tal empresa dever&aacute; tamb&eacute;m levar a efeito inspe&ccedil;&otilde;es e avalia&ccedil;&otilde;es adicionais
que venham a ser solicitadas pelo AGENTE DE GARANTIA. A EMPENHANTE obriga-se a arcar com os custos referentes &agrave;s inspe&ccedil;&otilde;es
e avalia&ccedil;&otilde;es semestrais, incluindo o pagamento de comiss&otilde;es adicionais cobradas pela empresa avaliadora contratada,
bem como a reembolsar o AGENTE DE GARANTIA por quaisquer despesas que tiverem com tais inspe&ccedil;&otilde;es e avalia&ccedil;&otilde;es
semestrais.</P>

<P STYLE="font: 9pt Verdana, Helvetica, Sans-Serif; margin: 0pt 0 0pt 24.5pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 9pt Verdana, Helvetica, Sans-Serif; margin: 0pt 0 0pt 24.5pt; text-align: justify">IV &ndash; REFOR&Ccedil;O DA
GARANTIA</P>

<P STYLE="font: 9pt Verdana, Helvetica, Sans-Serif; margin: 0pt 0 0pt 24.5pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 9pt Verdana, Helvetica, Sans-Serif; margin: 0pt 0 0pt 24.5pt; text-align: justify">4.1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A EMPENHANTE se obriga
manter BENS EMPENHADOS nos prazos e montantes estabelecidos nos termos desta cl&aacute;usula e nos termos do &iacute;ndice de Cobertura
de Garantia (Collateral Coverage) estabelecido na Cl&aacute;usula 5.1(l) do Contrato de Pr&eacute;-pagamento de Exporta&ccedil;&atilde;o,
at&eacute; o t&eacute;rmino da vig&ecirc;ncia das OBRIGA&Ccedil;&Otilde;ES GARANTIDAS.</P>

<P STYLE="font: 9pt Verdana, Helvetica, Sans-Serif; margin: 0pt 0 0pt 24.5pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 9pt Verdana, Helvetica, Sans-Serif; margin: 0pt 0 0pt 24.5pt; text-align: justify">4.1.1.&nbsp;&nbsp;O Valor em D&oacute;lares
do Penhor, somado &agrave; 90% (noventa por cento) do Valor em D&oacute;lares das Hipotecas, dever&aacute; corresponder, nas respectivas
datas, aos percentuais m&iacute;nimos indicados no Anexo V deste Instrumento, relativos ao saldo do Valor do Principal devido pela
EMPENHANTE sob o Contrato de Pr&eacute;- pagamento de Exporta&ccedil;&atilde;o (&ldquo;<U>VALOR M&Iacute;NIMO</U>&rdquo;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>


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<P STYLE="font: 9pt Verdana, Helvetica, Sans-Serif; margin: 0pt 0 0pt 24.5pt">&nbsp;</P>

<P STYLE="font: 9pt Verdana, Helvetica, Sans-Serif; margin: 0pt 0 0pt 24.5pt">4.1.2. O valor em d&oacute;lares dos BENS
EMPENHADOS ser&aacute; calculado por meio da soma do Valor em D&oacute;lares das Lavouras e do Valor em D&oacute;lares dos
Produtos (&ldquo;<U>Valor em D&oacute;lares do Penhor</U>&rdquo;).</P>

<P STYLE="font: 9pt Verdana, Helvetica, Sans-Serif; margin: 0pt 0 0pt 24.5pt">&nbsp;</P>

<P STYLE="font: 9pt Verdana, Helvetica, Sans-Serif; margin: 0pt 0 0pt 24.5pt; text-align: justify">4.1.3. O valor em reais
das Lavouras ser&aacute; o resultado da (i) multiplica&ccedil;&atilde;o da quantidade de cana-de-a&ccedil;&uacute;car (em
toneladas), (a) representada por este Instrumento; ou (b) que seja confirmada pelas avalia&ccedil;&otilde;es semestrais, o
valor que for menor, pela, (ii) cota&ccedil;&atilde;o da cana-de-a&ccedil;&uacute;car no campo, da data da
avalia&ccedil;&atilde;o, disponibilizada pelo Conselho dos Produtores de Cana-de-a&ccedil;ucar, A&ccedil;&uacute;car e
&Aacute;lcool &ndash; Consecana (&ldquo;Consecana&rdquo;) para a localiza&ccedil;&atilde;o das Lavouras (&ldquo;Valor em
Reais das Lavouras&rdquo;), resultados estes que dever&atilde;o ser convertidos em d&oacute;lares dos Estados Unidos da
Am&eacute;rica utilizando-se da Taxa de Convers&atilde;o, na data do c&aacute;lculo (&ldquo;<U>Valor em D&oacute;lares das
Lavouras</U>&rdquo;).</P>

<P STYLE="font: 9pt Verdana, Helvetica, Sans-Serif; margin: 0pt 0 0pt 24.5pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 9pt Verdana, Helvetica, Sans-Serif; margin: 0pt 0 0pt 24.5pt; text-align: justify">4.1.4. O valor em
d&oacute;lares dos PRODUTOS ser&aacute; (i) em caso de a&ccedil;&uacute;car e/ou etanol cujo pre&ccedil;o n&atilde;o tenha
sido fixado pelos respectivos Contratos de Exporta&ccedil;&atilde;o, (a) no caso do a&ccedil;&uacute;car, o pre&ccedil;o do
a&ccedil;&uacute;car determinado com base na Pre&ccedil;o de Liquida&ccedil;&atilde;o ICE - Futuros (abaixo definido),
considerando quaisquer pr&ecirc;mios para os respectivos meses de entrega menos o valor em US$ equivalente a R$
120,00/tonelada &agrave; t&iacute;tulo de custos de frete, utilizando-se da Taxa de Convers&atilde;o na data do
c&aacute;lculo, multiplicado pela quantidade de a&ccedil;&uacute;car; (b) no caso do etanol, o pre&ccedil;o do etanol
determinado com base no Pre&ccedil;o de Liquida&ccedil;&atilde;o &ndash; PLATTS (abaixo definido), considerando quaisquer
pr&ecirc;mios, para os respectivos meses de entrega menos o valor em US$ equivalente a R$ 110,00/metro c&uacute;bico &agrave;
t&iacute;tulo de custos de frete, utilizando-se da Taxa de Convers&atilde;o na data do c&aacute;lculo, multiplicado pela
quantidade de etanol; ou (ii) em caso de a&ccedil;&uacute;car e/ou etanol cujo pre&ccedil;o j&aacute; tenha sido fixado de
acordo com os respectivos Contratos de Exporta&ccedil;&atilde;o, o pre&ccedil;o ali fixado e/ou evidenciado pela EMPENHANTE
de maneira satisfat&oacute;ria ao CREDOR PIGNORAT&Iacute;CIO, menos custos de frete do equivalente em US$ a R$
120,00/tonelada no caso de a&ccedil;&uacute;car e do equivalente em US$ a R$ 110,00/metro c&uacute;bico no caso de etanol
multiplicado pela respectiva quantidade de a&ccedil;&uacute;car e/ou etanol (&ldquo;Valor em D&oacute;lares dos
Produtos&rdquo;).</P>

<P STYLE="font: 9pt Verdana, Helvetica, Sans-Serif; margin: 0pt 0 0pt 24.5pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 9pt Verdana, Helvetica, Sans-Serif; margin: 0pt 0 0pt 24.5pt; text-align: justify">4.1.5. O valor em reais das
hipotecas ser&aacute;, a partir da devida formaliza&ccedil;&atilde;o e constitui&ccedil;&atilde;o das hipotecas de primeiro grau
sobre a Fazenda &Aacute;gua Branca, Fazenda Ouro Verde, Fazenda Bela Manh&atilde;, Fazenda Conquista e Fazenda Alto Alegre, e das
hipotecas de segundo grau sobre a Fazenda Don Fabr&iacute;cio e Fazenda</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>


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<P STYLE="font: 9pt Verdana, Helvetica, Sans-Serif; margin: 0pt 0 0pt 24.5pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 9pt Verdana, Helvetica, Sans-Serif; margin: 0pt 0 0pt 24.5pt; text-align: justify">Nossa Senhora Aparecida, por
meio da Escritura de Hipoteca outorgada pela EMPENHANTE e pela Adeco Agropecu&aacute;ria Brasil S.A., conforme ali definida, em
favor dos CREDORES em [ ] de [ ] de 2014 (&ldquo;Escritura de Hipoteca&rdquo;), nos termos do Contrato de Pr&eacute;-pagamento
de Exporta&ccedil;&atilde;o, o valor de R$147.728.351,00 (cento e quarenta e sete milh&otilde;es setecentos e vinte e oito mil
e trezentos e cinquenta e um reais), considerando-se exclusivamente o valor dos im&oacute;veis nos quais foram constitu&iacute;das
as hipotecas de primeiro grau, o qual poder&aacute; ser aumentado para R$193.000.000,00 (cento e noventa e tr&ecirc;s milh&otilde;es
de reais), a princ&iacute;pio, caso, a partir de dezembro de 2015, as hipotecas em segundo grau constitu&iacute;das sobre a Fazenda
Don Fabr&iacute;cio e Fazenda Nossa Senhora Aparecida, nos termos da Escritura de Hipoteca, tenham sido convertidas em hipotecas
de primeiro grau, sendo certo que o novo valor de avalia&ccedil;&atilde;o ficar&aacute; sujeito &agrave; apresenta&ccedil;&atilde;o
de novo laudo de a avalia&ccedil;&atilde;o dos referidos im&oacute;veis ao AGENTE DE GARANTIA (&ldquo;<U>Valor em Reais das Hipotecas</U>&rdquo;).
O valor em d&oacute;lares das hipotecas ser&aacute; calculado por meio da convers&atilde;o do Valor em Reais das Hipotecas em d&oacute;lares
dos Estados Unidos da Am&eacute;rica, utilizando-se da Taxa de Convers&atilde;o na data em que for realizado o c&aacute;lculo (&ldquo;<U>Valor
em D&oacute;lares das</U></P>

<P STYLE="font: 9pt Verdana, Helvetica, Sans-Serif; margin: 0pt 0 0pt 24.5pt; text-align: justify"><U>Hipotecas</U>&rdquo;).</P>

<P STYLE="font: 9pt Verdana, Helvetica, Sans-Serif; margin: 0pt 0 0pt 24.5pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 9pt Verdana, Helvetica, Sans-Serif; margin: 0pt 0 0pt 24.5pt; text-align: justify">4.1.6. Para fins deste contrato, &ldquo;Pre&ccedil;o
de Liquida&ccedil;&atilde;o - PLATTS&rdquo;, significa, em qualquer dia, o pre&ccedil;o de liquida&ccedil;&atilde;o (em d&oacute;lares
norte americanos por litro) para a entrega de etanol no mercado &agrave; vista, conforme cotado pela pelo CME Group, para o dia
imediatamente anterior (coluna intitulada &ldquo;prior settle&rdquo;), conforme apresentado na p&aacute;gina intitulada Chicago
Ethanol (Platts) Futures Quotes disponibilizada no seguinte endere&ccedil;o de internet: <U>http://www.cmegroup.com/trading/energy/ethanol/chicago-ethanol-platts-
swap.html</U>; e &ldquo;Pre&ccedil;o de Liquida&ccedil;&atilde;o ICE - Futuros&rdquo;, significa, com rela&ccedil;&atilde;o &agrave;
entrega de a&ccedil;&uacute;car em qualquer m&ecirc;s, o pre&ccedil;o de liquida&ccedil;&atilde;o para a entrega de a&ccedil;&uacute;car
naquele m&ecirc;s, ou, se n&atilde;o dispon&iacute;vel para aquele m&ecirc;s, o pre&ccedil;o para entrega para o m&ecirc;s mais
pr&oacute;ximo subsequente para o qual o pre&ccedil;o esteja dispon&iacute;vel, emitido pela ICE (Intercontinental Exchange), conforme
quota&ccedil;&atilde;o da &uacute;ltima coluna da tela de contratos futuros da ICE Sugar n&uacute;mero 11.</P>

<P STYLE="font: 9pt Verdana, Helvetica, Sans-Serif; margin: 0pt 0 0pt 24.5pt">&nbsp;</P>

<P STYLE="font: 9pt Verdana, Helvetica, Sans-Serif; margin: 0pt 0 0pt 24.5pt; text-align: justify">4.2.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Caso, por qualquer motivo
e em qualquer momento durante a vig&ecirc;ncia deste Instrumento, o Valor em D&oacute;lares do Penhor, somado &agrave; 90% (noventa
por cento) do Valor em D&oacute;lares das Hipotecas se tornar 5 (cinco) pontos percentuais inferior ao VALOR M&Iacute;NIMO da respectiva
data, a EMPENHANTE dever&aacute;, no</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>


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<P STYLE="font: 9pt Verdana, Helvetica, Sans-Serif; margin: 0pt 0 0pt 24.5pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 9pt Verdana, Helvetica, Sans-Serif; margin: 0pt 0 0pt 24.5pt; text-align: justify">prazo estabelecido no Contrato
de Pr&eacute;-pagamento de Exporta&ccedil;&atilde;o e sempre de forma aceit&aacute;vel ao CREDOR PIGNORAT&Iacute;CIO, (i) providenciar
o refor&ccedil;o da garantia constitu&iacute;da sob o presente Instrumento, mediante a constitui&ccedil;&atilde;o de penhor sobre
outras lavouras pendentes de cana-de-a&ccedil;&uacute;car das safras remanescentes, bem como seus subprodutos, em &aacute;reas
adicionais &agrave;quelas indicadas no Anexo I (&ldquo;LAVOURAS ADICIONAIS&rdquo;), que dever&atilde;o estar livres e desembara&ccedil;adas
de qualquer &ocirc;nus, de modo que sobre elas possa ser constitu&iacute;da garantia real pignorat&iacute;cia de 1&ordm; grau semelhante
a aqui constitu&iacute;da em favor do CREDOR PIGNORAT&Iacute;CIO, atuando em favor dos CREDORES, ou (ii) hipotecar, em primeiro
grau, im&oacute;veis adicionais, em molde semelhante &agrave; Escritura de Hipoteca, a fim de recompor o VALOR M&Iacute;NIMO.</P>

<P STYLE="font: 9pt Verdana, Helvetica, Sans-Serif; margin: 0pt 0 0pt 24.5pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 9pt Verdana, Helvetica, Sans-Serif; margin: 0pt 0 0pt 24.5pt; text-align: justify">4.2.1. Para fins do disposto
nesta Cl&aacute;usula 4.2., a EMPENHANTE, o CREDOR PIGNORAT&Iacute;CIO e o AGENTE DE GARANTIA dever&atilde;o, no prazo de 15 (quinze)
dias &uacute;teis a contar: (i) da data em que o AGENTE DE GARANTIA, a EMPENHANTE ou o CREDOR PIGNORAT&Iacute;CIO verificarem a
necessidade do refor&ccedil;o da presente garantia, ou (ii) da notifica&ccedil;&atilde;o a esse respeito encaminhada pelo AGENTE
DE GARANTIA, o que ocorrer primeiro, encaminhar ao AGENTE DE GARANTIA o aditivo (i) ao presente Instrumento (substancialmente da
forma da minuta de Aditamento constante do Anexo III ao presente Instrumento) do qual dever&aacute; constar a descri&ccedil;&atilde;o
das LAVOURAS ADICIONAIS a serem oneradas para refor&ccedil;o da presente garantia. As LAVOURAS ADICIONAIS dever&atilde;o ser objeto
de avalia&ccedil;&atilde;o pr&eacute;via por empresa independente de inspe&ccedil;&atilde;o e/ou de avalia&ccedil;&atilde;o, aceit&aacute;vel
aos CREDORES, representados pelo AGENTE DE GARANTIA. O resultado da avalia&ccedil;&atilde;o dever&aacute; ser formalizado atrav&eacute;s
de laudo entregue ao AGENTE DE GARANTIA.</P>

<P STYLE="font: 9pt Verdana, Helvetica, Sans-Serif; margin: 0pt 0 0pt 24.5pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 9pt Verdana, Helvetica, Sans-Serif; margin: 0pt 0 0pt 24.5pt; text-align: justify">4.2.2. Uma vez aprovadas as
LAVOURAS ADICIONAIS pelo AGENTE DE GARANTIA e assinado o aditamento ao presente Instrumento pelas Partes, conforme o caso, a EMPENHANTE
ter&aacute; o prazo de 40 (quarenta) dias corridos a contar da data de assinatura do aditamento em quest&atilde;o para providenciar
o seu registro nos cart&oacute;rios competentes, nos termos da Cl&aacute;usula XII abaixo, sendo que o protocolo de referido aditamento
perante os cart&oacute;rios competentes dever&aacute; ser realizado pela EMPENHANTE em at&eacute; 5 (cinco) dias &uacute;teis a
contar da assinatura do referido instrumento.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>


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<P STYLE="font: 9pt Verdana, Helvetica, Sans-Serif; margin: 0pt 0 0pt 24.5pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 9pt Verdana, Helvetica, Sans-Serif; margin: 0pt 0 0pt 24.5pt; text-align: justify">4.2.3. As LAVOURAS ADICIONAIS
empenhadas na forma aqui prevista ser&atilde;o consideradas, ap&oacute;s a celebra&ccedil;&atilde;o do respectivo aditamento, como
BENS EMPENHADOS para todos os fins deste Instrumento.</P>

<P STYLE="font: 9pt Verdana, Helvetica, Sans-Serif; margin: 0pt 0 0pt 24.5pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 9pt Verdana, Helvetica, Sans-Serif; margin: 0pt 0 0pt 24.5pt; text-align: justify">4.2.4. Caso a EMPENHANTE n&atilde;o
apresente tempestivamente LAVOURAS ADICIONAIS satisfat&oacute;rias ao AGENTE DE GARANTIA, tal situa&ccedil;&atilde;o ensejar&aacute;
a inadimpl&ecirc;ncia do presente Instrumento.</P>

<P STYLE="font: 9pt Verdana, Helvetica, Sans-Serif; margin: 0pt 0 0pt 24.5pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 9pt Verdana, Helvetica, Sans-Serif; margin: 0pt 0 0pt 24.5pt; text-align: justify">V. OBRIGA&Ccedil;&Otilde;ES
DA EMPENHANTE</P>

<P STYLE="font: 9pt Verdana, Helvetica, Sans-Serif; margin: 0pt 0 0pt 24.5pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 9pt Verdana, Helvetica, Sans-Serif; margin: 0pt 0 0pt 24.5pt; text-align: justify">5.1. A EMPENHANTE obriga-se
a:</P>

<P STYLE="font: 9pt Verdana, Helvetica, Sans-Serif; margin: 0pt 0 0pt 24.5pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 9pt Verdana, Helvetica, Sans-Serif; margin: 0pt 0 0pt 24.5pt; text-align: justify">(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;abster-se de vender (exceto sob os termos dos Contratos de Exporta&ccedil;&atilde;o cedidos fiduciariamente sob o Assignment and
Security Agreement, a ser firmado entre a EMPENHANTE, o CREDOR PIGNORAT&Iacute;CIO e o AGENTE DE GARANTIAS), ceder, transferir,
onerar ou de outro modo criar gravame sobre os BENS EMPENHADOS, exceto pelo penhor aqui pactuado, sujeito &agrave;s implica&ccedil;&otilde;es
criminais prescritas no artigo 171, inciso III, do Decreto-lei n&ordm; 2.848, de 7 de dezembro de 1940, conforme alterado (C&oacute;digo
Penal Brasileiro), ressalvado na hip&oacute;tese de pr&eacute;via autoriza&ccedil;&atilde;o do AGENTE DE GARANTIA ou na hip&oacute;tese
de venda e entrega do PRODUTO nos termos dos Contratos de Exporta&ccedil;&atilde;o mencionados acima. A EMPENHANTE defender&aacute;
a sua titularidade sobre os BENS EMPENHADOS e a n&atilde;o exist&ecirc;ncia de quaisquer outros &ocirc;nus ou gravames com rela&ccedil;&atilde;o
aos BENS EMPENHADOS, que n&atilde;o sejam os estabelecidos por este Instrumento, contra as reivindica&ccedil;&otilde;es e demandas
que quaisquer terceiros possam fazer;</P>

<P STYLE="font: 9pt Verdana, Helvetica, Sans-Serif; margin: 0pt 0 0pt 24.5pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 9pt Verdana, Helvetica, Sans-Serif; margin: 0pt 0 0pt 24.5pt; text-align: justify">(ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;cumprir
tempestivamente todas as suas obriga&ccedil;&otilde;es previstas neste Instrumento e nos demais Documentos da Opera&ccedil;&atilde;o,
sob pena de vencimento antecipado do Contrato de Pr&eacute;-pagamento de Exporta&ccedil;&atilde;o, sem preju&iacute;zo de qualquer
outro rem&eacute;dio que o CREDOR PIGNORAT&Iacute;CIO ou o AGENTE DE GARANTIA possa ter a fim de defender seus interesses e dos
demais CREDORES, incluindo a busca de tutela espec&iacute;fica para cumprimento de obriga&ccedil;&atilde;o de fazer nos termos
do artigo 461, 461-A e seguintes do C&oacute;digo de Processo Civil Brasileiro;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>


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<P STYLE="font: 9pt Verdana, Helvetica, Sans-Serif; margin: 0pt 0 0pt 24.5pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 9pt Verdana, Helvetica, Sans-Serif; margin: 0pt 0 0pt 24.5pt; text-align: justify">(iii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;prestar todas as informa&ccedil;&otilde;es
e apresentar todas as evid&ecirc;ncias solicitadas pelo AGENTE DE GARANTIA a fim de comprovar que os BENS EMPENHADOS encontram-se
localizados nos lugares estipulados no presente Instrumento, sendo que a EMPENHANTE ora compromete-se a n&atilde;o alterar o local
dos BENS EMPENHADOS sem a pr&eacute;via e expressa autoriza&ccedil;&atilde;o do AGENTE DE GARANTIA.</P>

<P STYLE="font: 9pt Verdana, Helvetica, Sans-Serif; margin: 0pt 0 0pt 24.5pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 9pt Verdana, Helvetica, Sans-Serif; margin: 0pt 0 0pt 24.5pt; text-align: justify">(iv)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;pagar imediatamente,
antes de qualquer multa, penalidade, juros ou custos a eles vinculados, todos os impostos, contribui&ccedil;&otilde;es e outros
encargos governamentais ou n&atilde;o governamentais agora ou futuramente lan&ccedil;ados ou incidentes sobre os BENS EMPENHADOS,
ressalvadas eventuais autua&ccedil;&otilde;es ou lan&ccedil;amentos indevidos pass&iacute;veis de defesa administrativa ou contesta&ccedil;&atilde;o
judicial;</P>

<P STYLE="font: 9pt Verdana, Helvetica, Sans-Serif; margin: 0pt 0 0pt 24.5pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 9pt Verdana, Helvetica, Sans-Serif; margin: 0pt 0 0pt 24.5pt; text-align: justify">(v)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;manter,
&agrave;s suas custas, at&eacute; o total cumprimento das OBRIGA&Ccedil;&Otilde;ES GARANTIDAS, o PRODUTO, quando armazenado nos
dep&oacute;sitos, nos termos da cl&aacute;usula 1.4 acima, segurado contra todos os riscos usuais aplic&aacute;veis &agrave; ap&oacute;lice
em quest&atilde;o em sociedade seguradora id&ocirc;nea e com s&oacute;lida situa&ccedil;&atilde;o financeira comprometendo-se a
contratar e tempestivamente pagar o pr&ecirc;mio referente ao seguro, devendo constar da ap&oacute;lice de seguro que as coberturas
n&atilde;o poder&atilde;o ser canceladas sem a pr&eacute;via e expressa anu&ecirc;ncia do AGENTE DE GARANTIA;</P>

<P STYLE="font: 9pt Verdana, Helvetica, Sans-Serif; margin: 0pt 0 0pt 24.5pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 9pt Verdana, Helvetica, Sans-Serif; margin: 0pt 0 0pt 24.5pt; text-align: justify">(vi)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;manter a cana-de-a&ccedil;&uacute;car
plantada de forma adequada e em conformidade com a legisla&ccedil;&atilde;o aplic&aacute;vel e os padr&otilde;es normais para este
tipo de atividade;</P>

<P STYLE="font: 9pt Verdana, Helvetica, Sans-Serif; margin: 0pt 0 0pt 24.5pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 9pt Verdana, Helvetica, Sans-Serif; margin: 0pt 0 0pt 24.5pt; text-align: justify">(vii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;obter, em rela&ccedil;&atilde;o
aos BENS EMPENHADOS, todos os documentos (laudos, estudos, relat&oacute;rios, licen&ccedil;as, autoriza&ccedil;&otilde;es, outorgas,
etc.) previstos nas normas de prote&ccedil;&atilde;o ambiental, atestando o seu cumprimento, e a informar ao AGENTE DE GARANTIA,
em at&eacute; 30 (trinta) dias a contar de seu recebimento, a exist&ecirc;ncia de manifesta&ccedil;&atilde;o desfavor&aacute;vel
de qualquer autoridade ambiental de que tenha conhecimento, salvo se o descumprimento em quest&atilde;o n&atilde;o for considerado
material na opini&atilde;o razo&aacute;vel do AGENTE DE GARANTIA;</P>

<P STYLE="font: 9pt Verdana, Helvetica, Sans-Serif; margin: 0pt 0 0pt 24.5pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 9pt Verdana, Helvetica, Sans-Serif; margin: 0pt 0 0pt 24.5pt; text-align: justify">(viii)&nbsp;&nbsp;&nbsp;&nbsp;arcar com todas as despesas
e custos incorridos em rela&ccedil;&atilde;o ao registro do presente Instrumento de penhor dos BENS EMPENHADOS e de seus respectivos
aditivos e prorroga&ccedil;&otilde;es, bem como com a excuss&atilde;o do direito de garantia aqui conferido, incluindo despesas
com honor&aacute;rios advocat&iacute;cios razoavelmente incorridos e devidamente comprovados; e</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 9pt Verdana, Helvetica, Sans-Serif; margin: 0pt 0 0pt 24.5pt; text-align: justify">(ix)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;informar imediatamente
ao AGENTE DE GARANTIA, por escrito, sobre a ocorr&ecirc;ncia de: (i) qualquer evento que possa razoavelmente provocar um efeito
adverso relevante sobre o direito de garantia concedido nos termos do presente Instrumento; ou (ii) qualquer outro evento conhecido
que possa razoavelmente provocar um efeito adverso relevante sobre o valor total dos BENS EMPENHADOS.</P>

<P STYLE="font: 9pt Verdana, Helvetica, Sans-Serif; margin: 0pt 0 0pt 24.5pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 9pt Verdana, Helvetica, Sans-Serif; margin: 0pt 0 0pt 24.5pt; text-align: justify">5.2.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A EMPENHANTE celebrar&aacute;,
&agrave; sua pr&oacute;pria custa e periodicamente, os demais documentos e instrumentos que possam ser necess&aacute;rios para
autorizar o CREDOR PIGNORAT&Iacute;CIO ou o AGENTE DE GARANTIA a proteger os direitos criados pelo presente Instrumento em rela&ccedil;&atilde;o
aos BENS EMPENHADOS, no todo ou em parte, ou o exerc&iacute;cio, pelo CREDOR PIGNORAT&Iacute;CIO ou pelo AGENTE DE GARANTIA de
qualquer dos direitos, poderes, compet&ecirc;ncias que lhes forem conferidos pelos CREDORES.</P>

<P STYLE="font: 9pt Verdana, Helvetica, Sans-Serif; margin: 0pt 0 0pt 24.5pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 9pt Verdana, Helvetica, Sans-Serif; margin: 0pt 0 0pt 24.5pt; text-align: justify">VI.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;VENCIMENTO ANTECIPADO E
EXCUSS&Atilde;O DA GARANTIA PIGNORAT&Iacute;CIA</P>

<P STYLE="font: 9pt Verdana, Helvetica, Sans-Serif; margin: 0pt 0 0pt 24.5pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 9pt Verdana, Helvetica, Sans-Serif; margin: 0pt 0 0pt 24.5pt; text-align: justify">6.1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Em caso de inadimplemento,
pela EMPENHANTE, de qualquer obriga&ccedil;&atilde;o prevista no presente Instrumento ou em qualquer dos demais Documentos da Opera&ccedil;&atilde;o,
n&atilde;o sanado no prazo concedido sob o respectivo instrumento, poder&atilde;o o CREDOR PIGNORAT&Iacute;CIO ou o AGENTE DE GARANTIA,
atuando em benef&iacute;cio dos CREDORES, excutir a presente garantia sobre os BENS EMPENHADOS, podendo, para tanto, praticar todos
os atos assegurados pela lei aplic&aacute;vel, com a possibilidade de alienar, converter, vender ou ceder por instrumento privado,
opera&ccedil;&atilde;o ou de outro modo, no todo ou em parte, os BENS EMPENHADOS, de acordo com os pre&ccedil;os e termos e condi&ccedil;&otilde;es
de mercado no momento da aliena&ccedil;&atilde;o, dar quita&ccedil;&atilde;o e assinar qualquer documento ou instrumento, independentemente
de sua natureza especial, conforme necess&aacute;rio para fazer valer os atos aqui mencionados, independentemente de leil&atilde;o,
hasta p&uacute;blica, avalia&ccedil;&atilde;o pr&eacute;via ou qualquer medida judicial ou extrajudicial, bem como independentemente
de qualquer autoriza&ccedil;&atilde;o ou aviso pr&eacute;vio &agrave; EMPENHANTE. Os recursos resultantes ser&atilde;o utilizados
para pagamento de despesas razo&aacute;veis resultantes da venda dos BENS EMPENHADOS e pagamento das OBRIGA&Ccedil;&Otilde;ES GARANTIDAS
nos termos do Contrato de Pr&eacute;-pagamento de Exporta&ccedil;&atilde;o.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>


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<P STYLE="font: 9pt Verdana, Helvetica, Sans-Serif; margin: 0pt 0 0pt 24.5pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 9pt Verdana, Helvetica, Sans-Serif; margin: 0pt 0 0pt 24.5pt; text-align: justify">6.2.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A EMPENHANTE, por este
ato, outorga, irrevog&aacute;vel e irretratavelmente, ao CREDOR PIGNORAT&Iacute;CIO e ao AGENTE DE GARANTIA, atuando em conjunto
ou separadamente, em benef&iacute;cio dos CREDORES, de acordo com os artigos 684 e 1.433, item IV, do C&oacute;digo Civil Brasileiro,
a procura&ccedil;&atilde;o, nos moldes do Anexo IV, anexo a este instrumento (&ldquo;Procura&ccedil;&atilde;o&rdquo;), para atuar
em nome da EMPENHANTE, exclusivamente para o cumprimento da Cl&aacute;usula 6.1 acima.</P>

<P STYLE="font: 9pt Verdana, Helvetica, Sans-Serif; margin: 0pt 0 0pt 24.5pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 9pt Verdana, Helvetica, Sans-Serif; margin: 0pt 0 0pt 24.5pt; text-align: justify">6.3.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Se o montante recebido
pelo CREDOR PIGNORAT&Iacute;CIO ou pelo AGENTE DE GARANTIA na venda dos BENS EMPENHADOS n&atilde;o for suficiente para pagamento
de todos os valores devidos nos termos da Cl&aacute;usula 6.1., acima, o saldo devedor, conforme calculado pelo CREDOR PIGNORAT&Iacute;CIO
ou pelo AGENTE DE GARANTIA, dever&aacute; ser imediatamente quitado pela EMPENHANTE, mediante dep&oacute;sito de recursos imediatamente
dispon&iacute;veis nas respectivas contas dos CREDORES, no prazo de 2 (dois) dias &uacute;teis a contar da data da notifica&ccedil;&atilde;o
enviada pelo CREDOR PIGNORAT&Iacute;CIO ou pelo AGENTE DE GARANTIA &agrave; EMPENHANTE indicando o saldo devedor a ser quitado
e as contas banc&aacute;rias dos CREDORES para dep&oacute;sito.</P>

<P STYLE="font: 9pt Verdana, Helvetica, Sans-Serif; margin: 0pt 0 0pt 24.5pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 9pt Verdana, Helvetica, Sans-Serif; margin: 0pt 0 0pt 24.5pt; text-align: justify">6.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Se o montante recebido pelo
CREDOR PIGNORAT&Iacute;CIO ou pelos CREDORES, conforme o caso, for superior ao saldo devedor a ser quitado nos termos do Contrato
de Pr&eacute;-pagamento de Exporta&ccedil;&atilde;o, dever&atilde;o o CREDOR PIGNORAT&Iacute;CIO e os CREDORES devolver &agrave;
EMPENHANTE o saldo remanescente, no prazo de 2 (dois) dias &uacute;teis.</P>

<P STYLE="font: 9pt Verdana, Helvetica, Sans-Serif; margin: 0pt 0 0pt 24.5pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 9pt Verdana, Helvetica, Sans-Serif; margin: 0pt 0 0pt 24.5pt; text-align: justify">VII.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;DECLARA&Ccedil;&Otilde;ES</P>

<P STYLE="font: 9pt Verdana, Helvetica, Sans-Serif; margin: 0pt 0 0pt 24.5pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 9pt Verdana, Helvetica, Sans-Serif; margin: 0pt 0 0pt 24.5pt; text-align: justify">7.1.&nbsp;&nbsp;&nbsp;&nbsp;O CREDOR PIGNORAT&Iacute;CIO
e o AGENTE DE GARANTIA neste ato declaram que:</P>

<P STYLE="font: 9pt Verdana, Helvetica, Sans-Serif; margin: 0pt 0 0pt 24.5pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 9pt Verdana, Helvetica, Sans-Serif; margin: 0pt 0 0pt 24.5pt; text-align: justify">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;possuem
plenos poderes, autoriza&ccedil;&atilde;o e capacidade para firmar o presente Instrumento e para cumprir com suas
obriga&ccedil;&otilde;es contratuais aqui previstas; e</P>

<P STYLE="font: 9pt Verdana, Helvetica, Sans-Serif; margin: 0pt 0 0pt 24.5pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 9pt Verdana, Helvetica, Sans-Serif; margin: 0pt 0 0pt 24.5pt; text-align: justify">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o presente Instrumento constitui uma obriga&ccedil;&atilde;o legal, v&aacute;lida e opon&iacute;vel contra eles de acordo com seus
termos.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>


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<P STYLE="font: 9pt Verdana, Helvetica, Sans-Serif; margin: 0pt 0 0pt 24.5pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 9pt Verdana, Helvetica, Sans-Serif; margin: 0pt 0 0pt 24.5pt; text-align: justify">7.2. A EMPENHANTE neste ato
declara e garante que:</P>

<P STYLE="font: 9pt Verdana, Helvetica, Sans-Serif; margin: 0pt 0 0pt 24.5pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 9pt Verdana, Helvetica, Sans-Serif; margin: 0pt 0 0pt 24.5pt; text-align: justify">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;possui
plenos poderes, autoriza&ccedil;&atilde;o e capacidade para firmar o presente Instrumento e empenhar os BENS EMPENHADOS, bem como
para cumprir com suas obriga&ccedil;&otilde;es contratuais aqui assumidas;</P>

<P STYLE="font: 9pt Verdana, Helvetica, Sans-Serif; margin: 0pt 0 0pt 24.5pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 9pt Verdana, Helvetica, Sans-Serif; margin: 0pt 0 0pt 24.5pt; text-align: justify">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o
presente Instrumento constitui uma obriga&ccedil;&atilde;o legal, v&aacute;lida e opon&iacute;vel &agrave; EMPENHANTE,
segundo seus termos;</P>

<P STYLE="font: 9pt Verdana, Helvetica, Sans-Serif; margin: 0pt 0 0pt 24.5pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 9pt Verdana, Helvetica, Sans-Serif; margin: 0pt 0 0pt 24.5pt; text-align: justify">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a celebra&ccedil;&atilde;o do presente Instrumento e o cumprimento de suas obriga&ccedil;&otilde;es aqui pactuadas n&atilde;o violam
qualquer disposi&ccedil;&atilde;o legal ou contratual ou qualquer obriga&ccedil;&atilde;o anteriormente assumida pela EMPENHANTE;</P>

<P STYLE="font: 9pt Verdana, Helvetica, Sans-Serif; margin: 0pt 0 0pt 24.5pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 9pt Verdana, Helvetica, Sans-Serif; margin: 0pt 0 0pt 24.5pt; text-align: justify">(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;os BENS EMPENHADOS s&atilde;o de sua leg&iacute;tima propriedade e se encontram livres de &ocirc;nus reais ou pessoais, judiciais
ou extrajudiciais, penhoras, arrestos e sequestros e de qualquer comprometimento em quaisquer modalidades de cr&eacute;dito ou
seguros abertos atrav&eacute;s de institui&ccedil;&otilde;es financeiras ou seguradoras, assim como comprometidos em quaisquer
tipos de contratos particulares, excetuando os gravames decorrentes deste Instrumento, inexistindo qualquer impedimento para a
sua venda, judicial ou extrajudicialmente, pelo CREDOR PIGNORAT&Iacute;CIO ou pelo AGENTE DE GARANTIA, em caso de excuss&atilde;o
da presente garantia;</P>

<P STYLE="font: 9pt Verdana, Helvetica, Sans-Serif; margin: 0pt 0 0pt 24.5pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 9pt Verdana, Helvetica, Sans-Serif; margin: 0pt 0 0pt 24.5pt; text-align: justify">(e)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&eacute;
produtor rural e que efetuar&aacute; o plantio e condu&ccedil;&atilde;o das Lavouras conforme recomendado pelas
institui&ccedil;&otilde;es de pesquisa e &oacute;rg&atilde;os oficiais;</P>

<P STYLE="font: 9pt Verdana, Helvetica, Sans-Serif; margin: 0pt 0 0pt 24.5pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 9pt Verdana, Helvetica, Sans-Serif; margin: 0pt 0 0pt 24.5pt; text-align: justify">(f)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;as parcerias rurais e/ou contratos de arrendamento firmados com os propriet&aacute;rios das terras onde ser&atilde;o produzidas
as Lavouras foram devidamente formalizados por meio da celebra&ccedil;&atilde;o dos instrumentos contratuais pertinentes &agrave;
luz da legisla&ccedil;&atilde;o aplic&aacute;vel, nos quais est&aacute; prevista a anu&ecirc;ncia expressa dos propriet&aacute;rios
para que a EMPENHANTE possa alienar e/ou gravar os BENS EMPENHADOS;</P>

<P STYLE="font: 9pt Verdana, Helvetica, Sans-Serif; margin: 0pt 0 0pt 24.5pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 9pt Verdana, Helvetica, Sans-Serif; margin: 0pt 0 0pt 24.5pt; text-align: justify">(g)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o presente Instrumento constitui, para todos os fins de direito, t&iacute;tulo executivo extrajudicial;</P>

<P STYLE="font: 9pt Verdana, Helvetica, Sans-Serif; margin: 0pt 0 0pt 24.5pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 9pt Verdana, Helvetica, Sans-Serif; margin: 0pt 0 0pt 24.5pt; text-align: justify">(h)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;est&aacute;
ciente de que qualquer eventual ato de toler&acirc;ncia por parte do CREDOR PIGNORAT&Iacute;CIO ou pelo AGENTE DE GARANTIA
n&atilde;o importar&aacute; em</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>


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<P STYLE="font: 9pt Verdana, Helvetica, Sans-Serif; margin: 0pt 0 0pt 24.5pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 9pt Verdana, Helvetica, Sans-Serif; margin: 0pt 0 0pt 24.5pt; text-align: justify">nova&ccedil;&atilde;o ou altera&ccedil;&atilde;o
das condi&ccedil;&otilde;es aqui estipuladas, constituindo-se tal ato mera liberalidade do CREDOR PIGNORAT&Iacute;CIO ou do AGENTE
DE GARANTIA; e</P>

<P STYLE="font: 9pt Verdana, Helvetica, Sans-Serif; margin: 0pt 0 0pt 24.5pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 9pt Verdana, Helvetica, Sans-Serif; margin: 0pt 0 0pt 24.5pt; text-align: justify">(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;nenhum registro, solicita&ccedil;&atilde;o, autoriza&ccedil;&atilde;o ou protocolo perante &oacute;rg&atilde;os ou ag&ecirc;ncias
governamentais ou terceiros &eacute; necess&aacute;rio no tocante &agrave; celebra&ccedil;&atilde;o do presente Instrumento, ou
com rela&ccedil;&atilde;o &agrave; sua validade e exequibilidade, salvo os registros do presente Instrumento nos Cart&oacute;rios
de Registro de Im&oacute;veis competentes.</P>

<P STYLE="font: 9pt Verdana, Helvetica, Sans-Serif; margin: 0pt 0 0pt 24.5pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 9pt Verdana, Helvetica, Sans-Serif; margin: 0pt 0 0pt 24.5pt; text-align: justify">VIII. INDEPEND&Ecirc;NCIA DAS
CL&Aacute;USULAS</P>

<P STYLE="font: 9pt Verdana, Helvetica, Sans-Serif; margin: 0pt 0 0pt 24.5pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 9pt Verdana, Helvetica, Sans-Serif; margin: 0pt 0 0pt 24.5pt; text-align: justify">8.1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As disposi&ccedil;&otilde;es
do presente Instrumento s&atilde;o independentes. Salvo se de outro modo aqui especificamente disposto, se qualquer cl&aacute;usula
ou disposi&ccedil;&atilde;o do presente Instrumento for considerada inv&aacute;lida ou inexequ&iacute;vel, no todo ou em parte,
por autoridade governamental com jurisdi&ccedil;&atilde;o sobre as PARTES, ou for considerada ilegal devido a uma altera&ccedil;&atilde;o
legal, ent&atilde;o, essa invalidade ou inexequibilidade afetar&aacute; somente essa cl&aacute;usula ou disposi&ccedil;&atilde;o
ou parte da mesma, n&atilde;o afetando de nenhum modo qualquer outra cl&aacute;usula ou disposi&ccedil;&atilde;o do presente Instrumento.
Ademais, na medida em que uma cl&aacute;usula ou disposi&ccedil;&atilde;o for considerada inv&aacute;lida ou inexequ&iacute;vel,
conforme disposto na frase acima, as PARTES envidar&atilde;o seus melhores esfor&ccedil;os para acordar um m&eacute;todo alternativo
exequ&iacute;vel e legal para atingir um resultado que seria atingido sen&atilde;o pela determina&ccedil;&atilde;o ou constata&ccedil;&atilde;o
da ilegalidade ou inexequibilidade de tal cl&aacute;usula ou disposi&ccedil;&atilde;o.</P>

<P STYLE="font: 9pt Verdana, Helvetica, Sans-Serif; margin: 0pt 0 0pt 24.5pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 9pt Verdana, Helvetica, Sans-Serif; margin: 0pt 0 0pt 24.5pt; text-align: justify">IX.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ADITIVOS, SUCESSORES E CESSION&Aacute;RIOS</P>

<P STYLE="font: 9pt Verdana, Helvetica, Sans-Serif; margin: 0pt 0 0pt 24.5pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 9pt Verdana, Helvetica, Sans-Serif; margin: 0pt 0 0pt 24.5pt; text-align: justify">9.1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;O presente Instrumento
obriga e reverte em benef&iacute;cio das PARTES e de seus respectivos sucessores e cession&aacute;rios. A EMPENHANTE n&atilde;o
poder&aacute; ceder ou transferir qualquer de seus direitos ou obriga&ccedil;&otilde;es nos termos do presente Instrumento sem
o consentimento pr&eacute;vio e por escrito do AGENTE DE GARANTIA. Qualquer cess&atilde;o ou transfer&ecirc;ncia pela EMPENHANTE
de qualquer de seus direitos e obriga&ccedil;&otilde;es aqui estipulados sem o consentimento pr&eacute;vio e por escrito do AGENTE
DE GARANTIA ser&aacute; nulo e inoperante. Todo e qualquer</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24.5pt">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24.5pt">&nbsp;</P>

<P STYLE="font: 9pt Verdana, Helvetica, Sans-Serif; margin: 0pt 0 0pt 24.5pt; text-align: justify">aditivo ou altera&ccedil;&atilde;o dos termos e disposi&ccedil;&otilde;es
aqui pactuados somente ser&aacute; v&aacute;lido se efetuado por escrito e assinado pelas PARTES.</P>

<P STYLE="font: 9pt Verdana, Helvetica, Sans-Serif; margin: 0pt 0 0pt 24.5pt">&nbsp;</P>

<P STYLE="font: 9pt Verdana, Helvetica, Sans-Serif; margin: 0pt 0 0pt 24.5pt; text-align: justify">X.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;DIREITOS CUMULATIVOS</P>

<P STYLE="font: 9pt Verdana, Helvetica, Sans-Serif; margin: 0pt 0 0pt 24.5pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 9pt Verdana, Helvetica, Sans-Serif; margin: 0pt 0 0pt 24.5pt; text-align: justify">10.1.&nbsp;&nbsp;&nbsp;Os direitos, rem&eacute;dios,
poderes e prerrogativas aqui estipulados s&atilde;o cumulativos, n&atilde;o excluindo quaisquer outros direitos, poderes ou rem&eacute;dios
estabelecidos por leis aplic&aacute;veis.</P>

<P STYLE="font: 9pt Verdana, Helvetica, Sans-Serif; margin: 0pt 0 0pt 24.5pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 9pt Verdana, Helvetica, Sans-Serif; margin: 0pt 0 0pt 24.5pt; text-align: justify">XI.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AVISOS</P>

<P STYLE="font: 9pt Verdana, Helvetica, Sans-Serif; margin: 0pt 0 0pt 24.5pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 9pt Verdana, Helvetica, Sans-Serif; margin: 0pt 0 0pt 24.5pt; text-align: justify">11.1.&nbsp;&nbsp;Os avisos ou outras comunica&ccedil;&otilde;es
exigidos ou permitidos no presente Instrumento ser&atilde;o efetuados por escrito e enviados pessoalmente ou por servi&ccedil;o
de entrega expressa reconhecido nacionalmente, por fax ou outro meio eletr&ocirc;nico, por carta a&eacute;rea registrada ou carta
registrada ou protocolada, com aviso de recebimento, endere&ccedil;ada da seguinte forma:</P>

<P STYLE="font: 9pt Verdana, Helvetica, Sans-Serif; margin: 0pt 0 0pt 24.5pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 9pt Verdana, Helvetica, Sans-Serif; margin: 0pt 0 0pt 24.5pt">(a) Se para a EMPENHANTE:</P>

<P STYLE="font: 9pt Verdana, Helvetica, Sans-Serif; margin: 0pt 0 0pt 24.5pt">&nbsp;</P>

<P STYLE="font: 9pt Verdana, Helvetica, Sans-Serif; margin: 0pt 0 0pt 24.5pt">Adecoagro Vale do Ivinhema
S.A.</P>

<P STYLE="font: 9pt Verdana, Helvetica, Sans-Serif; margin: 0pt 0 0pt 24.5pt">Rua Iguatemi, n&ordm; 192, 12&ordm; andar</P>

<P STYLE="font: 9pt Verdana, Helvetica, Sans-Serif; margin: 0pt 0 0pt 24.5pt">CEP 01451-010 &ndash; S&atilde;o Paulo &ndash; SP</P>

<P STYLE="font: 9pt Verdana, Helvetica, Sans-Serif; margin: 0pt 0 0pt 24.5pt">At.: Nicolas Schaeffter</P>

<P STYLE="font: 9pt Verdana, Helvetica, Sans-Serif; margin: 0pt 0 0pt 24.5pt; text-align: justify">Tel.: (55 11) 2678-5600</P>

<P STYLE="font: 9pt Verdana, Helvetica, Sans-Serif; margin: 0pt 0 0pt 24.5pt; text-align: justify">Fax: (55 11) 2678-5647</P>

<P STYLE="font: 9pt Verdana, Helvetica, Sans-Serif; margin: 0pt 0 0pt 24.5pt; text-align: justify">E-mail: financeiro_spo@adecoagro.com</P>

<P STYLE="font: 9pt Verdana, Helvetica, Sans-Serif; margin: 0pt 0 0pt 24.5pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 9pt Verdana, Helvetica, Sans-Serif; margin: 0pt 0 0pt 24.5pt">(b) Se para o CREDOR PIGNORAT&Iacute;CIO: ING Bank
N.V.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 9pt Verdana, Helvetica, Sans-Serif; margin: 0pt 0 0pt 24.5pt; text-align: justify">Av. Pres. Juscelino Kubitschek,
n&ordm; 510 &ndash; 3&ordm; andar&nbsp;</P>

<P STYLE="font: 9pt Verdana, Helvetica, Sans-Serif; margin: 0pt 0 0pt 24.5pt; text-align: justify">S&atilde;o Paulo 04543-000&nbsp;</P>

<P STYLE="font: 9pt Verdana, Helvetica, Sans-Serif; margin: 0pt 0 0pt 24.5pt; text-align: justify">Tel.: +55-11-4504-6471/6282&nbsp;</P>

<P STYLE="font: 9pt Verdana, Helvetica, Sans-Serif; margin: 0pt 0 0pt 24.5pt; text-align: justify">Fax: +55-11-4504-6302&nbsp;</P>

<P STYLE="font: 9pt Verdana, Helvetica, Sans-Serif; margin: 0pt 0 0pt 24.5pt; text-align: justify">Attn: Alcides Santos/Katia
Garcia&nbsp;</P>

<P STYLE="font: 9pt Verdana, Helvetica, Sans-Serif; margin: 0pt 0 0pt 24.5pt; text-align: justify">e-mail: <U>alcides.santos@americas.ing.co</U>
/ <U>katia.garcia@americas.ing.com</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24.5pt">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24.5pt">&nbsp;</P>

<P STYLE="font: 9pt Verdana, Helvetica, Sans-Serif; margin: 0pt 0 0pt 24.5pt">(c) Se para o AGENTE DE GARANTIA:</P>

<P STYLE="font: 9pt Verdana, Helvetica, Sans-Serif; margin: 0pt 0 0pt 24.5pt">&nbsp;</P>

<P STYLE="font: 9pt Verdana, Helvetica, Sans-Serif; margin: 0pt 0 0pt 24.5pt">ING Bank N.V., filial S&atilde;o Paulo&nbsp;</P>

<P STYLE="font: 9pt Verdana, Helvetica, Sans-Serif; margin: 0pt 0 0pt 24.5pt">Av. Pres. Juscelino Kubitschek, n&ordm; 510 &ndash;
3&ordm; andar&nbsp;</P>

<P STYLE="font: 9pt Verdana, Helvetica, Sans-Serif; margin: 0pt 0 0pt 24.5pt">S&atilde;o Paulo 04543-000&nbsp;</P>

<P STYLE="font: 9pt Verdana, Helvetica, Sans-Serif; margin: 0pt 0 0pt 24.5pt">Tel.: +55-11-4504-6471/6282&nbsp;</P>

<P STYLE="font: 9pt Verdana, Helvetica, Sans-Serif; margin: 0pt 0 0pt 24.5pt">Fax: +55-11-4504-6302&nbsp;</P>

<P STYLE="font: 9pt Verdana, Helvetica, Sans-Serif; margin: 0pt 0 0pt 24.5pt">Attn: Alcides Santos/Katia Garcia&nbsp;</P>

<P STYLE="font: 9pt Verdana, Helvetica, Sans-Serif; margin: 0pt 0 0pt 24.5pt">e-mail: <U>alcides.santos@americas.ing.co</U> / <U>katia.garcia@americas.ing.com</U></P>

<P STYLE="font: 9pt Verdana, Helvetica, Sans-Serif; margin: 0pt 0 0pt 24.5pt">&nbsp;</P>

<P STYLE="font: 9pt Verdana, Helvetica, Sans-Serif; margin: 0pt 0 0pt 24.5pt; text-align: justify">(d) Se para o FIEL DEPOSIT&Aacute;RIO:</P>

<P STYLE="font: 9pt Verdana, Helvetica, Sans-Serif; margin: 0pt 0 0pt 24.5pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 9pt Verdana, Helvetica, Sans-Serif; margin: 0pt 0 0pt 24.5pt; text-align: justify">Rua Iguatemi, n&deg; 192, 12&ordm;
andar&nbsp;</P>

<P STYLE="font: 9pt Verdana, Helvetica, Sans-Serif; margin: 0pt 0 0pt 24.5pt; text-align: justify">S&atilde;o Paulo 01451-010&nbsp;</P>

<P STYLE="font: 9pt Verdana, Helvetica, Sans-Serif; margin: 0pt 0 0pt 24.5pt; text-align: justify">Tel.: (55 11) 2678-5600&nbsp;</P>

<P STYLE="font: 9pt Verdana, Helvetica, Sans-Serif; margin: 0pt 0 0pt 24.5pt; text-align: justify">Fax: (55 11) 2678-5647&nbsp;</P>

<P STYLE="font: 9pt Verdana, Helvetica, Sans-Serif; margin: 0pt 0 0pt 24.5pt">Attn: Leonardo Ra&uacute;l Berridi / Nicolas Schaeffter</P>

<P STYLE="font: 9pt Verdana, Helvetica, Sans-Serif; margin: 0pt 0 0pt 24.5pt">e-mail: financeiro_spo@adecoagro.com</P>

<P STYLE="font: 9pt Verdana, Helvetica, Sans-Serif; margin: 0pt 0 0pt 24.5pt">&nbsp;</P>

<P STYLE="font: 9pt Verdana, Helvetica, Sans-Serif; margin: 0pt 0 0pt 24.5pt; text-align: justify">11.2.&nbsp;&nbsp;&nbsp;Todo e qualquer aviso,
instru&ccedil;&atilde;o e comunica&ccedil;&atilde;o aqui descrito ser&aacute; considerado v&aacute;lido e entregue na data do respectivo
recebimento, conforme comprovado pelo protocolo assinado pelo destinat&aacute;rio ou, em caso de transmiss&atilde;o de fax, e-mail
ou correspond&ecirc;ncia, pelo aviso de recebimento.</P>

<P STYLE="font: 9pt Verdana, Helvetica, Sans-Serif; margin: 0pt 0 0pt 24.5pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 9pt Verdana, Helvetica, Sans-Serif; margin: 0pt 0 0pt 24.5pt; text-align: justify">XII.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;REGISTRO DESTE INSTRUMENTO
E ADITIVOS</P>

<P STYLE="font: 9pt Verdana, Helvetica, Sans-Serif; margin: 0pt 0 0pt 24.5pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 9pt Verdana, Helvetica, Sans-Serif; margin: 0pt 0 0pt 24.5pt; text-align: justify">12.1.&nbsp;&nbsp;&nbsp;Sujeito &agrave;s demais
disposi&ccedil;&otilde;es deste Instrumento, a EMPENHANTE registrar&aacute;, &agrave;s suas expensas, o presente Instrumento e
qualquer de suas altera&ccedil;&otilde;es nos Registros de Im&oacute;veis com jurisdi&ccedil;&atilde;o sobre os locais onde os
BENS EMPENHADOS forem cultivados e/ou armazenados, no prazo de 40 (quarenta) dias corridos a partir de sua celebra&ccedil;&atilde;o
ou da respectiva altera&ccedil;&atilde;o, sendo que o protocolo de referido documento perante os cart&oacute;rios competentes dever&aacute;
ser realizado pela EMPENHANTE em at&eacute; 5 (cinco) dias &uacute;teis a contar da assinatura do referido instrumento.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24.5pt; text-align: justify">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24.5pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 9pt Verdana, Helvetica, Sans-Serif; margin: 0pt 0 0pt 24.5pt; text-align: justify">12.2.&nbsp;&nbsp;&nbsp;A EMPENHANTE obriga-se,
ainda, a encaminhar uma via original do presente Instrumento, devidamente registrado nos cart&oacute;rios competentes, para o AGENTE
DE GARANTIA, no prazo de 5 (cinco) dias a contar da data do &uacute;ltimo registro.</P>

<P STYLE="font: 9pt Verdana, Helvetica, Sans-Serif; margin: 0pt 0 0pt 24.5pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 9pt Verdana, Helvetica, Sans-Serif; margin: 0pt 0 0pt 24.5pt; text-align: justify">12.3.&nbsp;&nbsp;&nbsp;Da mesma forma, a EMPENHANTE
obriga-se a levar a efeito e registrar eventuais aditamentos ao presente Instrumento, nos cart&oacute;rios competentes e &agrave;
margem do registro do presente Instrumento, no prazo de 40 (quarenta) dias corridos a contar da assinatura do instrumento em quest&atilde;o,
sendo que o protocolo de referido documento perante os cart&oacute;rios competentes dever&aacute; ser realizado pela EMPENHANTE
em at&eacute; 5 (cinco) dias &uacute;teis a contar da assinatura do referido instrumento, devendo encaminhar uma via original do
instrumento registrado ao AGENTE DE GARANTIA, no prazo de 5 (cinco) dias &uacute;teis a contar da data do &uacute;ltimo registro.</P>

<P STYLE="font: 9pt Verdana, Helvetica, Sans-Serif; margin: 0pt 0 0pt 24.5pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 9pt Verdana, Helvetica, Sans-Serif; margin: 0pt 0 0pt 24.5pt; text-align: justify">XIII.&nbsp;&nbsp;&nbsp;&nbsp;DESPESAS</P>

<P STYLE="font: 9pt Verdana, Helvetica, Sans-Serif; margin: 0pt 0 0pt 24.5pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 9pt Verdana, Helvetica, Sans-Serif; margin: 0pt 0 0pt 24.5pt; text-align: justify">13.1.&nbsp;&nbsp;Todas as despesas diretas
incorridas pelo CREDOR PIGNORAT&Iacute;CIO ou pelo AGENTE DE GARANTIA nos termos do presente Instrumento, inclusive com a excuss&atilde;o
da presente garantia ou com a prote&ccedil;&atilde;o, registro ou regulariza&ccedil;&atilde;o do presente Instrumento ou dos BENS
EMPENHADOS, que sejam devidamente comprovadas, ser&atilde;o de total e exclusiva responsabilidade da EMPENHANTE, que neste ato
compromete-se a reembolsar todos os valores razoavelmente e eventualmente desembolsados pelo CREDOR PIGNORAT&Iacute;CIO ou pelo
AGENTE DE GARANTIA.</P>

<P STYLE="font: 9pt Verdana, Helvetica, Sans-Serif; margin: 0pt 0 0pt 24.5pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 9pt Verdana, Helvetica, Sans-Serif; margin: 0pt 0 0pt 24.5pt; text-align: justify">XIV.&nbsp;&nbsp;&nbsp;&nbsp;PRAZO</P>

<P STYLE="font: 9pt Verdana, Helvetica, Sans-Serif; margin: 0pt 0 0pt 24.5pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 9pt Verdana, Helvetica, Sans-Serif; margin: 0pt 0 0pt 24.5pt; text-align: justify">14.1.&nbsp;&nbsp;&nbsp;O presente Instrumento
&eacute; celebrado de modo irrevog&aacute;vel e irretrat&aacute;vel, obrigando as PARTES e seus sucessores a qualquer t&iacute;tulo,
permanecendo em vigor at&eacute; o cumprimento integral das OBRIGA&Ccedil;&Otilde;ES GARANTIDAS.</P>

<P STYLE="font: 9pt Verdana, Helvetica, Sans-Serif; margin: 0pt 0 0pt 24.5pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 9pt Verdana, Helvetica, Sans-Serif; margin: 0pt 0 0pt 24.5pt; text-align: justify">14.2.&nbsp;&nbsp;&nbsp;Ap&oacute;s a quita&ccedil;&atilde;o
integral das OBRIGA&Ccedil;&Otilde;ES GARANTIDAS, as PARTES tomar&atilde;o todas as medidas e firmar&atilde;o todos os documentos
necess&aacute;rios para libera&ccedil;&atilde;o dos BENS EMPENHADOS de qualquer gravame que ainda esteja em</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24.5pt; text-align: justify">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24.5pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 9pt Verdana, Helvetica, Sans-Serif; margin: 0pt 0 0pt 24.5pt; text-align: justify">vigor de acordo com o aqui disposto.
Neste caso o CREDOR PIGNORAT&Iacute;CIO dever&aacute;, em at&eacute; 10 (dez) dias corridos a contar do recebimento de solicita&ccedil;&atilde;o
enviada pela EMPENHANTE nesse sentido, emitir o respectivo termo de quita&ccedil;&atilde;o e libera&ccedil;&atilde;o de garantia.</P>

<P STYLE="font: 9pt Verdana, Helvetica, Sans-Serif; margin: 0pt 0 0pt 24.5pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 9pt Verdana, Helvetica, Sans-Serif; margin: 0pt 0 0pt 24.5pt; text-align: justify">XV.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;DEFINI&Ccedil;&Otilde;ES</P>

<P STYLE="font: 9pt Verdana, Helvetica, Sans-Serif; margin: 0pt 0 0pt 24.5pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 9pt Verdana, Helvetica, Sans-Serif; margin: 0pt 0 0pt 24.5pt; text-align: justify">15.1.&nbsp;&nbsp;&nbsp;Termos iniciados em letra
mai&uacute;scula, que n&atilde;o s&atilde;o aqui definidos, ter&atilde;o os significados a eles atribu&iacute;dos pelo Contrato
de Pr&eacute;-pagamento de Exporta&ccedil;&atilde;o. O Contrato de Pr&eacute;-pagamento de Exporta&ccedil;&atilde;o, o presente
Instrumento, a Escritura de Hipoteca, o Assignment and Security Agreement e a Nota Promiss&oacute;ria (conforme definidos no Contrato
de Pr&eacute;-pagamento de Exporta&ccedil;&atilde;o) s&atilde;o, em conjunto, designados de &ldquo;Documentos da Opera&ccedil;&atilde;o&rdquo;.</P>

<P STYLE="font: 9pt Verdana, Helvetica, Sans-Serif; margin: 0pt 0 0pt 24.5pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 9pt Verdana, Helvetica, Sans-Serif; margin: 0pt 0 0pt 24.5pt; text-align: justify">XVI.&nbsp;&nbsp;&nbsp;&nbsp;RESPONSABILIDADE S&Oacute;CIO
AMBIENTAL, TRABALHISTA E PREVIDENCI&Aacute;RIA</P>

<P STYLE="font: 9pt Verdana, Helvetica, Sans-Serif; margin: 0pt 0 0pt 24.5pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 9pt Verdana, Helvetica, Sans-Serif; margin: 0pt 0 0pt 24.5pt; text-align: justify">16.1.&nbsp;&nbsp;&nbsp;Independentemente de culpa,
a EMPENHANTE ressarcir&aacute; os CREDORES e o AGENTE DE GARANTIA de qualquer quantia que estes sejam compelidos a pagar por conta
de dano socioambiental, trabalhista ou previdenci&aacute;rio que, de qualquer forma, esteja diretamente relacionado a este Instrumento,
assim como indenizar&aacute; os CREDORES e o AGENTE DE GARANTIA por qualquer perda ou dano direto que o os CREDORES e o AGENTE
DE GARANTIA venham a experimentar em decorr&ecirc;ncia de dano socioambiental, trabalhista ou previdenci&aacute;rio.</P>

<P STYLE="font: 9pt Verdana, Helvetica, Sans-Serif; margin: 0pt 0 0pt 24.5pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 9pt Verdana, Helvetica, Sans-Serif; margin: 0pt 0 0pt 24.5pt; text-align: justify">16.2.&nbsp;&nbsp;&nbsp;A EMPENHANTE declara,
ainda, que todas as suas atividades s&atilde;o conduzidas de acordo com a Legisla&ccedil;&atilde;o Ambiental e Trabalhista-Previdenci&aacute;ria
brasileira em vig&ecirc;ncia atualmente e que, portanto, obteve todas as licen&ccedil;as, autoriza&ccedil;&otilde;es e outorgas
necess&aacute;rias ao regular desempenho de suas atividades.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24.5pt; text-align: justify">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24.5pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 9pt Verdana, Helvetica, Sans-Serif; margin: 0pt 0 0pt 24.5pt; text-align: justify">XVII.&nbsp;&nbsp;&nbsp;LEI DE REG&Ecirc;NCIA</P>

<P STYLE="font: 9pt Verdana, Helvetica, Sans-Serif; margin: 0pt 0 0pt 24.5pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 9pt Verdana, Helvetica, Sans-Serif; margin: 0pt 0 0pt 24.5pt; text-align: justify">17.1.&nbsp;&nbsp;&nbsp;O presente Instrumento
ser&aacute; regido e interpretado de acordo com as leis do Brasil, especialmente com os artigos 461, 466-B e 632 do C&oacute;digo
de Processo Civil, sendo permitida a tutela espec&iacute;fica das obriga&ccedil;&otilde;es de fazer e de n&atilde;o fazer aqui
pactuadas.</P>

<P STYLE="font: 9pt Verdana, Helvetica, Sans-Serif; margin: 0pt 0 0pt 24.5pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 9pt Verdana, Helvetica, Sans-Serif; margin: 0pt 0 0pt 24.5pt; text-align: justify">17.2.&nbsp;&nbsp;&nbsp;Para que produza os devidos
efeitos legais, o presente Instrumento, assinado por duas testemunhas, constitui t&iacute;tulo executivo extrajudicial que poder&aacute;
ser objeto de processo de execu&ccedil;&atilde;o nos termos do artigo 585, inciso II do C&oacute;digo de Processo Civil.</P>

<P STYLE="font: 9pt Verdana, Helvetica, Sans-Serif; margin: 0pt 0 0pt 24.5pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 9pt Verdana, Helvetica, Sans-Serif; margin: 0pt 0 0pt 24.5pt; text-align: justify">XVIII.&nbsp;&nbsp;SOLU&Ccedil;&Atilde;O
DE CONTROV&Eacute;RSIAS</P>

<P STYLE="font: 9pt Verdana, Helvetica, Sans-Serif; margin: 0pt 0 0pt 24.5pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 9pt Verdana, Helvetica, Sans-Serif; margin: 0pt 0 0pt 24.5pt; text-align: justify">18.1.&nbsp;&nbsp;&nbsp;Quaisquer disputas ou
controv&eacute;rsias oriundas do presente Instrumento ser&atilde;o dirimidas pelo foro central da Cidade de S&atilde;o Paulo, Estado
de S&atilde;o Paulo, que tamb&eacute;m ser&aacute; o foro competente para fazer valer as obriga&ccedil;&otilde;es aqui estabelecidas.</P>

<P STYLE="font: 9pt Verdana, Helvetica, Sans-Serif; margin: 0pt 0 0pt 24.5pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 9pt Verdana, Helvetica, Sans-Serif; margin: 0pt 0 0pt 24.5pt; text-align: justify">E por estarem assim justas e
contratadas, as PARTES firmam o presente Instrumento em 3 (tr&ecirc;s) vias de igual teor e forma, na presen&ccedil;a das 2 (duas)
testemunhas abaixo assinadas:</P>

<P STYLE="font: 9pt Verdana, Helvetica, Sans-Serif; margin: 0pt 0 0pt 24.5pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 9pt Verdana, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">S&atilde;o Paulo, [ ] de [ ]
de 2014.</P>

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<P STYLE="font: 9pt Verdana, Helvetica, Sans-Serif; margin: 0pt 0 0pt 24.5pt; text-align: justify">(p&aacute;gina de assinaturas
do Instrumento Particular de Penhor Agr&iacute;cola e Mercantil de Cana-de-A&ccedil;&uacute;car, por e entre Adecoagro Vale do
Ivinhema S.A., ING Bank N.V., ING Bank N.V. &ndash; Filial S&atilde;o Paulo e Leonardo Ra&uacute;l Berridi, celebrado em [ ] de
[ ] de 2014)</P>

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<P STYLE="font: 9pt Verdana, Helvetica, Sans-Serif; margin: 0pt 0 0pt 24.5pt; text-align: justify">ADECOAGRO VALE DO IVINHEMA S.A.</P>

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    <TD STYLE="width: 40%; border-bottom: Black 1pt solid; padding-top: 0; padding-bottom: 0; padding-right: 0"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 10%; padding-top: 0; padding-bottom: 0; padding-right: 0"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD></TR>
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    <TD STYLE="padding-top: 0; padding-right: 0; padding-bottom: 0"><FONT STYLE="font-size: 5pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0; padding-right: 0; padding-bottom: 0"><FONT STYLE="font-size: 5pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0; padding-right: 0; padding-bottom: 0"><FONT STYLE="font-size: 5pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0; padding-right: 0; padding-bottom: 0"><FONT STYLE="font-size: 5pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 0; padding-bottom: 0; padding-right: 0"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 9pt">Nome:</FONT></TD>
    <TD STYLE="padding-top: 0; padding-bottom: 0; padding-right: 0"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0; padding-bottom: 0; padding-right: 0"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 9pt">Nome:</FONT></TD>
    <TD STYLE="padding-top: 0; padding-bottom: 0; padding-right: 0"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 0; padding-right: 0; padding-bottom: 0"><FONT STYLE="font-size: 5pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0; padding-right: 0; padding-bottom: 0"><FONT STYLE="font-size: 5pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0; padding-right: 0; padding-bottom: 0"><FONT STYLE="font-size: 5pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0; padding-right: 0; padding-bottom: 0"><FONT STYLE="font-size: 5pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 0; padding-bottom: 0; padding-right: 0"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 9pt">Cargo:</FONT></TD>
    <TD STYLE="padding-top: 0; padding-bottom: 0; padding-right: 0"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0; padding-bottom: 0; padding-right: 0"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 9pt">Cargo:</FONT></TD>
    <TD STYLE="padding-top: 0; padding-bottom: 0; padding-right: 0"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD></TR>
</TABLE>
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<P STYLE="font: 9pt Verdana, Helvetica, Sans-Serif; margin: 0pt 0 0pt 24.5pt; text-align: justify">ING BANK N.V.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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    <TD STYLE="width: 40%; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 10%"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 5pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 5pt">&nbsp;</FONT></TD>
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    <TD><FONT STYLE="font-size: 5pt">&nbsp;</FONT></TD></TR>
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    <TD><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 9pt">Nome:</FONT></TD>
    <TD><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 9pt">Nome:</FONT></TD>
    <TD><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 5pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 5pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 5pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 5pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 9pt">Cargo:</FONT></TD>
    <TD><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 9pt">Cargo:</FONT></TD>
    <TD><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD></TR>
</TABLE>
<P STYLE="font: 9pt Verdana, Helvetica, Sans-Serif; margin: 0pt 0 0pt 24.5pt">&nbsp;</P>

<P STYLE="font: 9pt Verdana, Helvetica, Sans-Serif; margin: 0pt 0 0pt 24.5pt; text-align: justify">ING BANK N.V., filial S&atilde;o
Paulo</P>

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    <TD STYLE="width: 10%"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 40%; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 10%"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD></TR>
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    <TD><FONT STYLE="font-size: 5pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 5pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 5pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 5pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 9pt">Nome:</FONT></TD>
    <TD><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 9pt">Nome:</FONT></TD>
    <TD><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 5pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 5pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 5pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 5pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 9pt">Cargo:</FONT></TD>
    <TD><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 9pt">Cargo:</FONT></TD>
    <TD><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD></TR>
</TABLE>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 9pt Verdana, Helvetica, Sans-Serif; margin: 0pt 0 0pt 24.5pt; text-align: justify">LEONARDO RA&Uacute;L BERRIDI</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24.5pt"></P>

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<P STYLE="font: 9pt Verdana, Helvetica, Sans-Serif; margin: 0pt 0 0pt 24.5pt">Testemunhas:</P>

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    <TD STYLE="width: 7%"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 9pt">1.</FONT></TD>
    <TD STYLE="width: 30%; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 10%"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 7%"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 9pt">2.</FONT></TD>
    <TD STYLE="width: 30%; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 16%"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 5pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 5pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 5pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 5pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 5pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 5pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 9pt">Nome</FONT> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">&nbsp;</FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 9pt">:</FONT></TD>
    <TD><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 9pt">Nome:</FONT></TD>
    <TD><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 5pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 5pt">&nbsp;</FONT></TD>
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    <TD><FONT STYLE="font-size: 5pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 5pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 5pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 9pt">RG:</FONT></TD>
    <TD><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 9pt">RG:</FONT></TD>
    <TD><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD></TR>
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<P STYLE="font: 9pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center">ANEXO I</P>

<P STYLE="font: 9pt Verdana, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 9pt Verdana, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center">RELA&Ccedil;&Atilde;O DOS BENS EMPENHADOS</P>

<P STYLE="font: 9pt Verdana, Helvetica, Sans-Serif; margin: 0pt 0 0pt 127.85pt">&nbsp;</P>

<P STYLE="font: 9pt Verdana, Helvetica, Sans-Serif; margin: 0pt 0 0pt 24.5pt; text-align: justify">EMPENHANTE: Adecoagro Vale do
Ivinhema S.A. sociedade an&ocirc;nima 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.</P>

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<P STYLE="font: 9pt Verdana, Helvetica, Sans-Serif; margin: 0pt 0 0pt 24.5pt; text-align: justify">1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Descri&ccedil;&atilde;o dos
BENS EMPENHADOS:</P>

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<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; width: 95%; border-collapse: collapse; margin-left: 24.5pt">
<TR STYLE="background-color: #E5E5E5">
    <TD STYLE="width: 70%; border: black 1pt solid; padding-left: 5pt; text-align: center; padding-right: 5pt"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 9pt">Descri&ccedil;&atilde;o dos</FONT> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">&nbsp;</FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 9pt">bens (&ldquo;Lavouras&rdquo;)</FONT></TD>
    <TD STYLE="vertical-align: middle; width: 30%; border-top: #E5E5E5 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center; padding-left: 5pt; padding-right: 5pt"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 9pt">Quantidade</FONT><BR>
<FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 9pt">estimada de</FONT> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">&nbsp;</FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 9pt">cana-</FONT><BR>
<FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 9pt">de-a&ccedil;&uacute;car</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 5pt; padding-right: 5pt"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 8.5pt">a
    totalidade da lavoura pendente de cana-de-a&ccedil;&uacute;car da safra de 2015/2016,</FONT> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8.5pt">&nbsp;</FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 8.5pt">bem</FONT> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8.5pt">&nbsp;</FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 8.5pt">como</FONT> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8.5pt">&nbsp;</FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 8.5pt">suas</FONT> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8.5pt">&nbsp;</FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 8.5pt">respectivas
    ra&iacute;zes</FONT> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8.5pt">&nbsp;</FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 8.5pt">e</FONT> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8.5pt">&nbsp;</FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 8.5pt">subprodutos
    decorrentes do beneficiamento da cana-de-a&ccedil;&uacute;car em quest&atilde;o</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-left: 5pt; text-align: center; vertical-align: middle; padding-right: 5pt"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 8.5pt">[ ]toneladas</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 5pt; padding-right: 5pt"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 8.5pt">a
    totalidade da lavoura pendente de cana-de-a&ccedil;&uacute;car da safra de 2016/2017,</FONT> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8.5pt">&nbsp;</FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 8.5pt">bem</FONT> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8.5pt">&nbsp;</FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 8.5pt">como</FONT> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8.5pt">&nbsp;</FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 8.5pt">suas</FONT> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8.5pt">&nbsp;</FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 8.5pt">respectivas
    ra&iacute;zes</FONT> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8.5pt">&nbsp;</FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 8.5pt">e</FONT> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8.5pt">&nbsp;</FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 8.5pt">subprodutos
    decorrentes do beneficiamento da cana-de-a&ccedil;&uacute;car em quest&atilde;o</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-left: 5pt; text-align: center; vertical-align: middle; padding-right: 5pt"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 8.5pt">[ ]toneladas</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 5pt; padding-right: 5pt"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 8.5pt">a
    totalidade da lavoura pendente de cana-de-a&ccedil;&uacute;car da safra de 2017/2018,</FONT> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8.5pt">&nbsp;</FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 8.5pt">bem</FONT> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8.5pt">&nbsp;</FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 8.5pt">como</FONT> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8.5pt">&nbsp;</FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 8.5pt">suas</FONT> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8.5pt">&nbsp;</FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 8.5pt">respectivas
    ra&iacute;zes</FONT> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8.5pt">&nbsp;</FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 8.5pt">e</FONT> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8.5pt">&nbsp;</FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 8.5pt">subprodutos
    decorrentes do beneficiamento da cana-de-a&ccedil;&uacute;car em quest&atilde;o</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-left: 5pt; text-align: center; vertical-align: middle; padding-right: 5pt"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 8.5pt">[ ]toneladas</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 5pt; padding-right: 5pt"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 8.5pt">a
    totalidade da lavoura pendente de cana-de-a&ccedil;&uacute;car da safra de 2018/2019,</FONT> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8.5pt">&nbsp;</FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 8.5pt">bem</FONT> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8.5pt">&nbsp;</FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 8.5pt">como</FONT> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8.5pt">&nbsp;</FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 8.5pt">suas</FONT> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8.5pt">&nbsp;</FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 8.5pt">respectivas
    ra&iacute;zes</FONT> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8.5pt">&nbsp;</FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 8.5pt">e</FONT> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8.5pt">&nbsp;</FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 8.5pt">subprodutos
    decorrentes do beneficiamento da cana-de-a&ccedil;&uacute;car em quest&atilde;o</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-left: 5pt; text-align: center; vertical-align: middle; padding-right: 5pt"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 8.5pt">[ ]toneladas</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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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: 11pt Calibri, Helvetica, Sans-Serif; border-collapse: collapse">
<TR>
    <TD STYLE="vertical-align: top; width: 20%; border: black 1pt solid; background-color: #BFBFBF; text-align: center; padding-left: 0"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 9pt">Fazenda/Im&oacute;vel
    </FONT><FONT STYLE="font-size: 9pt"><BR>
    <FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">onde a Lavoura encontra-ser&aacute; plantada</FONT></FONT></TD>
    <TD STYLE="width: 27%; border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: silver; padding-left: 0; text-align: center"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 9pt">Matr&iacute;culas</FONT></TD>
    <TD STYLE="width: 15%; border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: silver; padding-left: 0; text-align: center"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 9pt">CRI</FONT></TD>
    <TD STYLE="width: 18%; border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: silver; padding-left: 0; text-align: center"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 9pt">Contrato
    de</FONT><FONT STYLE="font-size: 9pt"><BR>
    <FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">Parceria</FONT></FONT></TD>
    <TD STYLE="width: 20%; border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: silver; padding-left: 0; text-align: center"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 9pt">&Aacute;reas</FONT><FONT STYLE="font-size: 9pt"><BR>
    <FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">Empenhadas</FONT><BR>
    <FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">(h&aacute;)</FONT></FONT></TD></TR>
<TR>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding: 15pt 0; text-align: center"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 9pt">[</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">&nbsp;&nbsp;</FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 9pt">]</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding: 15pt 0; text-align: center"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 9pt">[
    ]</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding: 15pt 0; text-align: center"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 9pt">[
    ]</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding: 15pt 0; text-align: center"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 9pt">[
    ]</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding: 15pt 0; text-align: center"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 9pt">[</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">&nbsp;&nbsp;</FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 9pt">]</FONT></TD></TR>
<TR>
    <TD COLSPAN="3" STYLE="vertical-align: top; border-right: black 1pt solid; padding-left: 0; padding-top: 5pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #D8D8D8; padding-left: 0; padding-top: 5pt"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 9pt">TOTAL</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #D8D8D8; text-align: right; padding-left: 0; padding-top: 5pt"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 9pt">[
    </FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">&nbsp;</FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 9pt">]</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 9pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center">ANEXO II</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 9pt Verdana, Helvetica, Sans-Serif; margin: 0pt 0 0pt 153.9pt; text-indent: -123.25pt">DESCRI&Ccedil;&Atilde;O
DAS UNIDADES INDUSTRIAIS ONDE FICAR&Aacute; ARMAZENADO O A&Ccedil;&Uacute;CAR E/OU ETANOL</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" ALIGN="CENTER" STYLE="width: 80%; font: 11pt Calibri, Helvetica, Sans-Serif; border-collapse: collapse">
<TR>
    <TD STYLE="width: 33%; border: black 1pt solid; padding: 2pt">
        <P STYLE="font: 9pt Verdana, Helvetica, Sans-Serif; margin: 0pt 0 0pt 22.75pt; text-align: center">Localiza&ccedil;&atilde;o das</P>
        <P STYLE="font: 6pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center">&nbsp;</P>
        <P STYLE="font: 9pt Verdana, Helvetica, Sans-Serif; margin: 0pt 0 0pt 9.15pt; text-align: center">Unidades Industriais</P></TD>
    <TD STYLE="width: 33%; border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; padding: 2pt; text-align: center; vertical-align: middle"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 9pt">Bem Empenhado</FONT></TD>
    <TD STYLE="width: 34%; border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; padding: 2pt; text-align: center; vertical-align: middle">
        <P STYLE="font: 9pt Verdana, Helvetica, Sans-Serif; margin: 0pt 0 0pt 12.15pt">Quantidade do Bem</P>
        <P STYLE="font: 6pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>
        <P STYLE="font: 9pt Verdana, Helvetica, Sans-Serif; margin: 0pt 0 0pt 33.15pt">Empenhado</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD ROWSPAN="2" STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding: 2pt; text-align: center"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 9pt">[Adecoagro</FONT> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">&nbsp;</FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 9pt">Vale do Ivinhema</FONT> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">&nbsp;</FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 9pt">S.A., Unidade Ang&eacute;lica,</FONT> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">&nbsp;</FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 9pt">localizada</FONT> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">&nbsp;</FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 9pt">na cidade de Ang&eacute;lica, Estado de Mato Grosso do Sul, na Estrada Continental,</FONT> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">&nbsp;</FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 9pt">km 15, Fazenda</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">&nbsp;&nbsp;</FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 9pt">Takuar&ecirc;,</FONT> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">&nbsp;</FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 9pt">s/n. Zona Rural, inscrita no CNPJ/MF sob n&ordm; 07.903.169/0001-09]</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding: 2pt; text-align: center; vertical-align: middle"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 9pt">A&ccedil;&uacute;car [VHP/Cristal]</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding: 2pt; text-align: center; vertical-align: middle"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 9pt">[</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">&nbsp;&nbsp;</FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 9pt">]</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding: 2pt; text-align: center; vertical-align: middle">
        <P STYLE="font: 9pt Verdana, Helvetica, Sans-Serif; margin: 0pt 0">Etanol</P>
        <P STYLE="font: 6pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>
        <P STYLE="font: 9pt Verdana, Helvetica, Sans-Serif; margin: 0pt 0">[Anidro/Hidratado]</P></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding: 2pt; text-align: center; vertical-align: middle"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 9pt">[</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">&nbsp;&nbsp;</FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 9pt">]</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD ROWSPAN="2" STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding: 2pt; text-align: center"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 9pt">[Adecoagro</FONT> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">&nbsp;</FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 9pt">Vale do Ivinhema</FONT> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">&nbsp;</FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 9pt">S.A., Unidade Ivinhema,</FONT> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">&nbsp;</FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 9pt">localizada</FONT> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">&nbsp;</FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 9pt">na cidade de Ivinhema, Estado de Mato Grosso do Sul, na Rodovia 141, KM 10, Fazenda</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">&nbsp;&nbsp;</FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 9pt">Carmen, s/n, Zona Rural, inscrita no CNPJ/MF</FONT> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">&nbsp;</FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 9pt">sob n&ordm; 07.903.169/0017-68]</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding: 2pt; text-align: center; vertical-align: middle"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 9pt">A&ccedil;&uacute;car [VHP/Cristal]</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding: 2pt; text-align: center; vertical-align: middle"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 9pt">[</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">&nbsp;&nbsp;</FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 9pt">]</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding: 2pt; text-align: center; vertical-align: middle">
        <P STYLE="font: 9pt Verdana, Helvetica, Sans-Serif; margin: 0pt 0">Etanol</P>
        <P STYLE="font: 6pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>
        <P STYLE="font: 9pt Verdana, Helvetica, Sans-Serif; margin: 0pt 0">[Anidro/Hidratado]</P></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding: 2pt; text-align: center; vertical-align: middle"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 9pt">[</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">&nbsp;&nbsp;</FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 9pt">]</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 9pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center">ANEXO III</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 9pt Verdana, Helvetica, Sans-Serif; margin: 0pt 0 0pt 27.05pt; text-align: center; text-indent: 0.3pt">MODELO DE
INSTRUMENTO DE ADITAMENTO AO INSTRUMENTO</P>

<P STYLE="font: 9pt Verdana, Helvetica, Sans-Serif; margin: 0pt 0 0pt 27.05pt; text-align: center; text-indent: 0.3pt">PARTICULAR DE PENHOR AGR&Iacute;COLA E MERCANTIL DE CANA-DE-A&Ccedil;&Uacute;CAR</P>

<P STYLE="font: 9pt Verdana, Helvetica, Sans-Serif; margin: 0pt 0 0pt 27.05pt; text-align: center; text-indent: 0.3pt">&nbsp;</P>

<P STYLE="font: 9pt Verdana, Helvetica, Sans-Serif; margin: 0pt 0 0pt 24.5pt; text-align: justify">Pelo presente instrumento:</P>

<P STYLE="font: 9pt Verdana, Helvetica, Sans-Serif; margin: 0pt 0 0pt 24.5pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 9pt Verdana, Helvetica, Sans-Serif; margin: 0pt 0 0pt 24.5pt; text-align: justify">ADECOAGRO VALE DO
IVINHEMA S.A., sociedade an&ocirc;nima 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, doravante
denominada &ldquo;EMPENHANTE&rdquo;; e</P>

<P STYLE="font: 9pt Verdana, Helvetica, Sans-Serif; margin: 0pt 0 0pt 24.5pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 9pt Verdana, Helvetica, Sans-Serif; margin: 0pt 0 0pt 24.5pt; text-align: justify">ING BANK N.V.,
institui&ccedil;&atilde;o financeira constitu&iacute;da de acordo com as leis da Holanda, com sede na cidade de
Amsterd&atilde;, em Bijlmerplein 888 (ING House), 1102 MG, neste ato representada nos termos de seus documentos
constitutivos, doravante denominado &ldquo;CREDOR PIGNORAT&Iacute;CIO&rdquo;, e, em conjunto com a EMPENHANTE, as
&ldquo;PARTES&rdquo;;</P>

<P STYLE="font: 9pt Verdana, Helvetica, Sans-Serif; margin: 0pt 0 0pt 24.5pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 9pt Verdana, Helvetica, Sans-Serif; margin: 0pt 0 0pt 24.5pt; text-align: justify">ING BANK N.V., FILIAL DE S&Atilde;O
PAULO, institui&ccedil;&atilde;o financeira devidamente organizada e constitu&iacute;da segundo as leis da Holanda, neste ato representado
por sua filial localizada em S&atilde;o Paulo, a qual &eacute; devidamente organizada e constitu&iacute;da segundo as leis da Rep&uacute;blica
Federativa do Brasil e com endere&ccedil;o localizado na Av. Presidente Juscelino Kubitschek, 510, 3&ordm; andar, na Cidade de
S&atilde;o Paulo, Estado de S&atilde;o Paulo, CNPJ/MF n&ordm; 49.336.860/0001-90, na qualidade de credor fiduci&aacute;rio e agente
administrativo e de garantia local, atuando em benef&iacute;cio dos CREDORES, conforme abaixo definidos (&ldquo;AGENTE DE GARANTIA&rdquo;);
e</P>

<P STYLE="font: 9pt Verdana, Helvetica, Sans-Serif; margin: 0pt 0 0pt 24.5pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 9pt Verdana, Helvetica, Sans-Serif; margin: 0pt 0 0pt 24.5pt; text-align: justify">LEONARDO RA&Uacute;L BERRIDI,
brasileiro, casado, engenheiro, residente e domiciliado na Cidade de S&atilde;o Paulo, Estado de S&atilde;o Paulo, com escrit&oacute;rio
na Rua Iguatemi, n&deg; 192, 12&ordm; andar, Itaim Bibi, CEP 01451-010, portador da C&eacute;dula de Identidade n&ordm; 58.831.136-4
e inscrito no CPF sob n&ordm;. 231.115.108-83, doravante denominado &ldquo;FIEL DEPOSIT&Aacute;RIO&rdquo;.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24.5pt; text-align: justify">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24.5pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 9pt Verdana, Helvetica, Sans-Serif; margin: 0pt 0 0pt 24.5pt; text-align: justify">CONSIDERANDO QUE:</P>

<P STYLE="font: 9pt Verdana, Helvetica, Sans-Serif; margin: 0pt 0 0pt 24.5pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 9pt Verdana, Helvetica, Sans-Serif; margin: 0pt 0 0pt 24.5pt; text-align: justify">(1) em garantia das obriga&ccedil;&otilde;es
principais e acess&oacute;rias assumidas pela EMPENHANTE sob o contrato de financiamento na modalidade de recebimento antecipado
&agrave; exporta&ccedil;&atilde;o denominado &ldquo;Export Prepayment Finance Agreement&rdquo; (&ldquo;Contrato de Pr&eacute;-pagamento
de Exporta&ccedil;&atilde;o&rdquo;), nos termos da qual a EMPENHANTE concordou em tomar d&iacute;vida no valor total de US$[ ]
([ ]),equivalentes, para fins de refer&ecirc;ncia, a R$[ ] ([ ]), com base na taxa de c&acirc;mbio de US$1/R$[ ], utilizando-se
da Taxa de Convers&atilde;o , na data de [ ] de [ ] de 2014, a EMPENHANTE empenhou em favor dos CREDORES, por meio do CREDOR PIGNORAT&Iacute;CIO,
a totalidade das lavouras de cana-de-a&ccedil;&uacute;car das safras de 2016/2017, 2017/2018 e 2018/2019, as quais representar&atilde;o
uma quantidade estimada de [ ] toneladas de cana-de-a&ccedil;&uacute;car, respectivamente ressalvados os direitos dos CREDORES,
por meio do CREDOR PIGNORAT&Iacute;CIO, na qualidade de credor solid&aacute;rio com os demais CREDORES, decorrentes do artigo 1.443,
do C&oacute;digo Civil, no tocante &agrave; prioridade sobre a safra subsequente, qual seja, 2019/2020, na hip&oacute;tese de a
EMPENHANTE n&atilde;o ter cumprido a integralidade de suas obriga&ccedil;&otilde;es ou frustrarem-se ou se tornarem insuficientes
as safras ali empenhadas, bem como sobre os seus produtos transformados (a&ccedil;&uacute;car e/ou etanol), bem como suas respectivas
ra&iacute;zes e subprodutos decorrentes do beneficiamento da cana-de-a&ccedil;&uacute;car em quest&atilde;o, todos livres e desembara&ccedil;ados
de quaisquer &ocirc;nus (&ldquo;BENS EMPENHADOS&rdquo;), por meio do Instrumento Particular de Penhor Agr&iacute;cola e Mercantil
de Cana-de-A&ccedil;&uacute;car celebrado em [ ] de [ ] de 2014 (&ldquo;CONTRATO DE PENHOR&rdquo;);</P>

<P STYLE="font: 9pt Verdana, Helvetica, Sans-Serif; margin: 0pt 0 0pt 24.5pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 9pt Verdana, Helvetica, Sans-Serif; margin: 0pt 0 0pt 24.5pt; text-align: justify">(2) nos termos da Cl&aacute;usula
4.1 e seguintes do CONTRATO DE PENHOR, a EMPENHANTE comprometeu-se a aditar referido instrumento para refor&ccedil;ar a garantia
ali constitu&iacute;da, por meio da consitui&ccedil;&atilde;o de penhor sobre novas lavouras, caso a mesma n&atilde;o observasse
o VALOR M&Iacute;NIMO (conforme definido no CONTRATO DE PENHOR); e</P>

<P STYLE="font: 9pt Verdana, Helvetica, Sans-Serif; margin: 0pt 0 0pt 24.5pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 9pt Verdana, Helvetica, Sans-Serif; margin: 0pt 0 0pt 24.5pt; text-align: justify">(3) os CREDORES PIGNORAT&Iacute;CIOS
est&atilde;o de acordo com o refor&ccedil;o da garantia constitu&iacute;da sob o CONTRATO DE PENHOR;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 9pt Verdana, Helvetica, Sans-Serif; margin: 0pt 0 0pt 24.5pt; text-align: justify">RESOLVEM, ASSIM, a EMPENHANTE
e o CREDOR PIGNORAT&Iacute;CIO (&ldquo;Partes&rdquo;) celebrar este Instrumento de Aditamento ao Instrumento Particular de Penhor
Agr&iacute;cola e Mercantil de Cana-De-A&ccedil;&uacute;car (&ldquo;ADITAMENTO&rdquo;), que se reger&aacute; pelos seguintes termos
e condi&ccedil;&otilde;es:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24.5pt; text-align: justify">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24.5pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 9pt Verdana, Helvetica, Sans-Serif; margin: 0pt 0 0pt 24.5pt; text-align: justify">Cl&aacute;usula 1&ordf; - Para
fins deste Aditamento, todos os termos iniciados em letras mai&uacute;sculas, n&atilde;o definidos neste Aditivo, t&ecirc;m o significado
a eles atribu&iacute;dos no CONTRATO DE PENHOR.</P>

<P STYLE="font: 9pt Verdana, Helvetica, Sans-Serif; margin: 0pt 0 0pt 24.5pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 9pt Verdana, Helvetica, Sans-Serif; margin: 0pt 0 0pt 24.5pt; text-align: justify">Cl&aacute;usula 2&ordf; &ndash;
Em vista da constitui&ccedil;&atilde;o de penhor as novas lavouras a serem empenhadas pela EMPENHANTE, em favor do CREDOR PRIGNORAT&Iacute;CIO,
as quais incorporar-se-&atilde;o automaticamente ao penhor e passar&atilde;o, para todos os fins de direito, a integrar a defini&ccedil;&atilde;o
de &ldquo;BENS EMPENHADOS&rdquo;, as Partes decidem alterar a reda&ccedil;&atilde;o da Cl&aacute;usula 1.1 do CONTRATO DE PENHOR,
assim como o Anexo I do referido contrato.</P>

<P STYLE="font: 9pt Verdana, Helvetica, Sans-Serif; margin: 0pt 0 0pt 24.5pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 9pt Verdana, Helvetica, Sans-Serif; margin: 0pt 0 0pt 24.5pt; text-align: justify">Cl&aacute;usula 3&ordf; &ndash;
Em vista do acima exposto, a Cl&aacute;usula 1.1. do CONTRATO DE PENHOR passa a ter a seguinte reda&ccedil;&atilde;o:</P>

<P STYLE="font: 9pt Verdana, Helvetica, Sans-Serif; margin: 0pt 0 0pt 24.5pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 9pt Verdana, Helvetica, Sans-Serif; margin: 0pt 0 0pt 24.5pt; text-align: justify">&ldquo;1.1. De acordo com o
aqui disposto, a fim de garantir o fiel e tempestivo cumprimento de todas as obriga&ccedil;&otilde;es da EMPENHANTE nos termos
do Contrato de Pr&eacute;-pagamento de Exporta&ccedil;&atilde;o (&ldquo;OBRIGA&Ccedil;&Otilde;ES GARANTIDAS&rdquo;), a EMPENHANTE
neste ato empenha aos CREDORES, representados pelo CREDOR PIGNORAT&Iacute;CIO, na qualidade de credor solid&aacute;rio dos CREDORES,
a totalidade das lavouras de cana-de-a&ccedil;&uacute;car das safras de 2016/2017, 2017/2018 e 2018/2019. (&ldquo;Lavouras&rdquo;),
conforme especificado no Anexo I ao presente Instrumento, as quais representar&atilde;o uma quantidade estimada de [&bull;] toneladas
de cana-de-a&ccedil;&uacute;car, respectivamente, bem como suas respectivas ra&iacute;zes (as quais foram e ser&atilde;o plantadas
nos im&oacute;veis descritos no Anexo I ao presente Instrumento, com &aacute;rea total correspondente a [&bull;] ha por safra e
subprodutos decorrentes do beneficiamento da cana-de-a&ccedil;&uacute;car em quest&atilde;o, todos livres e desembara&ccedil;ados
de quaisquer &ocirc;nus (os &ldquo;BENS EMPENHADOS&rdquo;). O penhor constitu&iacute;do por este Instrumento gravar&aacute; cont&iacute;nua
e ininterruptamente todos os BENS EMPENHADOS at&eacute; a satisfa&ccedil;&atilde;o total das OBRIGA&Ccedil;&Otilde;ES GARANTIDAS
e ser&aacute; regido pelos artigos 1.438, 1.442 al&iacute;neas II e III, 1.447 e seguintes do C&oacute;digo Civil Brasileiro (Lei
n&ordm; 10.406, de 10 de janeiro de 2002, conforme alterada).&rdquo;</P>

<P STYLE="font: 9pt Verdana, Helvetica, Sans-Serif; margin: 0pt 0 0pt 24.5pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 9pt Verdana, Helvetica, Sans-Serif; margin: 0pt 0 0pt 24.5pt; text-align: justify">Cl&aacute;usula 4&ordf; &ndash;
Adicionalmente, as Partes expressamente concordam em substituir o Anexo I originalmente anexo ao Contrato de Penhor pelo novo Anexo
I, anexo ao presente aditamento na forma de Anexo A, que inteiramente altera e</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24.5pt; text-align: justify">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24.5pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 9pt Verdana, Helvetica, Sans-Serif; margin: 0pt 0 0pt 24.5pt; text-align: justify">substitui a rela&ccedil;&atilde;o
dos BENS EMPENHADOS entregues pela EMPENHANTE ao CREDOR PGNORAT&Iacute;CIO nos termos do Contrato de Penhor.</P>

<P STYLE="font: 9pt Verdana, Helvetica, Sans-Serif; margin: 0pt 0 0pt 24.5pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 9pt Verdana, Helvetica, Sans-Serif; margin: 0pt 0 0pt 24.5pt; text-align: justify">Cl&aacute;usula 5&ordf; &ndash;
Nos termos da Cl&aacute;usula XII do Contrato de Penhor, a EMPENHANTE obriga-se a levar a efeito e registrar o presente Aditamento,
nos cart&oacute;rios competentes e &agrave; margem do registro do Contrato de Penhor, no prazo de 40 (quarenta) dias corridos contados
a partir da presente data, devendo encaminhar uma via original do instrumento registrado ao AGENTE DE GARANTIA, no prazo de 5 (cinco)
dias &uacute;teis a contar da data do &uacute;ltimo registro.</P>

<P STYLE="font: 9pt Verdana, Helvetica, Sans-Serif; margin: 0pt 0 0pt 24.5pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 9pt Verdana, Helvetica, Sans-Serif; margin: 0pt 0 0pt 24.5pt; text-align: justify">Cl&aacute;usula 6&ordf; - Todos
os demais termos e condi&ccedil;&otilde;es do Contrato de Penhor n&atilde;o expressamente alterados ou modificados por este Aditamento
est&atilde;o, atrav&eacute;s deste e na presente data, integralmente ratificados pelas Partes e dever&atilde;o permanecer em pleno
vigor e efeito conforme previsto no Contrato de Penhor.</P>

<P STYLE="font: 9pt Verdana, Helvetica, Sans-Serif; margin: 0pt 0 0pt 24.5pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 9pt Verdana, Helvetica, Sans-Serif; margin: 0pt 0 0pt 24.5pt; text-align: justify">Cl&aacute;usula 7&ordf; - O
presente ADITAMENTO ser&aacute; regido pelas leis da Rep&uacute;blica</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 9pt Verdana, Helvetica, Sans-Serif; margin: 0pt 0 0pt 24.5pt; text-align: justify">Federativa do Brasil.</P>

<P STYLE="font: 9pt Verdana, Helvetica, Sans-Serif; margin: 0pt 0 0pt 24.5pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 9pt Verdana, Helvetica, Sans-Serif; margin: 0pt 0 0pt 24.5pt; text-align: justify">Cl&aacute;usula 8&ordf; - As
partes elegem o foro da cidade de S&atilde;o Paulo, Estado de S&atilde;o Paulo, com exclus&atilde;o de todos os outros, por mais
privilegiados que sejam, para dirimir quaisquer quest&otilde;es decorrentes do presente ADITAMENTO.</P>

<P STYLE="font: 9pt Verdana, Helvetica, Sans-Serif; margin: 0pt 0 0pt 24.5pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 9pt Verdana, Helvetica, Sans-Serif; margin: 0pt 0 0pt 24.5pt; text-align: justify">E, por estarem assim justas
e contratadas, as partes assinam o presente Aditamento em 03 (tr&ecirc;s) vias de igual forma e teor, para um s&oacute; efeito,
na presen&ccedil;a das 2 (duas) testemunhas abaixo.</P>

<P STYLE="font: 9pt Verdana, Helvetica, Sans-Serif; margin: 0pt 0 0pt 24.5pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 9pt Verdana, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center">S&atilde;o Paulo, [&bull;] de [&bull;] de
[&bull;].</P>

<P STYLE="font: 9pt Verdana, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 9pt Verdana, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"></P>

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<P STYLE="font: 9pt Verdana, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 9pt Verdana, Helvetica, Sans-Serif; margin: 0pt 0 0pt 24.5pt; text-align: justify">(p&aacute;gina de assinaturas
do Instrumento de Aditamento ao Instrumento Particular de Penhor Agr&iacute;cola e Mercantil de Cana-de-A&ccedil;&uacute;car, por
e entre Adecoagro Vale do Ivinhema S.A., ING Bank N.V., ING Bank N.V. - Filial de S&atilde;o Paulo e Leonardo Ra&uacute;l Berridi,
celebrado em [&bull;] de [&bull;] de 2014)</P>

<P STYLE="font: 9pt Verdana, Helvetica, Sans-Serif; margin: 0pt 0 0pt 24.5pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 9pt Verdana, Helvetica, Sans-Serif; margin: 0pt 0 0pt 24.5pt; text-align: justify">Adecoagro Vale do Ivinhema S.A.</P>

<P STYLE="font: 9pt Verdana, Helvetica, Sans-Serif; margin: 0pt 0 0pt 24.5pt; text-align: justify">&nbsp;</P>

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    <TD STYLE="width: 10%"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 40%; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 10%"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 5pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 5pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 5pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 5pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 9pt">Nome:</FONT></TD>
    <TD><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 9pt">Nome:</FONT></TD>
    <TD><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 5pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 5pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 5pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 5pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 9pt">Cargo:</FONT></TD>
    <TD><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 9pt">Cargo:</FONT></TD>
    <TD><FONT STYLE="font-size: 9pt">&nbsp;</FONT></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 0pt 24.5pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 9pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0 0pt 24.5pt; text-align: justify"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">ING
Bank</FONT> N.V.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24.5pt; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; width: 95%; border-collapse: collapse; margin-left: 24.5pt">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 40%; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 10%"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 40%; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 10%"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD></TR>
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    <TD><FONT STYLE="font-size: 5pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 5pt">&nbsp;</FONT></TD>
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<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 9pt">Nome:</FONT></TD>
    <TD><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 9pt">Nome:</FONT></TD>
    <TD><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 5pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 5pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 5pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 5pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 9pt">Cargo:</FONT></TD>
    <TD><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 9pt">Cargo:</FONT></TD>
    <TD><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD></TR>
</TABLE>
<P STYLE="font: 9pt Verdana, Helvetica, Sans-Serif; margin: 0pt 0 0pt 24.5pt">&nbsp;</P>

<P STYLE="font: 9pt Verdana, Helvetica, Sans-Serif; margin: 0pt 0 0pt 24.5pt">ING Bank N.V., filial S&atilde;o Paulo</P>

<P STYLE="font: 9pt Verdana, Helvetica, Sans-Serif; margin: 0pt 0 0pt 24.5pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; width: 95%; border-collapse: collapse; margin-left: 24.5pt">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 40%; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 10%"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 40%; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 10%"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 5pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 5pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 5pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 5pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 9pt">Nome:</FONT></TD>
    <TD><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 9pt">Nome:</FONT></TD>
    <TD><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 5pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 5pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 5pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 5pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 9pt">Cargo:</FONT></TD>
    <TD><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 9pt">Cargo:</FONT></TD>
    <TD><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD></TR>
</TABLE>
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<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; width: 95%; border-collapse: collapse; margin-left: 25.4pt">
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="text-align: justify"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 9pt">LEONARDO</FONT><FONT STYLE="font-size: 9pt">&nbsp;<FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">RA&Uacute;L</FONT>&nbsp;<FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">BERRIDI</FONT></FONT></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="text-align: justify"><FONT STYLE="font-size: 5pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 5pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid; text-align: justify; width: 7%">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: justify; width: 30%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD STYLE="text-align: justify; width: 63%">&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 9pt Verdana, Helvetica, Sans-Serif; margin: 0pt 0 0pt 24.5pt">Testemunhas:</P>

<P STYLE="font: 9pt Verdana, Helvetica, Sans-Serif; margin: 0pt 0 0pt 24.5pt">&nbsp;</P>

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<TR STYLE="vertical-align: top">
    <TD STYLE="width: 7%"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 9pt">1.-</FONT></TD>
    <TD STYLE="width: 30%; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="width: 10%">&nbsp;</TD>
    <TD STYLE="width: 7%"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 9pt">2.-</FONT></TD>
    <TD STYLE="width: 30%; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="width: 16%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 5pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 5pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 5pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 5pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 5pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 5pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 9pt">Nome</FONT> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">&nbsp;</FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 9pt">:</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 9pt">Nome:</FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 9pt">RG:</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 9pt">RG:</FONT></TD>
    <TD>&nbsp;</TD></TR>
</TABLE>
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<P STYLE="font: 9pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">ANEXO
A AO INSTRUMENTO DE ADITAMENTO AO INSTRUMENTO</FONT></P>

<P STYLE="font: 9pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">PARTICULAR DE PENHOR AGR&Iacute;COLA E MERCANTIL DE CANA-DE-A&Ccedil;&Uacute;CAR</FONT><BR>
<FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">MODELO DE ANEXO I RELA&Ccedil;&Atilde;O</FONT></P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 9pt Verdana, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center">DOS BENS EMPENHADOS</P>

<P STYLE="font: 9pt Verdana, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 9pt Verdana, Helvetica, Sans-Serif; margin: 0pt 0 0pt 45.5pt; text-align: justify">EMPENHANTE: Adecoagro Vale do Ivinhema S.A. sociedade
an&ocirc;nima 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;</P>

<P STYLE="font: 9pt Verdana, Helvetica, Sans-Serif; margin: 0pt 0 0pt 45.5pt">07.903.169/0001-09.</P>

<P STYLE="font: 9pt Verdana, Helvetica, Sans-Serif; margin: 0pt 0 0pt 45.5pt">&nbsp;</P>

<P STYLE="font: 9pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0 0pt 45.5pt"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">1.</FONT>
<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">Descri&ccedil;&atilde;o
dos BENS EMPENHADOS:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 91%; font: 11pt Calibri, Helvetica, Sans-Serif; border-collapse: collapse; margin-left: 45.5pt">
<TR STYLE="vertical-align: top; background-color: #E5E5E5">
    <TD STYLE="width: 70%; border-top: black 1.5pt solid; border-right: black 1pt solid; border-bottom: black 1.5pt solid; border-left: black 1pt solid; padding-left: 75.8pt; text-align: center; vertical-align: middle"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 9pt">Descri&ccedil;&atilde;o dos</FONT> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">&nbsp;</FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 9pt">bens (&ldquo;Lavouras&rdquo;)</FONT></TD>
    <TD STYLE="width: 30%; border-top: black 1.5pt solid; border-right: black 1pt solid; border-bottom: black 1.5pt solid; text-align: center; vertical-align: middle"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 9pt">Quantidade</FONT><BR>
<FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 9pt">estimada de</FONT> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">&nbsp;</FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 9pt">cana-</FONT><BR>
<FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 9pt">de-a&ccedil;&uacute;car</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 8.6pt"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 9pt">a</FONT> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">&nbsp;</FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8.5pt">totalidade
    &nbsp;da &nbsp;lavoura &nbsp;pendente &nbsp;de &nbsp;cana-de-a&ccedil;&uacute;car &nbsp;da &nbsp;safra &nbsp;de
    2015/2016,&nbsp;&nbsp;&nbsp;bem&nbsp;&nbsp;&nbsp;como&nbsp;&nbsp;&nbsp;suas&nbsp;&nbsp;&nbsp;respectivas&nbsp;&nbsp;&nbsp;ra&iacute;zes&nbsp;&nbsp;&nbsp;e&nbsp;&nbsp;&nbsp;subprodutos
    decorrentes do beneficiamento da cana-de-a&ccedil;&uacute;car em quest&atilde;o</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center; vertical-align: middle"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 9pt">[</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">&nbsp;&nbsp;</FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 9pt">] kg</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 8.6pt"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 9pt">a</FONT> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">&nbsp;</FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8.5pt">totalidade
    &nbsp;da &nbsp;lavoura &nbsp;pendente &nbsp;de &nbsp;cana-de-a&ccedil;&uacute;car &nbsp;da &nbsp;safra &nbsp;de
    2016/2017,&nbsp;&nbsp;&nbsp;bem&nbsp;&nbsp;&nbsp;como&nbsp;&nbsp;&nbsp;suas&nbsp;&nbsp;&nbsp;respectivas&nbsp;&nbsp;&nbsp;ra&iacute;zes&nbsp;&nbsp;&nbsp;e&nbsp;&nbsp;&nbsp;subprodutos
    decorrentes do beneficiamento da cana-de-a&ccedil;&uacute;car em quest&atilde;o</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center; vertical-align: middle"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 9pt">[</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">&nbsp;&nbsp;</FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 9pt">] kg</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: black 1pt solid; border-bottom: #E5E5E5 1pt solid; border-left: black 1pt solid; padding-left: 8.6pt"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 9pt">a</FONT> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">&nbsp;</FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8.5pt">totalidade
    &nbsp;da &nbsp;lavoura &nbsp;pendente &nbsp;de &nbsp;cana-de-a&ccedil;&uacute;car &nbsp;da &nbsp;safra &nbsp;de2
    017/2018,&nbsp;&nbsp;&nbsp;bem&nbsp;&nbsp;&nbsp;como&nbsp;&nbsp;&nbsp;suas&nbsp;&nbsp;&nbsp;respectivas&nbsp;&nbsp;&nbsp;ra&iacute;zes&nbsp;&nbsp;&nbsp;e&nbsp;&nbsp;&nbsp;subprodutos
    decorrentes do beneficiamento da cana-de-a&ccedil;&uacute;car em quest&atilde;o</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: #E5E5E5 1pt solid; text-align: center; vertical-align: middle"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 9pt">[</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">&nbsp;&nbsp;</FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 9pt">] kg</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: #E5E5E5">
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 34.05pt; text-decoration: underline"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 9pt"><U>Total:</U></FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center; vertical-align: middle"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 9pt">[</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">&nbsp;&nbsp;</FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 9pt">] kg</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 11pt Calibri, Helvetica, Sans-Serif; border-collapse: collapse">
<TR>
    <TD STYLE="width: 20%; border: black 1pt solid; background-color: #BFBFBF; text-align: center"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 9pt">Fazenda/Im&oacute;vel</FONT><BR>
<FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 9pt">onde a Lavoura</FONT><BR>
<FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 9pt">encontra-ser&aacute;</FONT><BR>
<FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 9pt">plantada</FONT></TD>
    <TD STYLE="width: 27%; border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: silver; padding-left: 26.1pt; text-align: center"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 9pt">Matr&iacute;culas</FONT></TD>
    <TD STYLE="width: 15%; border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: silver; padding-left: 21.65pt; text-align: center"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 9pt">CRI</FONT></TD>
    <TD STYLE="width: 18%; border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: silver; padding-left: 5.2pt; text-align: center"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 9pt">Contrato de</FONT><BR>
<FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 9pt">Parceria</FONT></TD>
    <TD STYLE="width: 20%; border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: silver; padding-left: 9pt; text-align: center"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 9pt">&Aacute;reas</FONT><BR>
<FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 9pt">Empenhadas</FONT><BR>
<FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 9pt">(h&aacute;)</FONT></TD></TR>
<TR>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-top: 15pt; padding-right: 0; padding-bottom: 15pt">
        <P STYLE="font: 5pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center">&nbsp;</P>
        <P STYLE="font: 9pt Verdana, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center">[ ]</P></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-top: 15pt; padding-right: 0; padding-bottom: 15pt">
        <P STYLE="font: 5pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"></P>
        <P STYLE="font: 9pt Verdana, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center">[ ]</P></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-top: 15pt; padding-right: 0; padding-bottom: 15pt">
        <P STYLE="font: 5pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"></P>
        <P STYLE="font: 9pt Verdana, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center">[ ]</P></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-top: 15pt; padding-right: 0; padding-bottom: 15pt">
        <P STYLE="font: 5pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"></P>
        <P STYLE="font: 9pt Verdana, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center">[ ]</P></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-top: 15pt; padding-right: 0; padding-bottom: 15pt">
        <P STYLE="font: 5pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"></P>
        <P STYLE="font: 9pt Verdana, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center">[ ]</P></TD></TR>
<TR>
    <TD COLSPAN="3" STYLE="vertical-align: top; border-right: black 1pt solid; padding-top: 5pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #D8D8D8; padding-top: 5pt"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 10pt">TOTAL</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #D8D8D8; text-align: right; padding-top: 5pt"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 10pt">[</FONT> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 10pt">]</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 182.2pt; text-align: center; text-indent: -0.1pt">&nbsp;</P>

<P STYLE="font: 9pt Verdana, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center">ANEXO IV</P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 9pt Verdana, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center">PROCURA&Ccedil;&Atilde;O</P>

<P STYLE="font: 9pt Verdana, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 9pt Verdana, Helvetica, Sans-Serif; margin: 0pt 0 0pt 24.5pt; text-align: justify">Pelo presente instrumento particular
de mandato, ADECOAGRO VALE DO IVINHEMA S.A., sociedade an&ocirc;nima 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
(doravante &ldquo;OUTORGANTE&rdquo;), irrevogavelmente nomeia e constitui como seus bastantes procuradores ING BANK N.V., institui&ccedil;&atilde;o
financeira constitu&iacute;da de acordo com as leis da Holanda, com sede na cidade de Amsterd&atilde;, em Bijlmerplein 888 (ING
House), 1102 MG (doravante &ldquo;CREDOR PIGNORAT&Iacute;CIO&rdquo;), e ING BANK N.V., FILIAL DE S&Atilde;O PAULO, institui&ccedil;&atilde;o
financeira devidamente organizada e constitu&iacute;da segundo as leis da Holanda, neste ato representado por sua filial localizada
em S&atilde;o Paulo, a qual &eacute; devidamente organizada e constitu&iacute;da segundo as leis da Rep&uacute;blica Federativa
do Brasil e com endere&ccedil;o localizado na Av. Presidente Juscelino Kubitschek, 510, 3&ordm; andar, na Cidade de S&atilde;o
Paulo, Estado de S&atilde;o Paulo, CNPJ/MF n&ordm; 49.336.860/0001-90 (doravante &ldquo;AGENTE DE GARANTIA&rdquo; e, em conjunto
com o CREDOR PIGNORAT&Iacute;CIO, os &ldquo;OUTORGADOS&rdquo;), de acordo com o Instrumento Particular de Penhor Agr&iacute;cola
e Mercantil de Cana-de-A&ccedil;&uacute;car, datado de [ ] de [ ] de 2014, celebrado entre OUTORGANTE e os OUTORGADOS, dentre outros
(o &ldquo;Contrato de Penhor&rdquo;), conferindo aos OUTORGADOS, irrevog&aacute;vel e irretratavelmente, de acordo com os artigos
684 e 1433, item IV, do C&oacute;digo Civil Brasileiro, poderes gerais e especiais para, em conjunto ou separadamente, no lugar
e em nome do OUTORGANTE, realizar qualquer dos atos mencionados a seguir: 1. praticar, no lugar e em nome do OUTORGANTE, todos
e quaisquer atos que se fizerem necess&aacute;rios ou se tornarem exig&iacute;veis para fazer valer extrajudicialmente o Contrato
de Penhor, inclusive os que seguem: (a) alienar, transferir e excutir os BENS EMPENHADOS (ou qualquer parte destes) ou alienar
de outro modo e entregar os BENS EMPENHADOS ou qualquer parte destes consoante termos e condi&ccedil;&otilde;es que possam ser
considerados convenientes, de acordo com o Contrato de Penhor, e aplicar o produto assim recebido ao pagamento das OBRIGA&Ccedil;&Otilde;ES
GARANTIDAS, de acordo com o Contrato de Penhor; (b) assinar, formalizar e/ou entregar quaisquer instrumentos para a transfer&ecirc;ncia
ou outro tipo de aliena&ccedil;&atilde;o dos BENS EMPENHADOS de acordo com o Contrato de Penhor, e praticar todos os atos correlatos,
inclusive, entre outros, executar quaisquer</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24.5pt; text-align: justify">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24.5pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 9pt Verdana, Helvetica, Sans-Serif; margin: 0pt 0 0pt 24.5pt; text-align: justify">contratos e outros instrumentos
ou acordos e instaurar a&ccedil;&otilde;es com respeito aos BENS EMPENHADOS e representar o OUTORGANTE perante terceiros; 2. assinar,
formalizar e/ou entregar quaisquer documentos e praticar quaisquer atos que se fizerem necess&aacute;rios para o pleno, fiel e
integral cumprimento deste mandato; 3. na medida necess&aacute;ria ao exerc&iacute;cio dos poderes ora conferidos, representar
o OUTORGANTE perante terceiros, institui&ccedil;&otilde;es financeiras e &oacute;rg&atilde;os e autoridades governamentais brasileiros,
nas esferas federal, estadual e municipal, inclusive Tesouro Nacional, Banco Central do Brasil, Juntas Comerciais do Estado de
S&atilde;o Paulo ou autoridades tribut&aacute;rias; e 4. na medida necess&aacute;ria para garantir o aperfei&ccedil;oamento, registro
ou prioridade dos direitos conferidos ao OUTORGADO em rela&ccedil;&atilde;o aos BENS EMPENHADOS, representar o OUTORGANTE perante
qualquer Cart&oacute;rio de Registro de Im&oacute;veis nos quais o Contrato de Penhor ou suas respectivas altera&ccedil;&otilde;es
estejam registrados. O presente instrumento &eacute; lavrado com o fim espec&iacute;fico do cumprimento dos termos do Contrato
de Penhor e ser&aacute; v&aacute;lido pelo per&iacute;odo necess&aacute;rio para que e at&eacute; que as obriga&ccedil;&otilde;es
estabelecidas no Contrato de Penhor sejam cumpridas integralmente pela OUTORGANTE.</P>

<P STYLE="font: 9pt Verdana, Helvetica, Sans-Serif; margin: 0pt 0 0pt 24.5pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 9pt Verdana, Helvetica, Sans-Serif; margin: 0pt 0 0pt 24.5pt; text-align: justify">Os termos grafados em letras
mai&uacute;sculas usados, por&eacute;m, n&atilde;o definidos neste instrumento assumir&atilde;o os significados a eles atribu&iacute;dos
no Contrato de Penhor.</P>

<P STYLE="font: 9pt Verdana, Helvetica, Sans-Serif; margin: 0pt 0 0pt 24.5pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 9pt Verdana, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center">Ang&eacute;lica, [ ] de [ ] de [ ].</P>

<P STYLE="font: 9pt Verdana, Helvetica, Sans-Serif; margin: 0pt 0 0pt 155.8pt; text-align: center">&nbsp;</P>

<P STYLE="font: 9pt Verdana, Helvetica, Sans-Serif; margin: 0pt 0 0pt 24.5pt; text-align: justify">ADECOAGRO VALE DO IVINHEMA S.A.</P>

<P STYLE="font: 9pt Verdana, Helvetica, Sans-Serif; margin: 0pt 0 0pt 24.5pt; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; width: 95%; border-collapse: collapse; margin-left: 24.5pt">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 40%; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 10%"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 40%; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 10%"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 5pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 5pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 5pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 5pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 9pt">Nome:</FONT></TD>
    <TD><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 9pt">Nome:</FONT></TD>
    <TD><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 5pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 5pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 5pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 5pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 9pt">Cargo:</FONT></TD>
    <TD><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 9pt">Cargo:</FONT></TD>
    <TD><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2.7in; text-align: center">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2.7in; text-align: center">&nbsp;</P>

<P STYLE="font: 9pt Verdana, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center">ANEXO V</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" ALIGN="CENTER" STYLE="width: 70%; font: 11pt Calibri, Helvetica, Sans-Serif; border-collapse: collapse">
<TR>
    <TD COLSPAN="2" STYLE="border: black 1pt solid; text-align: center; padding-top: 4pt; padding-bottom: 4pt; padding-left: 0"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 9pt">Per&iacute;odo</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; padding-left: 0; text-align: center; padding-top: 4pt; padding-bottom: 4pt"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 9pt">Valor</FONT><BR>
<FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 9pt">M&iacute;nimo</FONT></TD></TR>
<TR>
    <TD STYLE="width: 45%; border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: center; padding-top: 4pt; padding-bottom: 4pt; padding-left: 0"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 9pt">De</FONT></TD>
    <TD STYLE="width: 42%; border-bottom: black 1pt solid; border-right: black 1pt solid; text-align: center; padding-top: 4pt; padding-bottom: 4pt; padding-left: 0"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 9pt">At&eacute;</FONT></TD>
    <TD STYLE="width: 13%; border-bottom: black 1pt solid; border-right: black 1pt solid; text-align: center; padding-top: 4pt; padding-bottom: 4pt; padding-left: 0">&nbsp;</TD></TR>
<TR>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: center; padding-top: 4pt; padding-bottom: 4pt; padding-left: 0"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 9pt">Primeiro Desembolso</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center; padding-top: 4pt; padding-bottom: 4pt; padding-left: 0"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 9pt">31 de dezembro</FONT> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">&nbsp;</FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 9pt">de 2015</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-left: 0; text-align: center; padding-top: 4pt; padding-bottom: 4pt"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 9pt">37%</FONT></TD></TR>
<TR>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: center; padding-top: 4pt; padding-bottom: 4pt; padding-left: 0"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 9pt">1 de janeiros de 2016</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center; padding-top: 4pt; padding-bottom: 4pt; padding-left: 0"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 9pt">30 de junho de 2016</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-left: 0; text-align: center; padding-top: 4pt; padding-bottom: 4pt"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 9pt">67%</FONT></TD></TR>
<TR>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: center; padding-top: 4pt; padding-bottom: 4pt; padding-left: 0"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 9pt">1 de julho de 2016</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center; padding-top: 4pt; padding-bottom: 4pt; padding-left: 0"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 9pt">30 de setembro de 2016</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-left: 0; text-align: center; padding-top: 4pt; padding-bottom: 4pt"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 9pt">75%</FONT></TD></TR>
<TR>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: center; padding-top: 4pt; padding-bottom: 4pt; padding-left: 0"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 9pt">1 de outubro de 2016</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center; padding-top: 4pt; padding-bottom: 4pt; padding-left: 0"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 9pt">31 de dezembro</FONT> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">&nbsp;</FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 9pt">de 2016</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-left: 0; text-align: center; padding-top: 4pt; padding-bottom: 4pt"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 9pt">84%</FONT></TD></TR>
<TR>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: center; padding-top: 4pt; padding-bottom: 4pt; padding-left: 0"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 9pt">1 de janeiro de 2017</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center; padding-top: 4pt; padding-bottom: 4pt; padding-left: 0"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 9pt">30 de junho de 2017</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-left: 0; text-align: center; padding-top: 4pt; padding-bottom: 4pt"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 9pt">96%</FONT></TD></TR>
<TR>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: center; padding-top: 4pt; padding-bottom: 4pt; padding-left: 0"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 9pt">1 de julho de 2017</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center; padding-top: 4pt; padding-bottom: 4pt; padding-left: 0"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 9pt">Pagamento</FONT> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">&nbsp;</FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 9pt">Integral</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-left: 0; text-align: center; padding-top: 4pt; padding-bottom: 4pt"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 9pt">112%</FONT></TD></TR>
</TABLE>
<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>


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<DOCUMENT>
<TYPE>EX-4.46
<SEQUENCE>5
<FILENAME>t1701194_ex4-46.htm
<DESCRIPTION>EXHIBIT 4.46
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
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<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0; text-align: right"><B>Exhibit 4.46</B></P>

<P STYLE="margin-top: 0; text-align: center; margin-bottom: 0"><B>&nbsp;</B></P>

<P STYLE="font: 18pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>EXPORT PREPAYMENT FACILITY AGREEMENT</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 14pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">by and among</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 14pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>ADECOAGRO VALE DO IVINHEMA S.A</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">&nbsp;</P>

<P STYLE="font: 14pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">as the Borrower,</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 14pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>ADECOAGRO BRASIL PARTICIPA&Ccedil;&Otilde;ES
S.A.,</B></P>

<P STYLE="font: 14pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>ADECO
AGROPECU&Aacute;RIA BRASIL S.A.</B></P>

<P STYLE="font: 14pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">&nbsp;and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">&nbsp;</P>

<P STYLE="font: 14pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>USINA MONTE ALEGRE
LTDA.</B></P>

<P STYLE="font: 14pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">as the Guarantors,</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 14pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>ING CAPITAL LLC</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">&nbsp;</P>

<P STYLE="font: 14pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">&nbsp;</P>

<P STYLE="font: 14pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>RABOBANK CURA&Ccedil;AO N.V.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">&nbsp;</P>

<P STYLE="font: 14pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">as the Mandated Lead Arrangers and Bookrunners,</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 14pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>ING BANK N.V.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">&nbsp;</P>

<P STYLE="font: 14pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">as the Administrative Agent &amp; Collateral
Agent,</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 14pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>ING BANK N.V., S&Atilde;O PAULO BRANCH</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 14pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">as the Brazilian Collateral Agent</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 14pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 14pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>THE LENDERS</B></P>

<P STYLE="font: 14pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">hereto</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 14pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">August 3, 2015</P>

<P STYLE="font: 14pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">EXECUTION VERSION</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt"><B>EXPORT PREPAYMENT FINANCE AGREEMENT</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 5.1pt; text-align: justify"><B>EXPORT PREPAYMENT
FINANCE AGREEMENT</B> dated as of August 3, 2015 (the &ldquo;<B>Execution Date</B>&rdquo;) 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. <FONT STYLE="font-size: 12pt">07.903.169/0001-09 (the
&ldquo;<B>Borrower</B>&rdquo;); 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
(&ldquo;<B>Participa&ccedil;&otilde;es</B>&rdquo;); Adeco Agropecu&aacute;ria Brasil S.A., a Brazilian corporation with its
headquarters at Rua Burle Marx, n&ordm; 603, Quadra 11, Lote 12A, Salas 06 e 07, Jardim Para&iacute;so, in the city of Luis
Eduardo Magalh&atilde;es, state of Bahia, Brazil, enrolled with the Brazilian Corporate Taxpayer Registry (CNPJ/MF) under No.
07.035.004/0001-54 (&ldquo;<B>Agropecu&aacute;ria</B>&rdquo;); 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&nbsp;Minas&nbsp;Gerais,&nbsp;Brazil, enrolled with the Brazilian Corporate Taxpayer
Registry (CNPJ/MF) under No. 22.587.687/0001-46 (&ldquo;<B>Monte Alegre</B>&rdquo; and together with
Participa&ccedil;&otilde;es and Agropecu&aacute;ria, each a &ldquo;<B>Guarantor</B>&rdquo; and collectively, the
&ldquo;<B>Guarantors</B>&rdquo;); 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 &ldquo;<B>Administrative Agent</B>&rdquo;) and in the capacity of Collateral Agent
for the Lenders (the &ldquo;<B>Collateral Agent</B>&rdquo;); 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</FONT><FONT STYLE="font-size: 8pt">rd</FONT> <FONT STYLE="font-size: 12pt">floor, S&atilde;o Paulo, SP, Brazil (the
&ldquo;<B>Brazilian Collateral Agent</B>&rdquo;); 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 &ldquo;<B>Lead Arrangers</B>&rdquo; and individually, each a &ldquo;<B>Lead Arranger</B>&rdquo;); and the
lenders listed on the signature pages hereof and each lender that becomes a
&ldquo;Lender&rdquo; after the Execution Date pursuant to Section 11.1 hereof (individually, a
&ldquo;<B>Lender</B>&rdquo; and, collectively, the &ldquo;<B>Lenders</B>&rdquo;).</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 5.1pt; text-align: justify"><B>WHEREAS:</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 5.1pt"></TD><TD STYLE="width: 36pt"><B>A</B>.</TD><TD STYLE="text-align: justify">The Borrower desires to obtain loans in the aggregate principal amount of up to US$110,000,000.00
(One Hundred and Ten Million Dollars) which the Borrower will repay through the proceeds of exports of Goods (as defined below).</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 5.1pt"></TD><TD STYLE="width: 36pt"><B>B.</B></TD><TD STYLE="text-align: justify">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.</TD></TR></TABLE>




<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Page; Sequence: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt"><P STYLE="margin: 0pt"></P><TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 99%; border-collapse: collapse; margin-left: 7.1pt"><TR STYLE="vertical-align: top"><TD STYLE="width: 100%; border-bottom: Black 1pt solid; font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: -1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Export Prepayment Facility Agreement dated as of August 3, 2015 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: 0pt"></P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 7.15pt"></TD><TD STYLE="width: 35.85pt"><B>C.</B></TD><TD STYLE="text-align: justify">On the basis of the terms and conditions specified in this Agreement, the Lenders are willing to make the loan arrangements
described herein.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 7.1pt"><B>NOW, THEREFORE,</B> the parties hereto hereby agree
as follows:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 7.15pt"></TD><TD STYLE="width: 35.85pt; text-align: left"><B>1.</B></TD><TD><B>DEFINITIONS</B></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 7.15pt"></TD><TD STYLE="width: 35.85pt"><FONT STYLE="font-size: 12pt">1.1</FONT></TD><TD><FONT STYLE="font-size: 12pt"><B>C</B></FONT><B><FONT STYLE="font-size: 9.5pt">ERTAIN</FONT> <FONT STYLE="font-size: 12pt">D</FONT><FONT STYLE="font-size: 9.5pt">EFINITIONS</FONT><FONT STYLE="font-size: 12pt">.</FONT></B><FONT STYLE="font-size: 12pt">
Unless otherwise defined above, capitalized terms used in this Agreement shall have the following meanings assigned to them:</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 43.1pt; text-align: justify"><B><I>Accounts 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,
among the Collateral Agent, the Borrower and the Importer pursuant to which each of the Borrower and the Importer, as the case
may be, 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 Importer&rsquo;s Account, as the case may be, 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="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 43.1pt; text-align: justify"><B><I>Adecoagro Group</I></B>
means any and/or all of the Borrower, any 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="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 43.1pt; text-align: justify"><B><I>Adjusted
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) other net operating income, plus (f) any depreciation or amortization included in the
cost of goods and services sold (including maintenance and planting costs) and in the administrative, general and sales
expenses, plus or minus (g) the changes in fair value of biological assets unrealized, all as determined in accordance with
GAAP. For the purposes of the determination of Adjusted EBITDA, equity equivalence will not be considered, in accordance with
GAAP.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 43.1pt; text-align: justify"><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 aggregate of (a) the balance then held in the Collection Account, and (b) 99% (ninety nine
per cent) of the balance then held in the Importer&rsquo;s Account.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 43.1pt; text-align: justify"><B><I>Administrative Agent&rsquo;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="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 43.1pt; text-align: justify">&nbsp;</P>


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    <DIV STYLE="page-break-before: always; margin-top: 6pt"><P STYLE="margin: 0pt"></P><TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 99%; border-collapse: collapse; margin-left: 7.1pt"><TR STYLE="vertical-align: top"><TD STYLE="width: 100%; border-bottom: Black 1pt solid; font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: -1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Export Prepayment Facility Agreement dated as of August 3, 2015 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: 0pt"></P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 79.1pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; width: 80%; border-collapse: collapse; margin-left: 79.1pt">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 30%"><FONT STYLE="font-family: Times New Roman, Times, Serif">Corresponding Bank:</FONT></TD>
    <TD STYLE="width: 70%"><FONT STYLE="font-family: Times New Roman, Times, Serif">JPMorgan Chase Bank &ndash; New York &ndash; N.Y. &ndash; U.S.A. </FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">Swift address:</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">CHASUS33</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">ABA no.:</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">021000021</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Beneficiary&rsquo;s name:</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: 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>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">Account number:</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">066709547</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">Reference:</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">Adecoagro, 2015</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 43.1pt; text-align: justify"><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,
&ldquo;control&rdquo; 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="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 43.1pt; text-align: justify"><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="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 43.1pt; text-align: justify"><B><I>Agent Indemnified Party</I></B>
has the meaning ascribed to it in Section 10.7.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 43.1pt; text-align: justify"><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>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 43.1pt; text-align: justify"><B><I>Agricultural
and  Mercantile  Pledge  Agreement  </I></B>means  the  agreement
or agreements (&ldquo;<I>Instrumento Particular de Penhor Agr&iacute;cola e Mercantil</I>&rdquo;) providing for the pledge of sugar
cane and resulting Goods by the Borrower and/or Monte Alegre to the Administrative Agent and the Brazilian Collateral Agent, for
the benefit of the Lenders, substantially in the form of <U>Annex 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="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 43.1pt; text-align: justify"><B><I>Agropecu&aacute;ria</I></B>
- See Preamble</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 43.1pt; text-align: justify"><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="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 43.1pt; text-align: justify"><B><I>Anti-Corruption Laws</I></B>
means all laws, rules, and regulations of any jurisdiction applicable to the Borrower or any Guarantor, from time to time, concerning
or relating to bribery and/or corruption.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 43.1pt; text-align: justify"><B><I>Anti-Money Laundering
Laws</I></B> means all laws, rules, and regulations of any jurisdiction applicable to any Lender, the Borrower, any Guarantor or
their respective Subsidiaries, from time to time, concerning or relating to anti-money laundering.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 43.1pt; text-align: justify">&nbsp;</P>


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    <DIV STYLE="page-break-before: always; margin-top: 6pt"><P STYLE="margin: 0pt"></P><TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 99%; border-collapse: collapse; margin-left: 7.1pt"><TR STYLE="vertical-align: top"><TD STYLE="width: 100%; border-bottom: Black 1pt solid; font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: -1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Export Prepayment Facility Agreement dated as of August 3, 2015 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: 0pt"></P></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 43.1pt; text-align: justify"><B><I>Applicable Margin</I></B>
means 4.65% per annum.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 43.1pt; text-align: justify"><B><I>ASA</I></B> means Adecoagro
S/A, a corporation established and incorporated in Luxembourg,  registered  with  the  Luxembourg  tax  authorities  under
No. 2010 2212 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="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 43.1pt; text-align: justify"><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="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 43.1pt; text-align: justify"><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 C</U> hereto.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 43.1pt; text-align: justify"><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="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 43.1pt; text-align: justify"><B><I>Availability Period </I></B>means the period commencing
on the Execution Date and ending on (and including) the date that is thirty (30) days thereafter.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 43.1pt; text-align: justify"><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 (&ldquo;<I>C&eacute;dula
de Produto Rural</I>&rdquo;) or CDCAs (&ldquo;<I>Certificado de Direitos Credit&oacute;rios do Agroneg&oacute;cio</I>&rdquo;) 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="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 43.1pt; text-align: justify"><B><I>Borrower</I></B> - See
Preamble.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 43.1pt; text-align: justify"><B><I>Brazil</I></B> means the
Federative Republic of Brazil.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 43.1pt; text-align: justify"><B><I>Brazilian Collateral Agent</I></B>
&ndash; See Preamble.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 43.1pt; text-align: justify"><B><I>Break Funding Costs</I></B>
means, with respect to any circumstances provided for in Sections 2.8, 2.11, 2.13 and 2.15, the amount (if any) of any &quot;broken
funding&quot; or hedge liquidation costs and any loss premium, penalty or expense paid or payable</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 43.1pt; text-align: justify">&nbsp;</P>


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    <DIV STYLE="page-break-before: always; margin-top: 6pt"><P STYLE="margin: 0pt"></P><TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 99%; border-collapse: collapse; margin-left: 7.1pt"><TR STYLE="vertical-align: top"><TD STYLE="width: 100%; border-bottom: Black 1pt solid; font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: -1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Export Prepayment Facility Agreement dated as of August 3, 2015 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: 0pt"></P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 43.1pt; text-align: justify">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="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 43.1pt; text-align: justify"><B><I>Business Day</I></B> means
a day which is at the same time (a) a London Banking Day and (b) a day, other than a Saturday or Sunday, on which commercial banks
and other financial institutions are not required or authorized to close in (i) New York, New York, United States of America, (ii)
Amsterdam, the Netherlands, (iii) S&atilde;o Paulo, SP, Brazil, (iv) Ang&eacute;lica, MS, Brazil, (v) Ivinhema, MS, Brazil, and/or
(vi) Campo Grande, MS, Brazil.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 43.1pt; text-align: justify"><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="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 43.1pt; text-align: justify"><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="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 43.1pt; text-align: justify"><B><I>CEPEA ESALQ Settlement
Price</I></B> means, on any day, the settlement price (in US$ per liter) for delivery of ethanol on a spot basis, as quoted by
the CEPEA ESALQ (<I>Centro De Estudos Avan&ccedil;ados em Economia Aplicada</I> - ESALQ/USP), for the preceding trading day, as
shown on any such day on the Bloomberg broadcast system, in the CEPEA ESALQ Price Table screen.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 43.1pt; text-align: justify"><B><I>Change in Law</I></B>
means the occurrence, after the Execution Date, of any of the following: (a) the adoption or taking effect of any law, rule, regulation
or treaty, (b) any change in any law, rule, regulation or treaty
or in the administration, interpretation,  implementation or
application  thereof  by  any  Governmental Authority or (c) 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, (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, and (iii) all requests, rules, guidelines or directives promulgated by the
European Union Basel III (or any successor or similar authority) or the European Union or foreign regulatory authorities, in each
case pursuant to CRD IV and CRR, shall in each case be deemed to be a &ldquo;Change in Law&rdquo;, regardless of the date enacted,
adopted or issued.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 43.1pt; text-align: justify">&nbsp;</P>


<!-- Field: Page; Sequence: 6; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt">~ <!-- Field: Sequence; Type: Arabic; Name: PageNo -->5<!-- Field: /Sequence --> ~</P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt"><P STYLE="margin: 0pt"></P><TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 99%; border-collapse: collapse; margin-left: 7.1pt"><TR STYLE="vertical-align: top"><TD STYLE="width: 100%; border-bottom: Black 1pt solid; font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: -1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Export Prepayment Facility Agreement dated as of August 3, 2015 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: 0pt"></P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 43.1pt; text-align: justify"><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&rsquo;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&rsquo; 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&rsquo;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, and/or (g) own beneficially and control (either directly or
indirectly) more than 50% of Agropecu&aacute;ria&rsquo;s issued and outstanding Capital Stock having the right to vote or other
equity interests (or securities convertible into equity interests) in Agropecu&aacute;ria having the right to vote, and/or (h)
have the power (whether by ownership of Capital Stock, contract or otherwise) to control the management or policies of Agropecu&aacute;ria.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 42.5pt; text-align: justify"><B><I>Code</I></B> means the
Internal Revenue Code of 1986.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 43.1pt; text-align: justify"><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="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 43.1pt; text-align: justify"><B><I>Collateral Agent</I></B>
&ndash; See Preamble.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 43.1pt; text-align: justify"><B><I>Collateral Amount</I></B>
has the meaning ascribed to it in Section 5(l)(ii) hereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 43.1pt; text-align: justify"><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>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 43.1pt; text-align: justify"><B><I>Collateral Monitoring
Agreement</I></B> means the agreement or agreements among the Borrower, the Collateral Monitoring Agent, and the Brazilian Collateral
Agent, as amended from time to time, providing for the inspection, monitoring of and
reporting on (as set forth more fully in such agreement(s)) (a) 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 and (b) the quantity of the Goods pledged pursuant to the Mercantile Pledge Agreement.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 43.1pt; text-align: justify">&nbsp;</P>


<!-- Field: Page; Sequence: 7; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt">~ <!-- Field: Sequence; Type: Arabic; Name: PageNo -->6<!-- Field: /Sequence --> ~</P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt"><P STYLE="margin: 0pt"></P><TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 99%; border-collapse: collapse; margin-left: 7.1pt"><TR STYLE="vertical-align: top"><TD STYLE="width: 100%; border-bottom: Black 1pt solid; font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: -1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Export Prepayment Facility Agreement dated as of August 3, 2015 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: 0pt"></P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 43.1pt; text-align: justify; text-indent: -0.7pt"><B><I>Collection
Account </I></B>means account nr. 20144784 (IBAN nr. NL54INGB0020144784) 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.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 43.1pt; text-align: justify"><B><I>Commitment</I></B> means,
with respect to any Lender, the amount set forth opposite such Lender&rsquo;s name in <U>Schedule 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&rsquo;s Commitment, and recorded in the Register maintained by the Administrative
Agent as such Lender&rsquo;s Commitment.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 43.1pt; text-align: justify"><B><I>CONSECANA</I></B> means
the <I>Conselho dos Produtores de Cana-de-a&ccedil;&uacute;car, A&ccedil;&uacute;car e</I></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 43.1pt; text-align: justify"><I>&Aacute;lcool.</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 43.1pt; text-align: justify"><B><I>CRD IV</I></B> means Directive
2013/36/EU of 26 June 2013 on access to the activity of credit institutions and the prudential supervision of credit institutions and
investment  firms,  amending  Directive  2002/87/EC  and  repealing
Directive</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 43.1pt; text-align: justify">2006/48/EC and 2006/49/EC.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 43.1pt; text-align: justify"><B><I>Credit Documents</I></B>
means this Agreement, the Notes, the Security Agreements, each Fee Letter, the Importer&rsquo;s Account Instruction Letter and
any other documents and/or agreements delivered or entered into in connection with any of the foregoing.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 43.1pt; text-align: justify"><B><I>CRR</I></B> means Regulation
(EU) no. 575/2013 of 26 June 2013 on prudential requirements for credit institutions and investment firms and amending regulation
(EU) No. 648/2012.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 43.1pt; text-align: justify"><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="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 43.1pt; text-align: justify"><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="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 43.1pt; text-align: justify"><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="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 43.1pt; text-align: justify"><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>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 43.1pt; text-align: justify">&nbsp;</P>


<!-- Field: Page; Sequence: 8; Value: 2 -->
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    <DIV STYLE="page-break-before: always; margin-top: 6pt"><P STYLE="margin: 0pt"></P><TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 99%; border-collapse: collapse; margin-left: 7.1pt"><TR STYLE="vertical-align: top"><TD STYLE="width: 100%; border-bottom: Black 1pt solid; font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: -1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Export Prepayment Facility Agreement dated as of August 3, 2015 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: 0pt"></P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 43.1pt; text-align: justify"><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="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 43.1pt; text-align: justify"><B><I>Drawdown Date</I></B>
means, for any Loan, the date of the relevant Drawdown.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 43.1pt; text-align: justify"><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="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 43.1pt; text-align: justify"><B><I>Effective Coverage Ratio</I></B>
has the meaning ascribed to it in Section 5(l)(i).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 43.1pt; text-align: justify"><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 approval from the Lenders, or upon the Borrower&rsquo;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="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 43.1pt; text-align: justify"><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, a Prohibited Party
or a Restricted Party or located in an Ultra High Risk Country at any time then it shall immediately constitute an &ldquo;Eligible
Off-taker Material Adverse Effect&rdquo; and the ten (10) day notice period set forth in Section 5(l) shall not be applicable.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 43.1pt; text-align: justify"><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>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 43.1pt; text-align: justify"><B><I>Event of Default</I></B>
has the meaning ascribed to it in Section 7.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 43.1pt; text-align: justify"><B><I>Execution Date</I></B>
- See Preamble.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 43.1pt; text-align: justify">&nbsp;</P>


<!-- Field: Page; Sequence: 9; Value: 2 -->
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    <DIV STYLE="page-break-before: always; margin-top: 6pt"><P STYLE="margin: 0pt"></P><TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 99%; border-collapse: collapse; margin-left: 7.1pt"><TR STYLE="vertical-align: top"><TD STYLE="width: 100%; border-bottom: Black 1pt solid; font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: -1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Export Prepayment Facility Agreement dated as of August 3, 2015 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: 0pt"></P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 43.1pt; text-align: justify"><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="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 43.1pt; text-align: justify"><B><I>Export Contract Collateral
Amount</I></B> has the meaning ascribed to it in Section 5(l)(iii).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 43.1pt; text-align: justify"><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="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 43.1pt; text-align: justify"><B><I>Facility Amount</I></B>
means US$110,000,000.00.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 43.1pt; text-align: justify"><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="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 43.1pt; text-align: justify"><B><I>FATCA Deduction</I></B>
means a deduction or withholding from a payment under a Credit Document required by FATCA.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 43.1pt; text-align: justify"><B><I>FATCA Exempt Party</I></B>
means a Person that is entitled to receive payments free from any FATCA Deduction.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 43.1pt; text-align: justify"><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="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 43.1pt; text-align: justify"><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>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 43.1pt; text-align: justify"><B><I>Final Maturity Date</I></B>
means December 20, 2019. 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="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 43.1pt; text-align: justify"><B><I>Financial Statements</I></B>
has the meaning ascribed to it in Section 3(h).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 43.1pt; text-align: justify"><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</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 43.1pt; text-align: justify">&nbsp;</P>


<!-- Field: Page; Sequence: 10; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt">~ <!-- Field: Sequence; Type: Arabic; Name: PageNo -->9<!-- Field: /Sequence --> ~</P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt"><P STYLE="margin: 0pt"></P><TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 99%; border-collapse: collapse; margin-left: 7.1pt"><TR STYLE="vertical-align: top"><TD STYLE="width: 100%; border-bottom: Black 1pt solid; font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: -1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Export Prepayment Facility Agreement dated as of August 3, 2015 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: 0pt"></P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 43.1pt; text-align: justify">website <U>http://www.bcb.gov.br/pt-br/paginas/default.aspx</U>,
or any webpage which substitutes such page.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 43.1pt; text-align: justify"><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="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 43.1pt; text-align: justify"><B><I>Goods</I></B> means sugar
and/or ethanol.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 43.1pt; text-align: justify"><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="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 43.1pt; text-align: justify"><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="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0 0pt 43.1pt; text-align: justify"><FONT STYLE="font: 12pt 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 jure</I> government or is a <I>de facto</I> government)</FONT><FONT STYLE="font: 10pt Times New Roman, Times, Serif">.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 43.1pt; text-align: justify"><B><I>Guaranteed Obligations</I></B>
has the meaning ascribed to it in Section 9.1.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 43.1pt; text-align: justify"><B><I>Guarantor</I></B> - See
Preamble.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 43.1pt; text-align: justify"><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="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 43.1pt; text-align: justify"><B><I>ICE</I></B> means the
Intercontinental Exchange.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 43.1pt; text-align: justify"><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 &ldquo;Last&rdquo; column.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 43.1pt; text-align: justify">&nbsp;</P>


<!-- Field: Page; Sequence: 11; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt">~ <!-- Field: Sequence; Type: Arabic; Name: PageNo -->10<!-- Field: /Sequence --> ~</P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt"><P STYLE="margin: 0pt"></P><TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 99%; border-collapse: collapse; margin-left: 7.1pt"><TR STYLE="vertical-align: top"><TD STYLE="width: 100%; border-bottom: Black 1pt solid; font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: -1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Export Prepayment Facility Agreement dated as of August 3, 2015 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: 0pt"></P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 43.1pt; text-align: justify"><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. 21 575900 0019.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 43.1pt; text-align: justify"><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="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 70.1pt"></TD><TD STYLE="width: 31.55pt">(a)</TD><TD STYLE="text-align: justify">a material adverse effect on the business, operations, Property, or
financial condition of the Importer occurring after the Execution Date;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 70.4pt"></TD><TD STYLE="width: 31.7pt">(b)</TD><TD STYLE="text-align: justify">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;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 70.1pt"></TD><TD STYLE="width: 31.55pt">(c)</TD><TD STYLE="text-align: justify">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;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 70.4pt"></TD><TD STYLE="width: 31.7pt">(d)</TD><TD STYLE="text-align: justify">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;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 70.1pt"></TD><TD STYLE="width: 31.55pt">(e)</TD><TD STYLE="text-align: justify">any material provision of the Assignment and Security Agreement or the Accounts Pledge Agreement
as related to the Importer, or the Importer&rsquo;s Account Instruction Letter 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</TD></TR></TABLE>




<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Page; Sequence: 12; Value: 2 -->
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    <DIV STYLE="page-break-before: always; margin-top: 6pt"><P STYLE="margin: 0pt"></P><TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 99%; border-collapse: collapse; margin-left: 7.1pt"><TR STYLE="vertical-align: top"><TD STYLE="width: 100%; border-bottom: Black 1pt solid; font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: -1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Export Prepayment Facility Agreement dated as of August 3, 2015 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: 0pt"></P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 101.65pt; text-align: justify">assert; or the Importer has
asserted that it does not have any liability under the Assignment and Security Agreement, the Accounts Pledge Agreement and/or
the Importer&rsquo;s Account Instruction Letter; or the Assignment and Security Agreement or the Accounts
Pledge 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 or the Accounts Pledge Agreement has been contested by the Importer; and/or</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 70.4pt"></TD><TD STYLE="width: 31.7pt">(f)</TD><TD STYLE="text-align: justify">the Importer has become a Sanctioned Person, a Prohibited Party or a Restricted Party, 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.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 43.1pt; text-align: justify; text-indent: -0.7pt"><B><I>Importer&rsquo;s
Account</I></B> means account nr. 20146205 (IBAN nr. NL02INGB0020146205) of the Importer 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.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 43.1pt; text-align: justify"><B><I>Importer&rsquo;s Account
Instruction Letter</I></B> means the letter agreement between the Importer and the Collateral Agent with respect to the flow of
funds into and out of the Importer&rsquo;s Account and reflecting the Importer&rsquo;s agreement to the terms set forth with respect
to the Importer&rsquo;s Account in Section 2.9 hereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 43.1pt; text-align: justify"><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 (&ldquo;<I>C&eacute;dula de Produto Rural</I>&rdquo;) or CDCAs (&ldquo;<I>Certificado de Direitos Credit&oacute;rios
do Agroneg&oacute;cio</I>&rdquo;) 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&rsquo;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="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 43.1pt; text-align: justify">&nbsp;</P>


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    <DIV STYLE="page-break-before: always; margin-top: 6pt"><P STYLE="margin: 0pt"></P><TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 99%; border-collapse: collapse; margin-left: 7.1pt"><TR STYLE="vertical-align: top"><TD STYLE="width: 100%; border-bottom: Black 1pt solid; font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: -1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Export Prepayment Facility Agreement dated as of August 3, 2015 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: 0pt"></P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 43.1pt; text-align: justify"><B><I>Indemnified Costs</I></B>
has the meaning ascribed to it in Section 10.7.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 43.1pt; text-align: justify"><B><I>Indemnified Parties</I></B>
has the meaning ascribed to it in Section 11.14(a).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 43.1pt; text-align: justify"><B><I>Interest Coverage Ratio </I></B>means, as to any Person, the ratio of such Person&rsquo;s
Adjusted EBITDA to such Person&rsquo;s Net Financial Expenses, in each case as shown in such Person&rsquo;s financial statements
as at the end of the most recently terminated fiscal year.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 43.1pt; text-align: justify"><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 the Indebtedness of such Person, including (without duplication)
(a) fees (including commitment fees), (b) the interest portion of any deferred payment obligations, (c) all fees and charges owed
with respect to letters of credit or performance or other bonds, (d) losses
on derivative transactions, and (e) any amortization of debt discount, but excluding losses on foreign exchange, all determined
in accordance with GAAP.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 43.1pt; text-align: justify"><B><I>Interest Payment Date </I></B>means each March 20, June 20, September 20 and
December 20. 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="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 43.1pt; text-align: justify"><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 September 20, 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="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 43.1pt; text-align: justify"><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="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 43.1pt; text-align: justify"><B><I>Judgment Currency</I></B>
has the meaning ascribed to it in Section 11.13.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 43.1pt; text-align: justify"><B><I>Judgment Currency Conversion
Date</I></B> has the meaning ascribed to it in Section 11.13.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 43.1pt; text-align: justify"><B><I>Lead Arranger</I></B>
or <B><I>Lead Arrangers</I></B> &ndash; See Preamble.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 43.1pt; text-align: justify"><B><I>Lender</I></B> or <B><I>Lenders</I></B>
- See Preamble.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 43.1pt; text-align: justify"><B><I>Lending Office</I></B>
has the meaning ascribed to it in Section 2.4.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 43.1pt; text-align: justify"><B><I>Liabilities</I></B> has
the meaning ascribed to it in Section 11.14(a).</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 43.1pt; text-align: justify">&nbsp;</P>


<!-- Field: Page; Sequence: 14; Value: 2 -->
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    <DIV STYLE="page-break-before: always; margin-top: 6pt"><P STYLE="margin: 0pt"></P><TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 99%; border-collapse: collapse; margin-left: 7.1pt"><TR STYLE="vertical-align: top"><TD STYLE="width: 100%; border-bottom: Black 1pt solid; font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: -1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Export Prepayment Facility Agreement dated as of August 3, 2015 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: 0pt"></P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 43.1pt; text-align: justify"><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 &ldquo;LIBOR01&rdquo;
(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. If the LIBO Rate is ever determined pursuant to the above
to be below zero, then the LIBO Rate shall be deemed to be zero for the purposes of determining the interest rate.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 43.1pt; text-align: justify"><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="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 43.1pt; text-align: justify"><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="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 43.1pt; text-align: justify"><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="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 43.1pt; text-align: justify"><B><I>Margin Stock </I></B>means
&ldquo;margin stock&rdquo; 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="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 43.1pt; text-align: justify"><B><I>Market Value</I></B> means
the amount (MV),</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.6in"></TD><TD STYLE="width: 0.25in">(a)</TD><TD STYLE="text-align: justify">in relation to the Export Contracts, Off-take Contracts and Goods pledged under the Agricultural
and Mercantile Pledge Agreement and/or the Mercantile Pledge Agreement, determined by the Brazilian Collateral Agent as follows:</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2.5in">MV = Q x (P +/<B>-</B> S-T)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 63.7pt">Where:</P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 65.65pt; text-align: justify"><B>&ldquo;Q&rdquo;</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 and/or the Mercantile Pledge</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 65.65pt; text-align: justify">&nbsp;</P>


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    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt">~ <!-- Field: Sequence; Type: Arabic; Name: PageNo -->14<!-- Field: /Sequence --> ~</P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt"><P STYLE="margin: 0pt"></P><TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 99%; border-collapse: collapse; margin-left: 7.1pt"><TR STYLE="vertical-align: top"><TD STYLE="width: 100%; border-bottom: Black 1pt solid; font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: -1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Export Prepayment Facility Agreement dated as of August 3, 2015 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: 0pt"></P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 65.65pt; text-align: justify">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="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 63.95pt; text-align: justify"><B>&ldquo;P&rdquo;</B> is (a)
for sugar 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, 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, (b) for sugar 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), (c) for ethanol for which the price has not yet been fixed under the respective Export Contracts
and/or Off-take Contracts, the applicable PLATTS Settlement Price, (d) for ethanol where the relevant quantity is not yet subject
to Export Contracts and/or Off- take Contracts, the applicable CEPEA ESALQ Settlement Price and (e) for ethanol 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>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 63.95pt; text-align: justify"><B>&ldquo;S&rdquo;</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 &ldquo;zero&rdquo;;
and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 63.95pt; text-align: justify"><B>&ldquo;T&rdquo;</B>, which
is applicable only for the calculation of the Market Value of Goods pledged under the Agricultural and Mercantile Pledge Agreement
and/or the 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$ 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), provided that this deduction shall not apply to ethanol in the case of item (d) of the definition of item &ldquo;P&rdquo;
above being applicable; and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.6in"></TD><TD STYLE="width: 0.25in">(b)</TD><TD STYLE="text-align: justify">in relation to sugar cane subject to the Agricultural and Mercantile Pledge Agreement, determined
by the Brazilian Collateral Agent as follows:</TD></TR></TABLE>




<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2.5in"> MV = Q x P</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Page; Sequence: 16; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt">~ <!-- Field: Sequence; Type: Arabic; Name: PageNo -->15<!-- Field: /Sequence --> ~</P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt"><P STYLE="margin: 0pt"></P><TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 99%; border-collapse: collapse; margin-left: 7.1pt"><TR STYLE="vertical-align: top"><TD STYLE="width: 100%; border-bottom: Black 1pt solid; font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: -1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Export Prepayment Facility Agreement dated as of August 3, 2015 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: 0pt"></P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 63.7pt; text-align: justify">Where:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 63.7pt; text-align: justify"><B>&ldquo;Q&rdquo;</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="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 63.7pt; text-align: justify"><B>&ldquo;P&rdquo;</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="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 43.1pt; text-align: justify"><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 legality, 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="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 43.1pt; text-align: justify"><B><I>Mercantile Pledge Agreement</I></B>
means the agreement or agreements (&ldquo;<I>Instrumento Particular de Penhor Mercantil</I>&rdquo;) providing for the pledge of
sugar and/or ethanol from the 2015/16, 2016/2017, 2017/2018, 2018/2019 and/or 2019/2020 harvests, as the case may be, by the Borrower
to the Administrative Agent and the Brazilian Collateral Agent, for the benefit of the Lenders, substantially in the form of Annex
H hereto, 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="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 43.1pt; text-align: justify"><B><I>Minimum Coverage Ratio</I></B>
has the meaning ascribed to it in Section 5(l)(i).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 43.1pt; text-align: justify"><B><I>Monte Alegre</I></B> -
See Preamble.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 43.1pt; text-align: justify"><B><I>Mortgaged Properties</I></B>
means the real estate listed and described on Schedule 3 hereto, 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="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 43.1pt; text-align: justify"><B><I>Mortgages</I></B> means
the first 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="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 43.1pt; text-align: justify"><B><I>Net Bank Debt</I></B>
means, for any Person at any time, its Bank Debt minus its Cash.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 43.1pt; text-align: justify"><B><I>Net Financial Expenses</I></B>
means, with respect to any Person and for any period, (a) Interest Expense incurred less (b) the sum of income received from investments,
interest received, other financial income, and gains on derivative transactions, but</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 43.1pt; text-align: justify">&nbsp;</P>


<!-- Field: Page; Sequence: 17; Value: 2 -->
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    <DIV STYLE="page-break-before: always; margin-top: 6pt"><P STYLE="margin: 0pt"></P><TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 99%; border-collapse: collapse; margin-left: 7.1pt"><TR STYLE="vertical-align: top"><TD STYLE="width: 100%; border-bottom: Black 1pt solid; font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: -1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Export Prepayment Facility Agreement dated as of August 3, 2015 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: 0pt"></P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 43.1pt; text-align: justify">excluding gains from foreign
exchange variations, all determined in accordance with GAAP.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 43.1pt; text-align: justify"><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="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 43.1pt; text-align: justify"><B><I>Note</I></B> means each
promissory note in connection with the Loans in the form of <U>Annex A</U> hereto, duly executed by the Borrower and, with respect
to the guarantee affixed thereon, by the Guarantors.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 43.1pt; text-align: justify"><B><I>Notice of Drawdown</I></B>
has the meaning ascribed to it in Section 2.2(a).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 43.1pt; text-align: justify"><B><I>Obligation Currency</I></B>
has the meaning ascribed to it in Section 11.13.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 43.1pt; text-align: justify"><B><I>Obligations</I></B> mean
any and all obligations of the Borrower under this Agreement and the other Credit Documents.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 43.1pt; text-align: justify"><B><I>OECD Country</I></B> means
any country which is a member of the Organization for</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 43.1pt; text-align: justify">Economic Co-operation and Development.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 43.1pt; text-align: justify"><B><I>OEE</I></B> means the
Office of Export Enforcement of the United States Department of</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 43.1pt; text-align: justify">Commerce.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 43.1pt; text-align: justify"><B><I>OFAC</I></B> means the
Office of Foreign Assets Control of the United States Department of the Treasury.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 43.1pt; text-align: justify"><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&rsquo;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 (or
that should be so listed at such time by the Collateral Agent pursuant to the Assignment and Security Agreement but has not yet
been so listed), as such Schedule may be updated from time to time in accordance with the terms of the Assignment and Security
Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 43.1pt; text-align: justify"><B><I>Other Credit Parties Indebtedness</I></B>
means any Indebtedness of the Borrower or any Guarantor (other than Indebtedness under the Credit Documents) owed to a Lender.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 43.1pt; text-align: justify"><B><I>Other Taxes</I></B> has
the meaning ascribed to it in Section 8.2.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 43.1pt; text-align: justify"><B><I>Participac&otilde;es</I></B>
- See Preamble.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 43.1pt; text-align: justify">&nbsp;</P>


<!-- Field: Page; Sequence: 18; Value: 2 -->
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    <DIV STYLE="page-break-before: always; margin-top: 6pt"><P STYLE="margin: 0pt"></P><TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 99%; border-collapse: collapse; margin-left: 7.1pt"><TR STYLE="vertical-align: top"><TD STYLE="width: 100%; border-bottom: Black 1pt solid; font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: -1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Export Prepayment Facility Agreement dated as of August 3, 2015 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: 0pt"></P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 43.1pt; text-align: justify"><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="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 43.1pt; text-align: justify"><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="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 43.1pt; text-align: justify"><FONT STYLE="font-size: 12pt"><B><I>PLATTS
Settlement Price</I></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 &ldquo;prior
settle&rdquo; column of the page entitled Chicago Ethanol (Platts) Futures Quotes which can be found at the following internet
address: </FONT><U>http://www.cmegroup.com/trading/energy/ethanol/chicago-ethanol-platts-swap.html</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 43.1pt; text-align: justify"><B><I>Principal Repayment
Date </I></B>means each of June 20, 2017, September 20, 2017, December 20, 2017, June 20, 2018, September 20, 2018, December
20, 2018, June 20, 2019, September 20, 2019 and the Final Maturity Date. 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="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 43.1pt; text-align: justify"><B><I>Process Agent</I></B>
has the meaning ascribed to it in Section 11.8(b).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 43.1pt; text-align: justify"><B><I>Prohibited Party</I></B>
means a Person located in, organised under the laws of, or owned or controlled by, or acting on behalf of, a Person located in
or organized under the laws of Cuba, Iran, Sudan, Syria or North Korea.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 43.1pt; text-align: justify"><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="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 43.1pt; text-align: justify"><B><I>Reais, Brazilian Reais
</I></B>and the designation <B><I>R$</I></B> each means the lawful currency of Brazil.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 43.1pt; text-align: justify"><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="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 43.1pt; text-align: justify"><B><I>Register</I></B> has the
meaning ascribed thereto in Section 11.1(d).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 43.1pt; text-align: justify"><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="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 43.1pt; text-align: justify">&nbsp;</P>


<!-- Field: Page; Sequence: 19; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt">~ <!-- Field: Sequence; Type: Arabic; Name: PageNo -->18<!-- Field: /Sequence --> ~</P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt"><P STYLE="margin: 0pt"></P><TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 99%; border-collapse: collapse; margin-left: 7.1pt"><TR STYLE="vertical-align: top"><TD STYLE="width: 100%; border-bottom: Black 1pt solid; font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: -1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Export Prepayment Facility Agreement dated as of August 3, 2015 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: 0pt"></P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 43.1pt; text-align: justify"><B><I>Required Lenders</I></B>
means, at any time, Lenders the sum of whose Loans outstanding hereunder is 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="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 43.1pt; text-align: justify"><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="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 43.1pt; text-align: justify"><B><I>Restricted Party</I></B>
means a Person (a) listed on or owned or controlled by a Person listed on any Sanctions List, or a Person acting
on behalf of such a Person; (b) located in, organised under the laws of
or owned or controlled by, or acting on behalf of, a Person located in or organised under the laws of a country or territory which
is a subject of country-wide or territory-wide Sanctions (including, without limitation, at the Execution Date, Cuba, Iran, Sudan,
Syria and North Korea); or (c) otherwise subject to Sanctions.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 42.5pt; text-align: justify"><B><I>Restricted Payment</I></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="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 42.5pt; text-align: justify"><B><I>ROF</I></B> has the meaning
ascribed thereto in Section 4.1(d).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 43.1pt; text-align: justify"><B><I>Sanctioned Country </I></B>means any country or territory subject, at any time, to
Sanctions and/or to the effects of the Economic and Trade Sanctions and Anti- Terrorism Laws.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 43.1pt; text-align: justify"><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="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 43.1pt; text-align: justify"><B><I>Sanctions </I></B>means
any trade, economic or financial sanctions laws, regulations, embargoes or restrictive measures administered, imposed, enacted
or enforced by a Sanctions Authority.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 43.1pt; text-align: justify"><B><I>Sanctions Authority</I></B>
means each of (a) the Security Council of the United Nations; (b) the United States of America; (c) the European Union (or any
of its member states, including the United Kingdom and the Netherlands); (d) the Republic of Panama; (e) any country to which any
member of the Adecoagro Group is bound; and (f) the governments and official institutions or agencies of any of paragraphs (a)
through (e) above, including OFAC, OEE, the United States Department of State and Her Majesty's Treasury.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 43.1pt; text-align: justify">&nbsp;</P>


<!-- Field: Page; Sequence: 20; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt">~ <!-- Field: Sequence; Type: Arabic; Name: PageNo -->19<!-- Field: /Sequence --> ~</P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt"><P STYLE="margin: 0pt"></P><TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 99%; border-collapse: collapse; margin-left: 7.1pt"><TR STYLE="vertical-align: top"><TD STYLE="width: 100%; border-bottom: Black 1pt solid; font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: -1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Export Prepayment Facility Agreement dated as of August 3, 2015 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: 0pt"></P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 43.1pt; text-align: justify"><B><I>Sanctions List</I></B>
means each of (a) the Specially Designated Nationals and Blocked Persons List, Sectoral Sanctions Identifications List and List
of Foreign Sanctions Evaders Sanctioned Pursuant to Executive Order 13608 maintained by OFAC; (b) &quot;The Consolidated
List of Financial Sanctions Targets&quot; maintained by Her Majesty's Treasury;
and (c) any similar list maintained by, or public announcement of a Sanctions designation made by, a Sanctions Authority (without
limitation to the generality of the foregoing, such lists as are maintained by (i) the European Union, (ii) the United Nations
Security Council Committee or (iii) the United States Department of State), each as amended, supplemented or substituted from time
to time.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 43.1pt; text-align: justify"><B><I>Sanctions Target</I></B>
means any Person that is, or is owned or controlled by any Person that is (a) the subject or target of any Sanctions, or (b) located,
organized or resident in a Sanctioned Country, including, without limitation, Cuba, Iran, North Korea, Sudan and Syria.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 43.1pt; text-align: justify"><B><I>Schedule of Payments</I></B>
has the meaning ascribed thereto in Section 5(p).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 43.1pt; text-align: justify"><B><I>Security Agreements </I></B>means
the Assignment and Security Agreement, the Agricultural and Mercantile Pledge Agreement, the Mortgages, the Mercantile Pledge Agreement,
the Collateral Monitoring Agreement, the Accounts 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="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 43.1pt; text-align: justify"><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="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 43.1pt; text-align: justify"><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="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 43.1pt; text-align: justify"><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="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 43.1pt; text-align: justify"><B><I>Taxes</I></B> has the
meaning ascribed to it in Section 8.1(a).</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 43.1pt; text-align: justify">&nbsp;</P>


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    <DIV STYLE="page-break-before: always; margin-top: 6pt"><P STYLE="margin: 0pt"></P><TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 99%; border-collapse: collapse; margin-left: 7.1pt"><TR STYLE="vertical-align: top"><TD STYLE="width: 100%; border-bottom: Black 1pt solid; font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: -1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Export Prepayment Facility Agreement dated as of August 3, 2015 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: 0pt"></P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 43.1pt; text-align: justify"><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="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 43.1pt; text-align: justify"><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="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 43.1pt; text-align: justify"><B><I>Ultra-High Risk Country</I></B>
means any country subject to economic sanctions or trade restrictions of the United Nations, the European Union, the United Kingdom
or the United States of America that broadly prohibit or restrict dealings with such
country. As of the Execution Date the &ldquo;Ultra High Risk Countries&rdquo; include Cuba, Iran, North Korea, Sudan and Syria
(and collectively, the &ldquo;<B>Ultra-High Risk Countries</B>&rdquo;) but 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="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 43.1pt; text-align: justify"><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="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 43.1pt; text-align: justify"><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>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 7.1pt"><FONT STYLE="font-size: 12pt">1.2 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>O</B></FONT><B><FONT STYLE="font-size: 9.5pt">THER</FONT>
<FONT STYLE="font-size: 12pt">D</FONT><FONT STYLE="font-size: 9.5pt">EFINITIONAL</FONT> <FONT STYLE="font-size: 12pt">P</FONT><FONT STYLE="font-size: 9.5pt">ROVISIONS</FONT><FONT STYLE="font-size: 12pt">.</FONT></B><FONT STYLE="font-size: 12pt">
In each Credit Document, unless otherwise indicated:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 43.1pt; text-align: justify; text-indent: 31.55pt">(a) The
term &ldquo;including&rdquo; is not limiting and means &ldquo;including without limitation&rdquo;.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 43.1pt; text-align: justify; text-indent: 31.55pt">(b) The
words &ldquo;hereof&rdquo;, &ldquo;herein&rdquo; and &ldquo;hereunder&rdquo; 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="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 43.1pt; text-align: justify; text-indent: 31.55pt">(c) 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="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 43.1pt; text-align: justify; text-indent: 31.55pt">(d) 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="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 43.1pt; text-align: justify; text-indent: 31.55pt">&nbsp;</P>


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    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt">~ <!-- Field: Sequence; Type: Arabic; Name: PageNo -->21<!-- Field: /Sequence --> ~</P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt"><P STYLE="margin: 0pt"></P><TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 99%; border-collapse: collapse; margin-left: 7.1pt"><TR STYLE="vertical-align: top"><TD STYLE="width: 100%; border-bottom: Black 1pt solid; font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: -1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Export Prepayment Facility Agreement dated as of August 3, 2015 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: 0pt"></P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 43.1pt; text-align: justify; text-indent: 31.55pt">(e)
The meaning given to terms defined herein shall be equally applicable to both the singular and plural forms of such terms.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 43.1pt; text-align: justify; text-indent: 31.55pt">(f)
Unless otherwise specified, in the computation of periods of time from a specified date to a later specified date, the word &ldquo;from&rdquo;
means &ldquo;from and including&rdquo; and the words &ldquo;to&rdquo; and &ldquo;until&rdquo; each mean &ldquo;to but excluding&rdquo;.
Periods of days referred to shall be counted in calendar days unless Business Days are expressly presented.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 43.1pt; text-align: justify; text-indent: 31.55pt">(g) 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="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 43.1pt; text-align: justify; text-indent: 31.55pt">(h) A
Default or an Event of Default is &ldquo;continuing&rdquo; if it has not been remedied or waived.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 43.1pt; text-align: justify; text-indent: 31.55pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 7.15pt"></TD><TD STYLE="width: 35.85pt; text-align: left"><B>2.</B></TD><TD><B>THE LOANS.</B></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 43.1pt"><FONT STYLE="font-size: 12pt">2.1 &nbsp;&nbsp;&nbsp;&nbsp;  <B>C</B></FONT><B><FONT STYLE="font-size: 9.5pt">OMMITMENTS</FONT><FONT STYLE="font-size: 12pt">;
T</FONT><FONT STYLE="font-size: 9.5pt">HE</FONT> <FONT STYLE="font-size: 12pt">L</FONT><FONT STYLE="font-size: 9.5pt">OANS</FONT><FONT STYLE="font-size: 12pt">.</FONT></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 79.1pt"></TD><TD STYLE="width: 36pt">(a)</TD><TD STYLE="text-align: justify">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 &ldquo;<B>Loan</B>&rdquo; and collectively, the &ldquo;<B>Loans</B>&rdquo;) 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$25 million, or if the total amount of remaining Commitments is less than US$25 million, then the remaining amount of the Commitments,
and (ii) in no event shall the total amount of such Lender&rsquo;s Loans exceed its Commitment. Amounts prepaid or repaid in respect
of the Loans shall not be reborrowed.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 79.1pt"></TD><TD STYLE="width: 36pt">(b)</TD><TD STYLE="text-align: justify">The Commitments, unless sooner terminated pursuant to the other terms of this Agreement, shall
be automatically terminated at the Administrative Agent&rsquo;s close of business on the last day of the Availability Period. The
Commitments once terminated may not be reinstated.</TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>


<!-- Field: Page; Sequence: 23; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt">~ <!-- Field: Sequence; Type: Arabic; Name: PageNo -->22<!-- Field: /Sequence --> ~</P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt"><P STYLE="margin: 0pt"></P><TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 99%; border-collapse: collapse; margin-left: 7.1pt"><TR STYLE="vertical-align: top"><TD STYLE="width: 100%; border-bottom: Black 1pt solid; font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: -1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Export Prepayment Facility Agreement dated as of August 3, 2015 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: 0pt"></P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 43.1pt"><FONT STYLE="font-size: 12pt">2.2   &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>N</B></FONT><B><FONT STYLE="font-size: 9.5pt">OTICE
OF</FONT> <FONT STYLE="font-size: 12pt">D</FONT><FONT STYLE="font-size: 9.5pt">RAWDOWN</FONT><FONT STYLE="font-size: 12pt">; F</FONT><FONT STYLE="font-size: 9.5pt">UNDING
BY</FONT> <FONT STYLE="font-size: 12pt">L</FONT><FONT STYLE="font-size: 9.5pt">ENDERS</FONT><FONT STYLE="font-size: 12pt">.</FONT></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 79.1pt"></TD><TD STYLE="width: 36pt">(a)</TD><TD STYLE="text-align: justify">The Borrower shall make each Drawdown by giving a notice in the form of <U>Annex B</U> hereto (a
&ldquo;<B>Notice of Drawdown</B>&rdquo;) 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&rsquo;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 of its receipt of a Notice of Drawdown, the proposed Drawdown Date and the amount of each Lender&rsquo;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.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 79.1pt"></TD><TD STYLE="width: 36pt">(b)</TD><TD STYLE="text-align: justify">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&rsquo; 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).</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 79.1pt"></TD><TD STYLE="width: 36pt">(c)</TD><TD STYLE="text-align: justify">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&rsquo;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</TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>


<!-- Field: Page; Sequence: 24; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt">~ <!-- Field: Sequence; Type: Arabic; Name: PageNo -->23<!-- Field: /Sequence --> ~</P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt"><P STYLE="margin: 0pt"></P><TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 99%; border-collapse: collapse; margin-left: 7.1pt"><TR STYLE="vertical-align: top"><TD STYLE="width: 100%; border-bottom: Black 1pt solid; font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: -1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Export Prepayment Facility Agreement dated as of August 3, 2015 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: 0pt"></P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 115.1pt; text-align: justify">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&rsquo;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&rsquo;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.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 79.1pt"></TD><TD STYLE="width: 36pt">(d)</TD><TD STYLE="text-align: justify">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 &ldquo;<I>Recebimento Antecipado
de Exporta&ccedil;&atilde;o</I>&rdquo; 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.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 43.1pt"></TD><TD STYLE="width: 36pt"><FONT STYLE="font-size: 12pt">2.3</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 12pt"><B>N</B></FONT><B><FONT STYLE="font-size: 9.5pt">OTES</FONT><FONT STYLE="font-size: 12pt">;
L</FONT><FONT STYLE="font-size: 9.5pt">ENDERS</FONT><FONT STYLE="font-size: 12pt">&rsquo; R</FONT><FONT STYLE="font-size: 9.5pt">ECORDS</FONT><FONT STYLE="font-size: 12pt">.
</FONT></B><FONT STYLE="font-size: 12pt">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&rsquo;s Commitment. As</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>


<!-- Field: Page; Sequence: 25; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt">~ <!-- Field: Sequence; Type: Arabic; Name: PageNo -->24<!-- Field: /Sequence --> ~</P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt"><P STYLE="margin: 0pt"></P><TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 99%; border-collapse: collapse; margin-left: 7.1pt"><TR STYLE="vertical-align: top"><TD STYLE="width: 100%; border-bottom: Black 1pt solid; font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: -1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Export Prepayment Facility Agreement dated as of August 3, 2015 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: 0pt"></P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 79.1pt; text-align: justify">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&rsquo;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.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 43.1pt"></TD><TD STYLE="width: 36pt"><FONT STYLE="font-size: 12pt">2.4</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 12pt"><B>L</B></FONT><B><FONT STYLE="font-size: 9.5pt">ENDING</FONT> <FONT STYLE="font-size: 12pt">O</FONT><FONT STYLE="font-size: 9.5pt">FFICES</FONT><FONT STYLE="font-size: 12pt">.</FONT></B><FONT STYLE="font-size: 12pt">
The Loans made by each Lender may be made from and maintained at such offices of such Lender or its Affiliates (each a &ldquo;<B>Lending
Office</B>&rdquo;) 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>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 43.1pt"></TD><TD STYLE="width: 36pt; text-align: left"><FONT STYLE="font-size: 12pt">2.5</FONT></TD><TD><FONT STYLE="font-size: 12pt"><B>I</B></FONT><B><FONT STYLE="font-size: 9.5pt">NTEREST
ON THE</FONT> <FONT STYLE="font-size: 12pt">L</FONT><FONT STYLE="font-size: 9.5pt">OANS</FONT><FONT STYLE="font-size: 12pt">.</FONT></B></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 79.1pt"></TD><TD STYLE="width: 36pt">(a)</TD><TD STYLE="text-align: justify">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.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 79.1pt"></TD><TD STYLE="width: 36pt">(b)</TD><TD STYLE="text-align: justify">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.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 43.1pt"></TD><TD STYLE="width: 36pt"><FONT STYLE="font-size: 12pt">2.6</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 12pt"><B>A</B></FONT><B><FONT STYLE="font-size: 9.5pt">LTERNATIVE</FONT>
<FONT STYLE="font-size: 12pt">I</FONT><FONT STYLE="font-size: 9.5pt">NTEREST</FONT> <FONT STYLE="font-size: 12pt">R</FONT><FONT STYLE="font-size: 9.5pt">ATE</FONT>
<FONT STYLE="font-size: 12pt">F</FONT><FONT STYLE="font-size: 9.5pt">OR</FONT> <FONT STYLE="font-size: 12pt">LIBO R</FONT><FONT STYLE="font-size: 9.5pt">ATE</FONT><FONT STYLE="font-size: 12pt">.</FONT></B><FONT STYLE="font-size: 12pt">
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</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>


<!-- Field: Page; Sequence: 26; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt">~ <!-- Field: Sequence; Type: Arabic; Name: PageNo -->25<!-- Field: /Sequence --> ~</P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt"><P STYLE="margin: 0pt"></P><TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 99%; border-collapse: collapse; margin-left: 7.1pt"><TR STYLE="vertical-align: top"><TD STYLE="width: 100%; border-bottom: Black 1pt solid; font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: -1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Export Prepayment Facility Agreement dated as of August 3, 2015 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: 0pt"></P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 79.1pt; text-align: justify">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.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 43.1pt"></TD><TD STYLE="width: 36pt"><FONT STYLE="font-size: 12pt">2.7</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 12pt"><B>L</B></FONT><B><FONT STYLE="font-size: 9.5pt">ATE</FONT> <FONT STYLE="font-size: 12pt">P</FONT><FONT STYLE="font-size: 9.5pt">AYMENT</FONT><FONT STYLE="font-size: 12pt">.</FONT></B><FONT STYLE="font-size: 12pt">
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="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 43.1pt"></TD><TD STYLE="width: 36pt; text-align: left"><FONT STYLE="font-size: 12pt">2.8</FONT></TD><TD><FONT STYLE="font-size: 12pt"><B>C</B></FONT><B><FONT STYLE="font-size: 9.5pt">APITAL
</FONT><FONT STYLE="font-size: 12pt">A</FONT><FONT STYLE="font-size: 9.5pt">DEQUACY</FONT><FONT STYLE="font-size: 12pt">.</FONT></B></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 78pt"></TD><TD STYLE="width: 35.4pt">(a)</TD><TD STYLE="text-align: justify">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&rsquo;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&rsquo;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&rsquo;s capital such Lender would have received if such Change in Law had not occurred.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 78pt"></TD><TD STYLE="width: 35.4pt">(b)</TD><TD STYLE="text-align: justify">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</TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>


<!-- Field: Page; Sequence: 27; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt">~ <!-- Field: Sequence; Type: Arabic; Name: PageNo -->26<!-- Field: /Sequence --> ~</P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt"><P STYLE="margin: 0pt"></P><TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 99%; border-collapse: collapse; margin-left: 7.1pt"><TR STYLE="vertical-align: top"><TD STYLE="width: 100%; border-bottom: Black 1pt solid; font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: -1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Export Prepayment Facility Agreement dated as of August 3, 2015 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: 0pt"></P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 113.4pt; text-align: justify">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.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 79.1pt"></TD><TD STYLE="width: 36pt">(c)</TD><TD STYLE="text-align: justify">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 and all Break Funding Costs), provided that the Borrower&rsquo;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.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 43.1pt"></TD><TD STYLE="width: 36pt; text-align: left"><FONT STYLE="font-size: 12pt">2.9</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 12pt"><B>S</B></FONT><B><FONT STYLE="font-size: 9.5pt">CHEDULED </FONT><FONT STYLE="font-size: 12pt">R</FONT><FONT STYLE="font-size: 9.5pt">EPAYMENT</FONT><FONT STYLE="font-size: 12pt">; R</FONT><FONT STYLE="font-size: 9.5pt">EPAYMENT</FONT><FONT STYLE="font-size: 12pt"> M</FONT><FONT STYLE="font-size: 9.5pt">ECHANISM</FONT><FONT STYLE="font-size: 12pt">; C</FONT><FONT STYLE="font-size: 9.5pt">OLLECTION
ACCOUNT AND</FONT> <FONT STYLE="font-size: 12pt">I</FONT><FONT STYLE="font-size: 9.5pt">MPORTER</FONT><FONT STYLE="font-size: 12pt">&rsquo;</FONT><FONT STYLE="font-size: 9.5pt">S
</FONT><FONT STYLE="font-size: 12pt">A</FONT><FONT STYLE="font-size: 9.5pt">CCOUNT</FONT><FONT STYLE="font-size: 12pt">.</FONT></B></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 78pt"></TD><TD STYLE="width: 35.4pt">(a)</TD><TD STYLE="text-align: justify">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, an amount equivalent to 10% (ten per cent) of the
total amount of Loans disbursed, (ii) on each of the next two (2) Principal
Repayment Dates, an amount equivalent to 13.3333% (thirteen point three three three three per cent) of the total amount of Loans
disbursed, and (iii) on the final Principal Repayment Date, an amount equivalent
to 13.3334% (thirteen point three
three three four per cent) of the total amount of Loans disbursed.</TD></TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 113.4pt; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 78pt"></TD><TD STYLE="width: 35.4pt">(b)</TD><TD STYLE="text-align: justify">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 and/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 (A) in the case of (i) hereof, the payment by the Eligible Off-takers in respect of the Export Receivables resulting
therefrom directly to the Collection Account, and (B) in the case of (ii) hereof, the payment by the Eligible Off- takers in respect
to the Export Receivables resulting therefrom to the Importer&rsquo;s Account, and the transfer of such funds, by the Collateral</TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>


<!-- Field: Page; Sequence: 28; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt">~ <!-- Field: Sequence; Type: Arabic; Name: PageNo -->27<!-- Field: /Sequence --> ~</P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt"><P STYLE="margin: 0pt"></P><TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 99%; border-collapse: collapse; margin-left: 7.1pt"><TR STYLE="vertical-align: top"><TD STYLE="width: 100%; border-bottom: Black 1pt solid; font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: -1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Export Prepayment Facility Agreement dated as of August 3, 2015 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: 0pt"></P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 113.4pt; text-align: justify">Agent, from the Importer&rsquo;s
Account to the Collection Account. The proceeds of such payments received in the Collection Account (either made directly by Off-takers
or transferred from the Importer&rsquo;s 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 amounts originally received in the Importer&rsquo;s
Account from Eligible Off- takers in respect of Off-take Contracts to which the Importer is a party, and
that are subsequently transferred, as described above, to the Collection Account and then applied against amounts due in respect of the Loans, shall at the time of such transfer to the
Collection Account, 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&rsquo;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 (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.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 78pt"></TD><TD STYLE="width: 35.4pt">(c)</TD><TD STYLE="text-align: justify">All amounts received in the Importer&rsquo;s Account and/or the Collection Account shall be held
by the Collateral Agent in the respective account, provided that on the last Business Day of each calendar month the balance held
in the Importer&rsquo;s Account shall be transferred by the Collateral Agent to the Collection Account, provided, further, that
(i) the Collateral Agent shall agree to transfer the balance from the Importer&rsquo;s Account to the Collection Account, if so
requested in writing by the Importer with at least two (2) Business Days prior notice, on a single Business Day during each calendar
month which is not the last Business Day of such calendar month (in addition to the transfer that will automatically take place
on the last Business Day of such calendar month), if such funds are required by the Borrower to  make a
scheduled repayment of principal or a prepayment of any principal amount
of the Loans, or to permit the release of funds to the Borrower, as permitted pursuant to the final paragraph below of this paragraph
(c); (ii) if an Event of Default has occurred and is continuing, the Collateral Agent shall transfer 99% of the funds in the Importer&rsquo;s
Account (and each time thereafter that funds are received in the Importer&rsquo;s Account while such Event of Default is continuing
the Collateral Agent shall transfer 99% of such funds) to the Collection Account immediately upon them being received in the Importer&rsquo;s
Account, with the other 1% being transferred to the bank account of the Importer as instructed to the</TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>


<!-- Field: Page; Sequence: 29; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt">~ <!-- Field: Sequence; Type: Arabic; Name: PageNo -->28<!-- Field: /Sequence --> ~</P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt"><P STYLE="margin: 0pt"></P><TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 99%; border-collapse: collapse; margin-left: 7.1pt"><TR STYLE="vertical-align: top"><TD STYLE="width: 100%; border-bottom: Black 1pt solid; font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: -1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Export Prepayment Facility Agreement dated as of August 3, 2015 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: 0pt"></P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 113.4pt; text-align: justify">Collateral Agent pursuant to
the Importer&rsquo;s Account Instruction Letter; and (iii) in the case of each and any transfer of funds from the Importer&rsquo;s
account to the Collection Account (except pursuant to item (ii) above), the Importer shall be entitled, pursuant to a written instruction
to be received by the Collateral Agent no more than two (2) Business Days prior to the date of such transfer, to request that an
amount not to exceed 1% (one per cent) of the balance in the Importer&rsquo;s account on the date of such transfer be released
to the Importer, in accordance with instructions to be received by the Collateral Agent from the Importer, and the Collateral Agent
shall comply with such request, absent manifest error. For the avoidance of doubt, (A) to the extent that the Importer instructs
the Collateral Agent to release to it an amount which is less than 1% of the balance in the Importer&rsquo;s Account on the date
of any transfer, the difference between (1) 1% of such balance and (2) such lesser amount shall not be carried forward in relation
to future transfers, (B) the amount to be released to the Importer shall not, under any circumstances, be
greater than 1% of the balance in the Importer&rsquo;s Account on the date of any transfer and (C) if no instructions are received
from the Importer within the time frame set forth above the Collateral Agent shall transfer 99% of the funds in the Importer&rsquo;s
Account on the relevant transfer date to the Collection Account, with the other 1% being transferred to the bank account of the
Importer as instructed to the Collateral Agent pursuant to the Importer&rsquo;s Account Instruction Letter.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 113.4pt; text-align: justify">To the extent that, at
any time, the sum of (A) 99% of the balance of the Importer&rsquo;s Account and (B) the balance of the Collection Account
exceeds the aggregate principal amount of the Loans remaining to be repaid during such calendar year at such time, then,
provided that no Event of Default has occurred and is continuing and that the Borrower is in compliance with its obligations
under Section 5(l) hereof both before and after such release as so evidenced by the Borrower to the satisfaction of the
Collateral Agent, any such excess amounts, to the extent such amounts are in the Collection Account, 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. For purposes of
clarification, such release, if applicable, shall occur only from the Collection Account.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 78pt"></TD><TD STYLE="width: 35.4pt">(d)</TD><TD STYLE="text-align: justify">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</TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>


<!-- Field: Page; Sequence: 30; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt">~ <!-- Field: Sequence; Type: Arabic; Name: PageNo -->29<!-- Field: /Sequence --> ~</P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt"><P STYLE="margin: 0pt"></P><TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 99%; border-collapse: collapse; margin-left: 7.1pt"><TR STYLE="vertical-align: top"><TD STYLE="width: 100%; border-bottom: Black 1pt solid; font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: -1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Export Prepayment Facility Agreement dated as of August 3, 2015 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: 0pt"></P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 113.4pt; text-align: justify">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.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 78pt"></TD><TD STYLE="width: 35.4pt">(e)</TD><TD STYLE="text-align: justify">If at any time an Event of Default has occurred and is continuing, then 99% (ninety-nine per cent)
of all amounts in the Importer&rsquo;s Account, and 99% (ninety-nine per cent) of all amounts thereafter received in the Importer&rsquo;s
Account while such Event of Default is continuing, shall immediately be transferred by the Collateral Agent to the Collection Account
(with the remaining balance of 1% to be released to the Importer pursuant to the terms of the Importer&rsquo;s Account Instruction Letter), and all amounts in the Collection
Account (including those transferred from the Importer&rsquo;s 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.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 77.6pt"></TD><TD STYLE="width: 35.3pt">(f)</TD><TD STYLE="text-align: justify">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.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 43.1pt"></TD><TD STYLE="width: 36pt"><FONT STYLE="font-size: 12pt">2.10</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 12pt"><B>M</B></FONT><B><FONT STYLE="font-size: 9.5pt">ETHOD AND </FONT><FONT STYLE="font-size: 12pt">A</FONT><FONT STYLE="font-size: 9.5pt">PPLICATION OF </FONT><FONT STYLE="font-size: 12pt">P</FONT><FONT STYLE="font-size: 9.5pt">AYMENT</FONT><FONT STYLE="font-size: 12pt">. </FONT></B><FONT STYLE="font-size: 12pt">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&rsquo;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&rsquo;s Account pursuant to any Economic and Trade Sanctions and Anti-Terrorism Laws, then such funds will not constitute
payment hereunder. The Borrower (i) shall take all</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>
<!-- Field: Page; Sequence: 31; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt">~ <!-- Field: Sequence; Type: Arabic; Name: PageNo -->30<!-- Field: /Sequence --> ~</P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt"><P STYLE="margin: 0pt"></P><TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 99%; border-collapse: collapse; margin-left: 7.1pt"><TR STYLE="vertical-align: top"><TD STYLE="width: 100%; border-bottom: Black 1pt solid; font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: -1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Export Prepayment Facility Agreement dated as of August 3, 2015 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: 0pt"></P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 79.1pt; text-align: justify">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&rsquo;s respective interest of the then aggregate principal
amount of the Loans owing to the Lenders.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 43.1pt"></TD><TD STYLE="width: 36pt"><FONT STYLE="font-size: 12pt">2.11</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 12pt"><B>I</B></FONT><B><FONT STYLE="font-size: 9.5pt">LLEGALITY</FONT><FONT STYLE="font-size: 12pt">.</FONT></B><FONT STYLE="font-size: 12pt">
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&rsquo;s Commitment, then such Lender&rsquo;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</FONT></TD></TR></TABLE>




<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Page; Sequence: 32; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt">~ <!-- Field: Sequence; Type: Arabic; Name: PageNo -->31<!-- Field: /Sequence --> ~</P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt"><P STYLE="margin: 0pt"></P><TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 99%; border-collapse: collapse; margin-left: 7.1pt"><TR STYLE="vertical-align: top"><TD STYLE="width: 100%; border-bottom: Black 1pt solid; font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: -1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Export Prepayment Facility Agreement dated as of August 3, 2015 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: 0pt"></P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 79.1pt; text-align: justify">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.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 43.1pt"><FONT STYLE="font-size: 12pt">2.12 &nbsp;&nbsp;&nbsp;&nbsp;<B>I</B></FONT><B><FONT STYLE="font-size: 9.5pt">NCREASED</FONT>
<FONT STYLE="font-size: 12pt">C</FONT><FONT STYLE="font-size: 9.5pt">OSTS</FONT><FONT STYLE="font-size: 12pt">.</FONT></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 79.1pt"></TD><TD STYLE="width: 36pt">(a)</TD><TD STYLE="text-align: justify">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.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 79.1pt"></TD><TD STYLE="width: 36pt">(b)</TD><TD STYLE="text-align: justify">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&rsquo;s rights under this Section 2.12. A certificate of such Lender setting forth the basis for the determination of such additional</TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>


<!-- Field: Page; Sequence: 33; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt">~ <!-- Field: Sequence; Type: Arabic; Name: PageNo -->32<!-- Field: /Sequence --> ~</P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt"><P STYLE="margin: 0pt"></P><TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 99%; border-collapse: collapse; margin-left: 7.1pt"><TR STYLE="vertical-align: top"><TD STYLE="width: 100%; border-bottom: Black 1pt solid; font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: -1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Export Prepayment Facility Agreement dated as of August 3, 2015 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: 0pt"></P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 115.1pt; text-align: justify">amount or amounts necessary to compensate such Lender as
provided herein shall be conclusive and binding, absent manifest error.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 79.1pt"></TD><TD STYLE="width: 36pt">(c)</TD><TD STYLE="text-align: justify">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&rsquo;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.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 43.1pt"></TD><TD STYLE="width: 36pt"><FONT STYLE="font-size: 12pt">2.13</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 12pt"><B>I</B></FONT><B><FONT STYLE="font-size: 9.5pt">NDEMNITY</FONT></B><FONT STYLE="font-size: 12pt">.
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, &ldquo;loss, cost or reasonable expense&rdquo; 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="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 43.1pt"></TD><TD STYLE="width: 36pt"><FONT STYLE="font-size: 12pt">2.14</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 12pt"><B>S</B></FONT><B><FONT STYLE="font-size: 9.5pt">HARING OF</FONT>
<FONT STYLE="font-size: 12pt">P</FONT><FONT STYLE="font-size: 9.5pt">AYMENTS</FONT><FONT STYLE="font-size: 12pt">, E</FONT><FONT STYLE="font-size: 9.5pt">TC</FONT><FONT STYLE="font-size: 12pt">.</FONT></B><FONT STYLE="font-size: 12pt">
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</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>


<!-- Field: Page; Sequence: 34; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt">~ <!-- Field: Sequence; Type: Arabic; Name: PageNo -->33<!-- Field: /Sequence --> ~</P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt"><P STYLE="margin: 0pt"></P><TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 99%; border-collapse: collapse; margin-left: 7.1pt"><TR STYLE="vertical-align: top"><TD STYLE="width: 100%; border-bottom: Black 1pt solid; font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: -1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Export Prepayment Facility Agreement dated as of August 3, 2015 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: 0pt"></P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 79.1pt; text-align: justify">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&rsquo;s ratable share (according
to the proportion of (a) the amount of such Lender&rsquo;s required repayment to (b) 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 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.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 43.1pt"></TD><TD STYLE="width: 36pt"><FONT STYLE="font-size: 12pt">2.15</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 12pt"><B>P</B></FONT><B><FONT STYLE="font-size: 9.5pt">REPAYMENT</FONT><FONT STYLE="font-size: 12pt">.</FONT></B><FONT STYLE="font-size: 12pt">
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$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&rsquo; 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: 0; margin-bottom: 0">&nbsp;</P>


<!-- Field: Page; Sequence: 35; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt">~ <!-- Field: Sequence; Type: Arabic; Name: PageNo -->34<!-- Field: /Sequence --> ~</P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt"><P STYLE="margin: 0pt"></P><TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 99%; border-collapse: collapse; margin-left: 7.1pt"><TR STYLE="vertical-align: top"><TD STYLE="width: 100%; border-bottom: Black 1pt solid; font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: -1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Export Prepayment Facility Agreement dated as of August 3, 2015 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: 0pt"></P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 7.05pt"></TD><TD STYLE="width: 35.3pt"><B>3</B>.</TD><TD STYLE="text-align: justify"><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:</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 43.1pt"></TD><TD STYLE="width: 36pt"><FONT STYLE="font-size: 12pt">(a)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 12pt"><B>C</B></FONT><B><FONT STYLE="font-size: 9.5pt">ORPORATE</FONT>
<FONT STYLE="font-size: 12pt">E</FONT><FONT STYLE="font-size: 9.5pt">XISTENCE</FONT><FONT STYLE="font-size: 12pt">.</FONT></B><FONT STYLE="font-size: 12pt">
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="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 43.1pt"></TD><TD STYLE="width: 36pt"><FONT STYLE="font-size: 12pt">(b)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 12pt"><B>N</B></FONT><B><FONT STYLE="font-size: 9.5pt">O</FONT> <FONT STYLE="font-size: 12pt">B</FONT><FONT STYLE="font-size: 9.5pt">REACH</FONT><FONT STYLE="font-size: 12pt">.</FONT></B><FONT STYLE="font-size: 12pt">
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="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 43.1pt"></TD><TD STYLE="width: 36pt"><FONT STYLE="font-size: 12pt">(c)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 12pt"><B>A</B></FONT><B><FONT STYLE="font-size: 9.5pt">UTHORITY</FONT><FONT STYLE="font-size: 12pt">;
B</FONT><FONT STYLE="font-size: 9.5pt">INDING </FONT><FONT STYLE="font-size: 12pt">E</FONT><FONT STYLE="font-size: 9.5pt">FFECT</FONT><FONT STYLE="font-size: 12pt">.</FONT></B><FONT STYLE="font-size: 12pt">
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: 0; margin-bottom: 0">&nbsp;</P>


<!-- Field: Page; Sequence: 36; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt">~ <!-- Field: Sequence; Type: Arabic; Name: PageNo -->35<!-- Field: /Sequence --> ~</P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt"><P STYLE="margin: 0pt"></P><TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 99%; border-collapse: collapse; margin-left: 7.1pt"><TR STYLE="vertical-align: top"><TD STYLE="width: 100%; border-bottom: Black 1pt solid; font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: -1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Export Prepayment Facility Agreement dated as of August 3, 2015 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: 0pt"></P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 43.1pt"></TD><TD STYLE="width: 36pt"><FONT STYLE="font-size: 12pt">(d)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 12pt"><B>T</B></FONT><B><FONT STYLE="font-size: 9.5pt">AX </FONT><FONT STYLE="font-size: 12pt">R</FONT><FONT STYLE="font-size: 9.5pt">ETURNS AND </FONT><FONT STYLE="font-size: 12pt">P</FONT><FONT STYLE="font-size: 9.5pt">AYMENTS</FONT><FONT STYLE="font-size: 12pt">. </FONT></B><FONT STYLE="font-size: 12pt">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="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 43.1pt"></TD><TD STYLE="width: 36pt"><FONT STYLE="font-size: 12pt">(e)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 12pt"><B>L</B></FONT><B><FONT STYLE="font-size: 9.5pt">ITIGATION</FONT><FONT STYLE="font-size: 12pt">.</FONT></B><FONT STYLE="font-size: 12pt">
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="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 43.1pt"></TD><TD STYLE="width: 36pt; text-align: left"><FONT STYLE="font-size: 12pt">(f)</FONT></TD><TD><FONT STYLE="font-size: 12pt"><B>A</B></FONT><B><FONT STYLE="font-size: 9.5pt">BSENCE
OF</FONT> <FONT STYLE="font-size: 12pt">D</FONT><FONT STYLE="font-size: 9.5pt">EFAULTS</FONT><FONT STYLE="font-size: 12pt">.</FONT></B><FONT STYLE="font-size: 12pt">
No Default has occurred and is continuing.</FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 43.1pt"></TD><TD STYLE="width: 36pt"><FONT STYLE="font-size: 12pt">(g)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 12pt"><B>G</B></FONT><B><FONT STYLE="font-size: 9.5pt">OVERNMENTAL </FONT><FONT STYLE="font-size: 12pt">A</FONT><FONT STYLE="font-size: 9.5pt">PPROVALS</FONT><FONT STYLE="font-size: 12pt">. </FONT></B><FONT STYLE="font-size: 12pt">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="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 43.1pt"></TD><TD STYLE="width: 36pt"><FONT STYLE="font-size: 12pt">(h)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 12pt"><B>F</B></FONT><B><FONT STYLE="font-size: 9.5pt">INANCIAL</FONT>
<FONT STYLE="font-size: 12pt">C</FONT><FONT STYLE="font-size: 9.5pt">ONDITION</FONT><FONT STYLE="font-size: 12pt">.</FONT></B><FONT STYLE="font-size: 12pt">
The audited consolidated financial statements dated as of December 31, 2014 of the Borrower and each Guarantor (the
&ldquo;<B>Financial Statements</B>&rdquo;), 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,</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>


<!-- Field: Page; Sequence: 37; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt">~ <!-- Field: Sequence; Type: Arabic; Name: PageNo -->36<!-- Field: /Sequence --> ~</P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt"><P STYLE="margin: 0pt"></P><TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 99%; border-collapse: collapse; margin-left: 7.1pt"><TR STYLE="vertical-align: top"><TD STYLE="width: 100%; border-bottom: Black 1pt solid; font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: -1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Export Prepayment Facility Agreement dated as of August 3, 2015 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: 0pt"></P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 79.1pt; text-align: justify">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, 2014, 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.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 43.1pt"></TD><TD STYLE="width: 36pt"><FONT STYLE="font-size: 12pt">(i)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 12pt"><B>R</B></FONT><B><FONT STYLE="font-size: 9.5pt">ANKING</FONT><FONT STYLE="font-size: 12pt">.</FONT></B><FONT STYLE="font-size: 12pt">
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="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 43.1pt"></TD><TD STYLE="width: 36pt"><FONT STYLE="font-size: 12pt">(j)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 12pt"><B>C</B></FONT><B><FONT STYLE="font-size: 9.5pt">IVIL</FONT> <FONT STYLE="font-size: 12pt">L</FONT><FONT STYLE="font-size: 9.5pt">AW</FONT><FONT STYLE="font-size: 12pt">;
N</FONT><FONT STYLE="font-size: 9.5pt">O</FONT> <FONT STYLE="font-size: 12pt">I</FONT><FONT STYLE="font-size: 9.5pt">MMUNITY</FONT><FONT STYLE="font-size: 12pt">.
</FONT></B><FONT STYLE="font-size: 12pt">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="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 43.1pt"></TD><TD STYLE="width: 36pt"><FONT STYLE="font-size: 12pt">(k)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 12pt"><B>S</B></FONT><B><FONT STYLE="font-size: 9.5pt">OLVENCY</FONT><FONT STYLE="font-size: 12pt">. </FONT></B><FONT STYLE="font-size: 12pt">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 &ldquo;insolvent,&rdquo; as defined or used
in any &ldquo;Applicable Law&rdquo; (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. &ldquo;<B>Applicable
Law</B>&rdquo; means any Brazilian bankruptcy law and any other applicable law pertaining to fraudulent transfers, corporate debt
reorganization (&ldquo;<I>recupera&ccedil;&atilde;o judicial&rdquo;</I>) or acts voidable by creditors, as such law may be amended
from time to time.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>


<!-- Field: Page; Sequence: 38; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt">~ <!-- Field: Sequence; Type: Arabic; Name: PageNo -->37<!-- Field: /Sequence --> ~</P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt"><P STYLE="margin: 0pt"></P><TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 99%; border-collapse: collapse; margin-left: 7.1pt"><TR STYLE="vertical-align: top"><TD STYLE="width: 100%; border-bottom: Black 1pt solid; font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: -1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Export Prepayment Facility Agreement dated as of August 3, 2015 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: 0pt"></P></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 43.1pt"></TD><TD STYLE="width: 36pt"><FONT STYLE="font-size: 12pt">(l)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 12pt"><B>C</B></FONT><B><FONT STYLE="font-size: 9.5pt">OMPLETENESS AND</FONT>
<FONT STYLE="font-size: 12pt">A</FONT><FONT STYLE="font-size: 9.5pt">CCURACY OF</FONT> <FONT STYLE="font-size: 12pt">I</FONT><FONT STYLE="font-size: 9.5pt">NFORMATION</FONT><FONT STYLE="font-size: 12pt">.</FONT></B><FONT STYLE="font-size: 12pt">
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 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="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 43.1pt"></TD><TD STYLE="width: 36pt"><FONT STYLE="font-size: 12pt">(m)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 12pt"><B>M</B></FONT><B><FONT STYLE="font-size: 9.5pt">ARGIN</FONT> <FONT STYLE="font-size: 12pt">S</FONT><FONT STYLE="font-size: 9.5pt">TOCK</FONT><FONT STYLE="font-size: 12pt">.</FONT></B><FONT STYLE="font-size: 12pt">
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="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 43.1pt"></TD><TD STYLE="width: 36pt"><FONT STYLE="font-size: 12pt">(n)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 12pt"><B>P</B></FONT><B><FONT STYLE="font-size: 9.5pt">ROPER </FONT><FONT STYLE="font-size: 12pt">F</FONT><FONT STYLE="font-size: 9.5pt">ORM</FONT><FONT STYLE="font-size: 12pt">.</FONT></B><FONT STYLE="font-size: 12pt">
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</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>


<!-- Field: Page; Sequence: 39; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt">~ <!-- Field: Sequence; Type: Arabic; Name: PageNo -->38<!-- Field: /Sequence --> ~</P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt"><P STYLE="margin: 0pt"></P><TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 99%; border-collapse: collapse; margin-left: 7.1pt"><TR STYLE="vertical-align: top"><TD STYLE="width: 100%; border-bottom: Black 1pt solid; font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: -1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Export Prepayment Facility Agreement dated as of August 3, 2015 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: 0pt"></P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 79.1pt">Registry of Deeds and Documents (<I>Registro de
T&iacute;tulos e Documentos</I>) in Brazil.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 43.1pt"></TD><TD STYLE="width: 36pt"><FONT STYLE="font-size: 12pt">(o)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 12pt"><B>C</B></FONT><B><FONT STYLE="font-size: 9.5pt">HOICE OF</FONT>
<FONT STYLE="font-size: 12pt">L</FONT><FONT STYLE="font-size: 9.5pt">AW</FONT></B><FONT STYLE="font-size: 12pt">. 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></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 43.1pt"></TD><TD STYLE="width: 34.9pt"><FONT STYLE="font-size: 12pt">(p)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 12pt"><B>S</B></FONT><B><FONT STYLE="font-size: 9.5pt">ECURITY </FONT><FONT STYLE="font-size: 12pt">I</FONT><FONT STYLE="font-size: 9.5pt">NTERESTS</FONT></B><FONT STYLE="font-size: 12pt">.
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 as created hereunder and under such Security Agreements. 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="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 43.1pt"></TD><TD STYLE="width: 36pt"><FONT STYLE="font-size: 12pt">(q)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 12pt"><B>E</B></FONT><B><FONT STYLE="font-size: 9.5pt">NVIRONMENTAL</FONT>
<FONT STYLE="font-size: 12pt">M</FONT><FONT STYLE="font-size: 9.5pt">ATTERS</FONT><FONT STYLE="font-size: 12pt">. </FONT></B><FONT STYLE="font-size: 12pt">The
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="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 43.1pt"></TD><TD STYLE="width: 36pt"><FONT STYLE="font-size: 12pt">(r)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 12pt"><B>A</B></FONT><B><FONT STYLE="font-size: 9.5pt">SSETS</FONT><FONT STYLE="font-size: 12pt">.</FONT></B><FONT STYLE="font-size: 12pt">
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</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>


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    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt">~ <!-- Field: Sequence; Type: Arabic; Name: PageNo -->39<!-- Field: /Sequence --> ~</P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt"><P STYLE="margin: 0pt"></P><TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 99%; border-collapse: collapse; margin-left: 7.1pt"><TR STYLE="vertical-align: top"><TD STYLE="width: 100%; border-bottom: Black 1pt solid; font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: -1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Export Prepayment Facility Agreement dated as of August 3, 2015 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: 0pt"></P></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 79.1pt; text-align: justify">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.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 43.1pt"></TD><TD STYLE="width: 36pt"><FONT STYLE="font-size: 12pt">(s)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 12pt"><B>I</B></FONT><B><FONT STYLE="font-size: 9.5pt">NVESTMENT</FONT>
<FONT STYLE="font-size: 12pt">C</FONT><FONT STYLE="font-size: 9.5pt">OMPANY</FONT> <FONT STYLE="font-size: 12pt">A</FONT><FONT STYLE="font-size: 9.5pt">CT</FONT><FONT STYLE="font-size: 12pt">;
R</FONT><FONT STYLE="font-size: 9.5pt">EGULATORY</FONT> <FONT STYLE="font-size: 12pt">L</FONT><FONT STYLE="font-size: 9.5pt">IMITATIONS</FONT></B><FONT STYLE="font-size: 12pt">.
The Borrower is not (i) an &ldquo;investment company,&rdquo; 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="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 43.1pt"></TD><TD STYLE="width: 36pt"><FONT STYLE="font-size: 12pt">(t)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 12pt"><B>I</B></FONT><B><FONT STYLE="font-size: 9.5pt">NSURANCE</FONT><FONT STYLE="font-size: 12pt">. </FONT></B><FONT STYLE="font-size: 12pt">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="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 43.1pt"></TD><TD STYLE="width: 36pt"><FONT STYLE="font-size: 12pt">(u)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 12pt"><B>W</B></FONT><B><FONT STYLE="font-size: 9.5pt">ITHHOLDING </FONT><FONT STYLE="font-size: 12pt">T</FONT><FONT STYLE="font-size: 9.5pt">AXES</FONT></B><FONT STYLE="font-size: 12pt">. 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="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 43.1pt"></TD><TD STYLE="width: 36pt"><FONT STYLE="font-size: 12pt">(v)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 12pt"><B>U</B></FONT><B><FONT STYLE="font-size: 9.5pt">SE OF </FONT><FONT STYLE="font-size: 12pt">P</FONT><FONT STYLE="font-size: 9.5pt">ROCEEDS</FONT><FONT STYLE="font-size: 12pt">. </FONT></B><FONT STYLE="font-size: 12pt">The proceeds of the Loans shall be used by the
Borrower exclusively to finance costs incurred in the farming, 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="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 43.1pt"></TD><TD STYLE="width: 36pt"><FONT STYLE="font-size: 12pt">(w)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 12pt"><B>A</B></FONT><B><FONT STYLE="font-size: 9.5pt">NTI</FONT><FONT STYLE="font-size: 12pt">-T</FONT><FONT STYLE="font-size: 9.5pt">ERRORISM
</FONT><FONT STYLE="font-size: 12pt">L</FONT><FONT STYLE="font-size: 9.5pt">AWS</FONT></B><FONT STYLE="font-size: 12pt">. 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</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>


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    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt">~ <!-- Field: Sequence; Type: Arabic; Name: PageNo -->40<!-- Field: /Sequence --> ~</P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt"><P STYLE="margin: 0pt"></P><TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 99%; border-collapse: collapse; margin-left: 7.1pt"><TR STYLE="vertical-align: top"><TD STYLE="width: 100%; border-bottom: Black 1pt solid; font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: -1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Export Prepayment Facility Agreement dated as of August 3, 2015 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: 0pt"></P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 79.1pt; text-align: justify">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.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 43.1pt"></TD><TD STYLE="width: 36pt; text-align: left">(x)</TD><TD><B>FATCA</B>. Neither the Borrower nor any Guarantor is
a FATCA FFI or a U.S. Tax Obligor.</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 43.1pt"></TD><TD STYLE="width: 36pt"><FONT STYLE="font-size: 12pt">(y)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 12pt"><B>U</B></FONT><B><FONT STYLE="font-size: 9.5pt">LTRA</FONT><FONT STYLE="font-size: 12pt">-H</FONT><FONT STYLE="font-size: 9.5pt">IGH</FONT>
<FONT STYLE="font-size: 12pt">R</FONT><FONT STYLE="font-size: 9.5pt">ISK</FONT> <FONT STYLE="font-size: 12pt">C</FONT><FONT STYLE="font-size: 9.5pt">OUNTRIES</FONT><FONT STYLE="font-size: 12pt">.</FONT></B><FONT STYLE="font-size: 12pt">
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="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 43.1pt"></TD><TD STYLE="width: 36pt"><FONT STYLE="font-size: 12pt">(z)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 12pt"><B>S</B></FONT><B><FONT STYLE="font-size: 9.5pt">UBSIDIARIES</FONT></B><FONT STYLE="font-size: 12pt">.
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="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 43.1pt"></TD><TD STYLE="width: 36pt"><FONT STYLE="font-size: 12pt">(aa)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 12pt"><B>F</B></FONT><B><FONT STYLE="font-size: 9.5pt">OREIGN</FONT> <FONT STYLE="font-size: 12pt">C</FONT><FONT STYLE="font-size: 9.5pt">ORRUPT</FONT>
<FONT STYLE="font-size: 12pt">P</FONT><FONT STYLE="font-size: 9.5pt">RACTICES</FONT></B><FONT STYLE="font-size: 12pt">. Neither
the Borrower, any Guarantor nor any of their respective Subsidiaries, nor any director, officer, or employee, nor, to the Borrower&rsquo;s
or any Guarantor&rsquo;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 &ldquo;government official&rdquo; (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="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 42.5pt"></TD><TD STYLE="width: 36.6pt"><FONT STYLE="font-size: 12pt">(bb)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 12pt"><B>R</B></FONT><B><FONT STYLE="font-size: 9.5pt">ESTRICTED</FONT>
<FONT STYLE="font-size: 12pt">P</FONT><FONT STYLE="font-size: 9.5pt">ARTY</FONT><FONT STYLE="font-size: 12pt">, P</FONT><FONT STYLE="font-size: 9.5pt">ROHIBITED</FONT>
<FONT STYLE="font-size: 12pt">P</FONT><FONT STYLE="font-size: 9.5pt">ARTY</FONT><FONT STYLE="font-size: 12pt">.  </FONT></B><FONT STYLE="font-size: 12pt">Neither
it  nor  any  other member of the Adecoagro Group, nor any of their respective
directors or officers or to the best of its knowledge and belief (after taking reasonable</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>


<!-- Field: Page; Sequence: 42; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt">~ <!-- Field: Sequence; Type: Arabic; Name: PageNo -->41<!-- Field: /Sequence --> ~</P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt"><P STYLE="margin: 0pt"></P><TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 99%; border-collapse: collapse; margin-left: 7.1pt"><TR STYLE="vertical-align: top"><TD STYLE="width: 100%; border-bottom: Black 1pt solid; font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: -1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Export Prepayment Facility Agreement dated as of August 3, 2015 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: 0pt"></P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 79.1pt; text-align: justify">measures to ensure compliance with Sanctions) employees
or any other Person acting on behalf of any of the foregoing:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 97.1pt; text-align: justify">(i) is a Restricted Party or
acts directly or indirectly on behalf of a Restricted Party to the extent that being a Restricted Party or acting directly or indirectly
on behalf of a Restricted Party would lead to non- compliance by any Agent, any Lender or any of their Affiliates or any member
of the Adecoagro Group with any Sanctions;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 97.1pt; text-align: justify">(ii) is a Prohibited Party
or acts directly or indirectly on behalf of a Prohibited Party; or</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 97.1pt; text-align: justify">(iii) is subject to any claim,
action, proceeding, (to the best of its knowledge and belief (having made all due and reasonably enquiries)) investigation, notice
or demand with respect to Sanctions.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 43.1pt"></TD><TD STYLE="width: 36pt"><FONT STYLE="font-size: 12pt">(cc)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 12pt"><B>S</B></FONT><B><FONT STYLE="font-size: 9.5pt">ANCTIONS</FONT><FONT STYLE="font-size: 12pt">,
A</FONT><FONT STYLE="font-size: 9.5pt">NTI</FONT><FONT STYLE="font-size: 12pt">-C</FONT><FONT STYLE="font-size: 9.5pt">ORRUPTION</FONT>
<FONT STYLE="font-size: 12pt">L</FONT><FONT STYLE="font-size: 9.5pt">AWS</FONT><FONT STYLE="font-size: 12pt">, A</FONT><FONT STYLE="font-size: 9.5pt">NTI</FONT><FONT STYLE="font-size: 12pt">-M</FONT><FONT STYLE="font-size: 9.5pt">ONEY</FONT>
<FONT STYLE="font-size: 12pt">L</FONT><FONT STYLE="font-size: 9.5pt">AUNDERING</FONT> <FONT STYLE="font-size: 12pt">L</FONT><FONT STYLE="font-size: 9.5pt">AWS
AND</FONT> <FONT STYLE="font-size: 12pt">O</FONT><FONT STYLE="font-size: 9.5pt">THER</FONT> <FONT STYLE="font-size: 12pt">R</FONT><FONT STYLE="font-size: 9.5pt">EGULATIONS</FONT><FONT STYLE="font-size: 12pt">.</FONT></B><FONT STYLE="font-size: 12pt">
(i) 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) or their respective directors, officers, employees,
agents, and representatives (A) have taken any action, directly or indirectly, that would result in a violation by such Persons
of any Anti-Money Laundering Law, Anti-Corruption Law or Sanctions, or (B) are Sanctions Targets; and
(ii) each of the Borrower and each Guarantor, as well as, 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) and their respective directors, officers,
employees, agents, and representatives have policies and procedures in place to ensure compliance with Anti-Money Laundering Laws,
Anti-Corruption Laws and environmental protection laws and  occupational  health  standards
applicable  to  their  business  and operations.</FONT></TD></TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 79.1pt; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 7.1pt"><B>4.    &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CONDITIONS
OF THE LOANS.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 43.1pt"></TD><TD STYLE="width: 36pt"><FONT STYLE="font-size: 12pt">4.1</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 12pt"><B>D</B></FONT><B><FONT STYLE="font-size: 9.5pt">OCUMENTS</FONT><FONT STYLE="font-size: 12pt">.</FONT></B><FONT STYLE="font-size: 12pt">
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="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 79.1pt"></TD><TD STYLE="width: 36pt"><FONT STYLE="font-size: 12pt">(a)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 12pt"><B>C</B></FONT><B><FONT STYLE="font-size: 9.5pt">REDIT</FONT> <FONT STYLE="font-size: 12pt">D</FONT><FONT STYLE="font-size: 9.5pt">OCUMENTS</FONT><FONT STYLE="font-size: 12pt">.</FONT></B><FONT STYLE="font-size: 12pt">
Each applicable Credit Document (including the Note issued to each Lender in an amount equivalent to 120% of such Lender&rsquo;s
Commitment, but excluding the Agricultural and Mercantile Pledge Agreement and the Mercantile Pledge Agreement,</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>


<!-- Field: Page; Sequence: 43; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt">~ <!-- Field: Sequence; Type: Arabic; Name: PageNo -->42<!-- Field: /Sequence --> ~</P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt"><P STYLE="margin: 0pt"></P><TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 99%; border-collapse: collapse; margin-left: 7.1pt"><TR STYLE="vertical-align: top"><TD STYLE="width: 100%; border-bottom: Black 1pt solid; font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: -1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Export Prepayment Facility Agreement dated as of August 3, 2015 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: 0pt"></P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 115.1pt; text-align: justify">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;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 79.1pt"></TD><TD STYLE="width: 36pt"><FONT STYLE="font-size: 12pt">(b)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 12pt"><B>C</B></FONT><B><FONT STYLE="font-size: 9.5pt">ORPORATE</FONT>
<FONT STYLE="font-size: 12pt">D</FONT><FONT STYLE="font-size: 9.5pt">OCUMENTS AND</FONT> <FONT STYLE="font-size: 12pt">A</FONT><FONT STYLE="font-size: 9.5pt">UTHORIZATIONS</FONT></B><FONT STYLE="font-size: 12pt">.
Copies of (i) the Governing Documents of the Borrower and each Guarantor, 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 and each Guarantor (together with the registration of each thereof with the
appropriate Commercial Registry in Brazil for the Borrower and each Guarantor) 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="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 79.1pt"></TD><TD STYLE="width: 36pt"><FONT STYLE="font-size: 12pt">(c)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 12pt"><B>O</B></FONT><B><FONT STYLE="font-size: 9.5pt">FFICERS</FONT><FONT STYLE="font-size: 12pt">&rsquo;
C</FONT><FONT STYLE="font-size: 9.5pt">ERTIFICATE</FONT></B><FONT STYLE="font-size: 12pt">. A certificate of the Borrower and each
Guarantor, each substantially in the form of <U>Annex D</U> and <U>Annex 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="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 79.1pt"></TD><TD STYLE="width: 36pt"><FONT STYLE="font-size: 12pt">(d)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 12pt"><B>G</B></FONT><B><FONT STYLE="font-size: 9.5pt">OVERNMENTAL </FONT><FONT STYLE="font-size: 12pt">A</FONT><FONT STYLE="font-size: 9.5pt">ND</FONT>
<FONT STYLE="font-size: 12pt">T</FONT><FONT STYLE="font-size: 9.5pt">HIRD</FONT> <FONT STYLE="font-size: 12pt">P</FONT><FONT STYLE="font-size: 9.5pt">ARTY</FONT>
<FONT STYLE="font-size: 12pt">A</FONT><FONT STYLE="font-size: 9.5pt">PPROVALS</FONT></B><FONT STYLE="font-size: 12pt">. 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
&ldquo;<B>ROF</B>&rdquo;) of the Central Bank Data System (&ldquo;<B>SISBACEN</B>&rdquo;), 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="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 79.1pt"></TD><TD STYLE="width: 36pt"><FONT STYLE="font-size: 12pt">(e)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 12pt"><B>A</B></FONT><B><FONT STYLE="font-size: 9.5pt">PPOINTMENT OF </FONT><FONT STYLE="font-size: 12pt">P</FONT><FONT STYLE="font-size: 9.5pt">ROCESS</FONT>
<FONT STYLE="font-size: 12pt">A</FONT><FONT STYLE="font-size: 9.5pt">GENT</FONT></B><FONT STYLE="font-size: 12pt">. 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</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>


<!-- Field: Page; Sequence: 44; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt">~ <!-- Field: Sequence; Type: Arabic; Name: PageNo -->43<!-- Field: /Sequence --> ~</P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt"><P STYLE="margin: 0pt"></P><TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 99%; border-collapse: collapse; margin-left: 7.1pt"><TR STYLE="vertical-align: top"><TD STYLE="width: 100%; border-bottom: Black 1pt solid; font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: -1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Export Prepayment Facility Agreement dated as of August 3, 2015 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: 0pt"></P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 115.1pt; text-align: justify">and the Guarantors pursuant to Section 11.8 hereof and for the
Borrower pursuant to the Assignment and Security Agreement;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 79.1pt"></TD><TD STYLE="width: 36pt"><FONT STYLE="font-size: 12pt">(f)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 12pt"><B>O</B></FONT><B><FONT STYLE="font-size: 9.5pt">PINIONS OF</FONT>
<FONT STYLE="font-size: 12pt">C</FONT><FONT STYLE="font-size: 9.5pt">OUNSEL</FONT><FONT STYLE="font-size: 12pt">.</FONT></B><FONT STYLE="font-size: 12pt">
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, Dutch counsel to the Collateral Agent and the Lenders, 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="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 79.1pt"></TD><TD STYLE="width: 36pt"><FONT STYLE="font-size: 12pt">(g)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 12pt"><B>R</B></FONT><B><FONT STYLE="font-size: 9.5pt">EGISTRATION</FONT><FONT STYLE="font-size: 12pt">.</FONT></B><FONT STYLE="font-size: 12pt">
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="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 79.1pt"></TD><TD STYLE="width: 36pt; text-align: left"><FONT STYLE="font-size: 12pt">(h)</FONT></TD><TD><FONT STYLE="font-size: 12pt"><B>F</B></FONT><B><FONT STYLE="font-size: 9.5pt">INANCIAL
</FONT><FONT STYLE="font-size: 12pt">S</FONT><FONT STYLE="font-size: 9.5pt">TATEMENTS</FONT><FONT STYLE="font-size: 12pt">.</FONT></B><FONT STYLE="font-size: 12pt">
A copy of the Financial Statements;</FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 79.1pt"></TD><TD STYLE="width: 36pt"><FONT STYLE="font-size: 12pt">(i)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 12pt"><B>G</B></FONT><B><FONT STYLE="font-size: 9.5pt">EOREFERENCING</FONT><FONT STYLE="font-size: 12pt">.
</FONT></B><FONT STYLE="font-size: 12pt">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 the 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>); and</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 79.1pt"></TD><TD STYLE="width: 36pt"><FONT STYLE="font-size: 12pt">(j)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 12pt"><B>R</B></FONT><B><FONT STYLE="font-size: 9.5pt">EPORTS AND</FONT>
<FONT STYLE="font-size: 12pt">A</FONT><FONT STYLE="font-size: 9.5pt">PPRAISALS</FONT><FONT STYLE="font-size: 12pt">.</FONT></B><FONT STYLE="font-size: 12pt">
A copy of an appraisal issued no more than ninety (90) days prior to the Execution Date by an appraiser acceptable to the Brazilian Collateral Agent and the Required
Lenders for each of the Mortgaged Properties, stating that the market values of the Mortgaged Properties are at least R$197 million.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 43.1pt"></TD><TD STYLE="width: 36pt"><FONT STYLE="font-size: 12pt">4.2</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 12pt"><B>O</B></FONT><B><FONT STYLE="font-size: 9.5pt">THER</FONT> <FONT STYLE="font-size: 12pt">C</FONT><FONT STYLE="font-size: 9.5pt">ONDITIONS</FONT><FONT STYLE="font-size: 12pt">.</FONT></B><FONT STYLE="font-size: 12pt">
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="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 79.1pt"></TD><TD STYLE="width: 36pt"><FONT STYLE="font-size: 12pt">(a)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 12pt"><B>R</B></FONT><B><FONT STYLE="font-size: 9.5pt">EPRESENTATIONS AND</FONT>
<FONT STYLE="font-size: 12pt">W</FONT><FONT STYLE="font-size: 9.5pt">ARRANTIES</FONT><FONT STYLE="font-size: 12pt">.</FONT></B><FONT STYLE="font-size: 12pt">
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</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>


<!-- Field: Page; Sequence: 45; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt">~ <!-- Field: Sequence; Type: Arabic; Name: PageNo -->44<!-- Field: /Sequence --> ~</P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt"><P STYLE="margin: 0pt"></P><TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 99%; border-collapse: collapse; margin-left: 7.1pt"><TR STYLE="vertical-align: top"><TD STYLE="width: 100%; border-bottom: Black 1pt solid; font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: -1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Export Prepayment Facility Agreement dated as of August 3, 2015 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: 0pt"></P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 115.1pt; text-align: justify">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;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 79.1pt"></TD><TD STYLE="width: 36pt"><FONT STYLE="font-size: 12pt">(b)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 12pt"><B>N</B></FONT><B><FONT STYLE="font-size: 9.5pt">O</FONT> <FONT STYLE="font-size: 12pt">P</FONT><FONT STYLE="font-size: 9.5pt">ROHIBITION</FONT><FONT STYLE="font-size: 12pt">.
</FONT></B><FONT STYLE="font-size: 12pt">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="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 79.1pt"></TD><TD STYLE="width: 36pt"><FONT STYLE="font-size: 12pt">(c)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 12pt"><B>N</B></FONT><B><FONT STYLE="font-size: 9.5pt">O</FONT> <FONT STYLE="font-size: 12pt">M</FONT><FONT STYLE="font-size: 9.5pt">ATERIAL
</FONT><FONT STYLE="font-size: 12pt">A</FONT><FONT STYLE="font-size: 9.5pt">DVERSE</FONT> <FONT STYLE="font-size: 12pt">E</FONT><FONT STYLE="font-size: 9.5pt">FFECT</FONT><FONT STYLE="font-size: 12pt">.</FONT></B><FONT STYLE="font-size: 12pt">
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="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 79.1pt"></TD><TD STYLE="width: 36pt"><FONT STYLE="font-size: 12pt">(d)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 12pt"><B>N</B></FONT><B><FONT STYLE="font-size: 9.5pt">O </FONT>
<FONT STYLE="font-size: 12pt">D</FONT><FONT STYLE="font-size: 9.5pt">EFAULT</FONT><FONT STYLE="font-size: 12pt">. </FONT></B><FONT STYLE="font-size: 12pt">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="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 79.1pt"></TD><TD STYLE="width: 36pt"><FONT STYLE="font-size: 12pt">(e)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 12pt"><B>N</B></FONT><B><FONT STYLE="font-size: 9.5pt">O</FONT> <FONT STYLE="font-size: 12pt">C</FONT><FONT STYLE="font-size: 9.5pt">ONFLICT</FONT></B><FONT STYLE="font-size: 12pt">.
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="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 79.1pt"></TD><TD STYLE="width: 36pt"><FONT STYLE="font-size: 12pt">(f)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 12pt"><B>R</B></FONT><B><FONT STYLE="font-size: 9.5pt">EQUIRED</FONT> <FONT STYLE="font-size: 12pt">F</FONT><FONT STYLE="font-size: 9.5pt">EES
AND</FONT> <FONT STYLE="font-size: 12pt">E</FONT><FONT STYLE="font-size: 9.5pt">XPENSES</FONT><FONT STYLE="font-size: 12pt">.</FONT></B><FONT STYLE="font-size: 12pt">
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&rsquo; fees and expenses owed to the Agents, the Lead Arrangers and the Lenders
and all amounts then due under the Fee Letters in the amounts agreed therein;</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>


<!-- Field: Page; Sequence: 46; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt">~ <!-- Field: Sequence; Type: Arabic; Name: PageNo -->45<!-- Field: /Sequence --> ~</P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt"><P STYLE="margin: 0pt"></P><TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 99%; border-collapse: collapse; margin-left: 7.1pt"><TR STYLE="vertical-align: top"><TD STYLE="width: 100%; border-bottom: Black 1pt solid; font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: -1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Export Prepayment Facility Agreement dated as of August 3, 2015 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: 0pt"></P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 79.1pt"></TD><TD STYLE="width: 36pt"><FONT STYLE="font-size: 12pt">(g)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 12pt"><B>S</B></FONT><B><FONT STYLE="font-size: 9.5pt">ECURITY</FONT> <FONT STYLE="font-size: 12pt">I</FONT><FONT STYLE="font-size: 9.5pt">NTEREST</FONT></B><FONT STYLE="font-size: 12pt">.
(i) The Brazilian Collateral Agent shall have received from the Borrower evidence satisfactory to the Brazilian Collateral Agent
of the filing for registration (&ldquo;<I>protocolo</I>&rdquo;) of the Mortgage over the Mortgaged Properties 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 Importer&rsquo;s Account and the Collection Account have been opened and are
operational to the satisfaction of the Collateral Agent; and</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 79.1pt"></TD><TD STYLE="width: 36pt"><FONT STYLE="font-size: 12pt">(h)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 12pt"><B>P</B></FONT><B><FONT STYLE="font-size: 9.5pt">ROCEEDINGS AND</FONT>
<FONT STYLE="font-size: 12pt">D</FONT><FONT STYLE="font-size: 9.5pt">OCUMENTS</FONT></B><FONT STYLE="font-size: 12pt">. 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="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 115.1pt; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 7.15pt"></TD><TD STYLE="width: 35.85pt"><B>5.</B></TD><TD><B>AFFIRMATIVE COVENANTS.</B> The Borrower and each Guarantor, jointly and severally, covenant and agree that so long as any
Obligation is outstanding:</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 43.1pt"></TD><TD STYLE="width: 36pt"><FONT STYLE="font-size: 12pt">(a)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 12pt"><B>F</B></FONT><B><FONT STYLE="font-size: 9.5pt">INANCIAL</FONT>
<FONT STYLE="font-size: 12pt">S</FONT><FONT STYLE="font-size: 9.5pt">TATEMENTS</FONT><FONT STYLE="font-size: 12pt">.</FONT></B><FONT STYLE="font-size: 12pt">
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="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 79.1pt"></TD><TD STYLE="width: 36pt">(i)</TD><TD STYLE="text-align: justify">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&rsquo;s unconsolidated and, if available, consolidated balance sheet, (B) Participa&ccedil;&otilde;es&rsquo; consolidated
balance sheet, (C) Monte Alegre&rsquo;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) 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</TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>


<!-- Field: Page; Sequence: 47; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt">~ <!-- Field: Sequence; Type: Arabic; Name: PageNo -->46<!-- Field: /Sequence --> ~</P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt"><P STYLE="margin: 0pt"></P><TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 99%; border-collapse: collapse; margin-left: 7.1pt"><TR STYLE="vertical-align: top"><TD STYLE="width: 100%; border-bottom: Black 1pt solid; font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: -1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Export Prepayment Facility Agreement dated as of August 3, 2015 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: 0pt"></P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 115.1pt; text-align: justify">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;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 79.1pt"></TD><TD STYLE="width: 36pt">(ii)</TD><TD STYLE="text-align: justify">As soon as available, and in any event not later than seventy-five (75) days after each of the
first, second and third quarter of each fiscal year, (A) the Borrower&rsquo;s unconsolidated and, if available, consolidated balance
sheet, (B) Participa&ccedil;&otilde;es&rsquo; consolidated balance sheet and (C) Monte Alegre&rsquo;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;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 79.1pt"></TD><TD STYLE="width: 36pt">(iii)</TD><TD STYLE="text-align: justify">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 any 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</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 79.1pt"></TD><TD STYLE="width: 36pt; text-align: left">(iv)</TD><TD STYLE="text-align: justify">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.</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 43.1pt"></TD><TD STYLE="width: 36pt"><FONT STYLE="font-size: 12pt">(b)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 12pt"><B>A</B></FONT><B><FONT STYLE="font-size: 9.5pt">DDITIONAL</FONT>
<FONT STYLE="font-size: 12pt">I</FONT><FONT STYLE="font-size: 9.5pt">NFORMATION</FONT></B><FONT STYLE="font-size: 12pt">. 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</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>


<!-- Field: Page; Sequence: 48; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt">~ <!-- Field: Sequence; Type: Arabic; Name: PageNo -->47<!-- Field: /Sequence --> ~</P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt"><P STYLE="margin: 0pt"></P><TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 99%; border-collapse: collapse; margin-left: 7.1pt"><TR STYLE="vertical-align: top"><TD STYLE="width: 100%; border-bottom: Black 1pt solid; font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: -1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Export Prepayment Facility Agreement dated as of August 3, 2015 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: 0pt"></P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 79.1pt; text-align: justify">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.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 43.1pt"></TD><TD STYLE="width: 36pt"><FONT STYLE="font-size: 12pt">(c)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 12pt"><B>I</B></FONT><B><FONT STYLE="font-size: 9.5pt">NSPECTION</FONT><FONT STYLE="font-size: 12pt">.</FONT></B><FONT STYLE="font-size: 12pt">
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="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 43.1pt"></TD><TD STYLE="width: 36pt"><FONT STYLE="font-size: 12pt">(d)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 12pt"><B>C</B></FONT><B><FONT STYLE="font-size: 9.5pt">ORPORATE</FONT>
<FONT STYLE="font-size: 12pt">E</FONT><FONT STYLE="font-size: 9.5pt">XISTENCE</FONT><FONT STYLE="font-size: 12pt">, T</FONT><FONT STYLE="font-size: 9.5pt">AXES
AND</FONT> <FONT STYLE="font-size: 12pt">M</FONT><FONT STYLE="font-size: 9.5pt">AINTENANCE OF</FONT> <FONT STYLE="font-size: 12pt">P</FONT><FONT STYLE="font-size: 9.5pt">ROPERTIES</FONT><FONT STYLE="font-size: 12pt">.</FONT></B><FONT STYLE="font-size: 12pt">
It will:</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 79.1pt"></TD><TD STYLE="width: 36pt">(i)</TD><TD STYLE="text-align: justify">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;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 79.1pt"></TD><TD STYLE="width: 36pt">(ii)</TD><TD STYLE="text-align: justify">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</TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>


<!-- Field: Page; Sequence: 49; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt">~ <!-- Field: Sequence; Type: Arabic; Name: PageNo -->48<!-- Field: /Sequence --> ~</P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt"><P STYLE="margin: 0pt"></P><TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 99%; border-collapse: collapse; margin-left: 7.1pt"><TR STYLE="vertical-align: top"><TD STYLE="width: 100%; border-bottom: Black 1pt solid; font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: -1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Export Prepayment Facility Agreement dated as of August 3, 2015 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: 0pt"></P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 115.1pt; text-align: justify">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</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 79.1pt"></TD><TD STYLE="width: 36pt">(iii)</TD><TD STYLE="text-align: justify">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.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 43.1pt"></TD><TD STYLE="width: 36pt"><FONT STYLE="font-size: 12pt">(e)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 12pt"><B>C</B></FONT><B><FONT STYLE="font-size: 9.5pt">OMPLIANCE WITH </FONT><FONT STYLE="font-size: 12pt">L</FONT><FONT STYLE="font-size: 9.5pt">AWS</FONT><FONT STYLE="font-size: 12pt">; M</FONT><FONT STYLE="font-size: 9.5pt">AINTENANCE OF </FONT><FONT STYLE="font-size: 12pt">A</FONT><FONT STYLE="font-size: 9.5pt">PPROVALS</FONT></B><FONT STYLE="font-size: 12pt">. (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="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 43.1pt"></TD><TD STYLE="width: 36pt"><FONT STYLE="font-size: 12pt">(f)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 12pt"><B>B</B></FONT><B><FONT STYLE="font-size: 9.5pt">OOKS AND</FONT>
<FONT STYLE="font-size: 12pt">R</FONT><FONT STYLE="font-size: 9.5pt">ECORDS</FONT><FONT STYLE="font-size: 12pt">.</FONT></B><FONT STYLE="font-size: 12pt">
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="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 43.1pt"></TD><TD STYLE="width: 36pt"><FONT STYLE="font-size: 12pt">(g)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 12pt"><B>I</B></FONT><B><FONT STYLE="font-size: 9.5pt">NSURANCE</FONT><FONT STYLE="font-size: 12pt">.</FONT></B><FONT STYLE="font-size: 12pt">
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="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 46.1pt"></TD><TD STYLE="width: 33pt"><FONT STYLE="font-size: 12pt">(h)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 12pt"><B>R</B></FONT><B><FONT STYLE="font-size: 9.5pt">ANKING</FONT><FONT STYLE="font-size: 12pt">.</FONT></B><FONT STYLE="font-size: 12pt">
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="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 43.1pt"></TD><TD STYLE="width: 36pt"><FONT STYLE="font-size: 12pt">(i)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 12pt"><B>S</B></FONT><B><FONT STYLE="font-size: 9.5pt">ECURITY </FONT><FONT STYLE="font-size: 12pt">I</FONT><FONT STYLE="font-size: 9.5pt">NTEREST</FONT><FONT STYLE="font-size: 12pt">. </FONT></B><FONT STYLE="font-size: 12pt">(i) 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</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>


<!-- Field: Page; Sequence: 50; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt">~ <!-- Field: Sequence; Type: Arabic; Name: PageNo -->49<!-- Field: /Sequence --> ~</P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt"><P STYLE="margin: 0pt"></P><TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 99%; border-collapse: collapse; margin-left: 7.1pt"><TR STYLE="vertical-align: top"><TD STYLE="width: 100%; border-bottom: Black 1pt solid; font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: -1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Export Prepayment Facility Agreement dated as of August 3, 2015 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: 0pt"></P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 79.1pt; text-align: justify">Mortgages, the Mercantile Pledge
Agreement and the Agricultural and Mercantile Pledge Agreement shall only become a duly perfected first priority security interest
upon registration of such Mortgages, Mercantile Pledge Agreement and Agricultural and Mercantile Pledge Agreement as required hereunder
and thereunder); (ii) it shall 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 (and, where applicable, Export Contracts), together with evidence that notices of assignment of the Off-take
Contracts (and, where applicable, the Export Contracts) to the Collateral Agent under the Security Agreements have been provided
to the relevant Eligible Off-takers (and, in the case of Export Contracts, the Importer), and that the relevant Eligible Off-takers
(and, as applicable, the Importer) have provided acknowledgements of such assignments to the Collateral Agent; (v) the Borrower
shall deliver to the Brazilian Collateral Agent, no later than thirty (30) days after the date of the filing for registration (&ldquo;<I>protocolo</I>&rdquo;)
of the Mortgage over the Mortgaged Properties, evidence that such Mortgage has been duly registered with the competent Real Estate
Registry, (vi) the Borrower will, no later than thirty (30) days after its execution, deliver to the Brazilian Collateral Agent
evidence satisfactory to the Brazilian Collateral Agent that the Mercantile Pledge Agreement and/or the Agricultural and Mercantile Pledge
Agreement, as the case may be, 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 Goods and/or 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 Mercantile Pledge Agreement and/or
the Agricultural and Mercantile Pledge Agreement, as the case may be, no later than the deadline established above, 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</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 79.1pt; text-align: justify">&nbsp;</P>


<!-- Field: Page; Sequence: 51; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt">~ <!-- Field: Sequence; Type: Arabic; Name: PageNo -->50<!-- Field: /Sequence --> ~</P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt"><P STYLE="margin: 0pt"></P><TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 99%; border-collapse: collapse; margin-left: 7.1pt"><TR STYLE="vertical-align: top"><TD STYLE="width: 100%; border-bottom: Black 1pt solid; font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: -1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Export Prepayment Facility Agreement dated as of August 3, 2015 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: 0pt"></P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 79.1pt; text-align: justify">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), (vii) prior to providing any Collateral under
the Mercantile Pledge Agreement for purposes of compliance with Section
5(l)(i) hereof, the Borrower will provide to the Brazilian Collateral Agent a copy thereof duly executed by all parties thereto
and the <I>protocolo </I>for the Mercantile Pledge Agreement evidencing that it has been duly delivered to the relevant registry
office(s) for registration together with the initial report issued by the Collateral Monitoring Agent pursuant to the Collateral
Monitoring Agreement in respect to the Goods pledged thereunder in form and substance as described in the Collateral Monitoring
Agreement and, no later than thirty (30) days after its execution, deliver to the Brazilian Collateral Agent evidence satisfactory
to the Brazilian Collateral Agent that the Mercantile Pledge Agreement has been duly registered at the appropriate registry office(s),
(viii) the Borrower will, by such single date prior to the Final Maturity Date, as shall be determined by the Required Lenders,
deliver to the Brazilian Collateral Agent (who will provide a copy to the Lenders) 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 and (ix)
the Borrower will register the Assignment and Security Agreement and each amendment thereto (including each change in Schedule
I and/or Schedule II thereto), and a translation of each thereof, as the case may be, into Portuguese by a sworn translator, at
its sole cost and expense, within 40 (forty) days after the date when there is at least one entry on Schedule I and/or Schedule
II thereto (but in no event later than March 31, 2017), and, in the case of a change to Schedule I and/or Schedule II thereto,
within forty (40) days after such change to such Schedule(s), with the appropriate Registry of Deeds and Documents (<I>Cart&oacute;rio
de Registro de T&iacute;tulos e Documentos</I>) of the jurisdiction of the Borrower.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 43.1pt"></TD><TD STYLE="width: 36pt"><FONT STYLE="font-size: 12pt">(j)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 12pt"><B>F</B></FONT><B><FONT STYLE="font-size: 9.5pt">URTHER</FONT> <FONT STYLE="font-size: 12pt">A</FONT><FONT STYLE="font-size: 9.5pt">SSURANCES</FONT><FONT STYLE="font-size: 12pt">.</FONT></B><FONT STYLE="font-size: 12pt">
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="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 43.1pt"></TD><TD STYLE="width: 36pt"><FONT STYLE="font-size: 12pt">(k)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 12pt"><B>F</B></FONT><B><FONT STYLE="font-size: 9.5pt">INANCIAL</FONT>
<FONT STYLE="font-size: 12pt">C</FONT><FONT STYLE="font-size: 9.5pt">OVENANTS</FONT><FONT STYLE="font-size: 12pt">.</FONT></B><FONT STYLE="font-size: 12pt">
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="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 79.1pt"></TD><TD STYLE="width: 36pt">(i)</TD><TD STYLE="text-align: justify">The ratio of its Net Worth to its Total Assets is equal to or greater than (A) 0.3 as of December
31, 2015 and (B) 0.4 as of December 31 of each year thereafter;</TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>


<!-- Field: Page; Sequence: 52; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt">~ <!-- Field: Sequence; Type: Arabic; Name: PageNo -->51<!-- Field: /Sequence --> ~</P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt"><P STYLE="margin: 0pt"></P><TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 99%; border-collapse: collapse; margin-left: 7.1pt"><TR STYLE="vertical-align: top"><TD STYLE="width: 100%; border-bottom: Black 1pt solid; font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: -1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Export Prepayment Facility Agreement dated as of August 3, 2015 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: 0pt"></P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 79.1pt"></TD><TD STYLE="width: 36pt">(ii)</TD><TD STYLE="text-align: justify">The ratio of its Net Bank Debt to its Adjusted EBITDA is (A) equal to or less than 3.5 as of December
31, 2015, and (B) equal to or less than 3.0 as of December 31 of each year thereafter; and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 79.1pt"></TD><TD STYLE="width: 36pt">(iii)</TD><TD STYLE="text-align: justify">Its Interest Coverage Ratio is equal to or greater than 3.0 as of
December 31 of each year (starting with the fiscal year ending December 31, 2015).</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 43.1pt"><FONT STYLE="font-size: 12pt">(l)    <B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C</B></FONT><B><FONT STYLE="font-size: 9.5pt">OLLATERAL</FONT>
<FONT STYLE="font-size: 12pt">C</FONT><FONT STYLE="font-size: 9.5pt">OVERAGE</FONT><FONT STYLE="font-size: 12pt">.</FONT></B><FONT STYLE="font-size: 12pt">
It will ensure that:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 79.1pt"></TD><TD STYLE="width: 36pt">(i)</TD><TD STYLE="text-align: justify">The aggregate of (A) the Market Value of the sugar cane subject to the Agricultural and Mercantile
Pledge Agreement, (B) the Market Value of the Goods subject to the Mercantile Pledge Agreement and (C) 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 and the Required Lenders), 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 &ldquo;<B>Minimum Coverage Ratio</B>&rdquo;):</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 75%; font: 11pt Calibri, Helvetica, Sans-Serif; border-collapse: collapse; margin-left: 115.1pt">
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="border: black 1pt solid; padding-left: 0; text-align: center; padding-top: 2pt; padding-bottom: 2pt"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Period</B></FONT></TD>
    <TD ROWSPAN="2" STYLE="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; padding-left: 0; text-align: center; padding-top: 2pt; padding-bottom: 2pt">
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>Minimum</B></P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>Coverage Ratio</B></P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 0; text-align: center; padding-top: 2pt; padding-bottom: 2pt"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>From</B></FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-left: 0; text-align: center; padding-top: 2pt; padding-bottom: 2pt"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>To</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 33%; border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 0; text-align: center; padding-top: 2pt; padding-bottom: 2pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">First Drawdown</FONT></TD>
    <TD STYLE="width: 36%; border-bottom: black 1pt solid; border-right: black 1pt solid; padding-left: 0; text-align: center; padding-top: 2pt; padding-bottom: 2pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">December 20, 2017</FONT></TD>
    <TD STYLE="width: 31%; border-bottom: black 1pt solid; border-right: black 1pt solid; padding-left: 0; text-align: center; padding-top: 2pt; padding-bottom: 2pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">50%</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 0; text-align: center; padding-top: 2pt; padding-bottom: 2pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">December 21, 2017</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-left: 0; text-align: center; padding-top: 2pt; padding-bottom: 2pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">December 20, 2018</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-left: 0; text-align: center; padding-top: 2pt; padding-bottom: 2pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">70%</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 0; text-align: center; padding-top: 2pt; padding-bottom: 2pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">December 21, 2018</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-left: 0; text-align: center; padding-top: 2pt; padding-bottom: 2pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">Final Maturity Date</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-left: 0; text-align: center; padding-top: 2pt; padding-bottom: 2pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">120%</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 115.1pt; text-align: justify">The Brazilian Collateral Agent
shall, on a weekly basis, calculate the ratio of (1) the aggregate of items (A), (B) and (C) above to (2) the aggregate outstanding
principal amount of the Loans (such ratio being the &ldquo;<B>Effective Coverage Ratio</B>&rdquo;), 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 the Brazilian Collateral Agent shall promptly inform the Lenders and the Borrower and the Borrower shall (a) within fifteen
(15) days following written demand by the Brazilian Collateral Agent, pledge Goods under the Mercantile Pledge Agreement, and deliver
to the Brazilian Collateral Agent a copy of the <I>protocolo</I> evidencing that the Mercantile Pledge Agreement has been duly
delivered to the relevant registry office(s) for registration (and, within thirty (30)</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 115.1pt; text-align: justify">&nbsp;</P>


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    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt">~ <!-- Field: Sequence; Type: Arabic; Name: PageNo -->52<!-- Field: /Sequence --> ~</P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt"><P STYLE="margin: 0pt"></P><TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 99%; border-collapse: collapse; margin-left: 7.1pt"><TR STYLE="vertical-align: top"><TD STYLE="width: 100%; border-bottom: Black 1pt solid; font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: -1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Export Prepayment Facility Agreement dated as of August 3, 2015 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: 0pt"></P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 115.1pt; text-align: justify">days from the date of such
<I>protocolo</I>, evidence that such Mercantile Pledge Agreement has been duly registered by the relevant registry office), together
with a report in respect to the Goods pledged thereunder, issued by the Collateral Monitoring Agent pursuant to the Collateral
Monitoring Agreement, and/or (b) within forty (40) days following written demand by the Brazilian Collateral Agent, provide mortgages
over additional land and/or pledge sugar cane under the Agricultural and Mercantile Pledge Agreement, in each case as acceptable
to the Brazilian Collateral Agent and the Required Lenders, and deliver to the Brazilian Collateral Agent a copy of the <I>protocolo</I>
evidencing that the Agricultural and Mercantile Pledge Agreement and/or the Mortgage, as the case may be, has been duly delivered to the relevant registry office(s) for registration (and,
within thirty (30) days from the date of such <I>protocolo</I>, evidence that such Agricultural and Mercantile Pledge Agreement and/or
Mortgage, as the case may be, has been duly registered by the relevant registry office), together with (1) in the case of the Agricultural
and Mercantile Pledge Agreement, a report in respect to the sugarcane pledged thereunder, issued by the Collateral
Monitoring Agent pursuant to the Collateral Monitoring Agreement, and/or (2) in the case of the Mortgage, an appraisal issued by
an appraiser acceptable to the Brazilian Collateral Agent and the Required Lenders not more than ninety (90) days prior to the
execution of the respective Mortgage, and/or (c) prepay, within
fifteen (15) days following the receipt of the written demand from the Brazilian Collateral Agent, part of the outstanding Loans,
in accordance with Section 2.15, to ensure that the Minimum Coverage Ratio is duly complied with. Notwithstanding the foregoing,
if the remedies in (a) and/or (b) above are reasonably considered by the Brazilian Collateral Agent to be insufficient to ensure
that the Minimum Coverage Ratio is duly complied with then the Borrower must prepay part of the outstanding Loans in accordance with
Section 2.15 and within fifteen (15) days following written demand by the Brazilian Collateral Agent, to ensure that the Minimum
Coverage Ratio is duly complied with. If, pursuant to the preceding sentences, the Borrower has pledged Goods pursuant to the Mercantile
Pledge Agreement, pledged sugar cane pursuant to the Agricultural and Mercantile Pledge Agreement and/or provided mortgages over
additional land, and subsequently the Effective Coverage Ratio shall increase to a level which is more than five (5)
percentage points higher than the Minimum Coverage Ratio for the respective period, then the Brazilian Collateral Agent shall promptly
inform the Lenders and the Borrower and if, at the request of the Borrower, the Required Lenders agree, in their sole discretion,
then the Required Lenders will instruct the Brazilian Collateral Agent to release Collateral in such amount so as to reduce the Effective</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 115.1pt; text-align: justify">&nbsp;</P>


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    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt">~ <!-- Field: Sequence; Type: Arabic; Name: PageNo -->53<!-- Field: /Sequence --> ~</P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt"><P STYLE="margin: 0pt"></P><TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 99%; border-collapse: collapse; margin-left: 7.1pt"><TR STYLE="vertical-align: top"><TD STYLE="width: 100%; border-bottom: Black 1pt solid; font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: -1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Export Prepayment Facility Agreement dated as of August 3, 2015 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: 0pt"></P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 115.1pt; text-align: justify">Coverage Ratio to the respective
Minimum Coverage Ratio, and provided no Event of Default has occurred and is continuing at such time, then the Brazilian Collateral
Agent shall carry out such release. Any release of Collateral pursuant to the preceding sentence shall be undertaken as follows:
first, Goods subject to the Mercantile Pledge Agreement; then, if necessary, sugar cane subject to the Agricultural and Mercantile
Pledge Agreement; and finally, if necessary, the additional land mortgaged. In all cases, 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.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 79.1pt"></TD><TD STYLE="width: 36pt">(ii)</TD><TD STYLE="text-align: justify">From March 31 of each calendar year (starting with March 31, 2017) 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 (a) by 0.833333 if the purchase price of such Goods has not been fixed under the respective Off-take Contract, and (b) by 0.95 if the
purchase price of such Goods has been fixed under the respective Off-taker Contract, as evidenced to the satisfaction of the Administrative
Agent) (such amount being the &ldquo;<B>Collateral Amount</B>&rdquo;), 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 the Adjusted Repayment Amount as at such time, 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</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 79.1pt"></TD><TD STYLE="width: 36pt">(iii)</TD><TD STYLE="text-align: justify">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</TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>


<!-- Field: Page; Sequence: 55; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt">~ <!-- Field: Sequence; Type: Arabic; Name: PageNo -->54<!-- Field: /Sequence --> ~</P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt"><P STYLE="margin: 0pt"></P><TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 99%; border-collapse: collapse; margin-left: 7.1pt"><TR STYLE="vertical-align: top"><TD STYLE="width: 100%; border-bottom: Black 1pt solid; font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: -1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Export Prepayment Facility Agreement dated as of August 3, 2015 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: 0pt"></P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 115.1pt; text-align: justify">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 &ldquo;<B>Export Contract
Collateral Amount</B>&rdquo;), 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.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 43.1pt"></TD><TD STYLE="width: 36pt"><FONT STYLE="font-size: 12pt">(m)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 12pt"><B>M</B></FONT><B><FONT STYLE="font-size: 9.5pt">ATERIAL </FONT><FONT STYLE="font-size: 12pt">C</FONT><FONT STYLE="font-size: 9.5pt">ONTRACTS</FONT><FONT STYLE="font-size: 12pt">.
</FONT></B><FONT STYLE="font-size: 12pt">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="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 43.1pt"></TD><TD STYLE="width: 36pt"><FONT STYLE="font-size: 12pt">(n)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 12pt"><B>E</B></FONT><B><FONT STYLE="font-size: 9.5pt">NVIRONMENTAL</FONT>
<FONT STYLE="font-size: 12pt">L</FONT><FONT STYLE="font-size: 9.5pt">AWS</FONT><FONT STYLE="font-size: 12pt">.</FONT></B><FONT STYLE="font-size: 12pt">
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="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 43.1pt"></TD><TD STYLE="width: 36pt"><FONT STYLE="font-size: 12pt">(o)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 12pt"><B>U</B></FONT><B><FONT STYLE="font-size: 9.5pt">SE OF </FONT><FONT STYLE="font-size: 12pt">P</FONT><FONT STYLE="font-size: 9.5pt">ROCEEDS</FONT><FONT STYLE="font-size: 12pt">. </FONT></B><FONT STYLE="font-size: 12pt">The proceeds of the Loans shall be used by the
Borrower exclusively to finance costs incurred in the farming, 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="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 43.1pt"></TD><TD STYLE="width: 36pt"><FONT STYLE="font-size: 12pt">(p)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 12pt"><B>C</B></FONT><B><FONT STYLE="font-size: 9.5pt">ENTRAL</FONT> <FONT STYLE="font-size: 12pt">B</FONT><FONT STYLE="font-size: 9.5pt">ANK</FONT>
<FONT STYLE="font-size: 12pt">R</FONT><FONT STYLE="font-size: 9.5pt">EGISTRY</FONT><FONT STYLE="font-size: 12pt">. </FONT></B><FONT STYLE="font-size: 12pt">The
Borrower will ensure that the Schedule of Payments (<I>Esquema de Pagamento</I>) (&ldquo;<B>Schedule of Payments</B>&rdquo;) evidencing
the repayment schedule of each of the Loans hereunder shall be registered</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>


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    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt">~ <!-- Field: Sequence; Type: Arabic; Name: PageNo -->55<!-- Field: /Sequence --> ~</P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt"><P STYLE="margin: 0pt"></P><TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 99%; border-collapse: collapse; margin-left: 7.1pt"><TR STYLE="vertical-align: top"><TD STYLE="width: 100%; border-bottom: Black 1pt solid; font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: -1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Export Prepayment Facility Agreement dated as of August 3, 2015 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: 0pt"></P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 79.1pt; text-align: justify">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.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 43.1pt"></TD><TD STYLE="width: 36pt"><FONT STYLE="font-size: 12pt">(q)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 12pt"><B>C</B></FONT><B><FONT STYLE="font-size: 9.5pt">OMPLIANCE WITH</FONT>
<FONT STYLE="font-size: 12pt">A</FONT><FONT STYLE="font-size: 9.5pt">NTI</FONT><FONT STYLE="font-size: 12pt">-T</FONT><FONT STYLE="font-size: 9.5pt">ERRORISM</FONT>
<FONT STYLE="font-size: 12pt">L</FONT><FONT STYLE="font-size: 9.5pt">AWS</FONT><FONT STYLE="font-size: 12pt">.</FONT></B><FONT STYLE="font-size: 12pt">
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 &ldquo;freezing&rdquo; and/or &ldquo;blocking&rdquo; 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&rsquo;s or any Lender&rsquo;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="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 43.1pt"></TD><TD STYLE="width: 36pt">(r)</TD><TD STYLE="text-align: justify"><B>FATCA.</B> The Borrower and each Guarantor will ensure that it will not become a FATCA FFI or
a U.S. Tax Obligor.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 43.1pt"></TD><TD STYLE="width: 36pt"><FONT STYLE="font-size: 12pt">(s)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 12pt"><B>U</B></FONT><B><FONT STYLE="font-size: 9.5pt">LTRA</FONT><FONT STYLE="font-size: 12pt">-H</FONT><FONT STYLE="font-size: 9.5pt">IGH</FONT>
<FONT STYLE="font-size: 12pt">R</FONT><FONT STYLE="font-size: 9.5pt">ISK</FONT> <FONT STYLE="font-size: 12pt">C</FONT><FONT STYLE="font-size: 9.5pt">OUNTRIES</FONT><FONT STYLE="font-size: 12pt">.</FONT></B><FONT STYLE="font-size: 12pt">
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</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>


<!-- Field: Page; Sequence: 57; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt">~ <!-- Field: Sequence; Type: Arabic; Name: PageNo -->56<!-- Field: /Sequence --> ~</P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt"><P STYLE="margin: 0pt"></P><TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 99%; border-collapse: collapse; margin-left: 7.1pt"><TR STYLE="vertical-align: top"><TD STYLE="width: 100%; border-bottom: Black 1pt solid; font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: -1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Export Prepayment Facility Agreement dated as of August 3, 2015 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: 0pt"></P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 79.1pt; text-align: justify">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 Importer&rsquo;s Account or the Collection
Account relate to any shipment of Goods sold by the Importer and/or the Borrower under the Off-take
Contracts 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.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 43.1pt"></TD><TD STYLE="width: 36pt"><FONT STYLE="font-size: 12pt">(t)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 12pt"><B>S</B></FONT><B><FONT STYLE="font-size: 9.5pt">ANCTIONS</FONT><FONT STYLE="font-size: 12pt">,
A</FONT><FONT STYLE="font-size: 9.5pt">NTI</FONT><FONT STYLE="font-size: 12pt">-C</FONT><FONT STYLE="font-size: 9.5pt">ORRUPTION</FONT>
<FONT STYLE="font-size: 12pt">L</FONT><FONT STYLE="font-size: 9.5pt">AWS</FONT><FONT STYLE="font-size: 12pt">, A</FONT><FONT STYLE="font-size: 9.5pt">NTI</FONT><FONT STYLE="font-size: 12pt">-M</FONT><FONT STYLE="font-size: 9.5pt">ONEY</FONT>
<FONT STYLE="font-size: 12pt">L</FONT><FONT STYLE="font-size: 9.5pt">AUNDERING</FONT> <FONT STYLE="font-size: 12pt">L</FONT><FONT STYLE="font-size: 9.5pt">AWS
AND</FONT> <FONT STYLE="font-size: 12pt">O</FONT><FONT STYLE="font-size: 9.5pt">THER</FONT> <FONT STYLE="font-size: 12pt">R</FONT><FONT STYLE="font-size: 9.5pt">EGULATIONS</FONT><FONT STYLE="font-size: 12pt">.</FONT></B><FONT STYLE="font-size: 12pt">
(i) 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) and their respective directors, officers, employees,
agents, and representatives will take any action, directly or indirectly, that would result in a violation by such Persons of any
Anti-Money Laundering Law, Anti- Corruption Law or Sanctions, or in such Person becoming a  Sanctions Targets; (ii)
each of the Borrower and each Guarantor, as well as, 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) and their respective directors, officers, employees, agents, and
representatives shall maintain policies and procedures in place to ensure compliance with Anti-Money Laundering Laws, Anti-Corruption
Laws and environmental protection laws and occupational health standards applicable to their business and operations; (iii) no
country of origin, transit or disembarkation of any Goods shall be a Sanctioned Country; and (iv) no vessel or carrier named in
any Shipping Documents shall be owned by any Person, or operate under the laws of any country, which is a Sanctions Target.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 43.1pt"></TD><TD STYLE="width: 36pt"><FONT STYLE="font-size: 12pt">(u)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 12pt"><B>R</B></FONT><B><FONT STYLE="font-size: 9.5pt">ESTRICTED</FONT>
<FONT STYLE="font-size: 12pt">P</FONT><FONT STYLE="font-size: 9.5pt">ARTY</FONT><FONT STYLE="font-size: 12pt">, P</FONT><FONT STYLE="font-size: 9.5pt">ROHIBITED</FONT>
<FONT STYLE="font-size: 12pt">P</FONT><FONT STYLE="font-size: 9.5pt">ARTY</FONT><FONT STYLE="font-size: 12pt">.</FONT></B><FONT STYLE="font-size: 12pt">
Neither the Borrower nor any Guarantor shall (and the Borrower shall procure that no
other member of the Adecoagro Group nor any of their respective directors, officers, employees or any other Person acting on behalf
of any of them will):</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>


<!-- Field: Page; Sequence: 58; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt">~ <!-- Field: Sequence; Type: Arabic; Name: PageNo -->57<!-- Field: /Sequence --> ~</P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt"><P STYLE="margin: 0pt"></P><TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 99%; border-collapse: collapse; margin-left: 7.1pt"><TR STYLE="vertical-align: top"><TD STYLE="width: 100%; border-bottom: Black 1pt solid; font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: -1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Export Prepayment Facility Agreement dated as of August 3, 2015 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: 0pt"></P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 104.3pt"></TD><TD STYLE="width: 19.8pt">i.</TD><TD STYLE="text-align: justify">use, lend, contribute or otherwise make available the proceeds of any Loan or other transaction
contemplated by any Credit Document directly or indirectly for the purpose of financing any trade, business or other activities
with (A) any Restricted Party in as far as such financing would lead to non-compliance by the Borrower, any Guarantor, any Agent
and/or any Lender, or any of their respective Affiliates with any Sanctions, or (B) any Prohibited Party; or</TD></TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 124.1pt; text-align: justify; text-indent: -23.15pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 100.95pt"></TD><TD STYLE="width: 23.15pt">ii.</TD><TD STYLE="text-align: justify">use any revenue or benefit derived from any activity or dealing with a Restricted Party or a Prohibited
Party in discharging any obligation due or owing to any Agent or the Lenders except, in case of a Restricted Party only, to the
extent that activity or dealing would not lead to non-compliance by that member of the
Adecoagro Group, any Agent, any Lender or any of their
respective Affiliates with any Sanctions.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 79.1pt; text-align: justify">The Borrower and each Guarantor
shall (and the Borrower shall procure that each other member of the Adecoagro Group and (in the case of sub- paragraph (i) below)
each of their respective directors, officers employees or any other Person acting on behalf of, any of them will):</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 104.3pt"></TD><TD STYLE="width: 19.8pt">i.</TD><TD STYLE="text-align: justify">procure that no proceeds from any activity or dealing with a Restricted Party or a Prohibited Party
are credited to any bank account held with any Agent, any Lender, or any of their respective Affiliates in its name or in the name
of any other member of the Adecoagro Group except, in case of a Restricted Party only, to the extent that crediting such bank account
would not lead to non- compliance by that member of the Adecoagro Group, any Agent, any Lender or any of their respective Affiliates
with any Sanctions;</TD></TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 97.55pt; text-indent: 3.35pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 104.3pt"></TD><TD STYLE="width: 19.8pt; text-align: left">ii.</TD><TD STYLE="text-align: justify">take reasonable measures to ensure compliance with Sanctions;
and </TD>
</TR>     <TR STYLE="vertical-align: top">
<TD>&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
<TD>&nbsp;</TD><TD STYLE="text-align: left">iii.</TD><TD STYLE="text-align: justify">(to the extent permitted by law and promptly upon becoming aware of them) supply to the Administrative
Agent and the Lenders details of any claim, action, suit, proceedings or investigation against it or any
other member of the Adecoagro Group with respect to Sanctions by any Sanctions Authority.</TD></TR>
</TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 124.1pt; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 7.15pt"></TD><TD STYLE="width: 35.85pt"><B>6.</B></TD><TD><B>NEGATIVE COVENANTS. </B>The Borrower and each Guarantor, jointly and
severally, agree that, so long as any Obligations are outstanding, it will not:</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 43.1pt"></TD><TD STYLE="width: 36pt"><FONT STYLE="font-size: 12pt">(a)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 12pt"><B>T</B></FONT><B><FONT STYLE="font-size: 9.5pt">RANSACTIONS WITH</FONT>
<FONT STYLE="font-size: 12pt">A</FONT><FONT STYLE="font-size: 9.5pt">FFILIATES</FONT><FONT STYLE="font-size: 12pt">.</FONT></B><FONT STYLE="font-size: 12pt">
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&rsquo;s</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>


<!-- Field: Page; Sequence: 59; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt">~ <!-- Field: Sequence; Type: Arabic; Name: PageNo -->58<!-- Field: /Sequence --> ~</P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt"><P STYLE="margin: 0pt"></P><TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 99%; border-collapse: collapse; margin-left: 7.1pt"><TR STYLE="vertical-align: top"><TD STYLE="width: 100%; border-bottom: Black 1pt solid; font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: -1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Export Prepayment Facility Agreement dated as of August 3, 2015 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: 0pt"></P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 79.1pt; text-align: justify">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 &ldquo;arm&rsquo;s length basis&rdquo;, and shall not exceed
US$ 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&rsquo;s Indebtedness and the Indebtedness of any other company of the Adecoagro Group, but not the Indebtedness of any other
Person.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 43.1pt"></TD><TD STYLE="width: 36pt"><FONT STYLE="font-size: 12pt">(b)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 12pt"><B>M</B></FONT><B><FONT STYLE="font-size: 9.5pt">ERGERS</FONT><FONT STYLE="font-size: 12pt">,
C</FONT><FONT STYLE="font-size: 9.5pt">ORPORATE</FONT> <FONT STYLE="font-size: 12pt">R</FONT><FONT STYLE="font-size: 9.5pt">EORGANIZATION</FONT><FONT STYLE="font-size: 12pt">.</FONT></B><FONT STYLE="font-size: 12pt">
(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 the surviving Person has the same
ultimate beneficial ownership as the Person that is not the survivor had immediately prior to such merger, consolidation or amalgamation
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="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 43.1pt"></TD><TD STYLE="width: 36pt"><FONT STYLE="font-size: 12pt">(c)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 12pt"><B>D</B></FONT><B><FONT STYLE="font-size: 9.5pt">ISPOSITION
OF </FONT> <FONT STYLE="font-size: 12pt">A</FONT><FONT STYLE="font-size: 9.5pt">SSETS</FONT><FONT STYLE="font-size: 12pt">. </FONT></B><FONT STYLE="font-size: 12pt">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="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 43.1pt"></TD><TD STYLE="width: 34.9pt"><FONT STYLE="font-size: 12pt">(d)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 12pt"><B>C</B></FONT><B><FONT STYLE="font-size: 9.5pt">HANGE IN </FONT><FONT STYLE="font-size: 12pt">N</FONT><FONT STYLE="font-size: 9.5pt">ATURE OF </FONT><FONT STYLE="font-size: 12pt">B</FONT><FONT STYLE="font-size: 9.5pt">USINESS</FONT><FONT STYLE="font-size: 12pt">;
G</FONT><FONT STYLE="font-size: 9.5pt">OVERNING </FONT><FONT STYLE="font-size: 12pt">D</FONT><FONT STYLE="font-size: 9.5pt">OCUMENTS </FONT><FONT STYLE="font-size: 12pt">E</FONT><FONT STYLE="font-size: 9.5pt">TC</FONT><FONT STYLE="font-size: 12pt">. </FONT></B><FONT STYLE="font-size: 12pt">(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="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 43.1pt"></TD><TD STYLE="width: 36pt"><FONT STYLE="font-size: 12pt">(e)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 12pt"><B>L</B></FONT><B><FONT STYLE="font-size: 9.5pt">IMIT
ON </FONT> <FONT STYLE="font-size: 12pt">A</FONT><FONT STYLE="font-size: 9.5pt">CCOUNTING </FONT><FONT STYLE="font-size: 12pt">C</FONT><FONT STYLE="font-size: 9.5pt">HANGES</FONT><FONT STYLE="font-size: 12pt">. </FONT></B><FONT STYLE="font-size: 12pt">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="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 43.1pt"></TD><TD STYLE="width: 36pt"><FONT STYLE="font-size: 12pt">(f)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 12pt"><B>L</B></FONT><B><FONT STYLE="font-size: 9.5pt">IENS</FONT><FONT STYLE="font-size: 12pt">.</FONT></B><FONT STYLE="font-size: 12pt">
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</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>


<!-- Field: Page; Sequence: 60; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt">~ <!-- Field: Sequence; Type: Arabic; Name: PageNo -->59<!-- Field: /Sequence --> ~</P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt"><P STYLE="margin: 0pt"></P><TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 99%; border-collapse: collapse; margin-left: 7.1pt"><TR STYLE="vertical-align: top"><TD STYLE="width: 100%; border-bottom: Black 1pt solid; font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: -1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Export Prepayment Facility Agreement dated as of August 3, 2015 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: 0pt"></P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 79.1pt; text-align: justify">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&rsquo;, warehousemen&rsquo;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&rsquo; 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.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 43.1pt"></TD><TD STYLE="width: 36pt"><FONT STYLE="font-size: 12pt">(g)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 12pt"><B>R</B></FONT><B><FONT STYLE="font-size: 9.5pt">ESTRICTED</FONT>
<FONT STYLE="font-size: 12pt">P</FONT><FONT STYLE="font-size: 9.5pt">AYMENTS</FONT><FONT STYLE="font-size: 12pt">.</FONT></B><FONT STYLE="font-size: 12pt">
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: 0; margin-bottom: 0">&nbsp;</P>


<!-- Field: Page; Sequence: 61; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt">~ <!-- Field: Sequence; Type: Arabic; Name: PageNo -->60<!-- Field: /Sequence --> ~</P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt"><P STYLE="margin: 0pt"></P><TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 99%; border-collapse: collapse; margin-left: 7.1pt"><TR STYLE="vertical-align: top"><TD STYLE="width: 100%; border-bottom: Black 1pt solid; font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: -1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Export Prepayment Facility Agreement dated as of August 3, 2015 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: 0pt"></P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 7.1pt"><B>7.   &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;EVENTS
OF DEFAULT.</B> If:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 43.1pt"></TD><TD STYLE="width: 18pt">(a)</TD><TD STYLE="text-align: justify">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</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 43.1pt"></TD><TD STYLE="width: 18pt">(b)</TD><TD STYLE="text-align: justify">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</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 43.1pt"></TD><TD STYLE="width: 18pt">(c)</TD><TD STYLE="text-align: justify">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</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 43.1pt"></TD><TD STYLE="width: 18pt">(d)</TD><TD STYLE="text-align: justify">(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 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) 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</TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>


<!-- Field: Page; Sequence: 62; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt">~ <!-- Field: Sequence; Type: Arabic; Name: PageNo -->61<!-- Field: /Sequence --> ~</P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt"><P STYLE="margin: 0pt"></P><TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 99%; border-collapse: collapse; margin-left: 7.1pt"><TR STYLE="vertical-align: top"><TD STYLE="width: 100%; border-bottom: Black 1pt solid; font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: -1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Export Prepayment Facility Agreement dated as of August 3, 2015 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: 0pt"></P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 61.1pt; text-align: justify">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 (iii) 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, in the cases of (ii) and (iii) above, 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</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 43.1pt"></TD><TD STYLE="width: 18pt">(e)</TD><TD STYLE="text-align: justify">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</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 43.1pt"></TD><TD STYLE="width: 18pt">(f)</TD><TD STYLE="text-align: justify">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</TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>


<!-- Field: Page; Sequence: 63; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt">~ <!-- Field: Sequence; Type: Arabic; Name: PageNo -->62<!-- Field: /Sequence --> ~</P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt"><P STYLE="margin: 0pt"></P><TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 99%; border-collapse: collapse; margin-left: 7.1pt"><TR STYLE="vertical-align: top"><TD STYLE="width: 100%; border-bottom: Black 1pt solid; font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: -1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Export Prepayment Facility Agreement dated as of August 3, 2015 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: 0pt"></P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 43.1pt"></TD><TD STYLE="width: 18pt">(g)</TD><TD STYLE="text-align: justify">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</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 43.1pt"></TD><TD STYLE="width: 18pt">(h)</TD><TD STYLE="text-align: justify">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 or
any Guarantor shall so assert; or the Borrower or any Guarantor 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) 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 or any Guarantor; or</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 43.1pt"></TD><TD STYLE="width: 18pt; text-align: left">(i)</TD><TD>A Change of Control shall have occurred; or</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 43.1pt"></TD><TD STYLE="width: 18pt">(j)</TD><TD STYLE="text-align: justify">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</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 43.1pt"></TD><TD STYLE="width: 18pt">(k)</TD><TD STYLE="text-align: justify">(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</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 43.1pt"></TD><TD STYLE="width: 18pt">(l)</TD><TD STYLE="text-align: justify">Any event which has or may have a Material Adverse Effect shall have
occurred,</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 43.1pt">thereupon and at any time thereafter and in every
such event (each an &ldquo;<B>Event of Default</B>&rdquo;),</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 43.1pt">&nbsp;</P>


<!-- Field: Page; Sequence: 64; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt">~ <!-- Field: Sequence; Type: Arabic; Name: PageNo -->63<!-- Field: /Sequence --> ~</P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt"><P STYLE="margin: 0pt"></P><TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 99%; border-collapse: collapse; margin-left: 7.1pt"><TR STYLE="vertical-align: top"><TD STYLE="width: 100%; border-bottom: Black 1pt solid; font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: -1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Export Prepayment Facility Agreement dated as of August 3, 2015 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: 0pt"></P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 79.1pt"></TD><TD STYLE="width: 36pt">(1)</TD><TD STYLE="text-align: justify">in the case of an Event of Default other than one specified in clause (f) of this Section 7, the
Administrative Agent (i) 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) 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</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 79.1pt"></TD><TD STYLE="width: 36pt">(2)</TD><TD STYLE="text-align: justify">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.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 78pt">The foregoing shall not limit the Lenders&rsquo; rights
to exercise any of their remedies under any of the other Credit Documents.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 78pt">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 7.1pt"><B>8.   &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TAXES</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 43.1pt"><FONT STYLE="font-size: 12pt">8.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>T</B></FONT><B><FONT STYLE="font-size: 9.5pt">AXES</FONT></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 79.1pt"></TD><TD STYLE="width: 34.3pt">(a)</TD><TD STYLE="text-align: justify">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</TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>


<!-- Field: Page; Sequence: 65; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt">~ <!-- Field: Sequence; Type: Arabic; Name: PageNo -->64<!-- Field: /Sequence --> ~</P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt"><P STYLE="margin: 0pt"></P><TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 99%; border-collapse: collapse; margin-left: 7.1pt"><TR STYLE="vertical-align: top"><TD STYLE="width: 100%; border-bottom: Black 1pt solid; font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: -1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Export Prepayment Facility Agreement dated as of August 3, 2015 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: 0pt"></P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 113.4pt; text-align: justify">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) (&ldquo;<B>Taxes</B>&rdquo;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 79.1pt"></TD><TD STYLE="width: 34.3pt">(b)</TD><TD STYLE="text-align: justify">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.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 79.1pt"></TD><TD STYLE="width: 34.3pt">(c)</TD><TD STYLE="text-align: justify">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.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 43.1pt"></TD><TD STYLE="width: 36pt"><FONT STYLE="font: 12pt Times New Roman, Times, Serif">8.2</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: 12pt Times New Roman, Times, Serif"><B>O</B></FONT><B><FONT STYLE="font: 9.5pt Times New Roman, Times, Serif">THER </FONT></B><B>
<FONT STYLE="font: 12pt Times New Roman, Times, Serif">T</FONT></B><B><FONT STYLE="font: 9.5pt Times New Roman, Times, Serif">AXES</FONT></B><B><FONT STYLE="font: 12pt Times New Roman, Times, Serif">. </FONT></B><FONT STYLE="font: 12pt 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 (&ldquo;<B>Other Taxes</B>&rdquo;) 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: 0; margin-bottom: 0">&nbsp;</P>


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    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt">~ <!-- Field: Sequence; Type: Arabic; Name: PageNo -->65<!-- Field: /Sequence --> ~</P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt"><P STYLE="margin: 0pt"></P><TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 99%; border-collapse: collapse; margin-left: 7.1pt"><TR STYLE="vertical-align: top"><TD STYLE="width: 100%; border-bottom: Black 1pt solid; font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: -1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Export Prepayment Facility Agreement dated as of August 3, 2015 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: 0pt"></P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 7.1pt"><B>9. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;GUARANTEE</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 43.1pt"></TD><TD STYLE="width: 36pt"><FONT STYLE="font-size: 12pt">9.1.</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 12pt"><B>G</B></FONT><B><FONT STYLE="font-size: 9.5pt">UARANTY</FONT><FONT STYLE="font-size: 12pt">.</FONT></B><FONT STYLE="font-size: 12pt">
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 &ldquo;<B>Guaranteed Obligations</B>&rdquo;).</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 43.1pt"></TD><TD STYLE="width: 36pt"><FONT STYLE="font-size: 12pt">9.2.</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 12pt"><B>G</B></FONT><B><FONT STYLE="font-size: 9.5pt">UARANTY</FONT> <FONT STYLE="font-size: 12pt">A</FONT><FONT STYLE="font-size: 9.5pt">BSOLUTE</FONT><FONT STYLE="font-size: 12pt">.</FONT></B><FONT STYLE="font-size: 12pt">
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="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 79.2pt"></TD><TD STYLE="width: 34.55pt">(a)</TD><TD STYLE="text-align: justify">any lack of validity or enforceability of this Agreement, the Credit Documents, or any other agreement
or instrument relating thereto;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 79.2pt"></TD><TD STYLE="width: 34.55pt">(b)</TD><TD STYLE="text-align: justify">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);</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 79.1pt"></TD><TD STYLE="width: 34.3pt">(c)</TD><TD STYLE="text-align: justify">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;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 79.1pt"></TD><TD STYLE="width: 34.3pt; text-align: left">(d)</TD><TD>any change of control of or ownership in the Borrower or any
Guarantor;</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 79.1pt"></TD><TD STYLE="width: 34.3pt">(e)</TD><TD STYLE="text-align: justify">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;</TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>


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    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt">~ <!-- Field: Sequence; Type: Arabic; Name: PageNo -->66<!-- Field: /Sequence --> ~</P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt"><P STYLE="margin: 0pt"></P><TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 99%; border-collapse: collapse; margin-left: 7.1pt"><TR STYLE="vertical-align: top"><TD STYLE="width: 100%; border-bottom: Black 1pt solid; font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: -1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Export Prepayment Facility Agreement dated as of August 3, 2015 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: 0pt"></P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 79.1pt"></TD><TD STYLE="width: 34.3pt">(f)</TD><TD STYLE="text-align: justify">any acceptance of any partial payment(s) from the Borrower and/or any Guarantor; or</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 79.1pt"></TD><TD STYLE="width: 34.3pt">(g)</TD><TD STYLE="text-align: justify">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.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 79.1pt; text-align: justify">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.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 43.1pt"></TD><TD STYLE="width: 36pt"><FONT STYLE="font-size: 12pt">9.3.</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 12pt"><B>E</B></FONT><B><FONT STYLE="font-size: 9.5pt">FFECTIVENESS</FONT><FONT STYLE="font-size: 12pt">,
E</FONT><FONT STYLE="font-size: 9.5pt">NFORCEMENT</FONT><FONT STYLE="font-size: 12pt">. </FONT></B><FONT STYLE="font-size: 12pt">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, &ldquo;<B>fraudulent transfer laws</B>&rdquo; means applicable</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>


<!-- Field: Page; Sequence: 68; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt">~ <!-- Field: Sequence; Type: Arabic; Name: PageNo -->67<!-- Field: /Sequence --> ~</P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt"><P STYLE="margin: 0pt"></P><TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 99%; border-collapse: collapse; margin-left: 7.1pt"><TR STYLE="vertical-align: top"><TD STYLE="width: 100%; border-bottom: Black 1pt solid; font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: -1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Export Prepayment Facility Agreement dated as of August 3, 2015 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: 0pt"></P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 79.1pt">Brazilian bankruptcy and fraudulent transfer and
conveyance statutes and the related case law.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 43.1pt"></TD><TD STYLE="width: 36pt"><FONT STYLE="font-size: 12pt">9.4.</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 12pt"><B>W</B></FONT><B><FONT STYLE="font-size: 9.5pt">AIVERS</FONT><FONT STYLE="font-size: 12pt">.</FONT></B><FONT STYLE="font-size: 12pt">
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="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 43.1pt"></TD><TD STYLE="width: 36pt"><FONT STYLE="font-size: 12pt">9.5.</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 12pt"><B>S</B></FONT><B><FONT STYLE="font-size: 9.5pt">UBORDINATION</FONT><FONT STYLE="font-size: 12pt">.</FONT></B><FONT STYLE="font-size: 12pt">
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="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 43.1pt"></TD><TD STYLE="width: 36pt"><FONT STYLE="font-size: 12pt">9.6</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 12pt"><B>N</B></FONT><B><FONT STYLE="font-size: 9.5pt">O</FONT> <FONT STYLE="font-size: 12pt">M</FONT><FONT STYLE="font-size: 9.5pt">ARSHALLING</FONT></B><FONT STYLE="font-size: 12pt">.
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</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>


<!-- Field: Page; Sequence: 69; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt">~ <!-- Field: Sequence; Type: Arabic; Name: PageNo -->68<!-- Field: /Sequence --> ~</P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt"><P STYLE="margin: 0pt"></P><TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 99%; border-collapse: collapse; margin-left: 7.1pt"><TR STYLE="vertical-align: top"><TD STYLE="width: 100%; border-bottom: Black 1pt solid; font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: -1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Export Prepayment Facility Agreement dated as of August 3, 2015 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: 0pt"></P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 79.1pt; text-align: justify">Lenders&rsquo; and the Agents&rsquo;
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&rsquo; and/or the Agents&rsquo; rights under this Section 9, under any of the other Credit Documents
or any other agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 43.1pt"></TD><TD STYLE="width: 36pt"><FONT STYLE="font-size: 12pt">9.7</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 12pt"><B>R</B></FONT><B><FONT STYLE="font-size: 9.5pt">EPRESENTATIONS AND </FONT><FONT STYLE="font-size: 12pt">W</FONT><FONT STYLE="font-size: 9.5pt">ARRANTIES</FONT><FONT STYLE="font-size: 12pt">. </FONT></B><FONT STYLE="font-size: 12pt">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 &ldquo;reasonably equivalent value&rdquo;
and &ldquo;fair consideration&rdquo; 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="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 43.1pt"></TD><TD STYLE="width: 36pt"><FONT STYLE="font-size: 12pt">9.8</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 12pt"><B>N</B></FONT><B><FONT STYLE="font-size: 9.5pt">ATURE
OF </FONT> <FONT STYLE="font-size: 12pt">G</FONT><FONT STYLE="font-size: 9.5pt">UARANTOR</FONT><FONT STYLE="font-size: 12pt">&rsquo;</FONT><FONT STYLE="font-size: 9.5pt">S </FONT>
<FONT STYLE="font-size: 12pt">O</FONT><FONT STYLE="font-size: 9.5pt">BLIGATIONS</FONT><FONT STYLE="font-size: 12pt">.
</FONT></B><FONT STYLE="font-size: 12pt">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></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 43.1pt"></TD><TD STYLE="width: 36pt"><FONT STYLE="font-size: 12pt">9.9</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 12pt"><B>A</B></FONT><B><FONT STYLE="font-size: 9.5pt">DDITIONAL </FONT><FONT STYLE="font-size: 12pt">S</FONT><FONT STYLE="font-size: 9.5pt">ECURITY</FONT><FONT STYLE="font-size: 12pt">. </FONT></B><FONT STYLE="font-size: 12pt">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></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 43.1pt"></TD><TD STYLE="width: 36pt"><FONT STYLE="font-size: 12pt">9.10</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 12pt"><B>E</B></FONT><B><FONT STYLE="font-size: 9.5pt">LECTION OF</FONT>
<FONT STYLE="font-size: 12pt">R</FONT><FONT STYLE="font-size: 9.5pt">EMEDIES</FONT><FONT STYLE="font-size: 12pt">.</FONT></B><FONT STYLE="font-size: 12pt">
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&rsquo;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,</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>


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    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt">~ <!-- Field: Sequence; Type: Arabic; Name: PageNo -->69<!-- Field: /Sequence --> ~</P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt"><P STYLE="margin: 0pt"></P><TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 99%; border-collapse: collapse; margin-left: 7.1pt"><TR STYLE="vertical-align: top"><TD STYLE="width: 100%; border-bottom: Black 1pt solid; font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: -1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Export Prepayment Facility Agreement dated as of August 3, 2015 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: 0pt"></P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 79.1pt; text-align: justify">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.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 79.1pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 7.1pt"><B>10.   &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;THE
AGENTS; THE LEAD ARRANGERS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 43.1pt"></TD><TD STYLE="width: 36pt"><FONT STYLE="font-size: 12pt">10.1</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 12pt"><B>A</B></FONT><B><FONT STYLE="font-size: 9.5pt">PPOINTMENT</FONT><FONT STYLE="font-size: 12pt">; L</FONT><FONT STYLE="font-size: 9.5pt">IMITATION </FONT><FONT STYLE="font-size: 12pt">O</FONT><FONT STYLE="font-size: 9.5pt">F </FONT><FONT STYLE="font-size: 12pt">L</FONT><FONT STYLE="font-size: 9.5pt">IABILITY</FONT><FONT STYLE="font-size: 12pt">. </FONT></B><FONT STYLE="font-size: 12pt">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. 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 &ldquo;agent&rdquo;
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</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>


<!-- Field: Page; Sequence: 71; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt">~ <!-- Field: Sequence; Type: Arabic; Name: PageNo -->70<!-- Field: /Sequence --> ~</P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt"><P STYLE="margin: 0pt"></P><TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 99%; border-collapse: collapse; margin-left: 7.1pt"><TR STYLE="vertical-align: top"><TD STYLE="width: 100%; border-bottom: Black 1pt solid; font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: -1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Export Prepayment Facility Agreement dated as of August 3, 2015 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: 0pt"></P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 79.1pt; text-align: justify">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.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 43.1pt"></TD><TD STYLE="width: 36pt"><FONT STYLE="font-size: 12pt">10.2</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 12pt"><B>D</B></FONT><B><FONT STYLE="font-size: 9.5pt">ELEGATION</FONT>
<FONT STYLE="font-size: 12pt">O</FONT><FONT STYLE="font-size: 9.5pt">F</FONT> <FONT STYLE="font-size: 12pt">D</FONT><FONT STYLE="font-size: 9.5pt">UTIES</FONT><FONT STYLE="font-size: 12pt">.</FONT></B><FONT STYLE="font-size: 12pt">
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></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 43.1pt"></TD><TD STYLE="width: 36pt"><FONT STYLE="font-size: 12pt">10.3</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 12pt"><B>N</B></FONT><B><FONT STYLE="font-size: 9.5pt">OTICE</FONT> <FONT STYLE="font-size: 12pt">O</FONT><FONT STYLE="font-size: 9.5pt">F</FONT>
<FONT STYLE="font-size: 12pt">D</FONT><FONT STYLE="font-size: 9.5pt">EFAULT</FONT><FONT STYLE="font-size: 12pt">.</FONT></B><FONT STYLE="font-size: 12pt">
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 &ldquo;notice of default.&rdquo; 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></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 43.1pt"></TD><TD STYLE="width: 36pt"><FONT STYLE="font-size: 12pt">10.4</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 12pt"><B>R</B></FONT><B><FONT STYLE="font-size: 9.5pt">ELIANCE OF</FONT>
<FONT STYLE="font-size: 12pt">A</FONT><FONT STYLE="font-size: 9.5pt">GENT</FONT><FONT STYLE="font-size: 12pt">, E</FONT><FONT STYLE="font-size: 9.5pt">TC</FONT><FONT STYLE="font-size: 12pt">.</FONT></B><FONT STYLE="font-size: 12pt">
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 or in the case of Section 2.6 only, the Relevant Lenders); (b) because no such consent or
instructions or no requested instructions or clarification have been given to it</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>


<!-- Field: Page; Sequence: 72; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt">~ <!-- Field: Sequence; Type: Arabic; Name: PageNo -->71<!-- Field: /Sequence --> ~</P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt"><P STYLE="margin: 0pt"></P><TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 99%; border-collapse: collapse; margin-left: 7.1pt"><TR STYLE="vertical-align: top"><TD STYLE="width: 100%; border-bottom: Black 1pt solid; font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: -1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Export Prepayment Facility Agreement dated as of August 3, 2015 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: 0pt"></P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 79.1pt; text-align: justify">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) 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) 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) 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) 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) 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) 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 e-mail or SWIFT) believed by it to be genuine and signed or sent by the proper party or parties.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 43.1pt"></TD><TD STYLE="width: 36pt"><FONT STYLE="font-size: 12pt">10.5</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 12pt"><B>A</B></FONT><B><FONT STYLE="font-size: 9.5pt">GENT AS A</FONT>
<FONT STYLE="font-size: 12pt">L</FONT><FONT STYLE="font-size: 9.5pt">ENDER</FONT><FONT STYLE="font-size: 12pt">; A</FONT><FONT STYLE="font-size: 9.5pt">GENTS
IN</FONT> <FONT STYLE="font-size: 12pt">I</FONT><FONT STYLE="font-size: 9.5pt">NDIVIDUAL</FONT> <FONT STYLE="font-size: 12pt">C</FONT><FONT STYLE="font-size: 9.5pt">APACITY</FONT><FONT STYLE="font-size: 12pt">.</FONT></B><FONT STYLE="font-size: 12pt">
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 &ldquo;Lender&rdquo; or &ldquo;Lenders&rdquo; 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&rsquo;s, any</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>


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    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt">~ <!-- Field: Sequence; Type: Arabic; Name: PageNo -->72<!-- Field: /Sequence --> ~</P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt"><P STYLE="margin: 0pt"></P><TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 99%; border-collapse: collapse; margin-left: 7.1pt"><TR STYLE="vertical-align: top"><TD STYLE="width: 100%; border-bottom: Black 1pt solid; font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: -1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Export Prepayment Facility Agreement dated as of August 3, 2015 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: 0pt"></P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 79.1pt; text-align: justify">Guarantor&rsquo;s or Lender&rsquo;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.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 43.1pt"></TD><TD STYLE="width: 36pt"><FONT STYLE="font-size: 12pt">10.6</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 12pt"><B>L</B></FONT><B><FONT STYLE="font-size: 9.5pt">ENDER</FONT> <FONT STYLE="font-size: 12pt">C</FONT><FONT STYLE="font-size: 9.5pt">REDIT</FONT>
<FONT STYLE="font-size: 12pt">D</FONT><FONT STYLE="font-size: 9.5pt">ECISION</FONT><FONT STYLE="font-size: 12pt">.</FONT></B><FONT STYLE="font-size: 12pt">
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></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 43.1pt"></TD><TD STYLE="width: 36pt"><FONT STYLE="font-size: 12pt">10.7</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 12pt"><B>I</B></FONT><B><FONT STYLE="font-size: 9.5pt">NDEMNIFICATION</FONT><FONT STYLE="font-size: 12pt">.</FONT></B><FONT STYLE="font-size: 12pt">
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 &ldquo;<B>Agent Indemnified Party</B>&rdquo;) (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 &ldquo;<B>Indemnified Costs</B>&rdquo;), <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&rsquo;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</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>


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    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt">~ <!-- Field: Sequence; Type: Arabic; Name: PageNo -->73<!-- Field: /Sequence --> ~</P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt"><P STYLE="margin: 0pt"></P><TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 99%; border-collapse: collapse; margin-left: 7.1pt"><TR STYLE="vertical-align: top"><TD STYLE="width: 100%; border-bottom: Black 1pt solid; font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: -1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Export Prepayment Facility Agreement dated as of August 3, 2015 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: 0pt"></P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 79.1pt; text-align: justify">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.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 43.1pt"></TD><TD STYLE="width: 36pt"><FONT STYLE="font-size: 12pt">10.8</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 12pt"><B>S</B></FONT><B><FONT STYLE="font-size: 9.5pt">UCCESSOR</FONT><FONT STYLE="font-size: 12pt">.</FONT></B><FONT STYLE="font-size: 12pt">
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&rsquo;s giving of notice of resignation or the Lenders&rsquo; 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&rsquo;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></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 43.1pt"></TD><TD STYLE="width: 36pt"><FONT STYLE="font-size: 12pt">10.9</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 12pt"><B>D</B></FONT><B><FONT STYLE="font-size: 9.5pt">ETERMINATIONS </FONT><FONT STYLE="font-size: 12pt">P</FONT><FONT STYLE="font-size: 9.5pt">URSUANT TO </FONT><FONT STYLE="font-size: 12pt">C</FONT><FONT STYLE="font-size: 9.5pt">REDIT </FONT><FONT STYLE="font-size: 12pt">D</FONT><FONT STYLE="font-size: 9.5pt">OCUMENTS</FONT></B><FONT STYLE="font-size: 12pt">. 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 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&rsquo;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></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>


<!-- Field: Page; Sequence: 75; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt">~ <!-- Field: Sequence; Type: Arabic; Name: PageNo -->74<!-- Field: /Sequence --> ~</P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt"><P STYLE="margin: 0pt"></P><TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 99%; border-collapse: collapse; margin-left: 7.1pt"><TR STYLE="vertical-align: top"><TD STYLE="width: 100%; border-bottom: Black 1pt solid; font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: -1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Export Prepayment Facility Agreement dated as of August 3, 2015 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: 0pt"></P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 43.1pt"></TD><TD STYLE="width: 36pt"><FONT STYLE="font-size: 12pt">10.10</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 12pt"><B>T</B></FONT><B><FONT STYLE="font-size: 9.5pt">HE</FONT> <FONT STYLE="font-size: 12pt">L</FONT><FONT STYLE="font-size: 9.5pt">EAD</FONT>
<FONT STYLE="font-size: 12pt">A</FONT><FONT STYLE="font-size: 9.5pt">RRANGERS</FONT><FONT STYLE="font-size: 12pt">. </FONT></B><FONT STYLE="font-size: 12pt">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></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 43.1pt"></TD><TD STYLE="width: 36pt"><FONT STYLE="font-size: 12pt">10.11</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 12pt"><B>S</B></FONT><B><FONT STYLE="font-size: 9.5pt">TATEMENTS</FONT><FONT STYLE="font-size: 12pt">;
U</FONT><FONT STYLE="font-size: 9.5pt">SE OF </FONT><FONT STYLE="font-size: 12pt">P</FONT><FONT STYLE="font-size: 9.5pt">ROCEEDS</FONT></B><FONT STYLE="font-size: 12pt">.
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&rsquo;s Account Instruction Letter and the Accounts Pledge 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></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 79.1pt; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 7.1pt"><B>11. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MISCELLANEOUS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 43.1pt"><FONT STYLE="font-size: 12pt">11.1   &nbsp;<B>A</B></FONT><B><FONT STYLE="font-size: 9.5pt">SSIGNMENTS</FONT><FONT STYLE="font-size: 12pt">/P</FONT><FONT STYLE="font-size: 9.5pt">ARTICIPATIONS
BY</FONT> <FONT STYLE="font-size: 12pt">L</FONT><FONT STYLE="font-size: 9.5pt">ENDERS</FONT></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 79.1pt"></TD><TD STYLE="width: 36pt">(a)</TD><TD STYLE="text-align: justify">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) 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&rsquo;s
rights and</TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>


<!-- Field: Page; Sequence: 76; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt">~ <!-- Field: Sequence; Type: Arabic; Name: PageNo -->75<!-- Field: /Sequence --> ~</P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt"><P STYLE="margin: 0pt"></P><TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 99%; border-collapse: collapse; margin-left: 7.1pt"><TR STYLE="vertical-align: top"><TD STYLE="width: 100%; border-bottom: Black 1pt solid; font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: -1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Export Prepayment Facility Agreement dated as of August 3, 2015 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: 0pt"></P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 115.1pt; text-align: justify">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&rsquo;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.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 79.1pt"></TD><TD STYLE="width: 36pt">(b)</TD><TD STYLE="text-align: justify">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</TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>


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    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt">~ <!-- Field: Sequence; Type: Arabic; Name: PageNo -->76<!-- Field: /Sequence --> ~</P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt"><P STYLE="margin: 0pt"></P><TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 99%; border-collapse: collapse; margin-left: 7.1pt"><TR STYLE="vertical-align: top"><TD STYLE="width: 100%; border-bottom: Black 1pt solid; font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: -1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Export Prepayment Facility Agreement dated as of August 3, 2015 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: 0pt"></P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 115.1pt; text-align: justify">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.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 79.1pt"></TD><TD STYLE="width: 36pt">(c)</TD><TD STYLE="text-align: justify">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 A</U> hereto.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 79.1pt"></TD><TD STYLE="width: 36pt">(d)</TD><TD STYLE="text-align: justify">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 &ldquo;<B>Register</B>&rdquo;). 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</TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>


<!-- Field: Page; Sequence: 78; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt">~ <!-- Field: Sequence; Type: Arabic; Name: PageNo -->77<!-- Field: /Sequence --> ~</P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt"><P STYLE="margin: 0pt"></P><TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 99%; border-collapse: collapse; margin-left: 7.1pt"><TR STYLE="vertical-align: top"><TD STYLE="width: 100%; border-bottom: Black 1pt solid; font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: -1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Export Prepayment Facility Agreement dated as of August 3, 2015 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: 0pt"></P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 115.1pt; text-align: justify">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.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 79.1pt"></TD><TD STYLE="width: 36pt">(e)</TD><TD STYLE="text-align: justify">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&rsquo;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&rsquo;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.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 79.1pt"></TD><TD STYLE="width: 36pt">(f)</TD><TD STYLE="text-align: justify">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.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 43.1pt"></TD><TD STYLE="width: 36pt"><FONT STYLE="font-size: 12pt">11.2</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 12pt"><B>P</B></FONT><B><FONT STYLE="font-size: 9.5pt">ARTIES</FONT><FONT STYLE="font-size: 12pt">-</FONT><FONT STYLE="font-size: 9.5pt">IN</FONT><FONT STYLE="font-size: 12pt">-</FONT><FONT STYLE="font-size: 9.5pt">INTEREST</FONT><FONT STYLE="font-size: 12pt">;
B</FONT><FONT STYLE="font-size: 9.5pt">ORROWER</FONT><FONT STYLE="font-size: 12pt">/G</FONT><FONT STYLE="font-size: 9.5pt">UARANTOR</FONT>
<FONT STYLE="font-size: 12pt">A</FONT><FONT STYLE="font-size: 9.5pt">SSIGNMENT</FONT><FONT STYLE="font-size: 12pt">.</FONT></B><FONT STYLE="font-size: 12pt">
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</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>


<!-- Field: Page; Sequence: 79; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt">~ <!-- Field: Sequence; Type: Arabic; Name: PageNo -->78<!-- Field: /Sequence --> ~</P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt"><P STYLE="margin: 0pt"></P><TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 99%; border-collapse: collapse; margin-left: 7.1pt"><TR STYLE="vertical-align: top"><TD STYLE="width: 100%; border-bottom: Black 1pt solid; font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: -1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Export Prepayment Facility Agreement dated as of August 3, 2015 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: 0pt"></P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 79.1pt; text-align: justify">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.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 43.1pt"><FONT STYLE="font-size: 12pt">11.3  &nbsp;<B>&nbsp;&nbsp;&nbsp;F</B></FONT><B><FONT STYLE="font-size: 9.5pt">EES
AND</FONT> <FONT STYLE="font-size: 12pt">E</FONT><FONT STYLE="font-size: 9.5pt">XPENSES</FONT><FONT STYLE="font-size: 12pt">.</FONT></B><FONT STYLE="font-size: 12pt">
The Borrower will pay:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 79.1pt"></TD><TD STYLE="width: 34.3pt">(a)</TD><TD STYLE="text-align: justify">on demand the fees (including reasonable attorneys&rsquo; 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;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 79.1pt"></TD><TD STYLE="width: 34.3pt">(b)</TD><TD STYLE="text-align: justify">on  demand,  all  out-of-pocket  expenses
(including  reasonable attorneys&rsquo; 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;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 79.1pt"></TD><TD STYLE="width: 34.3pt">(c)</TD><TD STYLE="text-align: justify">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</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 79.1pt"></TD><TD STYLE="width: 34.3pt; text-align: left">(d)</TD><TD>the fees due pursuant to the Fee Letters at the times set
forth therein.</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 43.1pt"></TD><TD STYLE="width: 36pt"><FONT STYLE="font-size: 12pt">11.4</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 12pt"><B>R</B></FONT><B><FONT STYLE="font-size: 9.5pt">IGHT OF</FONT> <FONT STYLE="font-size: 12pt">S</FONT><FONT STYLE="font-size: 9.5pt">ET</FONT><FONT STYLE="font-size: 12pt">-O</FONT><FONT STYLE="font-size: 9.5pt">FF</FONT><FONT STYLE="font-size: 12pt">.</FONT></B><FONT STYLE="font-size: 12pt">
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. </FONT>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,</TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>


<!-- Field: Page; Sequence: 80; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt">~ <!-- Field: Sequence; Type: Arabic; Name: PageNo -->79<!-- Field: /Sequence --> ~</P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt"><P STYLE="margin: 0pt"></P><TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 99%; border-collapse: collapse; margin-left: 7.1pt"><TR STYLE="vertical-align: top"><TD STYLE="width: 100%; border-bottom: Black 1pt solid; font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: -1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Export Prepayment Facility Agreement dated as of August 3, 2015 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: 0pt"></P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 79.1pt">ARE HEREBY KNOWINGLY, VOLUNTARILY AND IRREVOCABLY
WAIVED<FONT STYLE="font-size: 12pt">.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 43.1pt"></TD><TD STYLE="width: 36pt"><FONT STYLE="font-size: 12pt">11.5</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 12pt"><B>S</B></FONT><B><FONT STYLE="font-size: 9.5pt">URVIVAL OF</FONT>
<FONT STYLE="font-size: 12pt">C</FONT><FONT STYLE="font-size: 9.5pt">OVENANTS</FONT><FONT STYLE="font-size: 12pt">.</FONT></B><FONT STYLE="font-size: 12pt">
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></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 43.1pt"></TD><TD STYLE="width: 36pt"><FONT STYLE="font-size: 12pt">11.6</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 12pt"><B>N</B></FONT><B><FONT STYLE="font-size: 9.5pt">OTICES</FONT><FONT STYLE="font-size: 12pt">.</FONT></B><FONT STYLE="font-size: 12pt">
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></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 79.2pt"></TD><TD STYLE="width: 33.8pt">(a)</TD><TD><I>if to the Borrower</I>:</TD></TR></TABLE>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 115.1pt"><B>Adecoagro Vale do Ivinhema S.A.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 115.1pt">Rua Iguatemi, 192, 12&ordm; andar, Itaim Bibi, S&atilde;o
Paulo, SP 01451-010, Brazil</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 115.1pt">Attention: Nicolas Schaeffter</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 115.1pt">Phone: + 55 11 2678.5600</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 115.1pt">E-mail: <U>financeiro_spo@adecoagro.com</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 115.1pt">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>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 79.2pt"></TD><TD STYLE="width: 33.8pt; text-align: left">(b)</TD><TD><I>if to Participa&ccedil;&otilde;es</I>:</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 115.1pt"><B>Adecoagro Brasil Participa&ccedil;&otilde;es
S.A.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 115.1pt">Rua Iguatemi, 192, 12&ordm; andar. Itaim Bibi,
S&atilde;o Paulo, SP 01451-010, Brazil</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 115.1pt">Attention: Nicolas Schaeffter</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 115.1pt">Phone: + 55 11 2678.5600</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 115.1pt">E-mail: <U>financeiro_spo@adecoagro.com;</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 115.1pt">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>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 115.1pt">&nbsp;</P>


<!-- Field: Page; Sequence: 81; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt">~ <!-- Field: Sequence; Type: Arabic; Name: PageNo -->80<!-- Field: /Sequence --> ~</P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt"><P STYLE="margin: 0pt"></P><TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 99%; border-collapse: collapse; margin-left: 7.1pt"><TR STYLE="vertical-align: top"><TD STYLE="width: 100%; border-bottom: Black 1pt solid; font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: -1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Export Prepayment Facility Agreement dated as of August 3, 2015 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: 0pt"></P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 79.2pt"></TD><TD STYLE="width: 33.8pt; text-align: left">(c)</TD><TD><I>if to Monte Alegre</I>:</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 115.1pt; text-align: justify"><B>Usina Monte Alegre Ltda.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 115.1pt; text-align: justify">Rua Iguatemi, 192, 12&ordm;
andar, Itaim Bibi, S&atilde;o Paulo, SP 01451-010, Brazil</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 115.1pt; text-align: justify">Attention: Nicolas Schaeffter</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 115.1pt; text-align: justify">Phone: + 55 11 2678.5600</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 115.1pt; text-align: justify">E-mail: <U>financeiro_spo@adecoagro.com</U>;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 115.1pt">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>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 79.2pt"></TD><TD STYLE="width: 33.8pt; text-align: left">(d)</TD><TD><I>if to Agropecu&aacute;ria</I>:</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 115.1pt; text-align: justify"><B>Adeco Agropecu&aacute;ria
Brasil S.A.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 115.1pt; text-align: justify">Rua Iguatemi, 192, 12&ordm;
andar, Itaim Bibi, S&atilde;o Paulo, SP 01451-010, Brazil</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 115.1pt; text-align: justify">Attention: Nicolas Schaeffter</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 115.1pt; text-align: justify">Phone: + 55 11 2678.5600</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 115.1pt; text-align: justify">E-mail: <U>financeiro_spo@adecoagro.com</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 115.1pt">or at such other address for notice as Agropecu&aacute;ria
shall last have furnished in writing to the Administrative Agent and each Lender, or</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 79.2pt"></TD><TD STYLE="width: 33.8pt; text-align: left">(e)</TD><TD><I>if to the Administrative Agent, the Collateral Agent
or the Brazilian Collateral Agent:</I></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 115.1pt; text-align: justify"><B>ING Bank N.V.</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 115.3pt; text-align: justify"><FONT STYLE="font-size: 10pt">c/o
Av. Pres. Juscelino Kubitschek, 510 &ndash; 3</FONT><FONT STYLE="font-size: 6.5pt">o</FONT> <FONT STYLE="font-size: 10pt">andar</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 115.3pt; text-align: justify">S&atilde;o Paulo, SP 04543-000,
Brazil</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 115.3pt; text-align: justify">Tel.: +55-11-4504-6471/6282</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 115.3pt; text-align: justify">Attn: Alcides Santos/Katia
Garcia</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 115.1pt; text-align: justify">e-mail: <U>alcides.santos@americas.ing.com
/ katia.garcia@americas.ing.com</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 115.1pt; 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>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 79.2pt"></TD><TD STYLE="width: 33.8pt; text-align: left">(f)</TD><TD><I>if to a Lead Arranger:</I></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 115.1pt; 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>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 79.2pt"></TD><TD STYLE="width: 33.8pt; text-align: left">(g)</TD><TD><I>if to a Lender:</I></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 115.1pt; 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</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 115.1pt; text-align: justify">&nbsp;</P>


<!-- Field: Page; Sequence: 82; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt">~ <!-- Field: Sequence; Type: Arabic; Name: PageNo -->81<!-- Field: /Sequence --> ~</P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt"><P STYLE="margin: 0pt"></P><TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 99%; border-collapse: collapse; margin-left: 7.1pt"><TR STYLE="vertical-align: top"><TD STYLE="width: 100%; border-bottom: Black 1pt solid; font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: -1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Export Prepayment Facility Agreement dated as of August 3, 2015 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: 0pt"></P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 115.1pt; text-align: justify">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="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 115.1pt; 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>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 43.1pt"></TD><TD STYLE="width: 36pt"><FONT STYLE="font-size: 12pt">11.7</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 12pt"><B>N</B></FONT><B><FONT STYLE="font-size: 9.5pt">EW</FONT> <FONT STYLE="font-size: 12pt">Y</FONT><FONT STYLE="font-size: 9.5pt">ORK</FONT>
<FONT STYLE="font-size: 12pt">L</FONT><FONT STYLE="font-size: 9.5pt">AW</FONT> <FONT STYLE="font-size: 12pt">C</FONT><FONT STYLE="font-size: 9.5pt">ONTRACT</FONT><FONT STYLE="font-size: 12pt">.</FONT></B><FONT STYLE="font-size: 12pt">
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="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 43.1pt"></TD><TD STYLE="width: 36pt; text-align: left"><FONT STYLE="font-size: 12pt">11.8</FONT></TD><TD><FONT STYLE="font-size: 12pt"><B>C</B></FONT><B><FONT STYLE="font-size: 9.5pt">ONSENT
TO</FONT> <FONT STYLE="font-size: 12pt">J</FONT><FONT STYLE="font-size: 9.5pt">URISDICTION</FONT><FONT STYLE="font-size: 12pt">.</FONT></B></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 79.1pt"></TD><TD STYLE="width: 34.55pt">(a)</TD><TD STYLE="text-align: justify">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</TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>


<!-- Field: Page; Sequence: 83; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt">~ <!-- Field: Sequence; Type: Arabic; Name: PageNo -->82<!-- Field: /Sequence --> ~</P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt"><P STYLE="margin: 0pt"></P><TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 99%; border-collapse: collapse; margin-left: 7.1pt"><TR STYLE="vertical-align: top"><TD STYLE="width: 100%; border-bottom: Black 1pt solid; font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: -1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Export Prepayment Facility Agreement dated as of August 3, 2015 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: 0pt"></P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 113.65pt; text-align: justify">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.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 79.1pt"></TD><TD STYLE="width: 34.3pt">(b)</TD><TD STYLE="text-align: justify">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 &ldquo;<B>Process
Agent</B>&rdquo;) 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.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 79.1pt"></TD><TD STYLE="width: 34.3pt">(c)</TD><TD STYLE="text-align: justify">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.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 79.1pt"></TD><TD STYLE="width: 34.55pt">(d)</TD><TD STYLE="text-align: justify">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</TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>


<!-- Field: Page; Sequence: 84; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt">~ <!-- Field: Sequence; Type: Arabic; Name: PageNo -->83<!-- Field: /Sequence --> ~</P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt"><P STYLE="margin: 0pt"></P><TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 99%; border-collapse: collapse; margin-left: 7.1pt"><TR STYLE="vertical-align: top"><TD STYLE="width: 100%; border-bottom: Black 1pt solid; font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: -1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Export Prepayment Facility Agreement dated as of August 3, 2015 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: 0pt"></P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 113.65pt; text-align: justify">preclude any Lender, any Agent or any Lead Arranger
from pursuing other remedies available to it in any competent court.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 79.1pt"></TD><TD STYLE="width: 34.3pt">(e)</TD><TD STYLE="text-align: justify">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.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 79.1pt"></TD><TD STYLE="width: 34.3pt">(f)</TD><TD STYLE="text-align: justify">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.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 79.1pt"></TD><TD STYLE="width: 34.55pt">(g)</TD><TD STYLE="text-align: justify">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.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 43.1pt"></TD><TD STYLE="width: 36pt"><FONT STYLE="font-size: 12pt">11.9</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 12pt"><B>C</B></FONT><B><FONT STYLE="font-size: 9.5pt">APTIONS</FONT><FONT STYLE="font-size: 12pt">.</FONT></B><FONT STYLE="font-size: 12pt">
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="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 43.1pt"></TD><TD STYLE="width: 36pt"><FONT STYLE="font-size: 12pt">11.10</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 12pt"><B>S</B></FONT><B><FONT STYLE="font-size: 9.5pt">EPARATE</FONT> <FONT STYLE="font-size: 12pt">C</FONT><FONT STYLE="font-size: 9.5pt">OUNTERPARTS</FONT><FONT STYLE="font-size: 12pt">.
</FONT></B><FONT STYLE="font-size: 12pt">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="margin-top: 0; margin-bottom: 0">&nbsp;</P>


<!-- Field: Page; Sequence: 85; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt">~ <!-- Field: Sequence; Type: Arabic; Name: PageNo -->84<!-- Field: /Sequence --> ~</P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt"><P STYLE="margin: 0pt"></P><TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 99%; border-collapse: collapse; margin-left: 7.1pt"><TR STYLE="vertical-align: top"><TD STYLE="width: 100%; border-bottom: Black 1pt solid; font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: -1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Export Prepayment Facility Agreement dated as of August 3, 2015 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: 0pt"></P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 43.1pt"></TD><TD STYLE="width: 36pt"><FONT STYLE="font-size: 12pt">11.11</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 12pt"><B>S</B></FONT><B><FONT STYLE="font-size: 9.5pt">EVERABILITY</FONT><FONT STYLE="font-size: 12pt">.
</FONT></B><FONT STYLE="font-size: 12pt">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&rsquo;S OBLIGATIONS BE DIVISIBLE FROM THE BORROWER&rsquo;S
OBLIGATIONS HEREUNDER. IN PARTICULAR, IT IS EACH GUARANTOR&rsquo;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="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 43.1pt"></TD><TD STYLE="width: 36pt"><FONT STYLE="font-size: 12pt">11.12</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 12pt"><B>C</B></FONT><B><FONT STYLE="font-size: 9.5pt">ONSENTS</FONT><FONT STYLE="font-size: 12pt">,
A</FONT><FONT STYLE="font-size: 9.5pt">MENDMENTS AND</FONT> <FONT STYLE="font-size: 12pt">W</FONT><FONT STYLE="font-size: 9.5pt">AIVERS</FONT><FONT STYLE="font-size: 12pt">.</FONT></B><FONT STYLE="font-size: 12pt">
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 &ldquo;Required Lenders&rdquo; 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, other than as permitted under the Credit Documents, 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</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>


<!-- Field: Page; Sequence: 86; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt">~ <!-- Field: Sequence; Type: Arabic; Name: PageNo -->85<!-- Field: /Sequence --> ~</P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt"><P STYLE="margin: 0pt"></P><TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 99%; border-collapse: collapse; margin-left: 7.1pt"><TR STYLE="vertical-align: top"><TD STYLE="width: 100%; border-bottom: Black 1pt solid; font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: -1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Export Prepayment Facility Agreement dated as of August 3, 2015 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: 0pt"></P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 79.1pt; text-align: justify">Security Agreement and the Importer&rsquo;s
Account Instruction Letter, 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 or agree to amendments or modifications thereof, 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.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 43.1pt"></TD><TD STYLE="width: 36pt"><FONT STYLE="font-size: 12pt">11.13</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 12pt"><B>U.S. D</B></FONT><B><FONT STYLE="font-size: 9.5pt">OLLAR</FONT>
<FONT STYLE="font-size: 12pt">L</FONT><FONT STYLE="font-size: 9.5pt">OAN</FONT> <FONT STYLE="font-size: 12pt">C</FONT><FONT STYLE="font-size: 9.5pt">URRENCY</FONT></B><FONT STYLE="font-size: 12pt">.
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&rsquo;s and the Guarantors&rsquo; obligations hereunder to make
payments in Dollars (the &ldquo;<B>Obligation Currency</B>&rdquo;) 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 &ldquo;<B>Judgment Currency</B>&rdquo;) 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 &ldquo;<B>Judgment Currency
Conversion Date</B>&rdquo;). 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</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>


<!-- Field: Page; Sequence: 87; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt">~ <!-- Field: Sequence; Type: Arabic; Name: PageNo -->86<!-- Field: /Sequence --> ~</P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt"><P STYLE="margin: 0pt"></P><TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 99%; border-collapse: collapse; margin-left: 7.1pt"><TR STYLE="vertical-align: top"><TD STYLE="width: 100%; border-bottom: Black 1pt solid; font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: -1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Export Prepayment Facility Agreement dated as of August 3, 2015 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: 0pt"></P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 79.1pt; text-align: justify">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.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.6in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 12pt">11.14</FONT></TD><TD><FONT STYLE="font-size: 12pt"><B>I</B></FONT><B><FONT STYLE="font-size: 9.5pt">NDEMNIFICATION</FONT><FONT STYLE="font-size: 12pt">.</FONT></B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 79.1pt"></TD><TD STYLE="width: 34.3pt">(a)</TD><TD STYLE="text-align: justify">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 &ldquo;<B>Indemnified Parties</B>&rdquo;) 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>&ldquo;<B>Liabilities</B>&rdquo;)
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). 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.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 79.1pt"></TD><TD STYLE="width: 34.3pt">(b)</TD><TD STYLE="text-align: justify">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</TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>


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    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt">~ <!-- Field: Sequence; Type: Arabic; Name: PageNo -->87<!-- Field: /Sequence --> ~</P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt"><P STYLE="margin: 0pt"></P><TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 99%; border-collapse: collapse; margin-left: 7.1pt"><TR STYLE="vertical-align: top"><TD STYLE="width: 100%; border-bottom: Black 1pt solid; font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: -1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Export Prepayment Facility Agreement dated as of August 3, 2015 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: 0pt"></P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 113.4pt; text-align: justify">or demands of any Governmental
Authorities related thereto (including without limitation, attorney&rsquo;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.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 79.1pt"></TD><TD STYLE="width: 34.3pt">(c)</TD><TD STYLE="text-align: justify">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.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 79.1pt"></TD><TD STYLE="width: 34.55pt">(d)</TD><TD STYLE="text-align: justify">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.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 43.1pt"></TD><TD STYLE="width: 36pt"><FONT STYLE="font-size: 12pt">11.15</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 12pt"><B>W</B></FONT><B><FONT STYLE="font-size: 9.5pt">AIVER OF</FONT>
<FONT STYLE="font-size: 12pt">J</FONT><FONT STYLE="font-size: 9.5pt">URY</FONT> <FONT STYLE="font-size: 12pt">T</FONT><FONT STYLE="font-size: 9.5pt">RIAL
AND</FONT> <FONT STYLE="font-size: 12pt">S</FONT><FONT STYLE="font-size: 9.5pt">PECIAL</FONT> <FONT STYLE="font-size: 12pt">D</FONT><FONT STYLE="font-size: 9.5pt">AMAGES</FONT><FONT STYLE="font-size: 12pt">.
THE BORROWER, EACH GUARANTOR, EACH LENDER, EACH AGENT AND EACH LEAD ARRANGER 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
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</FONT></B></TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>


<!-- Field: Page; Sequence: 89; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt">~ <!-- Field: Sequence; Type: Arabic; Name: PageNo -->88<!-- Field: /Sequence --> ~</P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt"><P STYLE="margin: 0pt"></P><TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 99%; border-collapse: collapse; margin-left: 7.1pt"><TR STYLE="vertical-align: top"><TD STYLE="width: 100%; border-bottom: Black 1pt solid; font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: -1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Export Prepayment Facility Agreement dated as of August 3, 2015 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: 0pt"></P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 79.1pt; text-align: justify"><B>IN ANY LITIGATION ANY SPECIAL,
EXEMPLARY, PUNITIVE OR CONSEQUENTIAL DAMAGES OR ANY DAMAGES OTHER THAN, OR IN ADDITION TO, ACTUAL DAMAGES.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 43.1pt"></TD><TD STYLE="width: 36pt"><FONT STYLE="font-size: 12pt">11.16</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 12pt"><B>S</B></FONT><B><FONT STYLE="font-size: 9.5pt">URVIVAL</FONT><FONT STYLE="font-size: 12pt">.</FONT></B><FONT STYLE="font-size: 12pt">
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></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 43.1pt"></TD><TD STYLE="width: 36pt"><FONT STYLE="font-size: 12pt">11.17</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 12pt"><B>N</B></FONT><B><FONT STYLE="font-size: 9.5pt">EUTRAL</FONT> <FONT STYLE="font-size: 12pt">I</FONT><FONT STYLE="font-size: 9.5pt">NTERPRETATION</FONT></B><FONT STYLE="font-size: 12pt">.
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></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 43.1pt"></TD><TD STYLE="width: 36pt"><FONT STYLE="font-size: 12pt">11.18</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 12pt"><B>U</B></FONT><B><FONT STYLE="font-size: 9.5pt">SURY</FONT><FONT STYLE="font-size: 12pt">.</FONT></B><FONT STYLE="font-size: 12pt">
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></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.6in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 12pt">11.19</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 12pt"><B>A</B></FONT><B><FONT STYLE="font-size: 9.5pt">CKNOWLEDGEMENTS</FONT><FONT STYLE="font-size: 12pt">.</FONT></B><FONT STYLE="font-size: 12pt">
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></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.6in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 12pt">11.20</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 12pt"><B>C</B></FONT><B><FONT STYLE="font-size: 9.5pt">ONFIDENTIALITY</FONT><FONT STYLE="font-size: 12pt">/
US P</FONT><FONT STYLE="font-size: 9.5pt">ATRIOT </FONT><FONT STYLE="font-size: 12pt">A</FONT><FONT STYLE="font-size: 9.5pt">CT
</FONT><FONT STYLE="font-size: 12pt">N</FONT><FONT STYLE="font-size: 9.5pt">OTICE</FONT><FONT STYLE="font-size: 12pt">/A</FONT><FONT STYLE="font-size: 9.5pt">NTI</FONT><FONT STYLE="font-size: 12pt">-M</FONT><FONT STYLE="font-size: 9.5pt">ONEY
</FONT><FONT STYLE="font-size: 12pt">L</FONT><FONT STYLE="font-size: 9.5pt">AUNDERING</FONT><FONT STYLE="font-size: 12pt">.</FONT></B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 79.1pt"></TD><TD STYLE="width: 34.3pt">(a)</TD><TD STYLE="text-align: justify">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</TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>


<!-- Field: Page; Sequence: 90; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt">~ <!-- Field: Sequence; Type: Arabic; Name: PageNo -->89<!-- Field: /Sequence --> ~</P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt"><P STYLE="margin: 0pt"></P><TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 99%; border-collapse: collapse; margin-left: 7.1pt"><TR STYLE="vertical-align: top"><TD STYLE="width: 100%; border-bottom: Black 1pt solid; font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: -1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Export Prepayment Facility Agreement dated as of August 3, 2015 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: 0pt"></P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 113.4pt; text-align: justify">disclose information relating
to the Borrower, the Guarantors and/or their respective affiliates to any of such Agents or Lenders or their respective Affiliates,
partners, directors, employees, officers, agents, trustees, administrators, managers, representatives, any regulatory, tax, customs
or judicial authority, any rating agency, auditor, insurance or reinsurance broker, 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. In addition, each Agent and each Lender may
disclose the existence of this Agreement  and  information  about  this
Agreement  to  service providers to the Agents and the Lenders in connection with the administration of this
Agreement, the other Credit Documents, and the Commitments.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 79.1pt"></TD><TD STYLE="width: 34.55pt">(b)</TD><TD STYLE="text-align: justify">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.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 79.1pt"></TD><TD STYLE="width: 34.3pt">(c)</TD><TD STYLE="text-align: justify">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.</TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>


<!-- Field: Page; Sequence: 91; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt">~ <!-- Field: Sequence; Type: Arabic; Name: PageNo -->90<!-- Field: /Sequence --> ~</P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt"><P STYLE="margin: 0pt"></P><TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 99%; border-collapse: collapse; margin-left: 7.1pt"><TR STYLE="vertical-align: top"><TD STYLE="width: 100%; border-bottom: Black 1pt solid; font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: -1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Export Prepayment Facility Agreement dated as of August 3, 2015 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: 0pt"></P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 79.1pt"></TD><TD STYLE="width: 34.3pt">(d)</TD><TD STYLE="text-align: justify">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's obligations
to prevent money laundering and to conduct ongoing monitoring of its business relationship with the Borrower and the Guarantors.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 43.1pt"></TD><TD STYLE="width: 36pt"><FONT STYLE="font-size: 12pt">11.21</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 12pt"><B>E</B></FONT><B><FONT STYLE="font-size: 9.5pt">NGLISH </FONT>
<FONT STYLE="font-size: 12pt">L</FONT><FONT STYLE="font-size: 9.5pt">ANGUAGE</FONT><FONT STYLE="font-size: 12pt">. </FONT></B><FONT STYLE="font-size: 12pt">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></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 43.1pt"></TD><TD STYLE="width: 36pt"><FONT STYLE="font-size: 12pt">11.22</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 12pt"><B>A</B></FONT><B><FONT STYLE="font-size: 9.5pt">UTHORIZATION</FONT><FONT STYLE="font-size: 12pt">.
</FONT></B><FONT STYLE="font-size: 12pt">The Borrower and each Guarantor irrevocably and unconditionally authorize each Lender,
until all the Obligations are satisfied in full, to consult:</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 79.1pt"></TD><TD STYLE="width: 36pt">(a)</TD><TD STYLE="text-align: justify">the consolidated information concerning it held in the Central Bank of Brazil&rsquo;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;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 79.1pt"></TD><TD STYLE="width: 36pt">(b)</TD><TD STYLE="text-align: justify">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</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 79.1pt"></TD><TD STYLE="width: 36pt">(c)</TD><TD STYLE="text-align: justify">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.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 43.1pt"></TD><TD STYLE="width: 36pt"><FONT STYLE="font-size: 12pt">11.23</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 12pt"><B>E</B></FONT><B><FONT STYLE="font-size: 9.5pt">NTIRE  </FONT><FONT STYLE="font-size: 12pt">A</FONT><FONT STYLE="font-size: 9.5pt">GREEMENT</FONT><FONT STYLE="font-size: 12pt">.
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.</FONT></B></TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>


<!-- Field: Page; Sequence: 92; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt">~ <!-- Field: Sequence; Type: Arabic; Name: PageNo -->91<!-- Field: /Sequence --> ~</P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt"><P STYLE="margin: 0pt"></P><TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 99%; border-collapse: collapse; margin-left: 7.1pt"><TR STYLE="vertical-align: top"><TD STYLE="width: 100%; border-bottom: Black 1pt solid; font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: -1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Export Prepayment Facility Agreement dated as of August 3, 2015 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: 0pt"></P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 7.1pt; text-align: justify"><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="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 7.1pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 7.1pt; text-align: justify"><B>ADECOAGRO VALE DO IVINHEMA
S.A.</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 7.1pt; text-align: justify"><I>as Borrower</I></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 7.1pt; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; width: 90%; border-collapse: collapse; margin-left: 7.1pt">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 10%"><FONT STYLE="font: 12pt Times New Roman, Times, Serif">By:</FONT></TD>
    <TD STYLE="width: 35%; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="width: 10%">&nbsp;</TD>
    <TD STYLE="width: 10%"><FONT STYLE="font: 12pt Times New Roman, Times, Serif">By:</FONT></TD>
    <TD STYLE="width: 35%; border-bottom: Black 1pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font: 12pt Times New Roman, Times, Serif">Name: </FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font: 12pt Times New Roman, Times, Serif">Name: </FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font: 12pt Times New Roman, Times, Serif">Title:</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font: 12pt Times New Roman, Times, Serif">Title:</FONT></TD>
    <TD>&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 7.1pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 7.1pt"><B>ADECOAGRO BRASIL PARTICIPA&Ccedil;&Otilde;ES S.A.</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 7.1pt"><I>as Guarantor</I></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 7.1pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; width: 90%; border-collapse: collapse; margin-left: 7.1pt">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 10%"><FONT STYLE="font: 12pt Times New Roman, Times, Serif">By:</FONT></TD>
    <TD STYLE="width: 35%; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="width: 10%">&nbsp;</TD>
    <TD STYLE="width: 10%"><FONT STYLE="font: 12pt Times New Roman, Times, Serif">By:</FONT></TD>
    <TD STYLE="width: 35%; border-bottom: Black 1pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font: 12pt Times New Roman, Times, Serif">Name: </FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font: 12pt Times New Roman, Times, Serif">Name: </FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font: 12pt Times New Roman, Times, Serif">Title:</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font: 12pt Times New Roman, Times, Serif">Title:</FONT></TD>
    <TD>&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 7.1pt">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 7.1pt"><B>USINA MONTE ALEGRE LTDA.</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 7.1pt"><I>as Guarantor</I></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 7.1pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; width: 90%; border-collapse: collapse; margin-left: 7.1pt">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 10%"><FONT STYLE="font: 12pt Times New Roman, Times, Serif">By:</FONT></TD>
    <TD STYLE="width: 35%; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="width: 10%">&nbsp;</TD>
    <TD STYLE="width: 10%"><FONT STYLE="font: 12pt Times New Roman, Times, Serif">By:</FONT></TD>
    <TD STYLE="width: 35%; border-bottom: Black 1pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font: 12pt Times New Roman, Times, Serif">Name: </FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font: 12pt Times New Roman, Times, Serif">Name: </FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font: 12pt Times New Roman, Times, Serif">Title:</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font: 12pt Times New Roman, Times, Serif">Title:</FONT></TD>
    <TD>&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 7.1pt">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 7.1pt"><B>ADECO AGROPECU&Aacute;RIA BRASIL S.A.</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 7.1pt"><I>as Guarantor</I></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 7.1pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; width: 90%; border-collapse: collapse; margin-left: 7.1pt">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 10%"><FONT STYLE="font: 12pt Times New Roman, Times, Serif">By:</FONT></TD>
    <TD STYLE="width: 35%; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="width: 10%">&nbsp;</TD>
    <TD STYLE="width: 10%"><FONT STYLE="font: 12pt Times New Roman, Times, Serif">By:</FONT></TD>
    <TD STYLE="width: 35%; border-bottom: Black 1pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font: 12pt Times New Roman, Times, Serif">Name: </FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font: 12pt Times New Roman, Times, Serif">Name: </FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font: 12pt Times New Roman, Times, Serif">Title:</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font: 12pt Times New Roman, Times, Serif">Title:</FONT></TD>
    <TD>&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Page; Sequence: 93; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt">~ <!-- Field: Sequence; Type: Arabic; Name: PageNo -->92<!-- Field: /Sequence --> ~</P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt"><P STYLE="margin: 0pt"></P><TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 99%; border-collapse: collapse; margin-left: 7.1pt"><TR STYLE="vertical-align: top"><TD STYLE="width: 100%; border-bottom: Black 1pt solid; font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: -1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Export Prepayment Facility Agreement dated as of August 3, 2015 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: 0pt"></P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 7.1pt"><B>ING BANK N.V.</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 7.1pt"><I>as Administrative Agent and Collateral Agent</I></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 7.1pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; width: 90%; border-collapse: collapse; margin-left: 7.1pt">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 10%"><FONT STYLE="font: 12pt Times New Roman, Times, Serif">By:</FONT></TD>
    <TD STYLE="width: 35%; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="width: 10%">&nbsp;</TD>
    <TD STYLE="width: 10%"><FONT STYLE="font: 12pt Times New Roman, Times, Serif">By:</FONT></TD>
    <TD STYLE="width: 35%; border-bottom: Black 1pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font: 12pt Times New Roman, Times, Serif">Name: </FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font: 12pt Times New Roman, Times, Serif">Name: </FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font: 12pt Times New Roman, Times, Serif">Title:</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font: 12pt Times New Roman, Times, Serif">Title:</FONT></TD>
    <TD>&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Page; Sequence: 94; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt">~ <!-- Field: Sequence; Type: Arabic; Name: PageNo -->93<!-- Field: /Sequence --> ~</P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt"><P STYLE="margin: 0pt"></P><TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 99%; border-collapse: collapse; margin-left: 7.1pt"><TR STYLE="vertical-align: top"><TD STYLE="width: 100%; border-bottom: Black 1pt solid; font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: -1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Export Prepayment Facility Agreement dated as of August 3, 2015 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: 0pt"></P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 7.1pt"><B>ING BANK N.V., S&atilde;o Paulo Branch</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 7.1pt"><I>as Brazilian Collateral Agent</I></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 7.1pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; width: 90%; border-collapse: collapse; margin-left: 7.1pt">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 10%"><FONT STYLE="font: 12pt Times New Roman, Times, Serif">By:</FONT></TD>
    <TD STYLE="width: 35%; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="width: 10%">&nbsp;</TD>
    <TD STYLE="width: 10%"><FONT STYLE="font: 12pt Times New Roman, Times, Serif">By:</FONT></TD>
    <TD STYLE="width: 35%; border-bottom: Black 1pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font: 12pt Times New Roman, Times, Serif">Name: </FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font: 12pt Times New Roman, Times, Serif">Name: </FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font: 12pt Times New Roman, Times, Serif">Title:</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font: 12pt Times New Roman, Times, Serif">Title:</FONT></TD>
    <TD>&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Page; Sequence: 95; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt">~ <!-- Field: Sequence; Type: Arabic; Name: PageNo -->94<!-- Field: /Sequence --> ~</P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt"><P STYLE="margin: 0pt"></P><TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 99%; border-collapse: collapse; margin-left: 7.1pt"><TR STYLE="vertical-align: top"><TD STYLE="width: 100%; border-bottom: Black 1pt solid; font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: -1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Export Prepayment Facility Agreement dated as of August 3, 2015 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: 0pt"></P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 7.1pt"><B>ING CAPITAL LLC</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 7.1pt"><I>as a Lead Arranger</I></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 7.1pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; width: 90%; border-collapse: collapse; margin-left: 7.1pt">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 10%"><FONT STYLE="font: 12pt Times New Roman, Times, Serif">By:</FONT></TD>
    <TD STYLE="width: 35%; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="width: 10%">&nbsp;</TD>
    <TD STYLE="width: 10%">&nbsp;</TD>
    <TD STYLE="width: 35%; padding-bottom: 1pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font: 12pt Times New Roman, Times, Serif">Name: </FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font: 12pt Times New Roman, Times, Serif">Title:</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 7.1pt">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 7.1pt">Address for notices:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 7.1pt"><B>ING Capital LLC</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 7.3pt">c/o Av. Pres. Juscelino Kubitschek, 510 &ndash; 3&ordm;<FONT STYLE="font-size: 6.5pt"><SUP></SUP></FONT><SUP><FONT STYLE="font-size: 7pt"> </FONT></SUP><FONT STYLE="font-size: 10pt">andar</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 7.3pt">S&atilde;o Paulo, SP 04543-000, Brazil</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 7.3pt">Tel.: +55-11-4504-6471/6282</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 7.3pt">Attn: Alcides Santos/Katia Garcia</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 7.1pt">e-mail: <U>alcides.santos@americas.ing.com</U> /
<U>katia.garcia@americas.ing.com</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<!-- Field: Page; Sequence: 96; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt">~ <!-- Field: Sequence; Type: Arabic; Name: PageNo -->95<!-- Field: /Sequence --> ~</P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt"><P STYLE="margin: 0pt"></P><TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 99%; border-collapse: collapse; margin-left: 7.1pt"><TR STYLE="vertical-align: top"><TD STYLE="width: 100%; border-bottom: Black 1pt solid; font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: -1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Export Prepayment Facility Agreement dated as of August 3, 2015 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: 0pt"></P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 7.1pt"><B>RABOBANK CURA&Ccedil;AO N.V.</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 7.1pt"><I>as a Lead Arranger</I></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 7.1pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; width: 90%; border-collapse: collapse; margin-left: 7.1pt">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 10%"><FONT STYLE="font: 12pt Times New Roman, Times, Serif">By:</FONT></TD>
    <TD STYLE="width: 35%; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="width: 10%">&nbsp;</TD>
    <TD STYLE="width: 10%"><FONT STYLE="font: 12pt Times New Roman, Times, Serif">By:</FONT></TD>
    <TD STYLE="width: 35%; border-bottom: Black 1pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font: 12pt Times New Roman, Times, Serif">Name: </FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font: 12pt Times New Roman, Times, Serif">Name: </FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font: 12pt Times New Roman, Times, Serif">Title:</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font: 12pt Times New Roman, Times, Serif">Title:</FONT></TD>
    <TD>&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 7.1pt"><B>Notices:</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 7.1pt"><U>Address</U>: Av das Na&ccedil;&otilde;es Unidas
12.995 &ndash; 7&ordm; andar &ndash; SP/Brazil &ndash; 04578-000</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 7.1pt"><U>Attn.</U>: Operations</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 7.1pt"><U>Tel.</U>: + 55-11-5503-7455/7070</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 7.1pt"><U>E-mail</U>: <U>opsoff@rabobank.com</U> / <U>marcia.bon@rabobank.com</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 7.1pt">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 7.1pt"><B>Account Details:</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 7.1pt"><U>Correspondent Bank</U>: JPMorgan Chase Bank New
York</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 7.1pt"><U>SWIFT</U>: CHASUS33</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 7.1pt"><U>Account nr.</U>: 400-212420</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 7.1pt"><U>Account Name</U>: Rabobank Cura&ccedil;ao N.V.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 7.1pt"><U>ABA</U>: 021000021</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 7.1pt"><U>Reference</U>: Adecoagro Syndicated EPP &ndash;
2015</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 7.1pt">&nbsp;</P>


<!-- Field: Page; Sequence: 97; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt">~ <!-- Field: Sequence; Type: Arabic; Name: PageNo -->96<!-- Field: /Sequence --> ~</P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt"><P STYLE="margin: 0pt"></P><TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 99%; border-collapse: collapse; margin-left: 7.1pt"><TR STYLE="vertical-align: top"><TD STYLE="width: 100%; border-bottom: Black 1pt solid; font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: -1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Export Prepayment Facility Agreement dated as of August 3, 2015 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: 0pt"></P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 7.1pt"><B>ING BANK N.V.</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 7.1pt"><I>as a Lender</I></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 7.1pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; width: 90%; border-collapse: collapse; margin-left: 7.1pt">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 10%"><FONT STYLE="font: 12pt Times New Roman, Times, Serif">By:</FONT></TD>
    <TD STYLE="width: 35%; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="width: 10%">&nbsp;</TD>
    <TD STYLE="width: 10%"><FONT STYLE="font: 12pt Times New Roman, Times, Serif">By:</FONT></TD>
    <TD STYLE="width: 35%; border-bottom: Black 1pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font: 12pt Times New Roman, Times, Serif">Name: </FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font: 12pt Times New Roman, Times, Serif">Name: </FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font: 12pt Times New Roman, Times, Serif">Title:</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font: 12pt Times New Roman, Times, Serif">Title:</FONT></TD>
    <TD>&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 7.1pt">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 7.1pt"><B>Notices:</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 7.1pt"><FONT STYLE="font-size: 10pt"><U>Address</U>: Av.
Pres. Juscelino Kubitschek, 510 &ndash; 3</FONT><FONT STYLE="font-size: 6.5pt"><SUP>o</SUP></FONT> <FONT STYLE="font-size: 10pt">andar,
S&atilde;o Paulo, SP, 04543-000, Brazil</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 7.1pt"><U>Attn.</U>: Alcides Santos/Katia Garcia</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 7.1pt"><U>Tel.</U>: +55-11-4504-6471/6282</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 7.1pt"><U>E-mail</U>: <U>alcides.santos@americas.ing.com
</U>/ <U>katia.garcia@americas.ing.com</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 7.1pt">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 7.1pt"><B>Account Details:</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 7.1pt"><U>Correspondent Bank</U>: JPMorgan Chase Bank &ndash;
New York &ndash; N.Y. &ndash; U.S.A.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 7.1pt"><U>SWIFT</U>: CHASUS33</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 7.1pt"><U>Account nr.</U>: 066709547</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 7.1pt"><U>Account Name</U>:&nbsp;&nbsp;&nbsp;ING Financial Services
LLC Loan Services on behalf of and for the benefit of ING Bank</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 79.1pt">NV (Amsterdam Service Center)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 7.1pt"><U>ABA</U>: 021000021</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 7.1pt"><U>Reference</U>: Adecoagro 2015</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 7.1pt">&nbsp;</P>


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    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt">~ <!-- Field: Sequence; Type: Arabic; Name: PageNo -->97<!-- Field: /Sequence --> ~</P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt"><P STYLE="margin: 0pt"></P><TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 99%; border-collapse: collapse; margin-left: 7.1pt"><TR STYLE="vertical-align: top"><TD STYLE="width: 100%; border-bottom: Black 1pt solid; font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: -1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Export Prepayment Facility Agreement dated as of August 3, 2015 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: 0pt"></P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 7.1pt"><B>RABOBANK CURA&Ccedil;AO N.V.</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 7.1pt"><I>as a Lender</I></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 7.1pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; width: 90%; border-collapse: collapse; margin-left: 7.1pt">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 10%"><FONT STYLE="font: 12pt Times New Roman, Times, Serif">By:</FONT></TD>
    <TD STYLE="width: 35%; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="width: 10%">&nbsp;</TD>
    <TD STYLE="width: 10%"><FONT STYLE="font: 12pt Times New Roman, Times, Serif">By:</FONT></TD>
    <TD STYLE="width: 35%; border-bottom: Black 1pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font: 12pt Times New Roman, Times, Serif">Name: </FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font: 12pt Times New Roman, Times, Serif">Name: </FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font: 12pt Times New Roman, Times, Serif">Title:</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font: 12pt Times New Roman, Times, Serif">Title:</FONT></TD>
    <TD>&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 7.1pt">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 7.1pt"><B>Notices:</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 7.1pt"><U>Address</U>: Av das Na&ccedil;&otilde;es Unidas
12.995 &ndash; 7&ordm; andar &ndash; SP/Brazil &ndash; 04578-000</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 7.1pt"><U>Attn.</U>: Operations</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 7.1pt"><U>Tel.</U>: + 55-11-5503-7455/7070</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 7.1pt"><U>E-mail</U>: <U>opsoff@rabobank.com</U> / <U>marcia.bon@rabobank.com</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 7.1pt">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 7.1pt"><B>Account Details:</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 7.1pt"><U>Correspondent Bank</U>: JPMorgan Chase Bank New
York</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 7.1pt"><U>SWIFT</U>: CHASUS33</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 7.1pt"><U>Account nr.</U>: 400-212420</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 7.1pt"><U>Account Name</U>: Rabobank Cura&ccedil;ao N.V.
<U></U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 7.1pt"><U>ABA</U>: 021000021</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 7.1pt"><U>Reference</U>: Adecoagro Syndicated EPP - 2015</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 7.1pt">&nbsp;</P>


<!-- Field: Page; Sequence: 99; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt">~ <!-- Field: Sequence; Type: Arabic; Name: PageNo -->98<!-- Field: /Sequence --> ~</P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt"><P STYLE="margin: 0pt"></P><TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 99%; border-collapse: collapse; margin-left: 7.1pt"><TR STYLE="vertical-align: top"><TD STYLE="width: 100%; border-bottom: Black 1pt solid; font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: -1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Export Prepayment Facility Agreement dated as of August 3, 2015 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: 0pt"></P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 7.1pt"><B>CREDIT AGRICOLE CORPORATE AND INVESTMENT BANK,
LONDON BRANCH</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 7.1pt"><I>as a Lender</I></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 7.1pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; width: 90%; border-collapse: collapse; margin-left: 7.1pt">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 10%"><FONT STYLE="font: 12pt Times New Roman, Times, Serif">By:</FONT></TD>
    <TD STYLE="width: 35%; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="width: 10%">&nbsp;</TD>
    <TD STYLE="width: 10%"><FONT STYLE="font: 12pt Times New Roman, Times, Serif">By:</FONT></TD>
    <TD STYLE="width: 35%; border-bottom: Black 1pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font: 12pt Times New Roman, Times, Serif">Name: </FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font: 12pt Times New Roman, Times, Serif">Name: </FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font: 12pt Times New Roman, Times, Serif">Title:</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font: 12pt Times New Roman, Times, Serif">Title:</FONT></TD>
    <TD>&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 7.1pt">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 7.1pt"><B>Notices:</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 7.1pt"><U>Address</U>: Broadwalk House, 5 Appold St., London
EC2A 2DA</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 7.1pt"><U>Attn.</U>: Jean Paul Laxague/Loans Admin/Agency
and Middle Office SFI</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 7.1pt"><U>Tel.</U>: +44-20-7214-5620/6672/7143</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 7.1pt"><U>E-mail</U>: <U>jeanpaul.laxague@ca-cib.com / syndloans@ca-cib.com
/ sfi_middleofficescflondon@ca-cib.com</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 7.1pt">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 7.1pt"><B>Account Details:</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 7.1pt"><U>Correspondent Bank</U>: Citibank, New York</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 7.1pt"><U>SWIFT</U>: CITIUS33</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 7.1pt"><U>Account nr.</U>: 36254109</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 7.1pt"><U>Account Name</U>:  Credit Agricole Corporate
and Investment Bank, London Branch</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 7.1pt"><U>Reference</U>: Adecoagro</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 7.1pt">&nbsp;</P>


<!-- Field: Page; Sequence: 100; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt">~ <!-- Field: Sequence; Type: Arabic; Name: PageNo -->99<!-- Field: /Sequence --> ~</P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt"><P STYLE="margin: 0pt"></P><TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 99%; border-collapse: collapse; margin-left: 7.1pt"><TR STYLE="vertical-align: top"><TD STYLE="width: 100%; border-bottom: Black 1pt solid; font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: -1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Export Prepayment Facility Agreement dated as of August 3, 2015 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: 0pt"></P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 7.1pt"><B>BANCO LATINOAMERICANO DE COMERCIO EXTERIOR S.A.</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 7.1pt"><I>as a Lender</I></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 7.1pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; width: 90%; border-collapse: collapse; margin-left: 7.1pt">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 10%"><FONT STYLE="font: 12pt Times New Roman, Times, Serif">By:</FONT></TD>
    <TD STYLE="width: 35%; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="width: 10%">&nbsp;</TD>
    <TD STYLE="width: 10%"><FONT STYLE="font: 12pt Times New Roman, Times, Serif">By:</FONT></TD>
    <TD STYLE="width: 35%; border-bottom: Black 1pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font: 12pt Times New Roman, Times, Serif">Name: </FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font: 12pt Times New Roman, Times, Serif">Name: </FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font: 12pt Times New Roman, Times, Serif">Title:</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font: 12pt Times New Roman, Times, Serif">Title:</FONT></TD>
    <TD>&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 7.1pt">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 7.1pt"><B>Notices:</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 7.1pt"><U>Address</U>: Torre V, Business Park, Avenida La
Rotonda, Urbanizaci&oacute;n Costa del Este, Apartado 0819-08730,</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 47.65pt">Panam&aacute;, Republic of Panam&aacute;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 7.1pt"><U>Attn.</U>: Eucadis Molina</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 7.1pt"><U>Tel.</U>: +507-210-8584</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 7.1pt"><U>E-mail</U>: <U>emolina@bladex.com</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 7.1pt">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 7.1pt"><B>Account Details:</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 7.1pt"><FONT STYLE="font-size: 10pt"><U>Correspondent Bank</U>:
Bank of America, 100 West 33</FONT><FONT STYLE="font-size: 6.5pt">rd</FONT> <FONT STYLE="font-size: 10pt">Street, New York, NY,
10001</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 7.1pt"><U>SWIFT</U>: BOFAUS3N</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 7.1pt">ABA: 0959 026009593</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 7.1pt"><U>Account nr.</U>: 6550-5-43011</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 7.1pt"><U>Account Name</U>:  Banco Latinoamericano
de Comercio Exterior S.A., Panama</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 7.1pt"><U>Reference</U>: Adecoagro 2015</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 7.1pt">&nbsp;</P>


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    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt">~ <!-- Field: Sequence; Type: Arabic; Name: PageNo -->100<!-- Field: /Sequence --> ~</P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt"><P STYLE="margin: 0pt"></P><TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 99%; border-collapse: collapse; margin-left: 7.1pt"><TR STYLE="vertical-align: top"><TD STYLE="width: 100%; border-bottom: Black 1pt solid; font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: -1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Export Prepayment Facility Agreement dated as of August 3, 2015 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: 0pt"></P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 7.1pt"><B>BANCO VOTORANTIM S.A. &ndash; NASSAU BRANCH</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 7.1pt"><I>as a Lender</I></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 7.1pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; width: 90%; border-collapse: collapse; margin-left: 7.1pt">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 10%"><FONT STYLE="font: 12pt Times New Roman, Times, Serif">By:</FONT></TD>
    <TD STYLE="width: 35%; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="width: 10%">&nbsp;</TD>
    <TD STYLE="width: 10%"><FONT STYLE="font: 12pt Times New Roman, Times, Serif">By:</FONT></TD>
    <TD STYLE="width: 35%; border-bottom: Black 1pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font: 12pt Times New Roman, Times, Serif">Name: </FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font: 12pt Times New Roman, Times, Serif">Name: </FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font: 12pt Times New Roman, Times, Serif">Title:</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font: 12pt Times New Roman, Times, Serif">Title:</FONT></TD>
    <TD>&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 7.1pt">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 7.1pt"><B>Notices:</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 7.1pt"><U>Address</U>: Av. das Na&ccedil;&otilde;es unidas,
14.171, S&atilde;o Paulo</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 7.1pt"><U>Attn.</U>: Fernanda Ferreira/Pedro Lippi/Roberto
Worms</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 7.1pt"><U>Tel.</U>: +55-11-5171-3230/1909/5801</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 7.1pt"><U>E-mail</U>: <U>fernanda.ferreira@bancovotorantim.com.br
</U>/</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 43.1pt"><U>bvnb.backoffice@bvnassaubranch.com </U>/ <U>trade.finance@bancovotorantim.com.br</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 43.1pt">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 7.1pt"><B>Account Details:</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 7.1pt"><U>Correspondent Bank</U>: JP Morgan Chase NY</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 7.1pt"><U>SWIFT</U>: CHASUS33</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 7.1pt">ABA: 021000021</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 7.1pt"><U>Account nr.</U>: 400941759</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 7.1pt"><U>Account Name</U>:  Banco Votorantim
S.A. &ndash; Nassau Branch</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 7.1pt">SWIFT: BAVOBSNS</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 7.1pt"><U>Reference</U>: Adecoagro Vale do Ivinhema Ltda.
US$ 110 million Secured Syndicated PEF Facility</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 7.1pt">&nbsp;</P>


<!-- Field: Page; Sequence: 102; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt">~ <!-- Field: Sequence; Type: Arabic; Name: PageNo -->101<!-- Field: /Sequence --> ~</P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt"><P STYLE="margin: 0pt"></P><TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 99%; border-collapse: collapse; margin-left: 7.1pt"><TR STYLE="vertical-align: top"><TD STYLE="width: 100%; border-bottom: Black 1pt solid; font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: -1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Export Prepayment Facility Agreement dated as of August 3, 2015 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: 0pt"></P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 7.1pt"><B>ABN AMRO BANK N.V.</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 7.1pt"><I>as a Lender</I></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 7.1pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; width: 90%; border-collapse: collapse; margin-left: 7.1pt">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 10%"><FONT STYLE="font: 12pt Times New Roman, Times, Serif">By:</FONT></TD>
    <TD STYLE="width: 35%; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="width: 10%">&nbsp;</TD>
    <TD STYLE="width: 10%"><FONT STYLE="font: 12pt Times New Roman, Times, Serif">By:</FONT></TD>
    <TD STYLE="width: 35%; border-bottom: Black 1pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font: 12pt Times New Roman, Times, Serif">Name: </FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font: 12pt Times New Roman, Times, Serif">Name: </FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font: 12pt Times New Roman, Times, Serif">Title:</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font: 12pt Times New Roman, Times, Serif">Title:</FONT></TD>
    <TD>&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 7.1pt">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 7.1pt"><B>Notices:</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 7.1pt"><U>Address</U>: Rua Leopoldo Couto de Magalh&atilde;es
Jr., 700 &ndash; 4th floor, S&atilde;o Paulo, 04542-000, SP, Brazil</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 7.1pt"><U>Attn.</U>: Leandro Almeida/Marcelo Tambelli/Dien
Quan/Mauro Rego/Margarete Ludovico</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 7.1pt"><U>Tel.</U>: +55-11-3073-7711/7424; +31-10-4016601;
<FONT STYLE="color: Black">+55-11-3073-7422/7418</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 7.1pt"><FONT STYLE="color: Black"><U>E-mail</U>: <U>leandro.almeida@br.abnamro.com
/ marcelo.tambelli@br.abnamro.com / mail_ccmbr@br.abnamro.com /</U></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt -1.5in; text-align: center; color: blue">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="color: Black"><U>loket.leningenadministratie.ccs@nl.abnamro.com
/ mail_ccmbr@br.abnamro.com</U></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 36.9pt; text-align: center"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 7.1pt"><FONT STYLE="color: Black"><B>Account Details:</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 7.1pt"><FONT STYLE="color: Black"><U>Correspondent Bank</U>:
Bank of America International</FONT> &ndash; New York &ndash; N.Y. &ndash; U.S.A.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 7.1pt"><U>SWIFT</U>: BOFAUS3N</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 7.1pt"><U>Account nr.</U>: 6550368324</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 7.1pt"><U>Account Name</U>:  ABN AMRO Bank N.V.,
FFC to Adecoagro Vale do Ivinhema &ndash; 47.39.54.656</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 7.1pt">SWIFT: ABNANL2A</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 7.1pt"><U>Reference</U>: Adecoagro 2015</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Page; Sequence: 103; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt">~ <!-- Field: Sequence; Type: Arabic; Name: PageNo -->102<!-- Field: /Sequence --> ~</P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt"><P STYLE="margin: 0pt"></P><TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 99%; border-collapse: collapse; margin-left: 7.1pt"><TR STYLE="vertical-align: top"><TD STYLE="width: 100%; border-bottom: Black 1pt solid; font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: -1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Export Prepayment Facility Agreement dated as of August 3, 2015 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: 0pt"></P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; width: 90%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 45%; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="width: 10%">&nbsp;</TD>
    <TD STYLE="width: 45%; border-bottom: Black 1pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 1px"><FONT STYLE="font: 12pt Times New Roman, Times, Serif">Witness:</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font: 12pt Times New Roman, Times, Serif">Witness: </FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font: 12pt Times New Roman, Times, Serif">ID:</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font: 12pt Times New Roman, Times, Serif">ID:</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<!-- Field: Page; Sequence: 104; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt">~ <!-- Field: Sequence; Type: Arabic; Name: PageNo -->103<!-- Field: /Sequence --> ~</P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt"><P STYLE="margin: 0pt"></P><TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 99%; border-collapse: collapse; margin-left: 7.1pt"><TR STYLE="vertical-align: top"><TD STYLE="width: 100%; border-bottom: Black 1pt solid; font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: -1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Export Prepayment Facility Agreement dated as of August 3, 2015 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: 0pt"></P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>SCHEDULE 1</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><U>COMMITMENTS</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 75%; border: black 1pt solid; padding: 4pt; text-align: center"><FONT STYLE="font: 12pt Times New Roman, Times, Serif"><B>Lender</B></FONT></TD>
    <TD STYLE="width: 25%; border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; padding: 4pt; text-align: center"><FONT STYLE="font: 12pt Times New Roman, Times, Serif"><B>Commitment (US$)</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding: 4pt"><FONT STYLE="font: 12pt Times New Roman, Times, Serif">ING Bank N.V.</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding: 4pt; text-align: right"><FONT STYLE="font: 12pt Times New Roman, Times, Serif">22,500,000.00</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding: 4pt"><FONT STYLE="font: 12pt Times New Roman, Times, Serif">Rabobank Cura&ccedil;ao N.V.</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding: 4pt; text-align: right"><FONT STYLE="font: 12pt Times New Roman, Times, Serif">22,500,000.00</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding: 4pt"><FONT STYLE="font: 12pt Times New Roman, Times, Serif">Cr&eacute;dit Agricole Corporate and Investment Bank, London Branch</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding: 4pt; text-align: right"><FONT STYLE="font: 12pt Times New Roman, Times, Serif">20,000,000.00</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding: 4pt"><FONT STYLE="font: 12pt Times New Roman, Times, Serif">Banco Latinoamericano de Comercio Exterior S.A.</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding: 4pt; text-align: right"><FONT STYLE="font: 12pt Times New Roman, Times, Serif">20,000,000.00</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding: 4pt"><FONT STYLE="font: 12pt Times New Roman, Times, Serif">Banco Votorantim S.A. &ndash; Nassau Branch</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding: 4pt; text-align: right"><FONT STYLE="font: 12pt Times New Roman, Times, Serif">15,000,000.00</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding: 4pt"><FONT STYLE="font: 12pt Times New Roman, Times, Serif">ABN AMRO Bank N.V.</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding: 4pt; text-align: right"><FONT STYLE="font: 12pt Times New Roman, Times, Serif">10,000,000.00</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding: 4pt"><FONT STYLE="font: 12pt Times New Roman, Times, Serif"><B>Total:</B></FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding: 4pt; text-align: right"><FONT STYLE="font: 12pt Times New Roman, Times, Serif"><B>110,000,000.00</B></FONT></TD></TR>
</TABLE>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Page; Sequence: 105; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt">~ <!-- Field: Sequence; Type: Arabic; Name: PageNo -->104<!-- Field: /Sequence --> ~</P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt"><P STYLE="margin: 0pt"></P><TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 99%; border-collapse: collapse; margin-left: 7.1pt"><TR STYLE="vertical-align: top"><TD STYLE="width: 100%; border-bottom: Black 1pt solid; font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: -1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Export Prepayment Facility Agreement dated as of August 3, 2015 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: 0pt"></P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>SCHEDULE 2</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt"><FONT STYLE="font: 12pt Times New Roman, Times, Serif"><U>LIST
OF ELIGIBLE OFF-TAKERS</U></FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%; border-left: Black 1pt solid; border-top: Black 1pt solid; padding-left: 5pt"><FONT STYLE="font: 12pt Times New Roman, Times, Serif">ADM</FONT></TD>
    <TD STYLE="width: 50%; border-right: Black 1pt solid; border-left: Black 1pt solid; border-top: Black 1pt solid; padding-left: 5pt"><FONT STYLE="font: 12pt Times New Roman, Times, Serif">Kolmar</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-left: Black 1pt solid; padding-left: 5pt"><FONT STYLE="font: 12pt Times New Roman, Times, Serif">Alcotra</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-left: Black 1pt solid; padding-left: 5pt"><FONT STYLE="font: 12pt Times New Roman, Times, Serif">Louis Dreyfus</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-left: Black 1pt solid; padding-left: 5pt"><FONT STYLE="font: 12pt Times New Roman, Times, Serif">Alvean</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-left: Black 1pt solid; padding-left: 5pt"><FONT STYLE="font: 12pt Times New Roman, Times, Serif">Mitsubishi Corp.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-left: Black 1pt solid; padding-left: 5pt"><FONT STYLE="font: 12pt Times New Roman, Times, Serif">BP</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-left: Black 1pt solid; padding-left: 5pt"><FONT STYLE="font: 12pt Times New Roman, Times, Serif">Mitsui</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-left: Black 1pt solid; padding-left: 5pt"><FONT STYLE="font: 12pt Times New Roman, Times, Serif">BTG Pactual</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-left: Black 1pt solid; padding-left: 5pt"><FONT STYLE="font: 12pt Times New Roman, Times, Serif">Morgan Stanley</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-left: Black 1pt solid; padding-left: 5pt"><FONT STYLE="font: 12pt Times New Roman, Times, Serif">Bunge</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-left: Black 1pt solid; padding-left: 5pt"><FONT STYLE="font: 12pt Times New Roman, Times, Serif">Noble America Resources Corp.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-left: Black 1pt solid; padding-left: 5pt"><FONT STYLE="font: 12pt Times New Roman, Times, Serif">Chemoil</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-left: Black 1pt solid; padding-left: 5pt"><FONT STYLE="font: 12pt Times New Roman, Times, Serif">Noble Resources PTE</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-left: Black 1pt solid; padding-left: 5pt"><FONT STYLE="font: 12pt Times New Roman, Times, Serif">Chevron</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-left: Black 1pt solid; padding-left: 5pt"><FONT STYLE="font: 12pt Times New Roman, Times, Serif">Petrobras Trading</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-left: Black 1pt solid; padding-left: 5pt"><FONT STYLE="font: 12pt Times New Roman, Times, Serif">CHS</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-left: Black 1pt solid; padding-left: 5pt"><FONT STYLE="font: 12pt Times New Roman, Times, Serif">Phillips66</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-left: Black 1pt solid; padding-left: 5pt"><FONT STYLE="font: 12pt Times New Roman, Times, Serif">Copersucar</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-left: Black 1pt solid; padding-left: 5pt"><FONT STYLE="font: 12pt Times New Roman, Times, Serif">Raizen Trading</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-left: Black 1pt solid; padding-left: 5pt"><FONT STYLE="font: 12pt Times New Roman, Times, Serif">Cropenergies</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-left: Black 1pt solid; padding-left: 5pt"><FONT STYLE="font: 12pt Times New Roman, Times, Serif">RCMA</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-left: Black 1pt solid; padding-left: 5pt"><FONT STYLE="font: 12pt Times New Roman, Times, Serif">Eco-Energy</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-left: Black 1pt solid; padding-left: 5pt"><FONT STYLE="font: 12pt Times New Roman, Times, Serif">Sojitz</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-left: Black 1pt solid; padding-left: 5pt"><FONT STYLE="font: 12pt Times New Roman, Times, Serif">ED&amp;F Man</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-left: Black 1pt solid; padding-left: 5pt"><FONT STYLE="font: 12pt Times New Roman, Times, Serif">Sucden</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-left: Black 1pt solid; padding-left: 5pt"><FONT STYLE="font: 12pt Times New Roman, Times, Serif">EISA</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-left: Black 1pt solid; padding-left: 5pt"><FONT STYLE="font: 12pt Times New Roman, Times, Serif">Tate &amp; Lyle Sugar</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-left: Black 1pt solid; padding-left: 5pt"><FONT STYLE="font: 12pt Times New Roman, Times, Serif">ExxonMobile</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-left: Black 1pt solid; padding-left: 5pt"><FONT STYLE="font: 12pt Times New Roman, Times, Serif">Toyota Tsusho Sugar Trading Ltd.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-left: Black 1pt solid; padding-left: 5pt"><FONT STYLE="font: 12pt Times New Roman, Times, Serif">Gavillon</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-left: Black 1pt solid; padding-left: 5pt"><FONT STYLE="font: 12pt Times New Roman, Times, Serif">Valero</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-left: Black 1pt solid; padding-left: 5pt"><FONT STYLE="font: 12pt Times New Roman, Times, Serif">Glencore</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-left: Black 1pt solid; padding-left: 5pt"><FONT STYLE="font: 12pt Times New Roman, Times, Serif">Vitol</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-left: Black 1pt solid; padding-left: 5pt"><FONT STYLE="font: 12pt Times New Roman, Times, Serif">Greenergy</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-left: Black 1pt solid; padding-left: 5pt"><FONT STYLE="font: 12pt Times New Roman, Times, Serif">Wilmar</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-left: Black 1pt solid; border-bottom: Black 1pt solid; padding-left: 5pt"><FONT STYLE="font: 12pt Times New Roman, Times, Serif">Gunvor</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-left: 5pt">&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>


<!-- Field: Page; Sequence: 106; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt">~ <!-- Field: Sequence; Type: Arabic; Name: PageNo -->105<!-- Field: /Sequence --> ~</P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt"><P STYLE="margin: 0pt"></P><TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 99%; border-collapse: collapse; margin-left: 7.1pt"><TR STYLE="vertical-align: top"><TD STYLE="width: 100%; border-bottom: Black 1pt solid; font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: -1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Export Prepayment Facility Agreement dated as of August 3, 2015 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: 0pt"></P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>SCHEDULE 3</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><U>MORTGAGED PROPERTIES</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 11pt Calibri, Helvetica, Sans-Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 19%; border: black 1pt solid; padding-left: 23.95pt; text-align: left; vertical-align: middle">Farm</TD>
    <TD STYLE="width: 21%; border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; padding-left: 21pt; text-align: center; vertical-align: middle">Location</TD>
    <TD STYLE="width: 17%; border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid">
        <P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0 0pt 5.45pt; text-align: center">Real Estate</P>
        <P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0 0pt 2.6pt; text-align: center">Registration</P>
        <P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0 0pt 11.6pt; text-align: center">Number</P></TD>
    <TD STYLE="width: 43%; border-top: black 1pt solid; border-right: black 1.5pt solid; border-bottom: black 1pt solid; padding-left: 58.9pt; text-align: center; vertical-align: middle">Owner</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1.5pt solid; border-left: black 1pt solid; padding-left: 1.5pt">Rio de Janeiro</TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1.5pt solid; padding-left: 1.45pt">Barreiras - Bahia</TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1.5pt solid; padding-left: 20.3pt">47462</TD>
    <TD STYLE="border-right: black 1.5pt solid; border-bottom: black 1.5pt solid; padding-left: 1.45pt">Adeco Agropecu&aacute;ria Brasil Ltda.</TD></TR>
</TABLE>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Page; Sequence: 107; Value: 2 -->
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    <DIV STYLE="page-break-before: always; margin-top: 6pt"><P STYLE="margin: 0pt"></P><TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 99%; border-collapse: collapse; margin-left: 7.1pt"><TR STYLE="vertical-align: top"><TD STYLE="width: 100%; border-bottom: Black 1pt solid; font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: -1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Export Prepayment Facility Agreement dated as of August 3, 2015 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: 0pt"></P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>SCHEDULE 4</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><U>LIENS EXISTING ON THE EXECUTION
DATE<BR>
 Adecoagro Vale do Ivinhema S.A.</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top; background-color: black">
    <TD NOWRAP STYLE="border-top: white 1pt solid; border-right: white 1pt solid; border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font: 6pt Arial, Helvetica, Sans-Serif; color: white">Loan</FONT></TD>
    <TD NOWRAP STYLE="border-top: white 1pt solid; border-right: white 1pt solid; border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font: 6pt Arial, Helvetica, Sans-Serif; color: white">Bank</FONT></TD>
    <TD NOWRAP COLSPAN="2" STYLE="border-top: white 1pt solid; border-right: white 1pt solid; border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font: 6pt Arial, Helvetica, Sans-Serif; color: white">Borrowed Amounts</FONT></TD>
    <TD NOWRAP STYLE="border-top: white 1pt solid; border-right: white 1pt solid; border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font: 6pt Arial, Helvetica, Sans-Serif; color: white">Commencement Date</FONT></TD>
    <TD NOWRAP STYLE="border-top: white 1pt solid; border-right: white 1pt solid; border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font: 6pt Arial, Helvetica, Sans-Serif; color: white">Maturity Date</FONT></TD>
    <TD NOWRAP STYLE="border-top: white 1pt solid; border-right: white 1pt solid; border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font: 6pt Arial, Helvetica, Sans-Serif; color: white">Agreement</FONT></TD>
    <TD NOWRAP STYLE="border-top: white 1pt solid; border-right: white 1pt solid; border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font: 6pt Arial, Helvetica, Sans-Serif; color: white">Liens</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: #EEECE1">
    <TD ROWSPAN="4" STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; width: 7%; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT><FONT STYLE="font: 5.5pt Arial, Helvetica, Sans-Serif">CCE</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid; width: 12%; text-align: center"><FONT STYLE="font: 5.5pt Arial, Helvetica, Sans-Serif">BTG Pactual</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-left: 3.2pt; width: 2%"><FONT STYLE="font: 5.5pt Arial, Helvetica, Sans-Serif">R$</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid; width: 10%; text-align: right"><FONT STYLE="font: 5.5pt Arial, Helvetica, Sans-Serif">65,000,000</FONT></TD>
    <TD ROWSPAN="4" STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid; width: 7%; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT><FONT STYLE="font: 5.5pt Arial, Helvetica, Sans-Serif">10-Jul-12</FONT></TD>
    <TD ROWSPAN="4" STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid; width: 7%; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT><FONT STYLE="font: 5.5pt Arial, Helvetica, Sans-Serif">30-Dec-15</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid; width: 10%; text-align: center"><FONT STYLE="font: 5.5pt Arial, Helvetica, Sans-Serif">N&ordm; CCE010/12</FONT></TD>
    <TD ROWSPAN="4" STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid; width: 45%; text-align: center"><FONT STYLE="font: 5.5pt Arial, Helvetica, Sans-Serif"><B>First Ranking Mortgage on the Nossa Senhora Aparecida farm (Registration Number 9879 - 9881) and Dom Fabr&iacute;cio farm (Registration Number 3492); Export Agreement and Pledge Cane Sugar</B></FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: #EEECE1">
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid; text-align: center"><FONT STYLE="font: 5.5pt Arial, Helvetica, Sans-Serif">HSBC</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-left: 3.2pt"><FONT STYLE="font: 5.5pt Arial, Helvetica, Sans-Serif">R$</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid; text-align: right"><FONT STYLE="font: 5.5pt Arial, Helvetica, Sans-Serif">55,000,000</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid; text-align: center"><FONT STYLE="font: 5.5pt Arial, Helvetica, Sans-Serif">N&ordm; 1054-12</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: #EEECE1">
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid; text-align: center"><FONT STYLE="font: 5.5pt Arial, Helvetica, Sans-Serif">Rabobank</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-left: 3.2pt"><FONT STYLE="font: 5.5pt Arial, Helvetica, Sans-Serif">R$</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid; text-align: right"><FONT STYLE="font: 5.5pt Arial, Helvetica, Sans-Serif">75,000,000</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid; text-align: center"><FONT STYLE="font: 5.5pt Arial, Helvetica, Sans-Serif">N&ordm; CCE20120001</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: #EEECE1">
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid; text-align: center"><FONT STYLE="font: 5.5pt Arial, Helvetica, Sans-Serif">Votorantim</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-left: 3.2pt"><FONT STYLE="font: 5.5pt Arial, Helvetica, Sans-Serif">R$</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid; text-align: right"><FONT STYLE="font: 5.5pt Arial, Helvetica, Sans-Serif">35,000,000</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid; text-align: center"><FONT STYLE="font: 5.5pt Arial, Helvetica, Sans-Serif">N&ordm; 10142381</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: #EEECE1">
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: center"><FONT STYLE="font: 5.5pt Arial, Helvetica, Sans-Serif">FCO Ang&eacute;lica</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid; text-align: center"><FONT STYLE="font: 5.5pt Arial, Helvetica, Sans-Serif">Banco do Brasil</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-left: 3.2pt"><FONT STYLE="font: 5.5pt Arial, Helvetica, Sans-Serif">R$</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid; text-align: right"><FONT STYLE="font: 5.5pt Arial, Helvetica, Sans-Serif">70,000,000</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid; text-align: center"><FONT STYLE="font: 5.5pt Arial, Helvetica, Sans-Serif">30-Jul-10</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid; text-align: center"><FONT STYLE="font: 5.5pt Arial, Helvetica, Sans-Serif">01-Jul-20</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid; text-align: center"><FONT STYLE="font: 5.5pt Arial, Helvetica, Sans-Serif">N&ordm; 40/00370-1</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid; text-align: center"><FONT STYLE="font: 5.5pt Arial, Helvetica, Sans-Serif"><B>First
    Ranking Mortgage on the Sap&aacute;lio farm (Registration Number 8399) and Fiduciary Assignment of Financed
    Assets</B></FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: #EEECE1">
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: center"><FONT STYLE="font: 5.5pt Arial, Helvetica, Sans-Serif">FCO Ivinhem a</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid; text-align: center"><FONT STYLE="font: 5.5pt Arial, Helvetica, Sans-Serif">Banco do Brasil</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-left: 2.7pt"><FONT STYLE="font: 5.5pt Arial, Helvetica, Sans-Serif">R$</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid; text-align: right"><FONT STYLE="font: 5.5pt Arial, Helvetica, Sans-Serif">130,000,000</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid; text-align: center"><FONT STYLE="font: 5.5pt Arial, Helvetica, Sans-Serif">19-Oct-12</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid; text-align: center"><FONT STYLE="font: 5.5pt Arial, Helvetica, Sans-Serif">01-Nov-22</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid; text-align: center"><FONT STYLE="font: 5.5pt Arial, Helvetica, Sans-Serif">N&ordm; 40/00553-4</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid; text-align: center"><FONT STYLE="font: 5.5pt Arial, Helvetica, Sans-Serif"><B>First
    Ranking Mortgage on the Carmen farm (Registration Number 10888) and Fiduciary Assignment of Financed Assets</B></FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: #EEECE1">
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: center"><FONT STYLE="font: 5.5pt Arial, Helvetica, Sans-Serif">CDC</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid; text-align: center"><FONT STYLE="font: 5.5pt Arial, Helvetica, Sans-Serif">CNH</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-left: 3.2pt"><FONT STYLE="font: 5.5pt Arial, Helvetica, Sans-Serif">R$</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid; text-align: right"><FONT STYLE="font: 5.5pt Arial, Helvetica, Sans-Serif">1,360,000</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid; text-align: center"><FONT STYLE="font: 5.5pt Arial, Helvetica, Sans-Serif">01-May-13</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid; text-align: center"><FONT STYLE="font: 5.5pt Arial, Helvetica, Sans-Serif">15-Feb-18</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid; text-align: center"><FONT STYLE="font: 5.5pt Arial, Helvetica, Sans-Serif">N&ordm; 201201552-8/001</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid; text-align: center"><FONT STYLE="font: 5.5pt Arial, Helvetica, Sans-Serif"><B>Fiduciary Assignment of Financed Assets</B></FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: #EEECE1">
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: center"><FONT STYLE="font: 5.5pt Arial, Helvetica, Sans-Serif">CDC</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid; text-align: center"><FONT STYLE="font: 5.5pt Arial, Helvetica, Sans-Serif">CNH</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-left: 3.2pt"><FONT STYLE="font: 5.5pt Arial, Helvetica, Sans-Serif">R$</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid; text-align: right"><FONT STYLE="font: 5.5pt Arial, Helvetica, Sans-Serif">1,672,000</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid; text-align: center"><FONT STYLE="font: 5.5pt Arial, Helvetica, Sans-Serif">01-May-13</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid; text-align: center"><FONT STYLE="font: 5.5pt Arial, Helvetica, Sans-Serif">15-Feb-18</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid; text-align: center"><FONT STYLE="font: 5.5pt Arial, Helvetica, Sans-Serif">N&ordm; 201201552-9/001</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid; text-align: center"><FONT STYLE="font: 5.5pt Arial, Helvetica, Sans-Serif"><B>Fiduciary Assignment of Financed Assets</B></FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: #EEECE1">
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: center"><FONT STYLE="font: 5.5pt Arial, Helvetica, Sans-Serif">CDC</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid; text-align: center"><FONT STYLE="font: 5.5pt Arial, Helvetica, Sans-Serif">CNH</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-left: 2.7pt"><FONT STYLE="font: 5.5pt Arial, Helvetica, Sans-Serif">R$</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid; text-align: right"><FONT STYLE="font: 5.5pt Arial, Helvetica, Sans-Serif">746,240</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid; text-align: center"><FONT STYLE="font: 5.5pt Arial, Helvetica, Sans-Serif">08-Nov-13</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid; text-align: center"><FONT STYLE="font: 5.5pt Arial, Helvetica, Sans-Serif">01-Sep-17</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid; text-align: center"><FONT STYLE="font: 5.5pt Arial, Helvetica, Sans-Serif">N&ordm; 201301160-7/001</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid; text-align: center"><FONT STYLE="font: 5.5pt Arial, Helvetica, Sans-Serif"><B>Fiduciary Assignment of Financed Assets</B></FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: #EEECE1">
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: center"><FONT STYLE="font: 5.5pt Arial, Helvetica, Sans-Serif">FINAME</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid; text-align: center"><FONT STYLE="font: 5.5pt Arial, Helvetica, Sans-Serif">Banco do Brasil</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-left: 3.2pt"><FONT STYLE="font: 5.5pt Arial, Helvetica, Sans-Serif">R$</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid; text-align: right"><FONT STYLE="font: 5.5pt Arial, Helvetica, Sans-Serif">9,905,000</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid; text-align: center"><FONT STYLE="font: 5.5pt Arial, Helvetica, Sans-Serif">15-Jun-12</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid; text-align: center"><FONT STYLE="font: 5.5pt Arial, Helvetica, Sans-Serif">15-May-22</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid; text-align: center"><FONT STYLE="font: 5.5pt Arial, Helvetica, Sans-Serif">N&ordm; 40/00506-2</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid; text-align: center"><FONT STYLE="font: 5.5pt Arial, Helvetica, Sans-Serif"><B>Fiduciary Assignment of Financed Assets</B></FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: #EEECE1">
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: center"><FONT STYLE="font: 5.5pt Arial, Helvetica, Sans-Serif">FINAME</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid; text-align: center"><FONT STYLE="font: 5.5pt Arial, Helvetica, Sans-Serif">Banco do Brasil</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-left: 3.2pt"><FONT STYLE="font: 5.5pt Arial, Helvetica, Sans-Serif">R$</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid; text-align: right"><FONT STYLE="font: 5.5pt Arial, Helvetica, Sans-Serif">8,100,000</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid; text-align: center"><FONT STYLE="font: 5.5pt Arial, Helvetica, Sans-Serif">22-Mar-13</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid; text-align: center"><FONT STYLE="font: 5.5pt Arial, Helvetica, Sans-Serif">15-Jan-23</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid; text-align: center"><FONT STYLE="font: 5.5pt Arial, Helvetica, Sans-Serif">N&ordm; 40/00583-6</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid; text-align: center"><FONT STYLE="font: 5.5pt Arial, Helvetica, Sans-Serif"><B>Fiduciary Assignment of Financed Assets</B></FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: #EEECE1">
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: center"><FONT STYLE="font: 5.5pt Arial, Helvetica, Sans-Serif">FINAME</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid; text-align: center"><FONT STYLE="font: 5.5pt Arial, Helvetica, Sans-Serif">Votorantim</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-left: 3.2pt"><FONT STYLE="font: 5.5pt Arial, Helvetica, Sans-Serif">R$</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid; text-align: right"><FONT STYLE="font: 5.5pt Arial, Helvetica, Sans-Serif">2,340,000</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid; text-align: center"><FONT STYLE="font: 5.5pt Arial, Helvetica, Sans-Serif">13-May-11</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid; text-align: center"><FONT STYLE="font: 5.5pt Arial, Helvetica, Sans-Serif">15-Apr-16</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid; text-align: center"><FONT STYLE="font: 5.5pt Arial, Helvetica, Sans-Serif">N&ordm; 83159-3</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid; text-align: center"><FONT STYLE="font: 5.5pt Arial, Helvetica, Sans-Serif"><B>Fiduciary Assignment of Financed Assets</B></FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: #EEECE1">
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: center"><FONT STYLE="font: 5.5pt Arial, Helvetica, Sans-Serif">FINAME</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid; text-align: center"><FONT STYLE="font: 5.5pt Arial, Helvetica, Sans-Serif">CNH</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-left: 3.2pt"><FONT STYLE="font: 5.5pt Arial, Helvetica, Sans-Serif">R$</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid; text-align: right"><FONT STYLE="font: 5.5pt Arial, Helvetica, Sans-Serif">1,710,000</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid; text-align: center"><FONT STYLE="font: 5.5pt Arial, Helvetica, Sans-Serif">19-Feb-13</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid; text-align: center"><FONT STYLE="font: 5.5pt Arial, Helvetica, Sans-Serif">16-Oct-17</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid; text-align: center"><FONT STYLE="font: 5.5pt Arial, Helvetica, Sans-Serif">N&ordm; 2012009281</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid; text-align: center"><FONT STYLE="font: 5.5pt Arial, Helvetica, Sans-Serif"><B>Fiduciary Assignment of Financed Assets</B></FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: #EEECE1">
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: center"><FONT STYLE="font: 5.5pt Arial, Helvetica, Sans-Serif">FINAME</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid; text-align: center"><FONT STYLE="font: 5.5pt Arial, Helvetica, Sans-Serif">CNH</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-left: 2.7pt"><FONT STYLE="font: 5.5pt Arial, Helvetica, Sans-Serif">R$</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid; text-align: right"><FONT STYLE="font: 5.5pt Arial, Helvetica, Sans-Serif">679,500</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid; text-align: center"><FONT STYLE="font: 5.5pt Arial, Helvetica, Sans-Serif">30-Jul-13</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid; text-align: center"><FONT STYLE="font: 5.5pt Arial, Helvetica, Sans-Serif">15-Jun-18</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid; text-align: center"><FONT STYLE="font: 5.5pt Arial, Helvetica, Sans-Serif">N&ordm; 2013006085</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid; text-align: center"><FONT STYLE="font: 5.5pt Arial, Helvetica, Sans-Serif"><B>Fiduciary Assignment of Financed Assets</B></FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: #EEECE1">
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: center"><FONT STYLE="font: 5.5pt Arial, Helvetica, Sans-Serif">FINAME</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid; text-align: center"><FONT STYLE="font: 5.5pt Arial, Helvetica, Sans-Serif">CNH</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-left: 3.2pt"><FONT STYLE="font: 5.5pt Arial, Helvetica, Sans-Serif">R$</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid; text-align: right"><FONT STYLE="font: 5.5pt Arial, Helvetica, Sans-Serif">2,003,400</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid; text-align: center"><FONT STYLE="font: 5.5pt Arial, Helvetica, Sans-Serif">08-Nov-13</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid; text-align: center"><FONT STYLE="font: 5.5pt Arial, Helvetica, Sans-Serif">15-Aug-18</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid; text-align: center"><FONT STYLE="font: 5.5pt Arial, Helvetica, Sans-Serif">N&ordm; 2013008978</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid; text-align: center"><FONT STYLE="font: 5.5pt Arial, Helvetica, Sans-Serif"><B>Fiduciary Assignment of Financed Assets</B></FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: #EEECE1">
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: center"><FONT STYLE="font: 5.5pt Arial, Helvetica, Sans-Serif">FINAME</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid; text-align: center"><FONT STYLE="font: 5.5pt Arial, Helvetica, Sans-Serif">CNH</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-left: 2.7pt"><FONT STYLE="font: 5.5pt Arial, Helvetica, Sans-Serif">R$</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid; text-align: right"><FONT STYLE="font: 5.5pt Arial, Helvetica, Sans-Serif">575,316</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid; text-align: center"><FONT STYLE="font: 5.5pt Arial, Helvetica, Sans-Serif">02-Dec-13</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid; text-align: center"><FONT STYLE="font: 5.5pt Arial, Helvetica, Sans-Serif">15-Oct-18</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid; text-align: center"><FONT STYLE="font: 5.5pt Arial, Helvetica, Sans-Serif">N&ordm; 2013011606</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid; text-align: center"><FONT STYLE="font: 5.5pt Arial, Helvetica, Sans-Serif"><B>Fiduciary Assignment of Financed Assets</B></FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: #EEECE1">
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: center"><FONT STYLE="font: 5.5pt Arial, Helvetica, Sans-Serif">FINAME</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid; text-align: center"><FONT STYLE="font: 5.5pt Arial, Helvetica, Sans-Serif">CNH</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-left: 3.2pt"><FONT STYLE="font: 5.5pt Arial, Helvetica, Sans-Serif">R$</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid; text-align: right"><FONT STYLE="font: 5.5pt Arial, Helvetica, Sans-Serif">2,438,424</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid; text-align: center"><FONT STYLE="font: 5.5pt Arial, Helvetica, Sans-Serif">02-Dec-13</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid; text-align: center"><FONT STYLE="font: 5.5pt Arial, Helvetica, Sans-Serif">15-Oct-18</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid; text-align: center"><FONT STYLE="font: 5.5pt Arial, Helvetica, Sans-Serif">N&ordm; 2013011605</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid; text-align: center"><FONT STYLE="font: 5.5pt Arial, Helvetica, Sans-Serif"><B>Fiduciary Assignment of Financed Assets</B></FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: #EEECE1">
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: center"><FONT STYLE="font: 5.5pt Arial, Helvetica, Sans-Serif">FINAME</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid; text-align: center"><FONT STYLE="font: 5.5pt Arial, Helvetica, Sans-Serif">CNH</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-left: 3.2pt"><FONT STYLE="font: 5.5pt Arial, Helvetica, Sans-Serif">R$</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid; text-align: right"><FONT STYLE="font: 5.5pt Arial, Helvetica, Sans-Serif">1,216,498</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid; text-align: center"><FONT STYLE="font: 5.5pt Arial, Helvetica, Sans-Serif">02-Dec-13</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid; text-align: center"><FONT STYLE="font: 5.5pt Arial, Helvetica, Sans-Serif">15-Aug-18</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid; text-align: center"><FONT STYLE="font: 5.5pt Arial, Helvetica, Sans-Serif">N&ordm; 2013008977</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid; text-align: center"><FONT STYLE="font: 5.5pt Arial, Helvetica, Sans-Serif"><B>Fiduciary Assignment of Financed Assets</B></FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: #EEECE1">
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: center"><FONT STYLE="font: 5.5pt Arial, Helvetica, Sans-Serif">FINAME</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid; text-align: center"><FONT STYLE="font: 5.5pt Arial, Helvetica, Sans-Serif">CNH</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-left: 2.7pt"><FONT STYLE="font: 5.5pt Arial, Helvetica, Sans-Serif">R$</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid; text-align: right"><FONT STYLE="font: 5.5pt Arial, Helvetica, Sans-Serif">575,316</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid; text-align: center"><FONT STYLE="font: 5.5pt Arial, Helvetica, Sans-Serif">24-Feb-14</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid; text-align: center"><FONT STYLE="font: 5.5pt Arial, Helvetica, Sans-Serif">17-Dec-18</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid; text-align: center"><FONT STYLE="font: 5.5pt Arial, Helvetica, Sans-Serif">N&ordm; 2013013481</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid; text-align: center"><FONT STYLE="font: 5.5pt Arial, Helvetica, Sans-Serif"><B>Fiduciary Assignment of Financed Assets</B></FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: #EEECE1">
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: center"><FONT STYLE="font: 5.5pt Arial, Helvetica, Sans-Serif">FINAME</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid; text-align: center"><FONT STYLE="font: 5.5pt Arial, Helvetica, Sans-Serif">BDMG</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-left: 2.7pt"><FONT STYLE="font: 5.5pt Arial, Helvetica, Sans-Serif">R$</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid; text-align: right"><FONT STYLE="font: 5.5pt Arial, Helvetica, Sans-Serif">432,000</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid; text-align: center"><FONT STYLE="font: 5.5pt Arial, Helvetica, Sans-Serif">15-Mar-13</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid; text-align: center"><FONT STYLE="font: 5.5pt Arial, Helvetica, Sans-Serif">15-Nov-22</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid; text-align: center"><FONT STYLE="font: 5.5pt Arial, Helvetica, Sans-Serif">N&ordm; 155.755/12</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid; text-align: center"><FONT STYLE="font: 5.5pt Arial, Helvetica, Sans-Serif"><B>Fiduciary Assignment of Financed Assets</B></FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: #EEECE1">
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: center"><FONT STYLE="font: 5.5pt Arial, Helvetica, Sans-Serif">FINAME</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid; text-align: center"><FONT STYLE="font: 5.5pt Arial, Helvetica, Sans-Serif">BDMG</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-left: 3.2pt"><FONT STYLE="font: 5.5pt Arial, Helvetica, Sans-Serif">R$</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid; text-align: right"><FONT STYLE="font: 5.5pt Arial, Helvetica, Sans-Serif">5,006,300</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid; text-align: center"><FONT STYLE="font: 5.5pt Arial, Helvetica, Sans-Serif">20-May-13</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid; text-align: center"><FONT STYLE="font: 5.5pt Arial, Helvetica, Sans-Serif">15-Jan-23</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid; text-align: center"><FONT STYLE="font: 5.5pt Arial, Helvetica, Sans-Serif">N&ordm; 158.841/12</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid; text-align: center"><FONT STYLE="font: 5.5pt Arial, Helvetica, Sans-Serif"><B>Fiduciary Assignment of Financed Assets</B></FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: #EEECE1">
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: center"><FONT STYLE="font: 5.5pt Arial, Helvetica, Sans-Serif">FINAME</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid; text-align: center"><FONT STYLE="font: 5.5pt Arial, Helvetica, Sans-Serif">BDMG</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-left: 3.2pt"><FONT STYLE="font: 5.5pt Arial, Helvetica, Sans-Serif">R$</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid; text-align: right"><FONT STYLE="font: 5.5pt Arial, Helvetica, Sans-Serif">1,695,600</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid; text-align: center"><FONT STYLE="font: 5.5pt Arial, Helvetica, Sans-Serif">12-Mar-13</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid; text-align: center"><FONT STYLE="font: 5.5pt Arial, Helvetica, Sans-Serif">15-Jan-23</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid; text-align: center"><FONT STYLE="font: 5.5pt Arial, Helvetica, Sans-Serif">N&ordm; 158.870/12</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid; text-align: center"><FONT STYLE="font: 5.5pt Arial, Helvetica, Sans-Serif"><B>Fiduciary Assignment of Financed Assets</B></FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: #EEECE1">
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: center"><FONT STYLE="font: 5.5pt Arial, Helvetica, Sans-Serif">FINAME</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid; text-align: center"><FONT STYLE="font: 5.5pt Arial, Helvetica, Sans-Serif">BDMG</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-left: 2.7pt"><FONT STYLE="font: 5.5pt Arial, Helvetica, Sans-Serif">R$</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid; text-align: right"><FONT STYLE="font: 5.5pt Arial, Helvetica, Sans-Serif">113,400</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid; text-align: center"><FONT STYLE="font: 5.5pt Arial, Helvetica, Sans-Serif">18-Mar-13</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid; text-align: center"><FONT STYLE="font: 5.5pt Arial, Helvetica, Sans-Serif">15-Nov-22</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid; text-align: center"><FONT STYLE="font: 5.5pt Arial, Helvetica, Sans-Serif">N&ordm; 156.043/12</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid; text-align: center"><FONT STYLE="font: 5.5pt Arial, Helvetica, Sans-Serif"><B>Fiduciary Assignment of Financed Assets</B></FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: #EEECE1">
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: center"><FONT STYLE="font: 5.5pt Arial, Helvetica, Sans-Serif">FINAME</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid; text-align: center"><FONT STYLE="font: 5.5pt Arial, Helvetica, Sans-Serif">BDMG</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-left: 3.2pt"><FONT STYLE="font: 5.5pt Arial, Helvetica, Sans-Serif">R$</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid; text-align: right"><FONT STYLE="font: 5.5pt Arial, Helvetica, Sans-Serif">1,386,000</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid; text-align: center"><FONT STYLE="font: 5.5pt Arial, Helvetica, Sans-Serif">15-Mar-13</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid; text-align: center"><FONT STYLE="font: 5.5pt Arial, Helvetica, Sans-Serif">15-Nov-22</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid; text-align: center"><FONT STYLE="font: 5.5pt Arial, Helvetica, Sans-Serif">N&ordm; 155.680/12</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid; text-align: center"><FONT STYLE="font: 5.5pt Arial, Helvetica, Sans-Serif"><B>Fiduciary Assignment of Financed Assets</B></FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: #EEECE1">
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: center"><FONT STYLE="font: 5.5pt Arial, Helvetica, Sans-Serif">FINAME</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid; text-align: center"><FONT STYLE="font: 5.5pt Arial, Helvetica, Sans-Serif">BDMG</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-left: 2.7pt"><FONT STYLE="font: 5.5pt Arial, Helvetica, Sans-Serif">R$</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid; text-align: right"><FONT STYLE="font: 5.5pt Arial, Helvetica, Sans-Serif">432,900</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid; text-align: center"><FONT STYLE="font: 5.5pt Arial, Helvetica, Sans-Serif">11-Mar-13</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid; text-align: center"><FONT STYLE="font: 5.5pt Arial, Helvetica, Sans-Serif">15-Nov-22</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid; text-align: center"><FONT STYLE="font: 5.5pt Arial, Helvetica, Sans-Serif">N&ordm; 155.825/12</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid; text-align: center"><FONT STYLE="font: 5.5pt Arial, Helvetica, Sans-Serif"><B>Fiduciary Assignment of Financed Assets</B></FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: #EEECE1">
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: center"><FONT STYLE="font: 5.5pt Arial, Helvetica, Sans-Serif">FINAME</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid; text-align: center"><FONT STYLE="font: 5.5pt Arial, Helvetica, Sans-Serif">BDMG</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-left: 2.7pt"><FONT STYLE="font: 5.5pt Arial, Helvetica, Sans-Serif">R$</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid; text-align: right"><FONT STYLE="font: 5.5pt Arial, Helvetica, Sans-Serif">315,000</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid; text-align: center"><FONT STYLE="font: 5.5pt Arial, Helvetica, Sans-Serif">05-Apr-13</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid; text-align: center"><FONT STYLE="font: 5.5pt Arial, Helvetica, Sans-Serif">15-Nov-22</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid; text-align: center"><FONT STYLE="font: 5.5pt Arial, Helvetica, Sans-Serif">N&ordm; 155.826/12</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid; text-align: center"><FONT STYLE="font: 5.5pt Arial, Helvetica, Sans-Serif"><B>Fiduciary Assignment of Financed Assets</B></FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: #EEECE1">
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: center"><FONT STYLE="font: 5.5pt Arial, Helvetica, Sans-Serif">FINAME</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid; text-align: center"><FONT STYLE="font: 5.5pt Arial, Helvetica, Sans-Serif">BDMG</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-left: 2.7pt"><FONT STYLE="font: 5.5pt Arial, Helvetica, Sans-Serif">R$</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid; text-align: right"><FONT STYLE="font: 5.5pt Arial, Helvetica, Sans-Serif">321,300</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid; text-align: center"><FONT STYLE="font: 5.5pt Arial, Helvetica, Sans-Serif">28-Nov-13</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid; text-align: center"><FONT STYLE="font: 5.5pt Arial, Helvetica, Sans-Serif">15-Sep-23</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid; text-align: center"><FONT STYLE="font: 5.5pt Arial, Helvetica, Sans-Serif">N&ordm; 170.179-13</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid; text-align: center"><FONT STYLE="font: 5.5pt Arial, Helvetica, Sans-Serif"><B>Fiduciary Assignment of Financed Assets</B></FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: #EEECE1">
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: center"><FONT STYLE="font: 5.5pt Arial, Helvetica, Sans-Serif">FINAME</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid; text-align: center"><FONT STYLE="font: 5.5pt Arial, Helvetica, Sans-Serif">Ita&uacute; BBA</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-left: 3.2pt"><FONT STYLE="font: 5.5pt Arial, Helvetica, Sans-Serif">R$</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid; text-align: right"><FONT STYLE="font: 5.5pt Arial, Helvetica, Sans-Serif">8,890,798</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid; text-align: center"><FONT STYLE="font: 5.5pt Arial, Helvetica, Sans-Serif">14-Dec-12</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid; text-align: center"><FONT STYLE="font: 5.5pt Arial, Helvetica, Sans-Serif">16-Nov-22</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid; text-align: center"><FONT STYLE="font: 5.5pt Arial, Helvetica, Sans-Serif">N&ordm; 50002875100</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid; text-align: center"><FONT STYLE="font: 5.5pt Arial, Helvetica, Sans-Serif"><B>Fiduciary Assignment of Financed Assets</B></FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: #EEECE1">
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: center"><FONT STYLE="font: 5.5pt Arial, Helvetica, Sans-Serif">FINAME</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid; text-align: center"><FONT STYLE="font: 5.5pt Arial, Helvetica, Sans-Serif">Ita&uacute; BBA</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-left: 3.2pt"><FONT STYLE="font: 5.5pt Arial, Helvetica, Sans-Serif">R$</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid; text-align: right"><FONT STYLE="font: 5.5pt Arial, Helvetica, Sans-Serif">7,641,000</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid; text-align: center"><FONT STYLE="font: 5.5pt Arial, Helvetica, Sans-Serif">14-Dec-12</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid; text-align: center"><FONT STYLE="font: 5.5pt Arial, Helvetica, Sans-Serif">16-Nov-22</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid; text-align: center"><FONT STYLE="font: 5.5pt Arial, Helvetica, Sans-Serif">N&ordm; 50002875600</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid; text-align: center"><FONT STYLE="font: 5.5pt Arial, Helvetica, Sans-Serif"><B>Fiduciary Assignment of Financed Assets</B></FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: #EEECE1">
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: center"><FONT STYLE="font: 5.5pt Arial, Helvetica, Sans-Serif">FINAME</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid; text-align: center"><FONT STYLE="font: 5.5pt Arial, Helvetica, Sans-Serif">Ita&uacute; BBA</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-left: 3.2pt"><FONT STYLE="font: 5.5pt Arial, Helvetica, Sans-Serif">R$</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid; text-align: right"><FONT STYLE="font: 5.5pt Arial, Helvetica, Sans-Serif">8,488,198</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid; text-align: center"><FONT STYLE="font: 5.5pt Arial, Helvetica, Sans-Serif">14-Jan-13</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid; text-align: center"><FONT STYLE="font: 5.5pt Arial, Helvetica, Sans-Serif">16-Nov-22</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid; text-align: center"><FONT STYLE="font: 5.5pt Arial, Helvetica, Sans-Serif">N&ordm; 50002875200</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid; text-align: center"><FONT STYLE="font: 5.5pt Arial, Helvetica, Sans-Serif"><B>Fiduciary Assignment of Financed Assets</B></FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: #EEECE1">
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: center"><FONT STYLE="font: 5.5pt Arial, Helvetica, Sans-Serif">FINAME</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid; text-align: center"><FONT STYLE="font: 5.5pt Arial, Helvetica, Sans-Serif">Ita&uacute; BBA</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-left: 3.2pt"><FONT STYLE="font: 5.5pt Arial, Helvetica, Sans-Serif">R$</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid; text-align: right"><FONT STYLE="font: 5.5pt Arial, Helvetica, Sans-Serif">4,950,000</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid; text-align: center"><FONT STYLE="font: 5.5pt Arial, Helvetica, Sans-Serif">14-Jan-13</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid; text-align: center"><FONT STYLE="font: 5.5pt Arial, Helvetica, Sans-Serif">16-Nov-22</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid; text-align: center"><FONT STYLE="font: 5.5pt Arial, Helvetica, Sans-Serif">N&ordm; 50002875300</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid; text-align: center"><FONT STYLE="font: 5.5pt Arial, Helvetica, Sans-Serif"><B>Fiduciary Assignment of Financed Assets</B></FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: #EEECE1">
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: center"><FONT STYLE="font: 5.5pt Arial, Helvetica, Sans-Serif">FINAME</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid; text-align: center"><FONT STYLE="font: 5.5pt Arial, Helvetica, Sans-Serif">Ita&uacute; BBA</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-left: 3.2pt"><FONT STYLE="font: 5.5pt Arial, Helvetica, Sans-Serif">R$</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid; text-align: right"><FONT STYLE="font: 5.5pt Arial, Helvetica, Sans-Serif">8,237,268</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid; text-align: center"><FONT STYLE="font: 5.5pt Arial, Helvetica, Sans-Serif">14-Jan-13</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid; text-align: center"><FONT STYLE="font: 5.5pt Arial, Helvetica, Sans-Serif">17-Oct-22</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid; text-align: center"><FONT STYLE="font: 5.5pt Arial, Helvetica, Sans-Serif">N&ordm; 50002875700</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid; text-align: center"><FONT STYLE="font: 5.5pt Arial, Helvetica, Sans-Serif"><B>Fiduciary Assignment of Financed Assets</B></FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: #EEECE1">
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: center"><FONT STYLE="font: 5.5pt Arial, Helvetica, Sans-Serif">FINAME</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid; text-align: center"><FONT STYLE="font: 5.5pt Arial, Helvetica, Sans-Serif">Ita&uacute; BBA</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-left: 3.2pt"><FONT STYLE="font: 5.5pt Arial, Helvetica, Sans-Serif">R$</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid; text-align: right"><FONT STYLE="font: 5.5pt Arial, Helvetica, Sans-Serif">7,740,000</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid; text-align: center"><FONT STYLE="font: 5.5pt Arial, Helvetica, Sans-Serif">14-Jan-13</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid; text-align: center"><FONT STYLE="font: 5.5pt Arial, Helvetica, Sans-Serif">16-Nov-22</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid; text-align: center"><FONT STYLE="font: 5.5pt Arial, Helvetica, Sans-Serif">N&ordm; 50002875500</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid; text-align: center"><FONT STYLE="font: 5.5pt Arial, Helvetica, Sans-Serif"><B>Fiduciary Assignment of Financed Assets</B></FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: #EEECE1">
    <TD ROWSPAN="6" STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: center"><FONT STYLE="font-size: 7.5pt">&nbsp;</FONT><FONT STYLE="font-size: 10pt">&nbsp;</FONT><FONT STYLE="font: 5.5pt Arial, Helvetica, Sans-Serif">FINEM Ang&eacute;lica</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid; text-align: center"><FONT STYLE="font: 5.5pt Arial, Helvetica, Sans-Serif">Bradesco</FONT></TD>
    <TD ROWSPAN="6" STYLE="border-bottom: black 1pt solid; padding-left: 2.7pt"><FONT STYLE="font: 5.5pt Arial, Helvetica, Sans-Serif">R$</FONT></TD>
    <TD ROWSPAN="6" STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid; padding-left: 2.7pt; text-align: right"><FONT STYLE="font: 5.5pt Arial, Helvetica, Sans-Serif">151,000,000</FONT></TD>
    <TD ROWSPAN="6" STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid; text-align: center"><FONT STYLE="font-size: 7.5pt">&nbsp;</FONT><FONT STYLE="font-size: 10pt">&nbsp;</FONT><FONT STYLE="font: 5.5pt Arial, Helvetica, Sans-Serif">17-Mar-08</FONT></TD>
    <TD ROWSPAN="6" STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid; text-align: center"><FONT STYLE="font-size: 7.5pt">&nbsp;</FONT><FONT STYLE="font-size: 10pt">&nbsp;</FONT><FONT STYLE="font: 5.5pt Arial, Helvetica, Sans-Serif">15-Apr-18</FONT></TD>
    <TD ROWSPAN="6" STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid; text-align: center"><FONT STYLE="font-size: 7.5pt">&nbsp;</FONT><FONT STYLE="font-size: 10pt">&nbsp;</FONT><FONT STYLE="font: 5.5pt Arial, Helvetica, Sans-Serif">N&ordm; 91.2.149.6.1.013</FONT></TD>
    <TD ROWSPAN="6" STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT><FONT STYLE="font: 5.5pt Arial, Helvetica, Sans-Serif"><B>First
    Ranking Mortgage on the Takuar&ecirc; farm (Registration Number 2737); Fiduciary Assignment of Financed Assets and Quota
    pledge agreement over 99,99% of the shares in Adecoagro Brasil Participa&ccedil;&otilde;es S.A.</B></FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: #EEECE1">
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid; text-align: center"><FONT STYLE="font: 5.5pt Arial, Helvetica, Sans-Serif">HSBC</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: #EEECE1">
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid; text-align: center"><FONT STYLE="font: 5.5pt Arial, Helvetica, Sans-Serif">Ita&uacute; BBA</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: #EEECE1">
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid; text-align: center"><FONT STYLE="font: 5.5pt Arial, Helvetica, Sans-Serif">Ita&uacute; Unibanco</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: #EEECE1">
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid; text-align: center"><FONT STYLE="font: 5.5pt Arial, Helvetica, Sans-Serif">Rabobank</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: #EEECE1">
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid; text-align: center"><FONT STYLE="font: 5.5pt Arial, Helvetica, Sans-Serif">Santander</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: #EEECE1">
    <TD ROWSPAN="2" STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: center"><FONT STYLE="font: 5.5pt Arial, Helvetica, Sans-Serif">FINEM Ivinhem a</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid; text-align: center"><FONT STYLE="font: 5.5pt Arial, Helvetica, Sans-Serif">Ita&uacute; BBA</FONT></TD>
    <TD ROWSPAN="2" STYLE="border-bottom: black 1pt solid; padding-left: 2.7pt"><FONT STYLE="font: 5.5pt Arial, Helvetica, Sans-Serif">R$</FONT></TD>
    <TD ROWSPAN="2" STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid; text-align: right"><FONT STYLE="font: 5.5pt Arial, Helvetica, Sans-Serif">273,207,000</FONT></TD>
    <TD ROWSPAN="2" STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid; text-align: center"><FONT STYLE="font: 5.5pt Arial, Helvetica, Sans-Serif">11-Jun-13</FONT></TD>
    <TD ROWSPAN="2" STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid; text-align: center"><FONT STYLE="font: 5.5pt Arial, Helvetica, Sans-Serif">15-Jan-23</FONT></TD>
    <TD ROWSPAN="2" STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid; text-align: center"><FONT STYLE="font: 5.5pt Arial, Helvetica, Sans-Serif">N&ordm; 21/00310-6</FONT></TD>
    <TD ROWSPAN="2" STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid; text-align: center"><FONT STYLE="font: 5.5pt Arial, Helvetica, Sans-Serif"><B>First
    Ranking Mortgage on the Carmen farm (Registration Number 10888); Second Ranking Mortgage on the Takuar&ecirc; farm
    (Registration Number 2737) and</B></FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: #EEECE1">
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid; text-align: center"><FONT STYLE="font: 5.5pt Arial, Helvetica, Sans-Serif">Banco do Brasil</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: #EEECE1">
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: center"><FONT STYLE="font: 5.5pt Arial, Helvetica, Sans-Serif">FINEM Ivinhem a</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid; text-align: center"><FONT STYLE="font: 5.5pt Arial, Helvetica, Sans-Serif">BNDES</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-left: 2.7pt"><FONT STYLE="font: 5.5pt Arial, Helvetica, Sans-Serif">R$</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid; text-align: right"><FONT STYLE="font: 5.5pt Arial, Helvetica, Sans-Serif">215,431,000</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid; text-align: center"><FONT STYLE="font: 5.5pt Arial, Helvetica, Sans-Serif">21-Nov-13</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid; text-align: center"><FONT STYLE="font: 5.5pt Arial, Helvetica, Sans-Serif">15-Jan-23</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid; text-align: center"><FONT STYLE="font: 5.5pt Arial, Helvetica, Sans-Serif">N&ordm; 12.2.1433.1</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid; text-align: center"><FONT STYLE="font: 5.5pt Arial, Helvetica, Sans-Serif"><B>Fiduciary
    Assignment of Financed Assets and Receivables of Power Contract (131 MWh)</B></FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: #EEECE1">
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: center"><FONT STYLE="font: 5.5pt Arial, Helvetica, Sans-Serif">NCE</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid; text-align: center"><FONT STYLE="font: 5.5pt Arial, Helvetica, Sans-Serif">Ita&uacute; BBA</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-left: 3.2pt"><FONT STYLE="font: 5.5pt Arial, Helvetica, Sans-Serif">R$</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid; text-align: right"><FONT STYLE="font: 5.5pt Arial, Helvetica, Sans-Serif">75,000,000</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid; text-align: center"><FONT STYLE="font: 5.5pt Arial, Helvetica, Sans-Serif">05-Mar-13</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid; text-align: center"><FONT STYLE="font: 5.5pt Arial, Helvetica, Sans-Serif">15-Mar-19</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid; text-align: center"><FONT STYLE="font: 5.5pt Arial, Helvetica, Sans-Serif">N&ordm; 100113030001400</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid; text-align: center"><FONT STYLE="font: 5.5pt Arial, Helvetica, Sans-Serif"><B>Receivables of Power Contract (87 MWh)</B></FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: #EEECE1">
    <TD ROWSPAN="3" STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: center"><FONT STYLE="font-size: 6.5pt">&nbsp;</FONT><FONT STYLE="font: 5.5pt Arial, Helvetica, Sans-Serif">PPE</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid; text-align: center"><FONT STYLE="font: 5.5pt Arial, Helvetica, Sans-Serif">ING</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-left: 2.7pt"><FONT STYLE="font: 5.5pt Arial, Helvetica, Sans-Serif">USD</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid; text-align: right"><FONT STYLE="font: 5.5pt Arial, Helvetica, Sans-Serif">30,000,000</FONT></TD>
    <TD ROWSPAN="3" STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid; text-align: center"><FONT STYLE="font-size: 6.5pt">&nbsp;</FONT><FONT STYLE="font: 5.5pt Arial, Helvetica, Sans-Serif">30-Jul-13</FONT></TD>
    <TD ROWSPAN="3" STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid; text-align: center"><FONT STYLE="font-size: 6.5pt">&nbsp;</FONT><FONT STYLE="font: 5.5pt Arial, Helvetica, Sans-Serif">15-Dec-16</FONT></TD>
    <TD ROWSPAN="3" STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid; text-align: center"><FONT STYLE="font-size: 6.5pt">&nbsp;</FONT><FONT STYLE="font: 5.5pt Arial, Helvetica, Sans-Serif">N&ordm; -</FONT></TD>
    <TD ROWSPAN="3" STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid; text-align: center"><FONT STYLE="font-size: 6.5pt">&nbsp;</FONT><FONT STYLE="font: 5.5pt Arial, Helvetica, Sans-Serif"><B>Export Agreement and Pledge Cane Sugar</B></FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: #EEECE1">
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid; text-align: center"><FONT STYLE="font: 5.5pt Arial, Helvetica, Sans-Serif">Bladex</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-left: 2.7pt"><FONT STYLE="font: 5.5pt Arial, Helvetica, Sans-Serif">USD</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid; text-align: right"><FONT STYLE="font: 5.5pt Arial, Helvetica, Sans-Serif">20,000,000</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: #EEECE1">
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid; text-align: center"><FONT STYLE="font: 5.5pt Arial, Helvetica, Sans-Serif">ING</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-left: 2.7pt"><FONT STYLE="font: 5.5pt Arial, Helvetica, Sans-Serif">USD</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid; text-align: right"><FONT STYLE="font: 5.5pt Arial, Helvetica, Sans-Serif">20,000,000</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: #EEECE1">
    <TD ROWSPAN="5" STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: center"><FONT STYLE="font-size: 14pt">&nbsp;</FONT><FONT STYLE="font: 5.5pt Arial, Helvetica, Sans-Serif">PPE</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid; text-align: center"><FONT STYLE="font: 5.5pt Arial, Helvetica, Sans-Serif">Rabobank</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-left: 2.7pt"><FONT STYLE="font: 5.5pt Arial, Helvetica, Sans-Serif">USD</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid; text-align: right"><FONT STYLE="font: 5.5pt Arial, Helvetica, Sans-Serif">20,000,000</FONT></TD>
    <TD ROWSPAN="5" STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid; text-align: center"><FONT STYLE="font-size: 14pt">&nbsp;</FONT><FONT STYLE="font: 5.5pt Arial, Helvetica, Sans-Serif">20-Sep-13</FONT></TD>
    <TD ROWSPAN="5" STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid; text-align: center"><FONT STYLE="font-size: 14pt">&nbsp;</FONT><FONT STYLE="font: 5.5pt Arial, Helvetica, Sans-Serif">15-Jul-17</FONT></TD>
    <TD ROWSPAN="5" STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid; text-align: center"><FONT STYLE="font-size: 14pt">&nbsp;</FONT><FONT STYLE="font: 5.5pt Arial, Helvetica, Sans-Serif">N&ordm; -</FONT></TD>
    <TD ROWSPAN="5" STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid; text-align: center"><FONT STYLE="font-size: 14pt">&nbsp;</FONT><FONT STYLE="font: 5.5pt Arial, Helvetica, Sans-Serif"><B>Export Agreement and Pledge Cane Sugar</B></FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: #EEECE1">
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid; text-align: center"><FONT STYLE="font: 5.5pt Arial, Helvetica, Sans-Serif">HSBC</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-left: 2.7pt"><FONT STYLE="font: 5.5pt Arial, Helvetica, Sans-Serif">USD</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid; text-align: right"><FONT STYLE="font: 5.5pt Arial, Helvetica, Sans-Serif">20,000,000</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: #EEECE1">
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid; text-align: center"><FONT STYLE="font: 5.5pt Arial, Helvetica, Sans-Serif">Bradesco</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-left: 2.7pt"><FONT STYLE="font: 5.5pt Arial, Helvetica, Sans-Serif">USD</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid; text-align: right"><FONT STYLE="font: 5.5pt Arial, Helvetica, Sans-Serif">20,000,000</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: #EEECE1">
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid; text-align: center"><FONT STYLE="font: 5.5pt Arial, Helvetica, Sans-Serif">PGGM</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-left: 2.7pt"><FONT STYLE="font: 5.5pt Arial, Helvetica, Sans-Serif">USD</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid; text-align: right"><FONT STYLE="font: 5.5pt Arial, Helvetica, Sans-Serif">20,000,000</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: #EEECE1">
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid; text-align: center"><FONT STYLE="font: 5.5pt Arial, Helvetica, Sans-Serif">Hinduja Bank</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-left: 2.7pt"><FONT STYLE="font: 5.5pt Arial, Helvetica, Sans-Serif">USD</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid; text-align: right"><FONT STYLE="font: 5.5pt Arial, Helvetica, Sans-Serif">10,000,000</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: #EEECE1">
    <TD ROWSPAN="9" STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: center"><FONT STYLE="font-size: 8.5pt">&nbsp;&nbsp;</FONT><FONT STYLE="font: 5.5pt Arial, Helvetica, Sans-Serif">PPE</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid; text-align: center"><FONT STYLE="font: 5.5pt Arial, Helvetica, Sans-Serif">ING</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-left: 2.7pt"><FONT STYLE="font: 5.5pt Arial, Helvetica, Sans-Serif">USD</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid; text-align: right"><FONT STYLE="font: 5.5pt Arial, Helvetica, Sans-Serif">20,000,000</FONT></TD>
    <TD ROWSPAN="9" STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid; text-align: center"><FONT STYLE="font-size: 8.5pt">&nbsp;&nbsp;</FONT><FONT STYLE="font: 5.5pt Arial, Helvetica, Sans-Serif">25-Mar-14</FONT></TD>
    <TD ROWSPAN="9" STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid; text-align: center"><FONT STYLE="font-size: 8.5pt">&nbsp;&nbsp;</FONT><FONT STYLE="font: 5.5pt Arial, Helvetica, Sans-Serif">15-Dec-17</FONT></TD>
    <TD ROWSPAN="9" STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid; text-align: center"><FONT STYLE="font-size: 8.5pt">&nbsp;&nbsp;</FONT><FONT STYLE="font: 5.5pt Arial, Helvetica, Sans-Serif">N&ordm; -</FONT></TD>
    <TD ROWSPAN="9" STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid; text-align: center"><FONT STYLE="font-size: 8.5pt">&nbsp;&nbsp;</FONT><FONT STYLE="font: 5.5pt Arial, Helvetica, Sans-Serif"><B>Export Agreement and Pledge Cane Sugar</B></FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: #EEECE1">
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid; text-align: center"><FONT STYLE="font: 5.5pt Arial, Helvetica, Sans-Serif">HSBC</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-left: 2.7pt"><FONT STYLE="font: 5.5pt Arial, Helvetica, Sans-Serif">USD</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid; text-align: right"><FONT STYLE="font: 5.5pt Arial, Helvetica, Sans-Serif">12,500,000</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: #EEECE1">
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid; text-align: center"><FONT STYLE="font: 5.5pt Arial, Helvetica, Sans-Serif">ICBC</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-left: 2.7pt"><FONT STYLE="font: 5.5pt Arial, Helvetica, Sans-Serif">USD</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid; text-align: right"><FONT STYLE="font: 5.5pt Arial, Helvetica, Sans-Serif">12,500,000</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: #EEECE1">
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid; text-align: center"><FONT STYLE="font: 5.5pt Arial, Helvetica, Sans-Serif">BES</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-left: 2.7pt"><FONT STYLE="font: 5.5pt Arial, Helvetica, Sans-Serif">USD</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid; text-align: right"><FONT STYLE="font: 5.5pt Arial, Helvetica, Sans-Serif">10,000,000</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: #EEECE1">
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid; text-align: center"><FONT STYLE="font: 5.5pt Arial, Helvetica, Sans-Serif">Bradesco</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-left: 2.7pt"><FONT STYLE="font: 5.5pt Arial, Helvetica, Sans-Serif">USD</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid; text-align: right"><FONT STYLE="font: 5.5pt Arial, Helvetica, Sans-Serif">10,000,000</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: #EEECE1">
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid; text-align: center"><FONT STYLE="font: 5.5pt Arial, Helvetica, Sans-Serif">Bladex</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-left: 2.7pt"><FONT STYLE="font: 5.5pt Arial, Helvetica, Sans-Serif">USD</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid; text-align: right"><FONT STYLE="font: 5.5pt Arial, Helvetica, Sans-Serif">10,000,000</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: #EEECE1">
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid; text-align: center"><FONT STYLE="font: 5.5pt Arial, Helvetica, Sans-Serif">Hinduja Bank</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-left: 2.7pt"><FONT STYLE="font: 5.5pt Arial, Helvetica, Sans-Serif">USD</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid; text-align: right"><FONT STYLE="font: 5.5pt Arial, Helvetica, Sans-Serif">10,000,000</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: #EEECE1">
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid; text-align: center"><FONT STYLE="font: 5.5pt Arial, Helvetica, Sans-Serif">Monte Dei Pas chi</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-left: 3.2pt"><FONT STYLE="font: 5.5pt Arial, Helvetica, Sans-Serif">USD</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid; text-align: right"><FONT STYLE="font: 5.5pt Arial, Helvetica, Sans-Serif">8,000,000</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: #EEECE1">
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid; text-align: center"><FONT STYLE="font: 5.5pt Arial, Helvetica, Sans-Serif">Banco da China</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-left: 3.2pt"><FONT STYLE="font: 5.5pt Arial, Helvetica, Sans-Serif">USD</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid; text-align: right"><FONT STYLE="font: 5.5pt Arial, Helvetica, Sans-Serif">7,000,000</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: #EEECE1">
    <TD ROWSPAN="7" STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;&nbsp;</FONT><FONT STYLE="font: 5.5pt Arial, Helvetica, Sans-Serif">PPE</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid; text-align: center"><FONT STYLE="font: 5.5pt Arial, Helvetica, Sans-Serif">ING</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-left: 2.7pt"><FONT STYLE="font: 5.5pt Arial, Helvetica, Sans-Serif">USD</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid; text-align: right"><FONT STYLE="font: 5.5pt Arial, Helvetica, Sans-Serif">40,000,000</FONT></TD>
    <TD ROWSPAN="7" STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;&nbsp;</FONT><FONT STYLE="font: 5.5pt Arial, Helvetica, Sans-Serif">02-Jan-15</FONT></TD>
    <TD ROWSPAN="7" STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;&nbsp;</FONT><FONT STYLE="font: 5.5pt Arial, Helvetica, Sans-Serif">30-Dec-18</FONT></TD>
    <TD ROWSPAN="7" STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;&nbsp;</FONT><FONT STYLE="font: 5.5pt Arial, Helvetica, Sans-Serif">N&ordm; -</FONT></TD>
    <TD ROWSPAN="7" STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid; text-align: center"><FONT STYLE="font-size: 5.5pt">&nbsp;<FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>First
    Ranking Mortgage on the Ouro Verde farm (Registration Number 1642), &Aacute;gua Branca farm (Registration Number 1077),
    Conquista I-II-III farms (Registration Number 3867 - 1620 - 1619), Alto Alegre I-II-III-IV farms (Registration Number 3757 -
    3771 - 3772 - 3773) and Bela Manh&atilde; farm (Registration Number 1431 - 1432 - 1433 - 1434 - 1435 - 1515 - 1516 - 1517 -
    1645 - 1647 - 2022 - 2023 - 2325);</B></FONT></FONT><FONT STYLE="font-size: 8pt"><BR> </FONT><FONT STYLE="font: 5.5pt Arial, Helvetica, Sans-Serif"><B>Second
    Ranking Mortgage on the Nossa Senhora Aparecida farm (Registration Number 9879 - 9881) and Dom Fabr&iacute;cio farm
    (Registration Number 3492);</B></FONT><BR> <FONT STYLE="font: 5.5pt Arial, Helvetica, Sans-Serif"><B>Export Agreement and
    Pledge Cane Sugar and Ethanol</B></FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: #EEECE1">
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid; text-align: center"><FONT STYLE="font: 5.5pt Arial, Helvetica, Sans-Serif">Rabobank</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-left: 2.7pt"><FONT STYLE="font: 5.5pt Arial, Helvetica, Sans-Serif">USD</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid; text-align: right"><FONT STYLE="font: 5.5pt Arial, Helvetica, Sans-Serif">35,000,000</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: #EEECE1">
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid; text-align: center"><FONT STYLE="font: 5.5pt Arial, Helvetica, Sans-Serif">ABN</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-left: 2.7pt"><FONT STYLE="font: 5.5pt Arial, Helvetica, Sans-Serif">USD</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid; text-align: right"><FONT STYLE="font: 5.5pt Arial, Helvetica, Sans-Serif">30,000,000</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: #EEECE1">
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid; text-align: center"><FONT STYLE="font: 5.5pt Arial, Helvetica, Sans-Serif">Cr&eacute;dit Agricole</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-left: 2.7pt"><FONT STYLE="font: 5.5pt Arial, Helvetica, Sans-Serif">USD</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid; text-align: right"><FONT STYLE="font: 5.5pt Arial, Helvetica, Sans-Serif">20,000,000</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: #EEECE1">
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid; text-align: center"><FONT STYLE="font: 5.5pt Arial, Helvetica, Sans-Serif">HSBC</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-left: 2.7pt"><FONT STYLE="font: 5.5pt Arial, Helvetica, Sans-Serif">USD</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid; text-align: right"><FONT STYLE="font: 5.5pt Arial, Helvetica, Sans-Serif">15,000,000</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: #EEECE1">
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid; text-align: center"><FONT STYLE="font: 5.5pt Arial, Helvetica, Sans-Serif">Caixa Geral</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-left: 2.7pt"><FONT STYLE="font: 5.5pt Arial, Helvetica, Sans-Serif">USD</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid; text-align: right"><FONT STYLE="font: 5.5pt Arial, Helvetica, Sans-Serif">10,000,000</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: #EEECE1">
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid; text-align: center"><FONT STYLE="font: 5.5pt Arial, Helvetica, Sans-Serif">Galena</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-left: 2.7pt"><FONT STYLE="font: 5.5pt Arial, Helvetica, Sans-Serif">USD</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid; text-align: right"><FONT STYLE="font: 5.5pt Arial, Helvetica, Sans-Serif">10,000,000</FONT></TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt">&nbsp;</P>




<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Page; Sequence: 108; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt">~ <!-- Field: Sequence; Type: Arabic; Name: PageNo -->107<!-- Field: /Sequence --> ~</P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt"><P STYLE="margin: 0pt"></P><TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 99%; border-collapse: collapse; margin-left: 7.1pt"><TR STYLE="vertical-align: top"><TD STYLE="width: 100%; border-bottom: Black 1pt solid; font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: -1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Export Prepayment Facility Agreement dated as of August 3, 2015 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: 0pt"></P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><U>Usina Monte Alegre Ltda.</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top; background-color: black">
    <TD NOWRAP STYLE="border-top: white 1pt solid; border-right: white 1pt solid; border-bottom: black 1pt solid; text-align: center; padding-left: 0"><FONT STYLE="font: 7.5pt Arial, Helvetica, Sans-Serif; color: white">Loan</FONT></TD>
    <TD NOWRAP STYLE="border-top: white 1pt solid; border-right: white 1pt solid; border-bottom: black 1pt solid; text-align: center; padding-left: 0"><FONT STYLE="font: 7.5pt Arial, Helvetica, Sans-Serif; color: white">Bank</FONT></TD>
    <TD NOWRAP COLSPAN="2" STYLE="border-top: white 1pt solid; border-right: white 1pt solid; border-bottom: black 1pt solid; text-align: center; padding-left: 0"><FONT STYLE="font: 7.5pt Arial, Helvetica, Sans-Serif; color: white">Borrowed Amounts</FONT></TD>
    <TD NOWRAP STYLE="border-top: white 1pt solid; border-right: white 1pt solid; border-bottom: black 1pt solid; text-align: center; padding-left: 0"><FONT STYLE="font: 7.5pt Arial, Helvetica, Sans-Serif; color: white">Commencement Date</FONT></TD>
    <TD NOWRAP STYLE="border-top: white 1pt solid; border-right: white 1pt solid; border-bottom: black 1pt solid; text-align: center; padding-left: 0"><FONT STYLE="font: 7.5pt Arial, Helvetica, Sans-Serif; color: white">Maturity Date</FONT></TD>
    <TD NOWRAP STYLE="border-top: white 1pt solid; border-right: white 1pt solid; border-bottom: black 1pt solid; text-align: center; padding-left: 0"><FONT STYLE="font: 7.5pt Arial, Helvetica, Sans-Serif; color: white">Agreement</FONT></TD>
    <TD NOWRAP STYLE="border-top: white 1pt solid; border-right: white 1pt solid; border-bottom: black 1pt solid; text-align: center; padding-left: 0"><FONT STYLE="font: 7.5pt Arial, Helvetica, Sans-Serif; color: white">Liens</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: #EEECE1">
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 0; width: 7%; text-align: center; vertical-align: bottom"><FONT STYLE="font: 7pt Arial, Helvetica, Sans-Serif">CCE</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid; padding-left: 0; width: 12%; text-align: center; vertical-align: bottom"><FONT STYLE="font: 7pt Arial, Helvetica, Sans-Serif">Votorantim</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-left: 0; width: 2%; text-align: left; vertical-align: bottom"><FONT STYLE="font: 7pt Arial, Helvetica, Sans-Serif">R$</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid; width: 10%; text-align: right; padding-left: 0; vertical-align: bottom"><FONT STYLE="font: 7pt Arial, Helvetica, Sans-Serif">15,000,000.00</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid; width: 7%; text-align: center; padding-left: 0; vertical-align: bottom"><FONT STYLE="font: 7pt Arial, Helvetica, Sans-Serif">9-Mar-12</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid; width: 7%; text-align: center; padding-left: 0; vertical-align: bottom"><FONT STYLE="font: 7pt Arial, Helvetica, Sans-Serif">9-Mar-16</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid; width: 10%; text-align: center; padding-left: 0; vertical-align: bottom"><FONT STYLE="font: 7pt Arial, Helvetica, Sans-Serif">N&ordm; 10136273</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid; width: 45%; padding-left: 0; text-align: center; vertical-align: bottom">
        <P STYLE="font: 7pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>Quota pledge agreement over 100% of the
        shares in Usina Monte</B></P>
        <P STYLE="font: 7pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>Alegre Ltda.</B></P></TD></TR>
<TR STYLE="vertical-align: top; background-color: #EEECE1">
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 0; text-align: center"><FONT STYLE="font: 7pt Arial, Helvetica, Sans-Serif">FINAME</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid; padding-left: 0; text-align: center"><FONT STYLE="font: 7pt Arial, Helvetica, Sans-Serif">BDMG</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-left: 0; text-align: left; vertical-align: top"><FONT STYLE="font: 7pt Arial, Helvetica, Sans-Serif">R$ </FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid; text-align: right; padding-left: 0"><FONT STYLE="font: 7pt Arial, Helvetica, Sans-Serif">179,628.03</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid; text-align: center; padding-left: 0"><FONT STYLE="font: 7pt Arial, Helvetica, Sans-Serif">26-Sep-12</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid; text-align: center; padding-left: 0"><FONT STYLE="font: 7pt Arial, Helvetica, Sans-Serif">15-Jul-22</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid; text-align: center; padding-left: 0"><FONT STYLE="font: 7pt Arial, Helvetica, Sans-Serif">N&ordm; 153.778/11</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid; text-align: center; padding-left: 0"><FONT STYLE="font: 7pt Arial, Helvetica, Sans-Serif"><B>Fiduciary Assignment of Financed Assets</B></FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: #EEECE1">
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 0; text-align: center"><FONT STYLE="font: 7pt Arial, Helvetica, Sans-Serif">FINAME</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid; padding-left: 0; text-align: center"><FONT STYLE="font: 7pt Arial, Helvetica, Sans-Serif">BDMG</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-left: 0; text-align: left; vertical-align: top"><FONT STYLE="font: 7pt Arial, Helvetica, Sans-Serif">R$ </FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid; text-align: right; padding-left: 0"><FONT STYLE="font: 7pt Arial, Helvetica, Sans-Serif">5,356,976.40</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid; text-align: center; padding-left: 0"><FONT STYLE="font: 7pt Arial, Helvetica, Sans-Serif">8-Apr-13</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid; text-align: center; padding-left: 0"><FONT STYLE="font: 7pt Arial, Helvetica, Sans-Serif">15-Dec-22</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid; text-align: center; padding-left: 0"><FONT STYLE="font: 7pt Arial, Helvetica, Sans-Serif">N&ordm; 158.026/12</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid; text-align: center; padding-left: 0"><FONT STYLE="font: 7pt Arial, Helvetica, Sans-Serif"><B>Fiduciary Assignment of Financed Assets</B></FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: #EEECE1">
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 0; text-align: center"><FONT STYLE="font: 7pt Arial, Helvetica, Sans-Serif">FINAME</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid; padding-left: 0; text-align: center"><FONT STYLE="font: 7pt Arial, Helvetica, Sans-Serif">BDMG</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-left: 0; text-align: left; vertical-align: top"><FONT STYLE="font: 7pt Arial, Helvetica, Sans-Serif">R$ </FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid; text-align: right; padding-left: 0"><FONT STYLE="font: 7pt Arial, Helvetica, Sans-Serif">329,664.00</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid; text-align: center; padding-left: 0"><FONT STYLE="font: 7pt Arial, Helvetica, Sans-Serif">20-Jun-14</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid; text-align: center; padding-left: 0"><FONT STYLE="font: 7pt Arial, Helvetica, Sans-Serif">15-Apr-24</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid; text-align: center; padding-left: 0"><FONT STYLE="font: 7pt Arial, Helvetica, Sans-Serif">N&ordm; 181.922/14</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid; text-align: center; padding-left: 0"><FONT STYLE="font: 7pt Arial, Helvetica, Sans-Serif"><B>Fiduciary Assignment of Financed Assets</B></FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: #EEECE1">
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 0; text-align: center"><FONT STYLE="font: 7pt Arial, Helvetica, Sans-Serif">FINAME</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid; padding-left: 0; text-align: center"><FONT STYLE="font: 7pt Arial, Helvetica, Sans-Serif">BDMG</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-left: 0; text-align: left; vertical-align: top"><FONT STYLE="font: 7pt Arial, Helvetica, Sans-Serif">R$ </FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid; text-align: right; padding-left: 0"><FONT STYLE="font: 7pt Arial, Helvetica, Sans-Serif">188,800.00</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid; text-align: center; padding-left: 0"><FONT STYLE="font: 7pt Arial, Helvetica, Sans-Serif">20-Jun-14</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid; text-align: center; padding-left: 0"><FONT STYLE="font: 7pt Arial, Helvetica, Sans-Serif">15-Apr-22</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid; text-align: center; padding-left: 0"><FONT STYLE="font: 7pt Arial, Helvetica, Sans-Serif">N&ordm; 181.919/14</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid; text-align: center; padding-left: 0"><FONT STYLE="font: 7pt Arial, Helvetica, Sans-Serif"><B>Fiduciary Assignment of Financed Assets</B></FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: #EEECE1">
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 0; text-align: center"><FONT STYLE="font: 7pt Arial, Helvetica, Sans-Serif">FINAME</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid; padding-left: 0; text-align: center"><FONT STYLE="font: 7pt Arial, Helvetica, Sans-Serif">BDMG</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-left: 0; text-align: left; vertical-align: top"><FONT STYLE="font: 7pt Arial, Helvetica, Sans-Serif">R$ </FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid; text-align: right; padding-left: 0"><FONT STYLE="font: 7pt Arial, Helvetica, Sans-Serif">2,349,000.00</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid; text-align: center; padding-left: 0"><FONT STYLE="font: 7pt Arial, Helvetica, Sans-Serif">25-Mar-15</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid; text-align: center; padding-left: 0"><FONT STYLE="font: 7pt Arial, Helvetica, Sans-Serif">15-Jan-23</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid; text-align: center; padding-left: 0"><FONT STYLE="font: 7pt Arial, Helvetica, Sans-Serif">N&ordm; 197.808/14</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid; text-align: center; padding-left: 0"><FONT STYLE="font: 7pt Arial, Helvetica, Sans-Serif"><B>Fiduciary Assignment of Financed Assets</B></FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: #EEECE1">
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 0; text-align: center"><FONT STYLE="font: 7pt Arial, Helvetica, Sans-Serif">FINAME</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid; padding-left: 0; text-align: center"><FONT STYLE="font: 7pt Arial, Helvetica, Sans-Serif">Votorantim</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-left: 0; text-align: left; vertical-align: top"><FONT STYLE="font: 7pt Arial, Helvetica, Sans-Serif">R$ </FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid; text-align: right; padding-left: 0"><FONT STYLE="font: 7pt Arial, Helvetica, Sans-Serif">966,400.00</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid; text-align: center; padding-left: 0"><FONT STYLE="font: 7pt Arial, Helvetica, Sans-Serif">11-Apr-11</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid; text-align: center; padding-left: 0"><FONT STYLE="font: 7pt Arial, Helvetica, Sans-Serif">15-Feb-16</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid; text-align: center; padding-left: 0"><FONT STYLE="font: 7pt Arial, Helvetica, Sans-Serif">N&ordm; 83160-9</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid; text-align: center; padding-left: 0"><FONT STYLE="font: 7pt Arial, Helvetica, Sans-Serif"><B>Fiduciary Assignment of Financed Assets</B></FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: #EEECE1">
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 0; text-align: center"><FONT STYLE="font: 7pt Arial, Helvetica, Sans-Serif">FINAME</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid; padding-left: 0; text-align: center"><FONT STYLE="font: 7pt Arial, Helvetica, Sans-Serif">CNH</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-left: 0; text-align: left; vertical-align: top"><FONT STYLE="font: 7pt Arial, Helvetica, Sans-Serif">R$ </FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid; text-align: right; padding-left: 0"><FONT STYLE="font: 7pt Arial, Helvetica, Sans-Serif">780,073.20</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid; text-align: center; padding-left: 0"><FONT STYLE="font: 7pt Arial, Helvetica, Sans-Serif">19-Dec-13</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid; text-align: center; padding-left: 0"><FONT STYLE="font: 7pt Arial, Helvetica, Sans-Serif">17-Dec-18</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid; text-align: center; padding-left: 0"><FONT STYLE="font: 7pt Arial, Helvetica, Sans-Serif">N&ordm; 2013013592</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid; text-align: center; padding-left: 0"><FONT STYLE="font: 7pt Arial, Helvetica, Sans-Serif"><B>Fiduciary Assignment of Financed Assets</B></FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: #EEECE1">
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 0; text-align: center"><FONT STYLE="font: 7pt Arial, Helvetica, Sans-Serif">FINAME</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid; padding-left: 0; text-align: center"><FONT STYLE="font: 7pt Arial, Helvetica, Sans-Serif">CNH</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-left: 0; text-align: left; vertical-align: top"><FONT STYLE="font: 7pt Arial, Helvetica, Sans-Serif">R$ </FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid; text-align: right; padding-left: 0"><FONT STYLE="font: 7pt Arial, Helvetica, Sans-Serif">2,763,442.80</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid; text-align: center; padding-left: 0"><FONT STYLE="font: 7pt Arial, Helvetica, Sans-Serif">24-Feb-14</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid; text-align: center; padding-left: 0"><FONT STYLE="font: 7pt Arial, Helvetica, Sans-Serif">15-Jan-19</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid; text-align: center; padding-left: 0"><FONT STYLE="font: 7pt Arial, Helvetica, Sans-Serif">N&ordm; 2013014770</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid; text-align: center; padding-left: 0"><FONT STYLE="font: 7pt Arial, Helvetica, Sans-Serif"><B>Fiduciary Assignment of Financed Assets</B></FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: #EEECE1">
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 0; text-align: center"><FONT STYLE="font: 7pt Arial, Helvetica, Sans-Serif">FINAME</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid; padding-left: 0; text-align: center"><FONT STYLE="font: 7pt Arial, Helvetica, Sans-Serif">CNH</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-left: 0; text-align: left; vertical-align: top"><FONT STYLE="font: 7pt Arial, Helvetica, Sans-Serif">R$ </FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid; text-align: right; padding-left: 0"><FONT STYLE="font: 7pt Arial, Helvetica, Sans-Serif">188,800.00</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid; text-align: center; padding-left: 0"><FONT STYLE="font: 7pt Arial, Helvetica, Sans-Serif">8-Oct-14</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid; text-align: center; padding-left: 0"><FONT STYLE="font: 7pt Arial, Helvetica, Sans-Serif">15-Aug-19</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid; text-align: center; padding-left: 0"><FONT STYLE="font: 7pt Arial, Helvetica, Sans-Serif">N&ordm; 2014013744</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid; text-align: center; padding-left: 0"><FONT STYLE="font: 7pt Arial, Helvetica, Sans-Serif"><B>Fiduciary Assignment of Financed Assets</B></FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: #EEECE1">
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 0; text-align: center"><FONT STYLE="font: 7pt Arial, Helvetica, Sans-Serif">NCE</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid; padding-left: 0; text-align: center"><FONT STYLE="font: 7pt Arial, Helvetica, Sans-Serif">Brades
    co</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-left: 0; text-align: left; vertical-align: top"><FONT STYLE="font: 7pt Arial, Helvetica, Sans-Serif">USD</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid; text-align: right; padding-left: 0"><FONT STYLE="font-size: 7pt">11,700,000.00</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid; text-align: center; padding-left: 0"><FONT STYLE="font: 7pt Arial, Helvetica, Sans-Serif">28-May-12</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid; text-align: center; padding-left: 0"><FONT STYLE="font: 7pt Arial, Helvetica, Sans-Serif">15-Dec-16</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid; text-align: center; padding-left: 0"><FONT STYLE="font: 7pt Arial, Helvetica, Sans-Serif">N&ordm;
    201200137</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid; padding-left: 0; text-align: center"><P STYLE="font: 7pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font-size: 7pt"><B>Mortgage
        on the Monte Belo farm (Registration Number 1001) and</B></FONT></P>
        <P STYLE="font: 7pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font-size: 7pt"><B>Fiduciary
        Assignment of Financed Assets</B></FONT></P></TD></TR>
<TR STYLE="vertical-align: top; background-color: #EEECE1">
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 0; text-align: center"><FONT STYLE="font: 7pt Arial, Helvetica, Sans-Serif">PESA</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid; padding-left: 0; text-align: center"><FONT STYLE="font: 7pt Arial, Helvetica, Sans-Serif">Brades co</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-left: 0; text-align: left; vertical-align: top"><FONT STYLE="font: 7pt Arial, Helvetica, Sans-Serif">R$ </FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid; text-align: right; padding-left: 0"><FONT STYLE="font: 7pt Arial, Helvetica, Sans-Serif">2,256,144.28</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid; text-align: center; padding-left: 0"><FONT STYLE="font: 7pt Arial, Helvetica, Sans-Serif">1-Mar-00</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid; text-align: center; padding-left: 0"><FONT STYLE="font: 7pt Arial, Helvetica, Sans-Serif">1-Mar-20</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid; text-align: center; padding-left: 0"><FONT STYLE="font: 7pt Arial, Helvetica, Sans-Serif">N&ordm; 97-0001-3</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid; text-align: center; padding-left: 0"><FONT STYLE="font: 7pt Arial, Helvetica, Sans-Serif"><B>Mortgage on the Monte Belo farm (Registration Number 1001)</B></FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: #EEECE1">
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 0; text-align: center"><FONT STYLE="font: 7pt Arial, Helvetica, Sans-Serif">PESA</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid; padding-left: 0; text-align: center"><FONT STYLE="font: 7pt Arial, Helvetica, Sans-Serif">Brades co</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-left: 0; text-align: left; vertical-align: top"><FONT STYLE="font: 7pt Arial, Helvetica, Sans-Serif">R$ </FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid; text-align: right; padding-left: 0"><FONT STYLE="font: 7pt Arial, Helvetica, Sans-Serif">2,256,144.28</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid; text-align: center; padding-left: 0"><FONT STYLE="font: 7pt Arial, Helvetica, Sans-Serif">1-Mar-00</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid; text-align: center; padding-left: 0"><FONT STYLE="font: 7pt Arial, Helvetica, Sans-Serif">1-Mar-20</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid; text-align: center; padding-left: 0"><FONT STYLE="font: 7pt Arial, Helvetica, Sans-Serif">N&ordm; 97-00021</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid; text-align: center; padding-left: 0"><FONT STYLE="font: 7pt Arial, Helvetica, Sans-Serif"><B>Mortgage on the Monte Belo farm (Registration mber 1001)</B></FONT></TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Page; Sequence: 109; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt">~ <!-- Field: Sequence; Type: Arabic; Name: PageNo -->108<!-- Field: /Sequence --> ~</P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt"><P STYLE="margin: 0pt"></P><TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 99%; border-collapse: collapse; margin-left: 7.1pt"><TR STYLE="vertical-align: top"><TD STYLE="width: 100%; border-bottom: Black 1pt solid; font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: -1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Export Prepayment Facility Agreement dated as of August 3, 2015 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: 0pt"></P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt"><U>Adeco Agropecu&aacute;ria Brasil S.A.</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>None</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">&nbsp;</P>


<!-- Field: Page; Sequence: 110; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt">~ <!-- Field: Sequence; Type: Arabic; Name: PageNo -->109<!-- Field: /Sequence --> ~</P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt"><P STYLE="margin: 0pt"></P><TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 99%; border-collapse: collapse; margin-left: 7.1pt"><TR STYLE="vertical-align: top"><TD STYLE="width: 100%; border-bottom: Black 1pt solid; font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: -1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Export Prepayment Facility Agreement dated as of August 3, 2015 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: 0pt"></P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>SCHEDULE 5</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><U>TAX LIENS FILED AGAINST PROPERTIES</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 11pt Calibri, Helvetica, Sans-Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top; background-color: #F3F3F3">
    <TD STYLE="width: 32%; border: black 1pt solid; padding-left: 0; text-align: center"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>Data: 14/07/2015</B></FONT></TD>
    <TD STYLE="width: 68%; border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>Empresa: Usina Monte Alegre Ltda</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 0; text-align: center">
        <P STYLE="font: 5pt Calibri, Helvetica, Sans-Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt">&nbsp;</P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt"><B>Escrit&oacute;rio: Advogados
        Respons&aacute;veis:</B></P></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-left: 3pt; text-align: center">
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">Castro Barros Sobral Gomes Advogados</P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">Andr&eacute; Oliveira / Daniela
        Duque Estrada / Gabriel Manica / Natasha Pinheiro</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 0; text-align: center"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>&Aacute;rea:</B></FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-left: 3pt; text-align: center"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Tribut&aacute;rio</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 0; text-align: center"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>Autor:</B></FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-left: 3pt; text-align: center"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Uni&atilde;o Federal</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 0; text-align: center"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>R&eacute;u:</B></FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-left: 3pt; text-align: center"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Usina Monte Alegre S/A</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 0; text-align: center"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>Natureza da A&ccedil;&atilde;o:</B></FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-left: 3pt; text-align: center"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Execu&ccedil;&atilde;o Fiscal</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 0; text-align: center"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>Processo n&ordm;.:</B></FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-left: 3pt; text-align: center"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">0430.06.001295-1 (465/2005)</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 0; text-align: center"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>Vara/Comarca:</B></FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-left: 3pt; text-align: center"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Vara &Uacute;nica da Justi&ccedil;a Estadual de Monte Belo</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 0; text-align: center"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>Distribui&ccedil;&atilde;o:</B></FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-left: 3pt; text-align: center"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">10.10.2005</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 0; text-align: center"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>Valor Pleiteado:</B></FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-left: 3pt; text-align: center"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">R$ 13.155.607,86 (em outubro/2005)</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 0; text-align: center"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>Valor Atualizado:</B></FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-left: 3pt; text-align: center"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">R$ 17.311.349,42 (em julho/2015)</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 0; text-align: center">
        <P STYLE="font: 6.5pt Calibri, Helvetica, Sans-Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt">&nbsp;</P>
        <P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt">&nbsp;</P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>Objeto:</B></P></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-left: 3pt; text-align: center">
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; text-align: left; margin-bottom: 0pt">Execu&ccedil;&atilde;o
Fiscal objetivando a cobran&ccedil;a judicial de supostos d&eacute;bitos de IPI inscritos como D&iacute;vida Ativa da Uni&atilde;o
por meio da CDA n&ordm; 60.3.01.000307-20, constitu&iacute;dos atrav&eacute;s do Processo Administrativo n&ordm; 13656.000511/2001-58.</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 0; text-align: center"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>Artigos de Enquadramento:</B></FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-left: 3pt; text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 0; text-align: center">
        <P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt">&nbsp;</P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt"><B>Andamento:</B></P></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-left: 3pt; text-align: center">
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; text-align: left; margin-bottom: 0pt">Em 06.06.2007,
foi proferido despacho determinando a suspens&atilde;o dessa execu&ccedil;&atilde;o fiscal at&eacute; o julgamento final dos embargos
&agrave; execu&ccedil;&atilde;o n&ordm; 0430.07.002112-5.</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 0; text-align: center"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>Observa&ccedil;&otilde;es:</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 0; text-align: center"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>Garantias:</B></FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-left: 3pt; text-align: center"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Vide Embargos &agrave; Execu&ccedil;&atilde;o Fiscal n&ordm; 0430.07.002112-5 (item 3).</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 0; text-align: center">
        <P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt">&nbsp;</P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt"><B>Probabilidade de Perda:
        (em percentual)</B></P></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-left: 3pt; text-align: center">
        <P STYLE="font: 6pt Calibri, Helvetica, Sans-Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt">&nbsp;</P>
        <P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt">&nbsp;</P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt">Vide Embargos &agrave; Execu&ccedil;&atilde;o Fiscal
        n&ordm; 0430.07.002112-5 (item 3).</P></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 11pt Calibri, Helvetica, Sans-Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top; background-color: #F3F3F3">
    <TD STYLE="width: 32%; border: black 1pt solid; padding-left: 0; text-align: center"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>Data: 14/07/2015</B></FONT></TD>
    <TD STYLE="width: 68%; border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>Empresa: Usina Monte Alegre Ltda</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: center; padding-left: 0">
        <P STYLE="font: 5.5pt Calibri, Helvetica, Sans-Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt">&nbsp;</P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt"><B>Escrit&oacute;rio: Advogados
        Respons&aacute;veis:</B></P></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center; padding-left: 3pt">
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">Castro Barros Sobral Gomes Advogados</P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">Andr&eacute; Oliveira / Daniela
        Duque Estrada / Gabriel Manica / Natasha Pinheiro</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 0; text-align: center"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>&Aacute;rea:</B></FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-left: 3pt; text-align: center"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Tribut&aacute;rio</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 0; text-align: center"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>Embargado:</B></FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-left: 3pt; text-align: center"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Fazenda Nacional</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 0; text-align: center"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>Embargante:</B></FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-left: 3pt; text-align: center"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Usina Monte Alegre S/A</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 0; text-align: center"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>Natureza da A&ccedil;&atilde;o:</B></FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-left: 3pt; text-align: center"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Embargos &agrave; Execu&ccedil;&atilde;o Fiscal</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 0; text-align: center"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>Processo n&ordm;.:</B></FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-left: 3pt; text-align: center"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">0430.07.002112-5 / 2009.01.99.022059-0</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: center; padding-left: 0">
        <P STYLE="font: 5pt Calibri, Helvetica, Sans-Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt">&nbsp;</P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt"><B>Vara/Comarca:</B></P></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center; padding-left: 3pt">
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">Vara &Uacute;nica da Justi&ccedil;a
        Estadual de Monte Belo /</P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">08&ordf; Turma do Tribunal Regional
        Federal da 01&ordf; Regi&atilde;o</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 0; text-align: center"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>Distribui&ccedil;&atilde;o:</B></FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-left: 3pt; text-align: center"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">22.05.2007</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 0; text-align: center"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>Valor Pleiteado:</B></FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-left: 3pt; text-align: center"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Ver item supra.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 0; text-align: center"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>Valor Atualizado:</B></FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-left: 3pt; text-align: center"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Ver item supra.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: center; padding-left: 0">
        <P STYLE="font: 6.5pt Calibri, Helvetica, Sans-Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt">&nbsp;</P>
        <P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt">&nbsp;</P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>Objeto:</B></P></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center; padding-left: 3pt">
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; text-align: left; margin-bottom: 0pt">Desconstitui&ccedil;&atilde;o
da CDA n&ordm; 60.301.000307-20, que constitui o objeto da Execu&ccedil;&atilde;o Fiscal n&ordm; 465/2005, na medida em que os
d&eacute;bitos nela refletidos est&atilde;o extintos, na forma do artigo 156, inciso V, do CTN, seja pela decad&ecirc;ncia, seja
pela prescri&ccedil;&atilde;o.</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: center; padding-left: 0">
        <P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>Artigos
        de Enquadramento:</B></FONT></P></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center; padding-left: 3pt">
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; text-align: left; margin-bottom: 0pt">Artigos 150,
par&aacute;grafo 4&ordm;, 174, 156, inciso V, do C&oacute;digo Tribut&aacute;rio Nacional.</P></TD></TR>
</TABLE>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt">~ <!-- Field: Sequence; Type: Arabic; Name: PageNo -->110<!-- Field: /Sequence --> ~</P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt"><P STYLE="margin: 0pt"></P><TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 99%; border-collapse: collapse; margin-left: 7.1pt"><TR STYLE="vertical-align: top"><TD STYLE="width: 100%; border-bottom: Black 1pt solid; font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: -1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Export Prepayment Facility Agreement dated as of August 3, 2015 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: 0pt"></P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 11pt Calibri, Helvetica, Sans-Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 32%; border: black 1pt solid; text-align: left; vertical-align: middle">
        <P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>
        <P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt"><B>Andamento:</B></P></TD>
    <TD STYLE="width: 68%; border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid">
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 3.2pt">Em 25.09.2008, foi publicada
        senten&ccedil;a julgando procedente o pedido formulado na inicial dos embargos &agrave; execu&ccedil;&atilde;o fiscal, para
        reconhecer que os cr&eacute;ditos tribut&aacute;rios de IPI encontram-se extintos pela decad&ecirc;ncia, determinando, ainda,
        a extin&ccedil;&atilde;o da Execu&ccedil;&atilde;o Fiscal n&ordm; 465/2005. Em 16.11.2008, a Fazenda Nacional interp&ocirc;s
        recurso de apela&ccedil;&atilde;o, tendo sido proferida decis&atilde;o monocr&aacute;tica, em 13.08.2012, dando integral
        provimento ao recurso da Uni&atilde;o para reformar a senten&ccedil;a e manter a cobran&ccedil;a dos cr&eacute;ditos
        exequendos. Contra tal decis&atilde;o, foram opostos embargos de declara&ccedil;&atilde;o pela Usina, em 27.08.2012, e agravo
        regimental pela Uni&atilde;o, em 13.09.2012, objetivando a majora&ccedil;&atilde;o da condena&ccedil;&atilde;o da empresa em
        honor&aacute;rios sucumbenciais. Os embargos da Usina foram convertidos em agravo regimental. Em sess&atilde;o de julgamento
        realizada no dia 01.03.2013, foi proferido ac&oacute;rd&atilde;o, por maioria de votos, no qual foi dado provimento ao agravo
        regimental da Usina, e negado provimento ao agravo regimental da Uni&atilde;o, para reformar a decis&atilde;o
        monocr&aacute;tica e reconhecer que os d&eacute;bitos exequendos encontram-se fulminados pela prescri&ccedil;&atilde;o, nos
        termos do voto- vista do Juiz Federal Convocado Clodomir Sebasti&atilde;o Reis. Foram opostos embargos de
        declara&ccedil;&atilde;o da Uni&atilde;o, objetivando a reforma integral do ac&oacute;rd&atilde;o proferido, bem como
        embargos declarat&oacute;rios pela Usina, objetivando t&atilde;o somente a majora&ccedil;&atilde;o da
        condena&ccedil;&atilde;o em honor&aacute;rios. Ambos embargos de declara&ccedil;&atilde;o foram desprovidos. A Usina
        interp&ocirc;s recurso especial objetivando a majora&ccedil;&atilde;o dos honor&aacute;rios, e a Uni&atilde;o tamb&eacute;m
        interp&ocirc;s recurso especial objetivando a reforma integral do ac&oacute;rd&atilde;o que negou provimento
        &agrave; apela&ccedil;&atilde;o. Atualmente, aguarda-se o exame de admissibilidade desses recursos.</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 182.9pt; text-align: center"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>Observa&ccedil;&otilde;es:</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid">
        <P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt"><B>Garantias:</B></P></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid">
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 3.2pt">Foram oferecidos bens &agrave; penhora pela
Usina Monte Alegre S/A (m&aacute;quinas, equipamentos, ve&iacute;culos e im&oacute;vel onde funciona sua sede), no valor total
de R$ 12.213.920,00 (em maio/2007).</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid">
        <P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>
        <P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt"><B>Probabilidade de Perda:
        (em percentual)</B></P></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid">
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 3.2pt">Igual ou menor a 40%, se avaliada apenas sob
o ponto de vista do direito substantivo, sem quaisquer pondera&ccedil;&otilde;es que decorram dos aspectos processuais envolvidos,
e considerando a probabilidade de perda restrita &agrave; argumenta&ccedil;&atilde;o de m&eacute;rito, que consiste no reconhecimento
da prescri&ccedil;&atilde;o ou decad&ecirc;ncia do direito de as autoridades fiscais cobrarem/lan&ccedil;arem os respectivos cr&eacute;ditos
tribut&aacute;rios. Entendemos que a probabilidade de perda pode ser estimada como remota. Todavia,</P></TD></TR>
</TABLE>

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    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt">~ <!-- Field: Sequence; Type: Arabic; Name: PageNo -->111<!-- Field: /Sequence --> ~</P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt"><P STYLE="margin: 0pt"></P><TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 99%; border-collapse: collapse; margin-left: 7.1pt"><TR STYLE="vertical-align: top"><TD STYLE="width: 100%; border-bottom: Black 1pt solid; font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: -1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Export Prepayment Facility Agreement dated as of August 3, 2015 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: 0pt"></P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 9pt Sans-Serif; margin: 0pt 0; color: Red">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 11pt Calibri, Helvetica, Sans-Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="border: Black 1pt solid; width: 32%">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; width: 68%; border-top: Black 1pt solid">
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 3.2pt">considerando o que o Tribunal
Regional Federal da 1&ordf; Regi&atilde;o, inicialmente, julgou favoravelmente a causa em favor da Uni&atilde;o Federal, estimamos
as atuais chances de &ecirc;xito como poss&iacute;veis (entre 40% e 60%).</P></TD></TR>
</TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 153.6pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 153.6pt; text-align: justify"></P>

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    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt">~ <!-- Field: Sequence; Type: Arabic; Name: PageNo -->112<!-- Field: /Sequence --> ~</P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt"><P STYLE="margin: 0pt"></P><TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 99%; border-collapse: collapse; margin-left: 7.1pt"><TR STYLE="vertical-align: top"><TD STYLE="width: 100%; border-bottom: Black 1pt solid; font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: -1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Export Prepayment Facility Agreement dated as of August 3, 2015 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: 0pt"></P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 153.6pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>EXHIBIT I</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><U>COPORATE STRUCTURE</U></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><IMG SRC="t1701194_ex4-45pg1.jpg" ALT=""></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 8pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0 0pt 13.1pt">(1)<FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT>
Stocks traded on NYSE.</P>

<P STYLE="font: 8pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0 0pt 13.1pt">(2)<FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT>
Leonardo Berridi holds one share</P>

<P STYLE="font: 8pt Calibri, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center; color: white">&nbsp;</P>


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    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt">~ <!-- Field: Sequence; Type: Arabic; Name: PageNo -->113<!-- Field: /Sequence --> ~</P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt"><P STYLE="margin: 0pt"></P><TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 99%; border-collapse: collapse; margin-left: 7.1pt"><TR STYLE="vertical-align: top"><TD STYLE="width: 100%; border-bottom: Black 1pt solid; font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: -1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Export Prepayment Facility Agreement dated as of August 3, 2015 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: 0pt"></P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>ANNEX A</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><U>FORM OF PROMISSORY NOTE</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B><U>NOTA PROMISS&Oacute;RIA</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 7.1pt; text-align: justify"><B>N&ordm;</B>: [&bull;]</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 7.1pt; text-align: justify"><B>Valor:</B> US$ [&bull;]</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 7.1pt; text-align: justify"><B>Data de Emiss&atilde;o</B>:
[&bull;] de [&bull;] de 2015.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 7.1pt; text-align: justify"><B>Local de Emiss&atilde;o</B>:
Munic&iacute;pio de Ang&eacute;lica, Estado do Mato Grosso do Sul</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 7.1pt; text-align: justify"><B>Pra&ccedil;a de Pagamento</B>:
Munic&iacute;pio de S&atilde;o Paulo, Estado de S&atilde;o Paulo</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 7.1pt; text-align: justify"><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="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 7.1pt; text-align: justify"><B>Refer&ecirc;ncia</B>: <I>Export
Prepayment Facility Agreement </I>(contrato de pr&eacute;-pagamento de exporta&ccedil;&atilde;o), celebrado em <U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</U>de <U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </U>de 2015 entre a Emitente (abaixo definida) e o ING Bank N.V.,
entre outros (&ldquo;<B>Contrato de Pr&eacute;-pagamento de Exporta&ccedil;&atilde;o</B>&rdquo;)</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 7.1pt; text-align: justify"><B>Emitente</B>: Adecoagro Vale
do Ivinhema S.A.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 7.1pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 7.1pt; text-align: justify">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;. 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 &ldquo;<B>Credor</B>&rdquo;),
ou &agrave; sua ordem, a quantia de US$ [&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="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 7.1pt; text-align: justify">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="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 7.1pt; text-align: justify">Esta Nota Promiss&oacute;ria
&eacute; regida pelas leis da Rep&uacute;blica Federativa do Brasil.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">Ang&eacute;lica,
[&bull;] de <U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U> de 2015.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>Emitente:</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B></B></P>

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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt"></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt"><B>ADECOAGRO VALE DO IVINHEMA S.A.</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt">&nbsp;</P>


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    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt">~ <!-- Field: Sequence; Type: Arabic; Name: PageNo -->114<!-- Field: /Sequence --> ~</P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt"><P STYLE="margin: 0pt"></P><TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 99%; border-collapse: collapse; margin-left: 7.1pt"><TR STYLE="vertical-align: top"><TD STYLE="width: 100%; border-bottom: Black 1pt solid; font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: -1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Export Prepayment Facility Agreement dated as of August 3, 2015 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: 0pt"></P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 9pt Sans-Serif; margin: 0pt 0; color: Red">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt"><B>[Verso da Nota Promiss&oacute;ria n&ordm; [&bull;]]</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 7.1pt"><B>Avalistas:</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 7.1pt">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 7.1pt"><B>Bom por aval:</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 7.1pt">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt"></P>

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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt"><B>ADECOAGRO BRASIL PARTICIPA&Ccedil;&Otilde;ES
S.A.</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 111.7pt">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 7.1pt"><B>Bom por aval:</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 7.1pt">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt"></P>

<!-- Field: Rule-Page --><DIV ALIGN="CENTER" STYLE="margin-top: 0; margin-bottom: 0"><DIV STYLE="font-size: 1pt; border-top: Black 1pt solid; width: 42%">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt"><B>USINA MONTE ALEGRE LTDA.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 7.1pt"><B>Bom por aval:</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 7.1pt">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt"></P>

<!-- Field: Rule-Page --><DIV ALIGN="CENTER" STYLE="margin-top: 0; margin-bottom: 0"><DIV STYLE="font-size: 1pt; border-top: Black 1pt solid; width: 42%">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt"><B>ADECO AGROPECU&Aacute;RIA BRASIL S.A.</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt">&nbsp;</P>


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    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt">~ <!-- Field: Sequence; Type: Arabic; Name: PageNo -->115<!-- Field: /Sequence --> ~</P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt"><P STYLE="margin: 0pt"></P><TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 99%; border-collapse: collapse; margin-left: 7.1pt"><TR STYLE="vertical-align: top"><TD STYLE="width: 100%; border-bottom: Black 1pt solid; font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: -1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Export Prepayment Facility Agreement dated as of August 3, 2015 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: 0pt"></P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>ANNEX B</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><U>FORM OF NOTICE OF DRAWDOWN</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><U STYLE="text-decoration: none">________</U>&nbsp;__, 2015</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 7.1pt; text-align: justify">ING BANK N.V.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 7.1pt; text-align: justify">As Administrative Agent</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 7.3pt; text-align: justify"><FONT STYLE="font-size: 12pt">c/o
Av. Pres. Juscelino Kubitschek, 510 &ndash; 3</FONT><FONT STYLE="font-size: 8pt"><SUP>o</SUP></FONT> <FONT STYLE="font-size: 12pt">andar</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 7.3pt; text-align: justify">S&atilde;o Paulo 04543-000</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 7.1pt; text-align: justify">SP, Brazil</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.5in; text-align: left">Re:</TD><TD>Export Prepayment Finance Agreement dated as of August
3, 2015</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 7.1pt; text-align: justify">Ladies and Gentlemen:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 7.1pt; text-align: justify">We refer to the Export Prepayment
Finance Agreement (as may be amended, varied, novated, supplemented or otherwise modified from time to time, the &ldquo;Export
Prepayment Finance Agreement&rdquo;) dated as of August 3, 2015 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="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 7.1pt; text-align: justify">We hereby give you notice that,
pursuant to the Export Prepayment Finance Agreement and on [&bull;], 2015, 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="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 7.1pt; text-align: justify">We confirm that, on the date
hereof, the representations set out in Section 3 of the Export Prepayment Finance Agreement are true and correct, we are in compliance
in all respects with the covenants set out in Sections 5 and 6 thereof, that the conditions to the making of the Loans set out
in Section 4 thereof have been satisfied and that no Default has occurred and is continuing or will occur after giving effect to
the requested Loans.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt"><B>ADECOAGRO VALE DO IVINHEMA S.A.</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 7%; padding-top: 0; padding-left: 0"><FONT STYLE="font: 12pt Times New Roman, Times, Serif">By:</FONT></TD>
    <TD STYLE="width: 38%; border-bottom: Black 1pt solid; padding-left: 0; padding-top: 0">&nbsp;</TD>
    <TD STYLE="width: 10%; padding-left: 0; padding-top: 0">&nbsp;</TD>
    <TD STYLE="width: 7%; padding-left: 0; padding-top: 0"><FONT STYLE="font: 12pt Times New Roman, Times, Serif">By:</FONT></TD>
    <TD STYLE="width: 38%; border-bottom: Black 1pt solid; padding-left: 0; padding-top: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0; padding-top: 0"><FONT STYLE="font: 12pt Times New Roman, Times, Serif">Name:</FONT></TD>
    <TD STYLE="padding-left: 0; padding-top: 0">&nbsp;</TD>
    <TD STYLE="padding-left: 0; padding-top: 0">&nbsp;</TD>
    <TD STYLE="padding-left: 0; padding-top: 0"><FONT STYLE="font: 12pt Times New Roman, Times, Serif">Name:</FONT></TD>
    <TD STYLE="padding-left: 0; padding-top: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0; padding-top: 0"><FONT STYLE="font: 12pt Times New Roman, Times, Serif">Title:</FONT></TD>
    <TD STYLE="padding-left: 0; padding-top: 0">&nbsp;</TD>
    <TD STYLE="padding-left: 0; padding-top: 0">&nbsp;</TD>
    <TD STYLE="padding-left: 0; padding-top: 0"><FONT STYLE="font: 12pt Times New Roman, Times, Serif">Title:</FONT></TD>
    <TD STYLE="padding-left: 0; padding-top: 0">&nbsp;</TD></TR>
</TABLE>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Page; Sequence: 117; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt">~ <!-- Field: Sequence; Type: Arabic; Name: PageNo -->116<!-- Field: /Sequence --> ~</P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt"><P STYLE="margin: 0pt"></P><TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 99%; border-collapse: collapse; margin-left: 7.1pt"><TR STYLE="vertical-align: top"><TD STYLE="width: 100%; border-bottom: Black 1pt solid; font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: -1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Export Prepayment Facility Agreement dated as of August 3, 2015 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: 0pt"></P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>ANNEX C</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><U>FORM OF ASSIGNMENT AND ACCEPTANCE</U></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt">ASSIGNMENT AND ACCEPTANCE</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 7.1pt; text-align: justify">Reference is made to the Export
Prepayment Finance Agreement (as may be amended, varied, novated, supplemented or otherwise modified from time to time, the &ldquo;Export
Prepayment Finance Agreement&rdquo;) dated as of August 3, 2015 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="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left"><FONT STYLE="font: 12pt Times New Roman, Times, Serif">____________________
(the &ldquo;Assignor&rdquo;) and ____________________ </FONT> (the &ldquo;Assignee&rdquo;) agree as follows:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 7.1pt"></TD><TD STYLE="width: 36pt">1.</TD><TD STYLE="text-align: justify">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 &ldquo;Assigned Interest&rdquo;) in and to the Assignor&rsquo;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.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 7.1pt"></TD><TD STYLE="width: 36pt">2.</TD><TD STYLE="text-align: justify">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.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 7.1pt"></TD><TD STYLE="width: 36pt">3.</TD><TD STYLE="text-align: justify">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</TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>


<!-- Field: Page; Sequence: 118; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt">~ <!-- Field: Sequence; Type: Arabic; Name: PageNo -->117<!-- Field: /Sequence --> ~</P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt"><P STYLE="margin: 0pt"></P><TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 99%; border-collapse: collapse; margin-left: 7.1pt"><TR STYLE="vertical-align: top"><TD STYLE="width: 100%; border-bottom: Black 1pt solid; font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: -1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Export Prepayment Facility Agreement dated as of August 3, 2015 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: 0pt"></P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 46.1pt; text-align: justify">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.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 10.1pt"></TD><TD STYLE="width: 36pt">4.</TD><TD STYLE="text-align: justify">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
&ldquo;Assignment Effective Date&rdquo;).</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 5.55pt"></TD><TD STYLE="width: 40.55pt">5.</TD><TD STYLE="text-align: justify">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.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 5.8pt"></TD><TD STYLE="width: 40.3pt">6.</TD><TD STYLE="text-align: justify">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&rsquo;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.</TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>


<!-- Field: Page; Sequence: 119; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt">~ <!-- Field: Sequence; Type: Arabic; Name: PageNo -->118<!-- Field: /Sequence --> ~</P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt"><P STYLE="margin: 0pt"></P><TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 99%; border-collapse: collapse; margin-left: 7.1pt"><TR STYLE="vertical-align: top"><TD STYLE="width: 100%; border-bottom: Black 1pt solid; font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: -1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Export Prepayment Facility Agreement dated as of August 3, 2015 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: 0pt"></P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 5.55pt"></TD><TD STYLE="width: 40.55pt">7.</TD><TD STYLE="text-align: justify">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.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 10.1pt; text-align: justify">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>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 10.1pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 10.1pt; text-align: justify"></P>

<!-- Field: Page; Sequence: 120; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt">~ <!-- Field: Sequence; Type: Arabic; Name: PageNo -->119<!-- Field: /Sequence --> ~</P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt"><P STYLE="margin: 0pt"></P><TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 99%; border-collapse: collapse; margin-left: 7.1pt"><TR STYLE="vertical-align: top"><TD STYLE="width: 100%; border-bottom: Black 1pt solid; font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: -1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Export Prepayment Facility Agreement dated as of August 3, 2015 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: 0pt"></P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 10.1pt; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">Schedule 1 to</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">Assignment and Acceptance</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 7.85pt; text-align: center; text-indent: 0.05pt">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 7.85pt; text-align: center; text-indent: 0.05pt">Relating
to the Export Prepayment Finance Agreement dated as of August 3, 2015 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="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 7.1pt">Name of Assignor:</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 7.1pt">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 7.1pt">Name of Assignee:</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 7.1pt">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 7.1pt">Assignment Effective Date:</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 7.1pt">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 7.1pt">Loan Principal Amount Assigned:</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 7.1pt">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 7.1pt">Percentage of Loan
Assigned:</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 7.1pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; width: 95%; border-collapse: collapse; margin-left: 7.1pt">
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="padding-left: 0; padding-top: 0"><FONT STYLE="font: 12pt Times New Roman, Times, Serif"><B>ASSIGNEE</B></FONT></TD>
    <TD STYLE="padding-left: 0; padding-top: 0">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-left: 0; padding-top: 0"><FONT STYLE="font: 12pt Times New Roman, Times, Serif"><B>ASSIGNOR</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 8%; padding-left: 0; padding-top: 0">&nbsp;</TD>
    <TD STYLE="width: 32%; padding-left: 0; padding-top: 0">&nbsp;</TD>
    <TD STYLE="width: 20%; padding-left: 0; padding-top: 0">&nbsp;</TD>
    <TD STYLE="width: 8%; padding-left: 0; padding-top: 0">&nbsp;</TD>
    <TD STYLE="width: 32%; padding-left: 0; padding-top: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 0; padding-left: 0"><FONT STYLE="font: 12pt Times New Roman, Times, Serif">By:</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-left: 0; padding-top: 0">&nbsp;</TD>
    <TD STYLE="padding-left: 0; padding-top: 0">&nbsp;</TD>
    <TD STYLE="padding-left: 0; padding-top: 0"><FONT STYLE="font: 12pt Times New Roman, Times, Serif">By:</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-left: 0; padding-top: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0; padding-top: 0"><FONT STYLE="font: 12pt Times New Roman, Times, Serif">Name:</FONT></TD>
    <TD STYLE="padding-left: 0; padding-top: 0">&nbsp;</TD>
    <TD STYLE="padding-left: 0; padding-top: 0">&nbsp;</TD>
    <TD STYLE="padding-left: 0; padding-top: 0"><FONT STYLE="font: 12pt Times New Roman, Times, Serif">Name:</FONT></TD>
    <TD STYLE="padding-left: 0; padding-top: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0; padding-top: 0"><FONT STYLE="font: 12pt Times New Roman, Times, Serif">Title:</FONT></TD>
    <TD STYLE="padding-left: 0; padding-top: 0">&nbsp;</TD>
    <TD STYLE="padding-left: 0; padding-top: 0">&nbsp;</TD>
    <TD STYLE="padding-left: 0; padding-top: 0"><FONT STYLE="font: 12pt Times New Roman, Times, Serif">Title:</FONT></TD>
    <TD STYLE="padding-left: 0; padding-top: 0">&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 7.1pt">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 7.1pt">Address for Notices:</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 7.1pt">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 7.7pt">Approved and Accepted, if required pursuant to Section
11.1(a):</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 7.7pt">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt"><B>ING Bank N.V.</B>, <I>as Administrative Agent</I></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; width: 95%; border-collapse: collapse; margin-left: 7.1pt">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 8%; padding-top: 0; padding-left: 0; padding-right: 0; text-indent: 0"><FONT STYLE="font: 12pt Times New Roman, Times, Serif">By:</FONT></TD>
    <TD STYLE="width: 32%; border-bottom: Black 1pt solid; padding-top: 0; padding-right: 0; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="width: 20%; padding-top: 0; padding-right: 0; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="width: 8%; padding-top: 0; padding-right: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font: 12pt Times New Roman, Times, Serif">By:</FONT></TD>
    <TD STYLE="width: 32%; border-bottom: Black 1pt solid; padding-top: 0; padding-right: 0; padding-left: 0; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 0; padding-right: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font: 12pt Times New Roman, Times, Serif">Name:</FONT></TD>
    <TD STYLE="padding-top: 0; padding-right: 0; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding-top: 0; padding-right: 0; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding-top: 0; padding-right: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font: 12pt Times New Roman, Times, Serif">Name:</FONT></TD>
    <TD STYLE="padding-top: 0; padding-right: 0; padding-left: 0; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 0; padding-right: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font: 12pt Times New Roman, Times, Serif">Title:</FONT></TD>
    <TD STYLE="padding-top: 0; padding-right: 0; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding-top: 0; padding-right: 0; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding-top: 0; padding-right: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font: 12pt Times New Roman, Times, Serif">Title:</FONT></TD>
    <TD STYLE="padding-top: 0; padding-right: 0; padding-left: 0; text-indent: 0">&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Page; Sequence: 121; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt">~ <!-- Field: Sequence; Type: Arabic; Name: PageNo -->120<!-- Field: /Sequence --> ~</P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt"><P STYLE="margin: 0pt"></P><TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 99%; border-collapse: collapse; margin-left: 7.1pt"><TR STYLE="vertical-align: top"><TD STYLE="width: 100%; border-bottom: Black 1pt solid; font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: -1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Export Prepayment Facility Agreement dated as of August 3, 2015 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: 0pt"></P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>ANNEX D</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><U>CERTIFICATE OF OFFICER OF
BORROWER</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">[DATE]</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0%"></TD><TD STYLE="width: 43.1pt; text-align: left">To:</TD><TD>ING BANK N.V.</TD>
</TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 43.1pt">As Administrative Agent</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 43.1pt"><FONT STYLE="font-size: 12pt">c/o Av. Pres. Juscelino
Kubitschek, 510 &ndash; 3</FONT><FONT STYLE="font-size: 8pt"><SUP>o</SUP></FONT><SUP> </SUP><FONT STYLE="font-size: 12pt">andar</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 43.1pt">S&atilde;o Paulo 04543-000</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 43.1pt">SP, Brazil</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 43.1pt"></TD><TD STYLE="width: 43.1pt; text-align: left">Re:</TD><TD>Export Prepayment Finance Agreement dated as of August
3, 2015</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 7.1pt; text-align: justify; text-indent: 0.5in">I refer to
the Export Prepayment Finance Agreement (as may be amended, varied, novated, supplemented or otherwise modified from time to time,
the &ldquo;Export Prepayment Finance Agreement&rdquo;) dated as of August 3, 2015 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="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 7.1pt; text-align: justify; text-indent: 0.5in">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 &ldquo;Certificate&rdquo;) as follows:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 43.1pt"></TD><TD STYLE="width: 31.55pt; text-align: left">(1)</TD><TD STYLE="text-align: justify">I am duly authorized to give this Certificate.</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 43.1pt"></TD><TD STYLE="width: 31.55pt">(2)</TD><TD STYLE="text-align: justify"><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&rsquo;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.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 43.1pt"></TD><TD STYLE="width: 31.55pt">(3)</TD><TD STYLE="text-align: justify"><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</TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>


<!-- Field: Page; Sequence: 122; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt">~ <!-- Field: Sequence; Type: Arabic; Name: PageNo -->121<!-- Field: /Sequence --> ~</P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt"><P STYLE="margin: 0pt"></P><TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 99%; border-collapse: collapse; margin-left: 7.1pt"><TR STYLE="vertical-align: top"><TD STYLE="width: 100%; border-bottom: Black 1pt solid; font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: -1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Export Prepayment Facility Agreement dated as of August 3, 2015 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: 0pt"></P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 74.65pt; text-align: justify"><FONT STYLE="font-size: 12pt">the
Borrower and who (either individually or with others, as provided in the [Resolutions/Governing Documents]</FONT><FONT STYLE="font-size: 8pt">1</FONT><FONT STYLE="font-size: 12pt">)
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></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 43.1pt"></TD><TD STYLE="width: 31.55pt; text-align: left">(4)</TD><TD STYLE="text-align: justify"><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: 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
<FONT STYLE="font-size: 12pt">{board of directors, shareholders, members etc}</FONT><FONT STYLE="font-size: 8pt">2 </FONT><FONT STYLE="font-size: 12pt">duly
held on [&bull;], 2015, 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 &ldquo;Resolutions&rdquo;). 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="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 43.1pt"></TD><TD STYLE="width: 31.55pt; text-align: left">(5)</TD><TD><U>Default</U>: No Default has occurred and is continuing
as of the date of this Certificate.</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 43.1pt"></TD><TD STYLE="width: 31.55pt">(6)</TD><TD STYLE="text-align: justify"><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.</TD></TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 74.65pt; text-align: justify; text-indent: -31.55pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%; text-align: justify; padding-top: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="width: 50%; border-bottom: Black 1pt solid; text-align: justify; padding-top: 0; padding-left: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; padding-top: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="padding-top: 0; padding-left: 0; text-align: justify"><FONT STYLE="font: 12pt Times New Roman, Times, Serif">Name:</FONT></TD></TR>
</TABLE>
<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<!-- Field: Rule-Page --><DIV ALIGN="LEFT" STYLE="margin-left: 10.95pt; margin-top: 0; margin-bottom: 0"><DIV STYLE="font-size: 1pt; border-top: Black 1pt solid; width: 25%">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 10.95pt"></TD><TD STYLE="width: 16.05pt; text-align: left">1</TD><TD>Choose as appropriate</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 10.95pt"></TD><TD STYLE="width: 16.05pt">2</TD><TD>Insert the relevant corporate body (Board of Directors, Executive Committee) or other group (such as shareholders), as appropriate,
if this bracketed clause is applicable</TD></TR></TABLE>


<!-- Field: Page; Sequence: 123; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt">~ <!-- Field: Sequence; Type: Arabic; Name: PageNo -->122<!-- Field: /Sequence --> ~</P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt"><P STYLE="margin: 0pt"></P><TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 99%; border-collapse: collapse; margin-left: 7.1pt"><TR STYLE="vertical-align: top"><TD STYLE="width: 100%; border-bottom: Black 1pt solid; font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: -1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Export Prepayment Facility Agreement dated as of August 3, 2015 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: 0pt"></P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>EXHIBIT B TO CERTIFICATE
OF OFFICER</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">[BORROWER&rsquo;S LETTERHEAD]</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>Incumbency Certificate</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify">I, [<B>&bull;</B>], [title] of
__________ (the &ldquo;<B>Borrower</B>&rdquo;), DO HEREBY CERTIFY, in connection
with the Export Prepayment Finance Agreement dated as of August 3, 2015 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 &ldquo;<B>Agreement</B>&rdquo;), that the following statements are true and correct:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify">1.    &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="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify">2.    &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>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 7.1pt; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 33%; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif">Name</FONT></TD>
    <TD STYLE="width: 34%; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">Office</FONT></TD>
    <TD STYLE="width: 33%; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">Signature</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">[<B>&bull;</B>]</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">[<B>&bull;</B>]</FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">[<B>&bull;</B>]</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">[<B>&bull;</B>]</FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">[<B>&bull;</B>]</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">[<B>&bull;</B>]</FONT></TD>
    <TD>&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 12.5pt">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt">IN WITNESS WHEREOF, I have signed this certificate
this [<B>&bull;</B>] day of [&bull;], 2015.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 7.1pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; width: 90%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 60%; padding-top: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="width: 40%; border-bottom: Black 1pt solid; padding-top: 0; padding-left: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="padding-top: 0; padding-left: 0"><FONT STYLE="font: 12pt Times New Roman, Times, Serif">Name:
[<B>&bull;</B>] </FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="padding-top: 0; padding-left: 0"><FONT STYLE="font: 12pt Times New Roman, Times, Serif">Title: [<B>&bull;</B>]</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<!-- Field: Page; Sequence: 124; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt">~ <!-- Field: Sequence; Type: Arabic; Name: PageNo -->123<!-- Field: /Sequence --> ~</P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt"><P STYLE="margin: 0pt"></P><TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 99%; border-collapse: collapse; margin-left: 7.1pt"><TR STYLE="vertical-align: top"><TD STYLE="width: 100%; border-bottom: Black 1pt solid; font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: -1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Export Prepayment Facility Agreement dated as of August 3, 2015 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: 0pt"></P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>ANNEX E</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><U>CERTIFICATE OF OFFICER OF GUARANTOR</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">[DATE]</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 5.2pt">To:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ING BANK N.V.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 43.1pt">As Administrative Agent</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 43.3pt"><FONT STYLE="font-size: 12pt">c/o Av. Pres. Juscelino
Kubitschek, 510 &ndash; 3</FONT><FONT STYLE="font-size: 8pt"><SUP>o</SUP></FONT> <FONT STYLE="font-size: 12pt">andar</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 43.3pt">S&atilde;o Paulo 04543-000</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 43.1pt">SP, Brazil</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 43.1pt">Re:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Export Prepayment Finance Agreement dated
as of August 3, 2015</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.1in; text-align: justify; text-indent: 0.5in">I refer to
the Export Prepayment Finance Agreement (as may be amended, varied, novated, supplemented or otherwise modified from time to time,
the &ldquo;Export Prepayment Finance Agreement&rdquo;) dated as of August 3, 2015 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="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 5.25in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.1in; text-align: justify; text-indent: 0.5in">I am a _____[title]
___________ of [Adecoagro Brasil Participa&ccedil;&otilde;es S.A.][Usina Monte Alegre S.A.][Adeco Agropecu&aacute;ria Brasil S.A.]
(the &ldquo;Guarantor&rdquo;) and, pursuant to Section 4.1(c) of the Export Prepayment Finance Agreement, hereby certify in this
certificate (this &ldquo;Certificate&rdquo;) as follows:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 43.1pt"></TD><TD STYLE="width: 36pt; text-align: left">(1)</TD><TD>I am duly authorized to give this Certificate.</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 43.1pt"></TD><TD STYLE="width: 36pt">(2)</TD><TD STYLE="text-align: justify"><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&rsquo;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.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 43.1pt"></TD><TD STYLE="width: 36pt">(3)</TD><TD STYLE="text-align: justify"><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</TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>


<!-- Field: Page; Sequence: 125; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt">~ <!-- Field: Sequence; Type: Arabic; Name: PageNo -->124<!-- Field: /Sequence --> ~</P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt"><P STYLE="margin: 0pt"></P><TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 99%; border-collapse: collapse; margin-left: 7.1pt"><TR STYLE="vertical-align: top"><TD STYLE="width: 100%; border-bottom: Black 1pt solid; font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: -1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Export Prepayment Facility Agreement dated as of August 3, 2015 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: 0pt"></P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 79.1pt; text-align: justify"><FONT STYLE="font-size: 12pt">[Resolutions/Governing
Documents]</FONT><FONT STYLE="font-size: 8pt">3</FONT><FONT STYLE="font-size: 12pt">) 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></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 43.1pt"></TD><TD STYLE="width: 36pt; text-align: left">(4)</TD><TD STYLE="text-align: justify"><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: 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
<FONT STYLE="font-size: 12pt">{board of directors, shareholders, members etc}</FONT><FONT STYLE="font-size: 8pt">4 </FONT><FONT STYLE="font-size: 12pt">duly
held on [&bull;], 2015, 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 &ldquo;Resolutions&rdquo;). 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="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 43.1pt"></TD><TD STYLE="width: 36pt; text-align: left">(5)</TD><TD STYLE="text-align: justify"><U>Default</U>: No Default has occurred and is continuing
as of the date of this Certificate.</TD>
</TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 79.1pt; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 43.1pt"></TD><TD STYLE="width: 36pt">(6)</TD><TD STYLE="text-align: justify"><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.</TD></TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 79.1pt; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 60%; text-align: justify; padding-top: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="width: 40%; border-bottom: Black 1pt solid; text-align: justify; padding-top: 0; padding-left: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; padding-top: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="padding-top: 0; padding-left: 0; text-align: justify"><FONT STYLE="font: 12pt Times New Roman, Times, Serif">Name:</FONT></TD></TR>
</TABLE>
<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<!-- Field: Rule-Page --><DIV ALIGN="LEFT" STYLE="margin-left: 7.05pt; margin-top: 0; margin-bottom: 0"><DIV STYLE="font-size: 1pt; border-top: Black 1pt solid; width: 25%">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 7.1pt"></TD><TD STYLE="width: 0.25in; text-align: left">3</TD><TD STYLE="text-align: justify">Choose as appropriate</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 7.1pt"></TD><TD STYLE="width: 0.25in">4</TD><TD>Insert the relevant corporate body (Board of Directors, Executive Committee) or other group (such as shareholders), as appropriate,
if this bracketed clause is applicable</TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>


<!-- Field: Page; Sequence: 126; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt">~ <!-- Field: Sequence; Type: Arabic; Name: PageNo -->125<!-- Field: /Sequence --> ~</P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt"><P STYLE="margin: 0pt"></P><TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 99%; border-collapse: collapse; margin-left: 7.1pt"><TR STYLE="vertical-align: top"><TD STYLE="width: 100%; border-bottom: Black 1pt solid; font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: -1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Export Prepayment Facility Agreement dated as of August 3, 2015 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: 0pt"></P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>EXHIBIT B TO CERTIFICATE
OF OFFICER</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">[GUARANTOR&rsquo;S LETTERHEAD]</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>Incumbency Certificate</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify">I, [<B>&bull;</B>], [title] of
[Adecoagro Brasil Participa&ccedil;&otilde;es S.A.][Usina Monte Alegre S.A.][Adeco Agropecu&aacute;ria Brasil S.A.] (the &ldquo;<B>Guarantor</B>&rdquo;),
DO HEREBY CERTIFY, in connection with the Export Prepayment Finance Agreement dated as of August 3, 2015 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 &ldquo;<B>Agreement</B>&rdquo;), that the following statements
are true and correct:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify">1.&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="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify">2.    &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>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 7.1pt; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 33%; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif">Name</FONT></TD>
    <TD STYLE="width: 34%; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">Office</FONT></TD>
    <TD STYLE="width: 33%; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">Signature</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">[<B>&bull;</B>]</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">[<B>&bull;</B>]</FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">[<B>&bull;</B>]</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">[<B>&bull;</B>]</FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">[<B>&bull;</B>]</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">[<B>&bull;</B>]</FONT></TD>
    <TD>&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 12.5pt">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt"><FONT STYLE="font-size: 12pt">IN
WITNESS WHEREOF, I have signed this certificate this [<B>&bull;</B>]</FONT><FONT STYLE="font-size: 8pt"><SUP>h</SUP></FONT> <FONT STYLE="font-size: 12pt">day
of [&bull;], 2015.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 7.1pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%; padding-top: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="width: 50%; border-bottom: Black 1pt solid; padding-top: 0; padding-left: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="padding-top: 0; padding-left: 0"><FONT STYLE="font: 12pt Times New Roman, Times, Serif">Name:
[<B>&bull;</B>] </FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="padding-top: 0; padding-left: 0"><FONT STYLE="font: 12pt Times New Roman, Times, Serif">Title: [<B>&bull;</B>]</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<!-- Field: Page; Sequence: 127; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt">~ <!-- Field: Sequence; Type: Arabic; Name: PageNo -->126<!-- Field: /Sequence --> ~</P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt"><P STYLE="margin: 0pt"></P><TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 99%; border-collapse: collapse; margin-left: 7.1pt"><TR STYLE="vertical-align: top"><TD STYLE="width: 100%; border-bottom: Black 1pt solid; font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: -1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Export Prepayment Facility Agreement dated as of August 3, 2015 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: 0pt"></P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>ANNEX F</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><U>FORM OF COMPLIANCE CERTIFICATE</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">ADECOAGRO VALE DO IVINHEMA
S.A.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">COMPLIANCE CERTIFICATE</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">[DATE]</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 5.2pt">To:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ING BANK N.V.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 43.1pt">As Administrative Agent</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 43.3pt"><FONT STYLE="font-size: 12pt">c/o Av. Pres. Juscelino
Kubitschek, 510 &ndash; 3</FONT><FONT STYLE="font-size: 8pt">o</FONT> <FONT STYLE="font-size: 12pt">andar</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 43.3pt">S&atilde;o Paulo 04543-000</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 43.1pt">SP, Brazil</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 43.1pt">Re:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Export Prepayment Finance Agreement dated
as of August 3, 2015</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 7.1pt; text-align: left">Ladies and Gentlemen:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 7.1pt; text-align: justify; text-indent: 0.5in">I refer to
the Export Prepayment Finance Agreement (as may be amended, varied, novated, supplemented or otherwise modified from time to time,
the &ldquo;Export Prepayment Finance Agreement&rdquo;) dated as of August 3, 2015 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="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 7.1pt; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 43.1pt">I am a [title] of the Borrower and hereby certify
in this certificate (this &ldquo;<U>Certificate</U>&rdquo;) as follows:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 43.1pt"></TD><TD STYLE="width: 36pt; text-align: left">(1)</TD><TD>I am duly authorized to give this Certificate.</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 43.1pt"></TD><TD STYLE="width: 36pt">(2)</TD><TD STYLE="text-align: justify"><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]).</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 43.1pt"></TD><TD STYLE="width: 36pt">(3)</TD><TD STYLE="text-align: justify"><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.</TD></TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 79.1pt; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; border-bottom: Black 1pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%; font: 12pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="width: 50%; font: 12pt Times New Roman, Times, Serif">Name:</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font: 12pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif">Title: Chief Financial Officer</TD></TR>
</TABLE>


<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 79.1pt; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 79.1pt; text-align: justify; text-indent: -0.5in"></P>

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    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt">~ <!-- Field: Sequence; Type: Arabic; Name: PageNo -->127<!-- Field: /Sequence --> ~</P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt"><P STYLE="margin: 0pt"></P><TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 99%; border-collapse: collapse; margin-left: 7.1pt"><TR STYLE="vertical-align: top"><TD STYLE="width: 100%; border-bottom: Black 1pt solid; font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: -1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Export Prepayment Facility Agreement dated as of August 3, 2015 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: 0pt"></P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 79.1pt; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt">Schedule A to Compliance Certificate</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 7.1pt">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="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 43.1pt">(i)   &nbsp;The
ratio of its Net Worth to its Total Assets is:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 43.1pt">(ii)   &nbsp;The
ratio of its Net Bank Debt to its Adjusted EBITDA is:</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 43.1pt">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 43.1pt">(iii)   &nbsp;Its
Interest Coverage Ratio is:</P>


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    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt">~ <!-- Field: Sequence; Type: Arabic; Name: PageNo -->128<!-- Field: /Sequence --> ~</P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt"><P STYLE="margin: 0pt"></P><TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 99%; border-collapse: collapse; margin-left: 7.1pt"><TR STYLE="vertical-align: top"><TD STYLE="width: 100%; border-bottom: Black 1pt solid; font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: -1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Export Prepayment Facility Agreement dated as of August 3, 2015 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: 0pt"></P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>ANNEX G</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><U>FORM OF AGRICULTURAL AND MERCANTILE
PLEDGE AGREEMENT</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">(begins on next page)</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">&nbsp;</P>


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    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt">~ <!-- Field: Sequence; Type: Arabic; Name: PageNo -->129<!-- Field: /Sequence --> ~</P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt"><P STYLE="margin: 0pt"></P><TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 99%; border-collapse: collapse; margin-left: 7.1pt"><TR STYLE="vertical-align: top"><TD STYLE="width: 100%; border-bottom: Black 1pt solid; font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: -1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Export Prepayment Facility Agreement dated as of August 3, 2015 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: 0pt"></P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Verdana, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">INSTRUMENTO PARTICULAR DE PENHOR
AGR&Iacute;COLA E MERCANTIL DE CANA- DE-A&Ccedil;&Uacute;CAR</P>

<P STYLE="font: 10pt Verdana, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Verdana, Helvetica, Sans-Serif; margin: 0pt 0 0pt 7.1pt; text-align: justify">Pelo presente instrumento:</P>

<P STYLE="font: 10pt Verdana, Helvetica, Sans-Serif; margin: 0pt 0 0pt 7.1pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0 0pt 7.1pt; text-align: justify"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">ADECOAGRO
VALE</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">DO</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">IVINHEMA
S.A.,</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">sociedade
an&ocirc;nima 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, doravante denominado &ldquo;EMPENHANTE&rdquo;; e</FONT></P>

<P STYLE="font: 10pt Verdana, Helvetica, Sans-Serif; margin: 0pt 0 0pt 7.1pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0 0pt 7.1pt; text-align: justify"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">ING
BANK N.V.,</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">institui&ccedil;&atilde;o
financeira constitu&iacute;da de acordo com as leis da Holanda, com sede na cidade de Amsterd&atilde;, em Bijlmerplein 888 (ING
House), 1102 MG, neste ato</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">representada</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">nos</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">termos</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">de</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">seus</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">documentos</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">constitutivos,</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">doravante
denominado &ldquo;CREDOR PIGNORAT&Iacute;CIO&rdquo;;</FONT></P>

<P STYLE="font: 10pt Verdana, Helvetica, Sans-Serif; margin: 0pt 0 0pt 7.1pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0 0pt 7.1pt; text-align: justify"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">ING</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT>
<FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">BANK</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT>
<FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">N.V.,</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif">  </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">FILIAL</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT>
<FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">DE</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT>
<FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">S&Atilde;O</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif">  </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">PAULO,</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT>
<FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">institui&ccedil;&atilde;o</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT>
<FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">financeira</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT>
<FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">devidamente organizada e constitu&iacute;da segundo as leis da Holanda,
neste ato representado por sua filial localizada em S&atilde;o Paulo, a qual &eacute; devidamente organizada e constitu&iacute;da
segundo as leis da Rep&uacute;blica Federativa do Brasil e com endere&ccedil;o localizado na Av. Presidente Juscelino Kubitschek,
510, 3&ordm; andar, na Cidade de S&atilde;o Paulo, Estado de S&atilde;o Paulo, CNPJ/MF</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">n&ordm;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">49.336.860/0001-90,</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">na</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">qualidade</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">agente</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">administrativo</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">e</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">de</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">garantia
local, atuando em benef&iacute;cio dos CREDORES, conforme abaixo definidos (&ldquo;AGENTE DE GARANTIA&rdquo;, e, em conjunto com
a EMPENHANTE e o CREDOR PIGNORAT&Iacute;CIO, as &ldquo;PARTES&rdquo;); e</FONT></P>

<P STYLE="font: 10pt Verdana, Helvetica, Sans-Serif; margin: 0pt 0 0pt 7.1pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0 0pt 7.1pt; text-align: justify"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">LEONARDO
RA&Uacute;L BERRIDI,</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">brasileiro,
casado, engenheiro, residente e domiciliado na Cidade de S&atilde;o Paulo, Estado de S&atilde;o Paulo, com
escrit&oacute;rio na Rua Iguatemi, n&deg; 192, 12&ordm;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT> <FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">andar, </FONT> <FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">Itaim</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT> <FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">Bibi,</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT> <FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">CEP</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT> <FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">01451-010,</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT> <FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">portador</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT> <FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">da</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT> <FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">C&eacute;dula</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT> <FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">de</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT> <FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">Identidade</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT> <FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">n&ordm;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Verdana, Helvetica, Sans-Serif; margin: 0pt 0 0pt 7.1pt; text-align: justify">58.831.136-4 e inscrito no CPF
sob n&ordm;. 231.115.108-83, doravante denominado &ldquo;FIEL DEPOSIT&Aacute;RIO&rdquo;.</P>

<P STYLE="font: 10pt Verdana, Helvetica, Sans-Serif; margin: 0pt 0 0pt 7.1pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Verdana, Helvetica, Sans-Serif; margin: 0pt 0 0pt 7.1pt; text-align: justify">CONSIDERANDO QUE:</P>

<P STYLE="font: 10pt Verdana, Helvetica, Sans-Serif; margin: 0pt 0 0pt 7.1pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0 0pt 7.1pt; text-align: justify"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">(1)
na data de 3 de agosto de 2015, a EMPENHANTE celebrou com o CREDOR PIGNORAT&Iacute;CIO,</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT>
<FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">o</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT>
<FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">Rabobank</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT>
<FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">Cura&ccedil;ao</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT>
<FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">N.V.</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT>
<FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">(&ldquo;Rabobank&rdquo;),</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT>
<FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">o</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT>
<FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">Cr&eacute;dit</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT>
<FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">Agricole</FONT></P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0 0pt 7.1pt; text-align: justify">&nbsp;</P>


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    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt">~ <!-- Field: Sequence; Type: Arabic; Name: PageNo -->130<!-- Field: /Sequence --> ~</P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt"><P STYLE="margin: 0pt"></P><TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 99%; border-collapse: collapse; margin-left: 7.1pt"><TR STYLE="vertical-align: top"><TD STYLE="width: 100%; border-bottom: Black 1pt solid; font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: -1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Export Prepayment Facility Agreement dated as of August 3, 2015 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: 0pt"></P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0 0pt 7.1pt; text-align: justify"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">Corporate
and Investment Bank, London Branch (&ldquo;CA-CIB&rdquo;), o Banco Latinoamericano de Comercio Exterior S.A. (&ldquo;Bladex&rdquo;),
o ABN AMRO Bank N.V. (&ldquo;ABN&rdquo;), e o Banco Votorantim, Nassau Branch (&ldquo;Votorantim&rdquo; e, em conjunto com o CREDOR
PIGNORAT&Iacute;CIO, Rabobank, CA-CIB, Bladex e ABN, os &ldquo;CREDORES&rdquo;) e com o AGENTE</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT>
<FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">DE</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT>
<FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">GARANTIA,</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT>
<FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">entre</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT>
<FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">outras</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT>
<FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">partes,</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT>
<FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">o</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT>
<FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">contrato</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT>
<FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">de</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT>
<FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">financiamento</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">na
modalidade de recebimento antecipado &agrave; exporta&ccedil;&atilde;o denominado &ldquo;Export Prepayment Finance Agreement&rdquo;
(&ldquo;Contrato</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">de</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">Pr&eacute;-pagamento
de</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">Exporta&ccedil;&atilde;o&rdquo;),</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">nos</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">termos
da qual a EMPENHANTE concordou em tomar d&iacute;vida no valor total de at&eacute; US$110.000.000,00 (cento e dez milh&otilde;es
de d&oacute;lares norte-americanos), equivalentes, para fins de refer&ecirc;ncia, a R$[ ] ([ ]), com base na taxa de c&acirc;mbio
de US$1/R$[ ], utilizando-se da taxa de c&acirc;mbio apurada pelo Banco Central, segundo crit&eacute;rios por ele definidos e por
ele divulgada atrav&eacute;s da p&aacute;gina http://www4.bcb.gov.br/pec/conversao/conversao.asp</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT>
<FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">(&ldquo;Taxa</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT>
<FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">de</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT>
<FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">Convers&atilde;o&rdquo;),</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif">
</FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">na data de [ ] de [ ] de 2015; e</FONT></P>

<P STYLE="font: 10pt Verdana, Helvetica, Sans-Serif; margin: 0pt 0 0pt 7.1pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0 0pt 7.1pt; text-align: justify"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">(2)
nos termos do Contrato de Pr&eacute;-pagamento de Exporta&ccedil;&atilde;o, o CREDOR PIGNORAT&Iacute;CIO foi nomeado pelos CREDORES,
na qualidade de credor solid&aacute;rio dos CREDORES,</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">como</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">AGENTE</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">DE</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">GARANTIA</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">para</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">(i)</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">celebrar</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">todos</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">os</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">contratos</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">e
demais instrumentos para a devida constitui&ccedil;&atilde;o de toda e qualquer garantia a ser constitu&iacute;da sob as leis da
Rep&uacute;blica Federativa do Brasil em benef&iacute;cio dos CREDORES atuando</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">em</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">nome</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">pr&oacute;prio</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">e,</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">ainda,</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">em</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">nome</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">e</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">por</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">conta</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">dos</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">CREDORES,</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">na
qualidade de mandat&aacute;rio destes, e (ii) para prestar assist&ecirc;ncia aos CREDORES na administra&ccedil;&atilde;o</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">e</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">controle</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">de</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">toda</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">e</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">qualquer</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">garantia</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">a</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">ser</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">constitu&iacute;da</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">em</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">benef&iacute;cio
dos CREDORES, de acordo com as leis da Rep&uacute;blica Federativa do Brasil;</FONT></P>

<P STYLE="font: 10pt Verdana, Helvetica, Sans-Serif; margin: 0pt 0 0pt 7.1pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0 0pt 7.1pt; text-align: justify"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">(3)
a EMPENHANTE deseja outorgar a garantia pignorat&iacute;cia a ser constitu&iacute;da neste instrumento</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">para</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">os</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">CREDORES,
por</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">meio</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">do</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">CREDOR
PIGNORAT&Iacute;CIO, na qualidade de credor solid&aacute;rio com os demais CREDORES, de maneira que ela seja compartilhada de forma
pari passu e em igualdade de condi&ccedil;&otilde;es, proporcionalmente ao valor do cr&eacute;dito de cada um dos CREDORES, de
forma a garantir o integral e pontual cumprimento</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">de</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">todas</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">as</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">obriga&ccedil;&otilde;es</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">da</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">EMPENHANTE</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">previstas</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">no</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">Contrato</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">de
Pr&eacute;-pagamento de</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">Exporta&ccedil;&atilde;o,
no presente Instrumento e nos demais Documentos da Opera&ccedil;&atilde;o (conforme abaixo definido); e</FONT></P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0 0pt 7.1pt; text-align: justify">&nbsp;</P>


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    <DIV STYLE="page-break-before: always; margin-top: 6pt"><P STYLE="margin: 0pt"></P><TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 99%; border-collapse: collapse; margin-left: 7.1pt"><TR STYLE="vertical-align: top"><TD STYLE="width: 100%; border-bottom: Black 1pt solid; font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: -1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Export Prepayment Facility Agreement dated as of August 3, 2015 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: 0pt"></P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0 0pt 7.1pt; text-align: justify"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">(4)
em vista do acima exposto, as Partes acordaram a constitui&ccedil;&atilde;o de penhor agr&iacute;cola e mercantil sobre cana-de-a&ccedil;&uacute;car
relativa &agrave;s safras de [ ], ressalvados os direitos dos CREDORES, por meio do CREDOR PIGNORAT&Iacute;CIO,</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">na
qualidade de credor solid&aacute;rio com os demais CREDORES, decorrentes do artigo 1.443 do C&oacute;digo Civil, no tocante &agrave;
prioridade sobre a safra subsequente, qual seja, [ ], na hip&oacute;tese de a EMPENHANTE n&atilde;o ter cumprido a integralidade
de suas obriga&ccedil;&otilde;es ou frustrarem-se ou se tornarem insuficientes</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">as</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">safras</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">ora</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">empenhadas,</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">bem</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">como</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">sobre</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">os</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">seus</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">produtos
transformados (a&ccedil;&uacute;car e/ou etanol), em garantia do integral e pontual pagamento das OBRIGA&Ccedil;&Otilde;ES GARANTIDAS
(conforme abaixo definido);</FONT></P>

<P STYLE="font: 10pt Verdana, Helvetica, Sans-Serif; margin: 0pt 0 0pt 7.1pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Verdana, Helvetica, Sans-Serif; margin: 0pt 0 0pt 7.1pt; text-align: justify">RESOLVEM, ASSIM, as Partes firmar
o presente Instrumento Particular de Penhor Agr&iacute;cola e Mercantil de Cana-de-A&ccedil;&uacute;car, consoante as seguintes
cl&aacute;usulas e condi&ccedil;&otilde;es (&ldquo;Instrumento&rdquo;):</P>

<P STYLE="font: 10pt Verdana, Helvetica, Sans-Serif; margin: 0pt 0 0pt 7.1pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0 0pt 7.1pt; text-align: justify"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">I.</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif">    </FONT>
<FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">OBJETO</FONT></P>

<P STYLE="font: 10pt Verdana, Helvetica, Sans-Serif; margin: 0pt 0 0pt 7.1pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0 0pt 7.1pt; text-align: justify"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">1.1.
De acordo com o aqui disposto, a fim de garantir o fiel e tempestivo cumprimento de todas as obriga&ccedil;&otilde;es da EMPENHANTE
nos termos do Contrato de Pr&eacute;-pagamento de Exporta&ccedil;&atilde;o (&ldquo;OBRIGA&Ccedil;&Otilde;ES GARANTIDAS&rdquo;),
a EMPENHANTE neste ato empenha aos CREDORES, representados pelo CREDOR PIGNORAT&Iacute;CIO, na qualidade de credor solid&aacute;rio
dos CREDORES, certas quantidades de cana-de- a&ccedil;&uacute;car das safras de [ ] (&ldquo;Lavouras&rdquo;), conforme especificado
no Anexo I ao presente Instrumento, as quais representar&atilde;o uma quantidade estimada de [ ] toneladas de cana-de-a&ccedil;&uacute;car,
bem como suas respectivas ra&iacute;zes (as quais foram e ser&atilde;o plantadas nos im&oacute;veis descritos no Anexo I ao presente
Instrumento), com &aacute;rea total correspondente a [ ] hectares por safra e subprodutos decorrentes do beneficiamento da cana-de-a&ccedil;&uacute;car
em quest&atilde;o, todos livres e desembara&ccedil;ados de quaisquer &ocirc;nus (os &ldquo;BENS EMPENHADOS&rdquo;). O penhor constitu&iacute;do
por este Instrumento gravar&aacute; cont&iacute;nua e ininterruptamente todos os BENS EMPENHADOS at&eacute; a satisfa&ccedil;&atilde;o
total das OBRIGA&Ccedil;&Otilde;ES GARANTIDAS e ser&aacute; regido pelos artigos 1.438, 1.442 al&iacute;neas II e III,</FONT>
1.447 e seguintes do C&oacute;digo Civil Brasileiro (Lei n&ordm; 10.406, de 10 de janeiro de 2002, conforme alterada).</P>

<P STYLE="font: 10pt Verdana, Helvetica, Sans-Serif; margin: 0pt 0 0pt 7.1pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0 0pt 7.1pt; text-align: justify"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">1.2.</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif">  </FONT>
<FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">As OBRIGA&Ccedil;&Otilde;ES GARANTIDAS incluem todas as obriga&ccedil;&otilde;es
de pagamento futuras, atuais, acess&oacute;rias e do principal assumidas ou que venham a ser assumidas</FONT></P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0 0pt 7.1pt; text-align: justify">&nbsp;</P>


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    <DIV STYLE="page-break-before: always; margin-top: 6pt"><P STYLE="margin: 0pt"></P><TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 99%; border-collapse: collapse; margin-left: 7.1pt"><TR STYLE="vertical-align: top"><TD STYLE="width: 100%; border-bottom: Black 1pt solid; font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: -1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Export Prepayment Facility Agreement dated as of August 3, 2015 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: 0pt"></P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Verdana, Helvetica, Sans-Serif; margin: 0pt 0 0pt 7.1pt; text-align: justify">pela EMPENHANTE com rela&ccedil;&atilde;o
ao Contrato de Pr&eacute;-pagamento de Exporta&ccedil;&atilde;o, assim como posteriores altera&ccedil;&otilde;es, se houver.</P>

<P STYLE="font: 10pt Verdana, Helvetica, Sans-Serif; margin: 0pt 0 0pt 7.1pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0 0pt 7.1pt; text-align: justify"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">1.2.1.</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">As
OBRIGA&Ccedil;&Otilde;ES GARANTIDAS tem as seguintes caracter&iacute;sticas:</FONT></P>

<P STYLE="font: 10pt Verdana, Helvetica, Sans-Serif; margin: 0pt 0 0pt 7.1pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0 0pt 7.1pt; text-align: justify"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">(a)
Credores: ING Bank N.V., Rabobank Cura&ccedil;ao N.V., Cr&eacute;dit Agricole Corporate and Investment</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">Bank,</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">London</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">Branch,</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">Banco</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">Latinoamericano</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">de</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">Comercio</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">Exterior</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">S.A.
ABN AMRO Bank N.V. e Banco Votorantim, Nassau Branch</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0 0pt 7.1pt; text-align: justify"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">(b)</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">Valor
do</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">Principal:
at&eacute;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">US$110.000.000,00,
equivalentes a</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">R$[
],</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">calculado
com base na taxa de c&acirc;mbio de US$1/R$[ ], conforme Taxa de Convers&atilde;o, na data de [ ] de [ ] de 2015</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Verdana, Helvetica, Sans-Serif; margin: 0pt 0 0pt 7.1pt; text-align: justify">(c) Prazo: at&eacute; 20 de
dezembro de 2019</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0 0pt 7.1pt; text-align: justify"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">(d)
Datas de Pagamento do Principal: 20 de junho, 20 de setembro e 20 de dezembro dos</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif">
</FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">anos</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif">
</FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">de</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif">
</FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">2017,</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif">
</FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">2018</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif">
</FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">e</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif">
</FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">2019,</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif">
</FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">sendo</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif">
</FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">que</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif">
</FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">(a)</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif">
</FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">em</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif">
</FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">20</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif">
</FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">de</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif">
</FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">junho</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif">
</FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">de</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif">
</FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">2017</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif">
</FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">ser&aacute; amortizado o equivalente a 10% do Valor do Principal,
(b) em 20 de setembro de 2017 ser&aacute; amortizado o equivalente a 10% do Valor do Principal, (c) em 20 de dezembro de </FONT>2017
ser&aacute; amortizado o equivalente a 10% do Valor do Principal, (d) em 20 de junho de 2018 ser&aacute; amortizado o equivalente
a 10% do Valor do Principal, (e) em 20 de setembro de 2018 ser&aacute; amortizado o equivalente a 10% do Valor do Principal, (f)
em 20 de dezembro de 2018 ser&aacute; amortizado o equivalente a 10% do Valor do Principal,</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Verdana, Helvetica, Sans-Serif; margin: 0pt 0 0pt 7.1pt; text-align: justify">(g) em 20 de junho de 2019 ser&aacute;
amortizado o equivalente a 13,3333% do Valor do Principal, (h) em 20 de setembro de 2019 ser&aacute; amortizado o equivalente a
13,3333% do Valor do Principal e (i) em 20 de dezembro de 2019 ser&aacute; amortizado o equivalente a 13,3334% do Valor do Principal.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0 0pt 7.1pt; text-align: justify"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">(e)</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">Taxa</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">de</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">Juros:</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">taxa</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">LIBOR</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">adicionada</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">a</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">uma</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">margem</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">anual</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">de</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">4,65%</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">(quatro
inteiros e sessenta e cinco d&eacute;cimos por cento).</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Verdana, Helvetica, Sans-Serif; margin: 0pt 0 0pt 7.1pt; text-align: justify">(f) Pagamento dos Juros: 20
de setembro e 20 de dezembro do ano de 2015; 20 de mar&ccedil;o, 20 de junho, 20 de setembro e 20 de dezembro dos anos de 2016,
2017, 2018 e 2019.</P>

<P STYLE="font: 10pt Verdana, Helvetica, Sans-Serif; margin: 0pt 0 0pt 7.1pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0 0pt 7.1pt; text-align: justify"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">1.3.</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif">  </FONT>
<FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">O penhor constitu&iacute;do pelo presente Instrumento abranger&aacute;
automaticamente a totalidade</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">do</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">a&ccedil;&uacute;car</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">e/ou</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">etanol</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">resultante</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">da</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">transforma&ccedil;&atilde;o</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">e</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">processamento</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">da
cana-de-a&ccedil;&uacute;car proveniente das Lavouras, nos termos do artigo 2&ordm; da Lei 2.666, de 6</FONT></P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0 0pt 7.1pt; text-align: justify">&nbsp;</P>


<!-- Field: Page; Sequence: 134; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt">~ <!-- Field: Sequence; Type: Arabic; Name: PageNo -->133<!-- Field: /Sequence --> ~</P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt"><P STYLE="margin: 0pt"></P><TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 99%; border-collapse: collapse; margin-left: 7.1pt"><TR STYLE="vertical-align: top"><TD STYLE="width: 100%; border-bottom: Black 1pt solid; font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: -1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Export Prepayment Facility Agreement dated as of August 3, 2015 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: 0pt"></P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0 0pt 7.1pt; text-align: justify"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">de
dezembro de 1955 (doravante denominados simplesmente &ldquo;PRODUTO&rdquo;, e que comp&otilde;em a defini&ccedil;&atilde;o de BENS</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">EMPENHADOS
em conjunto com as Lavouras).</FONT></P>

<P STYLE="font: 10pt Verdana, Helvetica, Sans-Serif; margin: 0pt 0 0pt 7.1pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0 0pt 7.1pt; text-align: justify"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">1.4.</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif">  </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">O</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">PRODUTO</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">ser&aacute;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">armazenado</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">em</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">dep&oacute;sitos</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">localizados</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">nas</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">unidades
industriais descritas no Anexo II ao presente Contrato, sendo que n&atilde;o poder&atilde;o ser alterados sem a autoriza&ccedil;&atilde;o
pr&eacute;via do AGENTE DE GARANTIA.</FONT></P>

<P STYLE="font: 10pt Verdana, Helvetica, Sans-Serif; margin: 0pt 0 0pt 7.1pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0 0pt 7.1pt; text-align: justify"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">1.5.</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif">   </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">A
EMPENHANTE dever&aacute; tomar todas as provid&ecirc;ncias para, &agrave;s suas expensas, levar a efeito o registro do presente
Instrumento, conforme estipulado na Cl&aacute;usula XI, abaixo.</FONT></P>

<P STYLE="font: 10pt Verdana, Helvetica, Sans-Serif; margin: 0pt 0 0pt 7.1pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0 0pt 7.05pt; text-align: justify"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">1.6.</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif">  </FONT>
<FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">Nos termos do artigo 1.439 do C&oacute;digo Civil Brasileiro (Lei n&ordm;
10.406, de 10 de janeiro de 2002, c.onforme alterada pela Lei 12.873, de 24 de outubro de 2013), o presente Instrumento vigorar&aacute;
at&eacute; o cumprimento integral das OBRIGA&Ccedil;&Otilde;ES GARANTIDAS, de modo que os BENS</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">EMPENHADOS
ser&atilde;o dados em garantia at&eacute; o cumprimento integral das OBRIGA&Ccedil;&Otilde;ES GARANTIDAS.</FONT></P>

<P STYLE="font: 10pt Verdana, Helvetica, Sans-Serif; margin: 0pt 0 0pt 7.05pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0 0pt 7.1pt; text-align: justify"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">1.7.</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif">   </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">A
EMPENHANTE se obriga a manter bens empenhados nos prazos e montantes estabelecidos nos termos do &iacute;ndice de Cobertura de
Garantia (Collateral Coverage) estabelecido na Cl&aacute;usula 5(l)(i) do Contrato de Pr&eacute;-pagamento de Exporta&ccedil;&atilde;o,
at&eacute; o t&eacute;rmino da vig&ecirc;ncia das OBRIGA&Ccedil;&Otilde;ES GARANTIDAS, providenciando o refor&ccedil;o da garantia</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">constitu&iacute;da</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">mediante</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">a</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">constitui&ccedil;&atilde;o</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">de</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">penhor</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">sobre</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">outras</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">lavouras
pendentes de cana-de-a&ccedil;&uacute;car em &aacute;reas adicionais aquelas indicadas no Anexo I, nos termos estabelecidos no
Anexo III ao presente instrumento.</FONT></P>

<P STYLE="font: 10pt Verdana, Helvetica, Sans-Serif; margin: 0pt 0 0pt 7.1pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0 0pt 7.1pt; text-align: justify"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">II.</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif">    </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">DO
FIEL DEPOSIT&Aacute;RIO</FONT></P>

<P STYLE="font: 10pt Verdana, Helvetica, Sans-Serif; margin: 0pt 0 0pt 7.1pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0 0pt 7.1pt; text-align: justify"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">2.1.</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif">   </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">O
FIEL DEPOSIT&Aacute;RIO neste ato recebe a fun&ccedil;&atilde;o de fiel deposit&aacute;rio dos BENS EMPENHADOS, nos termos do artigo
627 e seguintes do C&oacute;digo Civil Brasileiro (com exce&ccedil;&atilde;o do artigo 644, ao qual o FIEL DEPOSIT&Aacute;RIO,
neste ato, expressamente renuncia). O FIEL DEPOSIT&Aacute;RIO dever&aacute; manter-se como deposit&aacute;rio dos BENS EMPENHADOS
at&eacute; a efetiva satisfa&ccedil;&atilde;o das OBRIGA&Ccedil;&Otilde;ES GARANTIDAS.</FONT></P>

<P STYLE="font: 10pt Verdana, Helvetica, Sans-Serif; margin: 0pt 0 0pt 7.1pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0 0pt 7.1pt; text-align: justify"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">2.2.</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif">  </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">O
FIEL DEPOSIT&Aacute;RIO, a partir da assinatura do presente Instrumento, compromete-se a, sem nenhuma remunera&ccedil;&atilde;o,
(i) defender os BENS</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">EMPENHADOS</FONT></P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0 0pt 7.1pt; text-align: justify; text-indent: 0.75in">&nbsp;</P>


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    <DIV STYLE="page-break-before: always; margin-top: 6pt"><P STYLE="margin: 0pt"></P><TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 99%; border-collapse: collapse; margin-left: 7.1pt"><TR STYLE="vertical-align: top"><TD STYLE="width: 100%; border-bottom: Black 1pt solid; font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: -1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Export Prepayment Facility Agreement dated as of August 3, 2015 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: 0pt"></P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0 0pt 7.1pt; text-align: justify"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">e
zelar pela sua integridade, respondendo civil e criminalmente pelo fiel desempenho do encargo assumido e obrigando-se a entregar
ou restituir os BENS</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">EMPENHADOS
t&atilde;o logo o AGENTE DE</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">GARANTIA
assim o exija em benef&iacute;cio dos CREDORES, e (ii) prestar todas as informa&ccedil;&otilde;es solicitadas pelo AGENTE DE GARANTIA,
a respeito dos BENS</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">EMPENHADOS,
no prazo m&aacute;ximo de 3 (tr&ecirc;s) dias &uacute;teis.</FONT></P>

<P STYLE="font: 10pt Verdana, Helvetica, Sans-Serif; margin: 0pt 0 0pt 7.1pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0 0pt 7.1pt; text-align: justify"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">III.</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif">   </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">DAS</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">INSPE&Ccedil;&Otilde;ES
E DO MONITORAMENTO</FONT></P>

<P STYLE="font: 10pt Verdana, Helvetica, Sans-Serif; margin: 0pt 0 0pt 7.1pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0 0pt 7.1pt; text-align: justify"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">3.1.</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif">   </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">A
EMPENHANTE, neste ato, concede ao AGENTE DE GARANTIA, assim como &agrave;s empresas expressamente autorizadas por ele, acesso,
mediante pr&eacute;vio aviso de 72 (setenta</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">e</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">duas)</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">horas,</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">em</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">dia</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">&uacute;til</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">e</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">hor&aacute;rio</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">comercial,</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">ao
empreendimento/propriedade rural e/ou mercadoria, com a finalidade de fiscalizar a condi&ccedil;&atilde;o da lavoura/produ&ccedil;&atilde;o,
bem como avaliar a situa&ccedil;&atilde;o das garantias reais constantes deste Instrumento. Caso se verifique irregularidades,
ou qualquer situa&ccedil;&atilde;o que n&atilde;o esteja em conformidade com o declarado neste Instrumento ou no Contrato de Pr&eacute;-pagamento
de Exporta&ccedil;&atilde;o, poder&aacute; o AGENTE DE GARANTIA, solicitar &agrave; EMPENHANTE</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">que</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">regularize</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">tal</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">situa&ccedil;&atilde;o</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">em</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">um</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">prazo</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">de</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">5</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">(cinco)</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">dias</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">&uacute;teis
contados</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT> <FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">desde</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT>
<FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">o</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT>
<FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">recebimento</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT>
<FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">de</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT>
<FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">tal</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT>
<FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">solicita&ccedil;&atilde;o,</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT>
<FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">e</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT>
<FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">caso</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT>
<FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">a</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT>
<FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">situa&ccedil;&atilde;o</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT>
<FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">n&atilde;o</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT>
<FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">seja regularizada</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">nesse</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">prazo,</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">poder&aacute;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">o</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">AGENTE</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">DE</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT>
<FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">GARANTIA</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">impetrar</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">quaisquer
medidas preventivas, administrativas, judiciais e/ou extrajudiciais ao fiel cumprimento das</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">obriga&ccedil;&otilde;es</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">assumidas</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">neste</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">Instrumento,</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">independentemente</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">de</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">aviso,
interpela&ccedil;&atilde;o ou notifica&ccedil;&atilde;o, judicial ou extrajudicial.</FONT></P>

<P STYLE="font: 10pt Verdana, Helvetica, Sans-Serif; margin: 0pt 0 0pt 7.1pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0 0pt 7.1pt; text-align: justify"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">3.2.</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT>
<FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">Al&eacute;m</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">disso,</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">a</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">EMPENHANTE</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">se</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">compromete</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">a</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">contratar</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">empresa
independente de inspe&ccedil;&atilde;o e/ou de avalia&ccedil;&atilde;o, aceit&aacute;vel aos CREDORES, representados pelo AGENTE
DE GARANTIA, para (i) simultaneamente com a celebra&ccedil;&atilde;o deste Instrumento e (ii) posteriormente, semestralmente fazer
a verifica&ccedil;&atilde;o das Lavouras, a fim de averiguar o desenvolvimento das planta&ccedil;&otilde;es de cana-de-a&ccedil;&uacute;car
objeto do presente</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">Instrumento</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">e</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">posteriormente</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">verificar</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">os</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">armaz&eacute;ns</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">em</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">que</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">ser&atilde;o
armazenados</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">os</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">BENS</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">EMPENHADOS
e</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">apresentar</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">relat&oacute;rio</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">ao</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">AGENTE
DE GARANTIA.</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">Ademais,</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">se</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">forem</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">verificadas</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">discrep&acirc;ncias</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">relevantes,</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">tal</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">empresa
dever&aacute; tamb&eacute;m levar a efeito inspe&ccedil;&otilde;es e avalia&ccedil;&otilde;es adicionais que venham a ser solicitadas
pelo AGENTE DE GARANTIA. A EMPENHANTE obriga-se a arcar com os custos referentes &agrave;s inspe&ccedil;&otilde;es e avalia&ccedil;&otilde;es
semestrais, incluindo o pagamento de comiss&otilde;es</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">adicionais</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">cobradas</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">pela</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">empresa</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">avaliadora</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">contratada,</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">bem</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">como</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">a</FONT></P>

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<!-- Field: Page; Sequence: 136; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt">~ <!-- Field: Sequence; Type: Arabic; Name: PageNo -->135<!-- Field: /Sequence --> ~</P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt"><P STYLE="margin: 0pt"></P><TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 99%; border-collapse: collapse; margin-left: 7.1pt"><TR STYLE="vertical-align: top"><TD STYLE="width: 100%; border-bottom: Black 1pt solid; font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: -1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Export Prepayment Facility Agreement dated as of August 3, 2015 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: 0pt"></P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Verdana, Helvetica, Sans-Serif; margin: 0pt 0 0pt 7.1pt; text-align: justify">reembolsar o AGENTE DE GARANTIA
por quaisquer despesas que tiverem com tais inspe&ccedil;&otilde;es e avalia&ccedil;&otilde;es semestrais.</P>

<P STYLE="font: 10pt Verdana, Helvetica, Sans-Serif; margin: 0pt 0 0pt 7.1pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0 0pt 7.1pt; text-align: justify"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">IV.</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif">   </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">OBRIGA&Ccedil;&Otilde;ES
DA EMPENHANTE</FONT></P>

<P STYLE="font: 10pt Verdana, Helvetica, Sans-Serif; margin: 0pt 0 0pt 7.1pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0 0pt 7.1pt; text-align: justify"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">4.1.</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif">   </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">A
EMPENHANTE obriga-se a:</FONT></P>

<P STYLE="font: 10pt Verdana, Helvetica, Sans-Serif; margin: 0pt 0 0pt 7.1pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0 0pt 7.1pt; text-align: justify"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">(i)  &nbsp;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT>
<FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">abster-se</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT>
<FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">de</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT>
<FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">vender</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif">
</FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">(exceto</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT>
<FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">sob</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT>
<FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">os</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT>
<FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">termos</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT>
<FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">dos</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT>
<FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">Contratos</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT>
<FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">de</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT>
<FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">Exporta&ccedil;&atilde;o cedidos fiduciariamente sob o Assignment and
Security Agreement, a ser firmado ou firmado entre a EMPENHANTE, o CREDOR PIGNORAT&Iacute;CIO e o AGENTE DE GARANTIAS),</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">ceder,</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">transferir,</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">onerar</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">ou</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">de</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">outro</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">modo</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">criar</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">gravame</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">sobre</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">os
BENS</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT> <FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">EMPENHADOS,</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT>
<FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">exceto</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">pelo</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">penhor</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">aqui</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">pactuado,</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">sujeito</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">&agrave;s</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">implica&ccedil;&otilde;es
criminais</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">prescritas</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">no</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">artigo</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">171,</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">inciso</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">III,</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">do</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">Decreto-lei</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">n&ordm;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">2.848,</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">de</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">7</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">de
dezembro</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif">  </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">de</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif">
</FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">1940,</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT>
<FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">conforme</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT>
<FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">alterado</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif">
</FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">(C&oacute;digo</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif">
</FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">Penal</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT>
<FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">Brasileiro),</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT>
<FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">ressalvado</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif">
</FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">na hip&oacute;tese de pr&eacute;via autoriza&ccedil;&atilde;o
do AGENTE DE GARANTIA ou na hip&oacute;tese de venda e entrega do PRODUTO nos termos dos Contratos de Exporta&ccedil;&atilde;o
mencionados acima. A EMPENHANTE defender&aacute; a sua titularidade sobre os BENS EMPENHADOS e a n&atilde;o exist&ecirc;ncia</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">de</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">quaisquer</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">outros</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">&ocirc;nus</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">ou</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">gravames</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">com</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">rela&ccedil;&atilde;o</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">aos</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">BENS
EMPENHADOS, que n&atilde;o sejam os estabelecidos por este Instrumento, contra as reivindica&ccedil;&otilde;es e demandas que quaisquer
terceiros possam fazer;</FONT></P>

<P STYLE="font: 10pt Verdana, Helvetica, Sans-Serif; margin: 0pt 0 0pt 7.1pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0 0pt 7.1pt; text-align: justify"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">(ii)  &nbsp;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">cumprir
tempestivamente todas as suas obriga&ccedil;&otilde;es previstas neste Instrumento e</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">nos</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">demais</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">Documentos</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">da</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">Opera&ccedil;&atilde;o,</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">sob</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">pena</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">de</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">vencimento</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">antecipado</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">do
Contrato</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">de</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT>
<FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">Pr&eacute;-pagamento</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">de</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT>
<FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">Exporta&ccedil;&atilde;o,</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">sem</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">preju&iacute;zo</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">de</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT>
<FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">qualquer</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">outro
rem&eacute;dio que o CREDOR PIGNORAT&Iacute;CIO</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">ou
o AGENTE DE</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">GARANTIA
possa ter a fim de defender seus interesses e dos demais CREDORES, incluindo a busca de tutela espec&iacute;fica para cumprimento
de obriga&ccedil;&atilde;o de fazer nos termos do artigo 461, 461-A e seguintes do C&oacute;digo de Processo Civil Brasileiro;</FONT></P>

<P STYLE="font: 10pt Verdana, Helvetica, Sans-Serif; margin: 0pt 0 0pt 7.1pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0 0pt 7.1pt; text-align: justify"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">(iii)  prestar
todas as informa&ccedil;&otilde;es e apresentar todas as evid&ecirc;ncias solicitadas pelo AGENTE</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">DE</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">GARANTIA
a</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">fim</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">de</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">comprovar</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">que</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">os</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">BENS</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">EMPENHADOS
encontram-se localizados nos lugares estipulados no presente Instrumento, sendo que a EMPENHANTE ora compromete-se a n&atilde;o
alterar o local dos BENS</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">EMPENHADOS
sem a pr&eacute;via e expressa autoriza&ccedil;&atilde;o do AGENTE DE GARANTIA.</FONT></P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0 0pt 7.1pt; text-align: justify">&nbsp;</P>


<!-- Field: Page; Sequence: 137; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt">~ <!-- Field: Sequence; Type: Arabic; Name: PageNo -->136<!-- Field: /Sequence --> ~</P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt"><P STYLE="margin: 0pt"></P><TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 99%; border-collapse: collapse; margin-left: 7.1pt"><TR STYLE="vertical-align: top"><TD STYLE="width: 100%; border-bottom: Black 1pt solid; font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: -1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Export Prepayment Facility Agreement dated as of August 3, 2015 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: 0pt"></P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Verdana, Helvetica, Sans-Serif; margin: 0pt 0 0pt 7.1pt; text-align: justify">(iv)  pagar
imediatamente, antes de qualquer multa, penalidade, juros ou custos a eles vinculados, todos os impostos, contribui&ccedil;&otilde;es
e outros encargos governamentais ou n&atilde;o governamentais agora ou futuramente lan&ccedil;ados ou incidentes sobre os BENS
EMPENHADOS, ressalvadas eventuais autua&ccedil;&otilde;es ou lan&ccedil;amentos indevidos pass&iacute;veis de defesa administrativa
ou contesta&ccedil;&atilde;o judicial;</P>

<P STYLE="font: 10pt Verdana, Helvetica, Sans-Serif; margin: 0pt 0 0pt 7.1pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0 0pt 7.1pt; text-align: justify"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">(v)  manter,</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">&agrave;s</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">suas</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">custas,</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">at&eacute;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">o</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">total</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">cumprimento</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">das</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">OBRIGA&Ccedil;&Otilde;ES
GARANTIDAS,</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">o</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">PRODUTO,</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">quando</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">armazenado</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">nos</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">dep&oacute;sitos,</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">nos</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">termos</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">da
cl&aacute;usula 1.4 acima, segurado contra todos os riscos usuais aplic&aacute;veis &agrave; ap&oacute;lice em quest&atilde;o em
sociedade seguradora id&ocirc;nea e com s&oacute;lida situa&ccedil;&atilde;o financeira comprometendo-se</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif">
</FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">a</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT>
<FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">contratar</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif">
</FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">e</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif">
</FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">tempestivamente</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif">
</FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">pagar</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif">
</FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">o</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif">
</FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">pr&ecirc;mio</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif">
</FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">referente</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif">
</FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">ao seguro, devendo constar da ap&oacute;lice de seguro que as
coberturas n&atilde;o poder&atilde;o ser canceladas sem a pr&eacute;via e expressa anu&ecirc;ncia do AGENTE DE GARANTIA;</FONT></P>

<P STYLE="font: 10pt Verdana, Helvetica, Sans-Serif; margin: 0pt 0 0pt 7.1pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Verdana, Helvetica, Sans-Serif; margin: 0pt 0 0pt 7.1pt; text-align: justify">(vi)  manter
a cana-de-a&ccedil;&uacute;car plantada de forma adequada e em conformidade com a legisla&ccedil;&atilde;o aplic&aacute;vel e os
padr&otilde;es normais para este tipo de atividade;</P>

<P STYLE="font: 10pt Verdana, Helvetica, Sans-Serif; margin: 0pt 0 0pt 7.1pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Verdana, Helvetica, Sans-Serif; margin: 0pt 0 0pt 7.1pt; text-align: justify">(vii)  obter,
em rela&ccedil;&atilde;o aos BENS EMPENHADOS, todos os documentos (laudos, estudos, relat&oacute;rios, licen&ccedil;as, autoriza&ccedil;&otilde;es,
outorgas, etc.) previstos nas normas de prote&ccedil;&atilde;o ambiental, atestando o seu cumprimento, e a informar ao AGENTE DE
GARANTIA, em at&eacute; 30 (trinta) dias a contar de seu recebimento, a exist&ecirc;ncia de manifesta&ccedil;&atilde;o desfavor&aacute;vel
de qualquer autoridade ambiental de que tenha conhecimento, salvo se o descumprimento em quest&atilde;o n&atilde;o for considerado
relevante na opini&atilde;o razo&aacute;vel do AGENTE DE GARANTIA;</P>

<P STYLE="font: 10pt Verdana, Helvetica, Sans-Serif; margin: 0pt 0 0pt 7.1pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0 0pt 7.1pt; text-align: justify"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">(viii)  arcar</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">com</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">todas</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">as</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">despesas</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">e</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">custos</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">incorridos</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">em</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">rela&ccedil;&atilde;o</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">ao</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">registro</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">do
presente</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">Instrumento</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">de</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">penhor</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">dos</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">BENS</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT>
<FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">EMPENHADOS</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">e</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">de</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">seus</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">respectivos
aditivos</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">e</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">prorroga&ccedil;&otilde;es,</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">bem</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">como</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">com</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">a</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">excuss&atilde;o</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">do</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">direito</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">de</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">garantia</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">aqui
conferido, incluindo despesas com honor&aacute;rios advocat&iacute;cios razoavelmente incorridos e devidamente comprovados; e</FONT></P>

<P STYLE="font: 10pt Verdana, Helvetica, Sans-Serif; margin: 0pt 0 0pt 7.1pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0 0pt 7.1pt; text-align: justify"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">(ix)  informar</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">imediatamente</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">ao</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">AGENTE</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">DE</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT>
<FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">GARANTIA,</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">por</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">escrito,</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">sobre</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">a
ocorr&ecirc;ncia</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">de:</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">(i)</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">qualquer</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">evento</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">que</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">possa</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">razoavelmente</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">provocar</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">um</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">efeito
adverso</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">relevante</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">sobre</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">o</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">direito</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">de</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">garantia</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">concedido</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">nos</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">termos</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">do</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">presente</FONT></P>

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    <DIV STYLE="page-break-before: always; margin-top: 6pt"><P STYLE="margin: 0pt"></P><TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 99%; border-collapse: collapse; margin-left: 7.1pt"><TR STYLE="vertical-align: top"><TD STYLE="width: 100%; border-bottom: Black 1pt solid; font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: -1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Export Prepayment Facility Agreement dated as of August 3, 2015 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: 0pt"></P></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0 0pt 7.1pt; text-align: justify"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">Instrumento;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT>
<FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">ou</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT>
<FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">(ii)</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif">
</FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">qualquer</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT>
<FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">outro</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT>
<FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">evento</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT>
<FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">conhecido</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT>
<FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">que</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT>
<FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">possa</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT>
<FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">razoavelmente provocar um efeito adverso relevante sobre o valor total
dos BENS</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">EMPENHADOS.</FONT></P>

<P STYLE="font: 10pt Verdana, Helvetica, Sans-Serif; margin: 0pt 0 0pt 7.1pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0 0pt 7.1pt; text-align: justify"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">4.2.</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif">  </FONT>
<FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">A EMPENHANTE celebrar&aacute;, &agrave; sua pr&oacute;pria custa e periodicamente,
os demais documentos e instrumentos que possam ser necess&aacute;rios para autorizar o CREDOR PIGNORAT&Iacute;CIO ou o AGENTE DE
GARANTIA a proteger os direitos criados pelo presente Instrumento em rela&ccedil;&atilde;o aos BENS</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">EMPENHADOS,
no todo ou em parte, ou o</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">exerc&iacute;cio,</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">pelo</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">CREDOR</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">PIGNORAT&Iacute;CIO</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT>
<FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">ou</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">pelo</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">AGENTE</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">DE</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT>
<FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">GARANTIA</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">de
qualquer dos direitos, poderes, compet&ecirc;ncias que lhes forem conferidos pelos CREDORES.</FONT></P>

<P STYLE="font: 10pt Verdana, Helvetica, Sans-Serif; margin: 0pt 0 0pt 7.1pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0 0pt 7.1pt; text-align: justify"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">V.</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif">    </FONT>
<FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">VENCIMENTO ANTECIPADO E EXCUSS&Atilde;O DA GARANTIA PIGNORAT&Iacute;CIA</FONT></P>

<P STYLE="font: 10pt Verdana, Helvetica, Sans-Serif; margin: 0pt 0 0pt 7.1pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0 0pt 7.1pt; text-align: justify"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">5.1.</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif">   </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">Em</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT>
<FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">caso</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT>
<FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">de</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT>
<FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">inadimplemento,</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">pela</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT>
<FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">EMPENHANTE,</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">de</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT>
<FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">qualquer</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT>
<FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">obriga&ccedil;&atilde;o prevista</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT>
<FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">no</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT>
<FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">presente</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT>
<FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">Instrumento</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT>
<FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">ou</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT>
<FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">em</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT>
<FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">qualquer</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT>
<FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">dos</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif">
</FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">demais</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT>
<FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">Documentos</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT>
<FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">da Opera&ccedil;&atilde;o, n&atilde;o sanado no prazo concedido sob o
respectivo instrumento, poder&atilde;o o CREDOR PIGNORAT&Iacute;CIO ou o AGENTE DE GARANTIA, atuando em benef&iacute;cio dos CREDORES,</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">excutir</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">a</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">presente</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">garantia</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">sobre</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">os</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">BENS</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">EMPENHADOS,</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">podendo,
para tanto, praticar todos os atos assegurados pela lei aplic&aacute;vel, com a possibilidade de alienar, converter, vender ou
ceder por instrumento privado, opera&ccedil;&atilde;o ou de outro modo,</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">no</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">todo</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">ou</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">em</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">parte,</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">os</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">BENS</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT>
<FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">EMPENHADOS,</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">de</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">acordo</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">com</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">os</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">pre&ccedil;os</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">e
termos e condi&ccedil;&otilde;es de mercado no momento da aliena&ccedil;&atilde;o, dar quita&ccedil;&atilde;o e assinar qualquer
documento ou instrumento, independentemente de sua natureza especial, conforme</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">necess&aacute;rio</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">para</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">fazer</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">valer</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">os</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">atos</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">aqui</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">mencionados,</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">independentemente
de leil&atilde;o, hasta p&uacute;blica, avalia&ccedil;&atilde;o pr&eacute;via ou qualquer medida judicial ou extrajudicial, bem</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">como</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">independentemente</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">de</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">qualquer</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">autoriza&ccedil;&atilde;o</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">ou</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">aviso</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">pr&eacute;vio</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">&agrave;
EMPENHANTE. Os recursos resultantes ser&atilde;o utilizados para pagamento de despesas razo&aacute;veis</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">resultantes</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">da</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">venda</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">dos</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">BENS</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">EMPENHADOS</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">e</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">pagamento</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">das
OBRIGA&Ccedil;&Otilde;ES GARANTIDAS nos termos do Contrato de Pr&eacute;-pagamento de Exporta&ccedil;&atilde;o.</FONT></P>

<P STYLE="font: 10pt Verdana, Helvetica, Sans-Serif; margin: 0pt 0 0pt 7.1pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0 0pt 7.1pt; text-align: justify"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">5.2.
A EMPENHANTE, por este ato, outorga, irrevog&aacute;vel e irretratavelmente, ao CREDOR PIGNORAT&Iacute;CIO e ao AGENTE DE GARANTIA,
atuando em conjunto ou separadamente, em benef&iacute;cio dos CREDORES, de acordo com os artigos 684, 685 e 1.433, item IV, do
C&oacute;digo Civil Brasileiro, a procura&ccedil;&atilde;o, nos moldes do Anexo IV,</FONT></P>

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    <DIV STYLE="page-break-before: always; margin-top: 6pt"><P STYLE="margin: 0pt"></P><TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 99%; border-collapse: collapse; margin-left: 7.1pt"><TR STYLE="vertical-align: top"><TD STYLE="width: 100%; border-bottom: Black 1pt solid; font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: -1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Export Prepayment Facility Agreement dated as of August 3, 2015 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: 0pt"></P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Verdana, Helvetica, Sans-Serif; margin: 0pt 0 0pt 7.1pt; text-align: justify">anexo a este instrumento (&ldquo;Procura&ccedil;&atilde;o&rdquo;),
para atuar em nome da EMPENHANTE, exclusivamente para o cumprimento da Cl&aacute;usula 5.1 acima.</P>

<P STYLE="font: 10pt Verdana, Helvetica, Sans-Serif; margin: 0pt 0 0pt 7.1pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0 0pt 7.1pt; text-align: justify"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">5.3.</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif">  </FONT>
<FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">Se o montante recebido pelo CREDOR PIGNORAT&Iacute;CIO ou pelo AGENTE
DE GARANTIA na venda dos BENS</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">EMPENHADOS
n&atilde;o for suficiente para pagamento de todos</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">os</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">valores</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">devidos</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">nos</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">termos</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">da</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">Cl&aacute;usula</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">5.1.,</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">acima,</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">o</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">saldo</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">devedor,
conforme calculado pelo CREDOR PIGNORAT&Iacute;CIO ou pelo AGENTE DE GARANTIA, dever&aacute; ser imediatamente quitado pela EMPENHANTE,
mediante dep&oacute;sito de recursos imediatamente</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">dispon&iacute;veis</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">nas</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">respectivas</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">contas</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">dos</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">CREDORES,</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">no</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">prazo</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">de</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">2
(dois)</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">dias</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">&uacute;teis</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">a</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">contar</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">da</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">data</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">da</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">notifica&ccedil;&atilde;o</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">enviada</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">pelo</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">CREDOR
PIGNORAT&Iacute;CIO ou pelo AGENTE DE GARANTIA &agrave; EMPENHANTE indicando o saldo devedor a ser quitado e as contas banc&aacute;rias
dos CREDORES para dep&oacute;sito.</FONT></P>

<P STYLE="font: 10pt Verdana, Helvetica, Sans-Serif; margin: 0pt 0 0pt 7.1pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0 0pt 7.1pt; text-align: justify"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">5.4</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif">
</FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">Se o montante recebido pelo CREDOR PIGNORAT&Iacute;CIO ou pelos
CREDORES, conforme o caso, for superior ao saldo devedor a ser quitado nos termos do Contrato de Pr&eacute;-pagamento de Exporta&ccedil;&atilde;o,
dever&atilde;o o CREDOR PIGNORAT&Iacute;CIO e os CREDORES</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">devolver</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">&agrave;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">EMPENHANTE</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">o</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">saldo</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">remanescente,</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">no</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">prazo</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">de</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">2</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">(dois)
dias &uacute;teis.</FONT></P>

<P STYLE="font: 10pt Verdana, Helvetica, Sans-Serif; margin: 0pt 0 0pt 7.1pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0 0pt 7.1pt; text-align: justify"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">VI.</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif">   </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">DECLARA&Ccedil;&Otilde;ES</FONT></P>

<P STYLE="font: 10pt Verdana, Helvetica, Sans-Serif; margin: 0pt 0 0pt 7.1pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0 0pt 7.1pt; text-align: justify"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">6.1.</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif">   </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">O
CREDOR PIGNORAT&Iacute;CIO</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">e
o AGENTE DE</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">GARANTIA
neste ato declaram que:</FONT></P>

<P STYLE="font: 10pt Verdana, Helvetica, Sans-Serif; margin: 0pt 0 0pt 7.1pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0 0pt 7.1pt; text-align: justify"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">(a)  </FONT><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">possuem</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">plenos</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">poderes,</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">autoriza&ccedil;&atilde;o</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">e</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">capacidade</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">para</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">firmar</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">o</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">presente</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Verdana, Helvetica, Sans-Serif; margin: 0pt 0 0pt 7.1pt; text-align: justify">Instrumento e para cumprir com
suas obriga&ccedil;&otilde;es contratuais aqui previstas; e</P>

<P STYLE="font: 10pt Verdana, Helvetica, Sans-Serif; margin: 0pt 0 0pt 7.1pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Verdana, Helvetica, Sans-Serif; margin: 0pt 0 0pt 7.1pt; text-align: justify">(b)  o
presente Instrumento constitui uma obriga&ccedil;&atilde;o legal, v&aacute;lida e opon&iacute;vel contra eles de acordo com seus
termos.</P>

<P STYLE="font: 10pt Verdana, Helvetica, Sans-Serif; margin: 0pt 0 0pt 7.1pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0 0pt 7.1pt; text-align: justify"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">6.2.</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif">   </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">A
EMPENHANTE neste ato declara que:</FONT></P>

<P STYLE="font: 10pt Verdana, Helvetica, Sans-Serif; margin: 0pt 0 0pt 7.1pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0 0pt 7.1pt; text-align: justify"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">(a)  </FONT><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">possui</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT>
<FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">plenos</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT>
<FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">poderes,</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT>
<FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">autoriza&ccedil;&atilde;o</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT>
<FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">e</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT>
<FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">capacidade</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT>
<FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">para</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT>
<FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">firmar</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT>
<FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">o</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT>
<FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">presente Instrumento e empenhar os BENS EMPENHADOS, bem como para cumprir
com suas obriga&ccedil;&otilde;es contratuais aqui assumidas;</FONT></P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0 0pt 7.1pt; text-align: justify">&nbsp;</P>


<!-- Field: Page; Sequence: 140; Value: 2 -->
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    <DIV STYLE="page-break-before: always; margin-top: 6pt"><P STYLE="margin: 0pt"></P><TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 99%; border-collapse: collapse; margin-left: 7.1pt"><TR STYLE="vertical-align: top"><TD STYLE="width: 100%; border-bottom: Black 1pt solid; font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: -1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Export Prepayment Facility Agreement dated as of August 3, 2015 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: 0pt"></P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0 0pt 7.1pt; text-align: justify"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">(b)
o</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">presente
Instrumento</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">constitui
uma</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">obriga&ccedil;&atilde;o
legal,</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">v&aacute;lida
e</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">opon&iacute;vel
&agrave; EMPENHANTE, segundo seus termos;</FONT></P>

<P STYLE="font: 10pt Verdana, Helvetica, Sans-Serif; margin: 0pt 0 0pt 7.1pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0 0pt 7.1pt; text-align: justify"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">(c)  </FONT><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">a
celebra&ccedil;&atilde;o do presente Instrumento e o cumprimento de suas obriga&ccedil;&otilde;es aqui pactuadas n&atilde;o violam
qualquer disposi&ccedil;&atilde;o legal ou contratual ou qualquer obriga&ccedil;&atilde;o anteriormente assumida pela EMPENHANTE;</FONT></P>

<P STYLE="font: 10pt Verdana, Helvetica, Sans-Serif; margin: 0pt 0 0pt 7.1pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0 0pt 7.1pt; text-align: justify"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">(d)  os
BENS</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">EMPENHADOS
s&atilde;o de sua leg&iacute;tima propriedade e se encontram livres de &ocirc;nus reais ou pessoais, judiciais ou extrajudiciais,
penhoras, arrestos e sequestros e de</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">qualquer</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">comprometimento</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">em</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">quaisquer</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">modalidades</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">de</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">cr&eacute;dito</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">ou</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">seguros
abertos atrav&eacute;s de institui&ccedil;&otilde;es financeiras ou seguradoras, assim como comprometidos em</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">quaisquer</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">tipos</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">de</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">contratos</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">particulares,</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">excetuando</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">os</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">gravames</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">decorrentes
deste Instrumento, inexistindo qualquer impedimento para a sua venda, judicial ou extrajudicialmente, pelo CREDOR PIGNORAT&Iacute;CIO</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">ou
pelo AGENTE DE</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">GARANTIA,
em caso de excuss&atilde;o da presente garantia;</FONT></P>

<P STYLE="font: 10pt Verdana, Helvetica, Sans-Serif; margin: 0pt 0 0pt 7.1pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Verdana, Helvetica, Sans-Serif; margin: 0pt 0 0pt 7.1pt; text-align: justify">(e)  &eacute;
produtor rural e que efetuar&aacute; o plantio e condu&ccedil;&atilde;o das Lavouras conforme recomendado pelas institui&ccedil;&otilde;es
de pesquisa e &oacute;rg&atilde;os oficiais;</P>

<P STYLE="font: 10pt Verdana, Helvetica, Sans-Serif; margin: 0pt 0 0pt 7.1pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0 0pt 7.1pt; text-align: justify"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">(f)  as</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">parcerias</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">rurais</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">e/ou</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">contratos</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">de</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">arrendamento</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">firmados</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">com</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">os
propriet&aacute;rios das terras onde ser&atilde;o produzidas as Lavouras foram devidamente formalizados por meio da celebra&ccedil;&atilde;o
dos instrumentos contratuais pertinentes &agrave; luz da legisla&ccedil;&atilde;o aplic&aacute;vel, nos quais est&aacute; prevista
a anu&ecirc;ncia expressa dos propriet&aacute;rios para que a EMPENHANTE possa alienar e/ou gravar os BENS</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">EMPENHADOS;</FONT></P>

<P STYLE="font: 10pt Verdana, Helvetica, Sans-Serif; margin: 0pt 0 0pt 7.1pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Verdana, Helvetica, Sans-Serif; margin: 0pt 0 0pt 7.1pt; text-align: justify">(g)  o
presente Instrumento constitui, para todos os fins de direito, t&iacute;tulo executivo extrajudicial;</P>

<P STYLE="font: 10pt Verdana, Helvetica, Sans-Serif; margin: 0pt 0 0pt 7.1pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0 0pt 7.1pt; text-align: justify"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">(h)  est&aacute;
ciente de que qualquer eventual ato de toler&acirc;ncia por parte do CREDOR PIGNORAT&Iacute;CIO ou pelo AGENTE DE GARANTIA n&atilde;o
importar&aacute; em nova&ccedil;&atilde;o ou altera&ccedil;&atilde;o das condi&ccedil;&otilde;es aqui estipuladas, constituindo-se
tal ato mera liberalidade do CREDOR PIGNORAT&Iacute;CIO</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">ou
do AGENTE DE GARANTIA; e</FONT></P>

<P STYLE="font: 10pt Verdana, Helvetica, Sans-Serif; margin: 0pt 0 0pt 7.1pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0 0pt 7.1pt; text-align: justify"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">(i)  </FONT><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT>
<FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">nenhum</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT>
<FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">registro,</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT>
<FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">solicita&ccedil;&atilde;o,</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif">
</FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">autoriza&ccedil;&atilde;o</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT>
<FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">ou</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT>
<FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">protocolo</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif">
</FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">perante</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT>
<FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">&oacute;rg&atilde;os</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT>
<FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">ou ag&ecirc;ncias</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT>
<FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">governamentais</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">ou</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT>
<FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">terceiros</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT>
<FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">&eacute;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT>
<FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">necess&aacute;rio</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">no</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT>
<FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">tocante</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT>
<FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">&agrave;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT>
<FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">celebra&ccedil;&atilde;o</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT>
<FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">do</FONT></P>

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<!-- Field: Page; Sequence: 141; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt">~ <!-- Field: Sequence; Type: Arabic; Name: PageNo -->140<!-- Field: /Sequence --> ~</P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt"><P STYLE="margin: 0pt"></P><TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 99%; border-collapse: collapse; margin-left: 7.1pt"><TR STYLE="vertical-align: top"><TD STYLE="width: 100%; border-bottom: Black 1pt solid; font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: -1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Export Prepayment Facility Agreement dated as of August 3, 2015 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: 0pt"></P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0 0pt 7.1pt; text-align: justify"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">presente</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">Instrumento,</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">ou</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">com</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">rela&ccedil;&atilde;o</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">&agrave;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">sua</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">validade</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">e</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">exequibilidade,</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">salvo</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">os
registros do presente Instrumento nos Cart&oacute;rios de Registro de Im&oacute;veis competentes.</FONT></P>

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<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0 0pt 7.1pt; text-align: justify"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">VII.</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif">  </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">INDEPEND&Ecirc;NCIA
DAS</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">CL&Aacute;USULAS</FONT></P>

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<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0 0pt 7.1pt; text-align: justify"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">7.1.</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif">   </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">As
disposi&ccedil;&otilde;es do presente Instrumento s&atilde;o independentes. Salvo se de outro modo aqui especificamente disposto,
se qualquer cl&aacute;usula ou disposi&ccedil;&atilde;o do presente Instrumento</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT>
<FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">for</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif">
</FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">considerada</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT>
<FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">inv&aacute;lida</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT>
<FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">ou</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif">
</FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">inexequ&iacute;vel,</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif">
</FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">no</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif">
</FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">todo</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif">
</FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">ou</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT>
<FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">em</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT>
<FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">parte,</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif">
</FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">por autoridade governamental com jurisdi&ccedil;&atilde;o sobre
as PARTES, ou for considerada ilegal devido</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">a</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">uma</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">altera&ccedil;&atilde;o</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">legal,</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">ent&atilde;o,</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">essa</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">invalidade</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">ou</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">inexequibilidade</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">afetar&aacute;
somente</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">essa</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">cl&aacute;usula</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">ou</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">disposi&ccedil;&atilde;o</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">ou</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">parte</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">da</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">mesma,</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">n&atilde;o</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">afetando</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">de</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">nenhum
modo qualquer outra cl&aacute;usula ou disposi&ccedil;&atilde;o do presente Instrumento. Ademais, na medida em que uma cl&aacute;usula
ou disposi&ccedil;&atilde;o for considerada inv&aacute;lida ou inexequ&iacute;vel, conforme disposto na frase acima, as PARTES
envidar&atilde;o seus melhores esfor&ccedil;os para acordar um m&eacute;todo alternativo exequ&iacute;vel e legal para atingir
um resultado que seria atingido sen&atilde;o pela determina&ccedil;&atilde;o ou constata&ccedil;&atilde;o da ilegalidade ou inexequibilidade
de tal cl&aacute;usula ou disposi&ccedil;&atilde;o.</FONT></P>

<P STYLE="font: 10pt Verdana, Helvetica, Sans-Serif; margin: 0pt 0 0pt 7.1pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0 0pt 7.1pt; text-align: justify"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">VIII.</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT>
<FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">ADITIVOS, SUCESSORES E CESSION&Aacute;RIOS</FONT></P>

<P STYLE="font: 10pt Verdana, Helvetica, Sans-Serif; margin: 0pt 0 0pt 7.1pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0 0pt 7.1pt; text-align: justify"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">8.1.</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif">  </FONT>
<FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">O presente Instrumento obriga e reverte em benef&iacute;cio das PARTES
e de seus respectivos sucessores e cession&aacute;rios. A EMPENHANTE n&atilde;o poder&aacute; ceder ou transferir qualquer de seus
direitos ou obriga&ccedil;&otilde;es nos termos do presente Instrumento sem o consentimento pr&eacute;vio e por escrito do AGENTE
DE GARANTIA. Qualquer cess&atilde;o ou transfer&ecirc;ncia pela EMPENHANTE de qualquer de seus direitos e obriga&ccedil;&otilde;es
aqui estipulados sem o consentimento pr&eacute;vio e por escrito do AGENTE DE GARANTIA ser&aacute; nulo e inoperante. Todo e qualquer
aditivo ou altera&ccedil;&atilde;o dos termos e disposi&ccedil;&otilde;es aqui pactuados somente ser&aacute; v&aacute;lido se efetuado
por escrito e assinado pelas PARTES.</FONT></P>

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<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0 0pt 7.1pt; text-align: justify"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">IX.</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif">   </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">DIREITOS
CUMULATIVOS</FONT></P>

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<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0 0pt 7.1pt; text-align: justify"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">9.1.</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT>
<FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">Os</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">direitos,</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">rem&eacute;dios,</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">poderes</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">e</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">prerrogativas</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">aqui</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">estipulados</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">s&atilde;o
cumulativos,</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">n&atilde;o</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">excluindo</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">quaisquer</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">outros</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">direitos,</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">poderes</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">ou</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">rem&eacute;dios
estabelecidos por leis aplic&aacute;veis.</FONT></P>

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    <DIV STYLE="page-break-before: always; margin-top: 6pt"><P STYLE="margin: 0pt"></P><TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 99%; border-collapse: collapse; margin-left: 7.1pt"><TR STYLE="vertical-align: top"><TD STYLE="width: 100%; border-bottom: Black 1pt solid; font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: -1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Export Prepayment Facility Agreement dated as of August 3, 2015 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: 0pt"></P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0 0pt 7.1pt; text-align: justify"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">X.</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif">    </FONT>
<FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">AVISOS</FONT></P>

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<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0 0pt 7.1pt; text-align: justify"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">10.1.</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">Os</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">avisos</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">ou</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">outras</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">comunica&ccedil;&otilde;es</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">exigidos</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">ou</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">permitidos</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">no</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">presente
Instrumento ser&atilde;o efetuados por escrito e enviados pessoalmente ou por servi&ccedil;o de entrega expressa reconhecido nacionalmente,
por meio eletr&ocirc;nico, por carta a&eacute;rea registrada ou carta registrada ou protocolada, com aviso de recebimento, endere&ccedil;ada
da seguinte forma:</FONT></P>

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<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0 0pt 7.1pt; text-align: justify"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">(a)</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">Se
para</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">a
EMPENHANTE:</FONT></P>

<P STYLE="font: 10pt Verdana, Helvetica, Sans-Serif; margin: 0pt 0 0pt 7.1pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 9pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0 0pt 7.1pt; text-align: justify"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">Adecoagro
Vale</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">do
Ivinhema S.A.&nbsp;</FONT></P>

<P STYLE="font: 9pt Verdana, Helvetica, Sans-Serif; margin: 0pt 0 0pt 7.1pt; text-align: justify">Rua Iguatemi, n&ordm; 192, 12&ordm;
andar</P>

<P STYLE="font: 9pt Verdana, Helvetica, Sans-Serif; margin: 0pt 0 0pt 7.1pt; text-align: justify">CEP 01451-010 &ndash; S&atilde;o Paulo &ndash; SP</P>

<P STYLE="font: 9pt Verdana, Helvetica, Sans-Serif; margin: 0pt 0 0pt 7.1pt; text-align: justify">At.: Nicolas Schaeffter</P>

<P STYLE="font: 9pt Verdana, Helvetica, Sans-Serif; margin: 0pt 0 0pt 7.1pt; text-align: justify">Tel.: (55 11) 2678-5600&nbsp;</P>

<P STYLE="font: 9pt Verdana, Helvetica, Sans-Serif; margin: 0pt 0 0pt 7.1pt; text-align: justify">Fax: (55 11) 2678-5647&nbsp;</P>

<P STYLE="font: 9pt Verdana, Helvetica, Sans-Serif; margin: 0pt 0 0pt 7.1pt; text-align: justify">E-mail: financeiro_spo@adecoagro.com</P>

<P STYLE="font: 9pt Verdana, Helvetica, Sans-Serif; margin: 0pt 0 0pt 7.1pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0 0pt 7.1pt; text-align: justify"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">(b)</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">Se
para</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">o
CREDOR PIGNORAT&Iacute;CIO:</FONT></P>

<P STYLE="font: 10pt Verdana, Helvetica, Sans-Serif; margin: 0pt 0 0pt 7.1pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 9pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0 0pt 7.1pt; text-align: justify"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">ING
Bank</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">N.V.&nbsp;</FONT></P>

<P STYLE="font: 9pt Verdana, Helvetica, Sans-Serif; margin: 0pt 0 0pt 7.1pt; text-align: justify">Av. Pres. Juscelino Kubitschek,
n&ordm; 510 &ndash; 3&ordm; andar&nbsp;</P>

<P STYLE="font: 9pt Verdana, Helvetica, Sans-Serif; margin: 0pt 0 0pt 7.1pt; text-align: justify">S&atilde;o Paulo 04543-000&nbsp;</P>

<P STYLE="font: 9pt Verdana, Helvetica, Sans-Serif; margin: 0pt 0 0pt 7.1pt; text-align: justify">Tel.: +55-11-4504-6471/6282&nbsp;</P>

<P STYLE="font: 9pt Verdana, Helvetica, Sans-Serif; margin: 0pt 0 0pt 7.1pt; text-align: justify">Fax: +55-11-4504-6302&nbsp;</P>

<P STYLE="font: 9pt Verdana, Helvetica, Sans-Serif; margin: 0pt 0 0pt 7.1pt; text-align: justify">Attn: Alcides Santos/Katia Garcia&nbsp;</P>

<P STYLE="font: 9pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0 0pt 7.1pt; text-align: justify"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">e-mail:
<U>alcides.santos@americas.ing.com</U> / katia.garcia@americas.ing.com</FONT></P>

<P STYLE="font: 9pt Verdana, Helvetica, Sans-Serif; margin: 0pt 0 0pt 7.1pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0 0pt 7.1pt"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">(c)</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">Se
para</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">o
AGENTE DE GARANTIA:</FONT></P>

<P STYLE="font: 10pt Verdana, Helvetica, Sans-Serif; margin: 0pt 0 0pt 7.1pt">&nbsp;</P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0 0pt 7.1pt"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 10pt">I</FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 9pt">NG
Bank</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 9pt">N.V.,
filial S&atilde;o Paulo&nbsp;</FONT></P>

<P STYLE="font: 9pt Verdana, Helvetica, Sans-Serif; margin: 0pt 0 0pt 7.1pt">Av. Pres. Juscelino Kubitschek, n&ordm; 510 &ndash;
3&ordm; andar&nbsp;</P>

<P STYLE="font: 9pt Verdana, Helvetica, Sans-Serif; margin: 0pt 0 0pt 7.1pt">S&atilde;o Paulo 04543-000&nbsp;</P>

<P STYLE="font: 9pt Verdana, Helvetica, Sans-Serif; margin: 0pt 0 0pt 7.1pt">Tel.: +55-11-4504-6471/6282&nbsp;</P>

<P STYLE="font: 9pt Verdana, Helvetica, Sans-Serif; margin: 0pt 0 0pt 7.1pt">Fax: +55-11-4504-6302&nbsp;</P>

<P STYLE="font: 9pt Verdana, Helvetica, Sans-Serif; margin: 0pt 0 0pt 7.1pt">Attn: Alcides Santos/Katia Garcia&nbsp;</P>

<P STYLE="font: 9pt Verdana, Helvetica, Sans-Serif; margin: 0pt 0 0pt 7.1pt">e-mail: alcides.santos@americas.ing.co / katia.garcia@americas.ing.com</P>

<P STYLE="font: 9pt Verdana, Helvetica, Sans-Serif; margin: 0pt 0 0pt 7.1pt">&nbsp;</P>


<!-- Field: Page; Sequence: 143; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt">~ <!-- Field: Sequence; Type: Arabic; Name: PageNo -->142<!-- Field: /Sequence --> ~</P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt"><P STYLE="margin: 0pt"></P><TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 99%; border-collapse: collapse; margin-left: 7.1pt"><TR STYLE="vertical-align: top"><TD STYLE="width: 100%; border-bottom: Black 1pt solid; font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: -1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Export Prepayment Facility Agreement dated as of August 3, 2015 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: 0pt"></P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0 0pt 7.1pt; text-align: justify"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">(d)</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">Se
para</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">o
FIEL DEPOSIT&Aacute;RIO:</FONT></P>

<P STYLE="font: 10pt Verdana, Helvetica, Sans-Serif; margin: 0pt 0 0pt 7.1pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 9pt Verdana, Helvetica, Sans-Serif; margin: 0pt 0 0pt 7.1pt; text-align: justify">Rua Iguatemi, n&deg; 192, 12&ordm;
andar&nbsp;</P>

<P STYLE="font: 9pt Verdana, Helvetica, Sans-Serif; margin: 0pt 0 0pt 7.1pt; text-align: justify">S&atilde;o Paulo 01451-010&nbsp;</P>

<P STYLE="font: 9pt Verdana, Helvetica, Sans-Serif; margin: 0pt 0 0pt 7.1pt; text-align: justify">Tel.: (55 11) 2678-5600&nbsp;</P>

<P STYLE="font: 9pt Verdana, Helvetica, Sans-Serif; margin: 0pt 0 0pt 7.1pt; text-align: justify">Fax: (55 11) 2678-5647&nbsp;</P>

<P STYLE="font: 9pt Verdana, Helvetica, Sans-Serif; margin: 0pt 0 0pt 7.1pt">Attn: Leonardo Ra&uacute;l Berridi / Nicolas Schaeffter</P>

<P STYLE="font: 9pt Verdana, Helvetica, Sans-Serif; margin: 0pt 0 0pt 7.1pt">e-mail: financeiro_spo@adecoagro.com</P>

<P STYLE="font: 9pt Verdana, Helvetica, Sans-Serif; margin: 0pt 0 0pt 7.1pt">&nbsp;</P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0 0pt 7.1pt; text-align: justify"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">10.2.</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">Todo
e qualquer aviso, instru&ccedil;&atilde;o e comunica&ccedil;&atilde;o aqui descrito ser&aacute; considerado v&aacute;lido e entregue
na data do respectivo recebimento, conforme comprovado pelo protocolo assinado pelo destinat&aacute;rio ou, em caso de transmiss&atilde;o
de e-mail ou correspond&ecirc;ncia, pelo aviso de recebimento.</FONT></P>

<P STYLE="font: 10pt Verdana, Helvetica, Sans-Serif; margin: 0pt 0 0pt 7.1pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0 0pt 7.1pt; text-align: justify"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">XI.</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif">   </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">REGISTRO
DESTE</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">INSTRUMENTO
E ADITIVOS</FONT></P>

<P STYLE="font: 10pt Verdana, Helvetica, Sans-Serif; margin: 0pt 0 0pt 7.1pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0 0pt 7.1pt; text-align: justify"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">11.1.</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT>
<FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">Sujeito &agrave;s demais disposi&ccedil;&otilde;es deste Instrumento,
a EMPENHANTE registrar&aacute;, &agrave;s suas expensas, o presente Instrumento e qualquer de suas altera&ccedil;&otilde;es nos
Registros de</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">Im&oacute;veis</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">com</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">jurisdi&ccedil;&atilde;o</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">sobre</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">os</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">locais</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">onde</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">os</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">BENS</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT>
<FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">EMPENHADOS</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">forem
cultivados e/ou armazenados, no prazo de 40 (quarenta) dias corridos a partir de sua celebra&ccedil;&atilde;o ou da respectiva
altera&ccedil;&atilde;o, sendo que o protocolo de referido documento perante os cart&oacute;rios competentes dever&aacute; ser
realizado pela EMPENHANTE em at&eacute; 5 (cinco) dias &uacute;teis a contar da assinatura do referido instrumento.</FONT></P>

<P STYLE="font: 10pt Verdana, Helvetica, Sans-Serif; margin: 0pt 0 0pt 7.1pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0 0pt 7.1pt; text-align: justify"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">11.2.</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">A
EMPENHANTE obriga-se, ainda, a encaminhar uma via original do presente Instrumento, devidamente registrado nos cart&oacute;rios
competentes, para o AGENTE DE GARANTIA, no prazo de 5 (cinco) dias a contar da data do &uacute;ltimo registro.</FONT></P>

<P STYLE="font: 10pt Verdana, Helvetica, Sans-Serif; margin: 0pt 0 0pt 7.1pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0 0pt 7.1pt; text-align: justify"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">11.3.</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT>
<FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">Da</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">mesma</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">forma,</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">a</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">EMPENHANTE</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">obriga-se</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">a</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">levar</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">a</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">efeito</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">e</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">registrar
eventuais</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif">  </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">aditamentos</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT>
<FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">ao</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif">
</FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">presente</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT>
<FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">Instrumento,</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif">
</FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">nos</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT>
<FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">cart&oacute;rios</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif">
</FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">competentes</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT>
<FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">e</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif">
</FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">&agrave; margem do registro do presente Instrumento, no prazo
de 40 (quarenta) dias corridos a contar da assinatura do instrumento em quest&atilde;o, sendo que o protocolo de referido documento
perante os cart&oacute;rios competentes dever&aacute; ser realizado pela EMPENHANTE em at&eacute; 5 (cinco) dias &uacute;teis a
contar da assinatura do referido instrumento, devendo encaminhar uma via original do instrumento registrado ao AGENTE DE</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">GARANTIA,
no prazo de 5 (cinco) dias &uacute;teis a contar da data do &uacute;ltimo registro.</FONT></P>


<!-- Field: Page; Sequence: 144; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt">~ <!-- Field: Sequence; Type: Arabic; Name: PageNo -->143<!-- Field: /Sequence --> ~</P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt"><P STYLE="margin: 0pt"></P><TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 99%; border-collapse: collapse; margin-left: 7.1pt"><TR STYLE="vertical-align: top"><TD STYLE="width: 100%; border-bottom: Black 1pt solid; font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: -1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Export Prepayment Facility Agreement dated as of August 3, 2015 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: 0pt"></P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0 0pt 7.1pt; text-align: justify"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">XII.</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif">  </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">DESPESAS</FONT></P>

<P STYLE="font: 10pt Verdana, Helvetica, Sans-Serif; margin: 0pt 0 0pt 7.1pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0 0pt 7.1pt; text-align: justify"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">12.1.</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">Todas
as despesas diretas incorridas pelo CREDOR PIGNORAT&Iacute;CIO ou pelo AGENTE</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">DE</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT>
<FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">GARANTIA</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">nos</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT>
<FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">termos</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">do</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT>
<FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">presente</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">Instrumento,</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">inclusive</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">com</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT>
<FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">a excuss&atilde;o</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">da</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">presente</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">garantia</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">ou</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">com</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">a</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT>
<FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">prote&ccedil;&atilde;o,</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">registro</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">ou</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">regulariza&ccedil;&atilde;o</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">do
presente Instrumento ou dos BENS EMPENHADOS, que sejam devidamente comprovadas,</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">ser&atilde;o</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">de</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">total</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">e</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">exclusiva</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">responsabilidade</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">da</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">EMPENHANTE,</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">que
neste</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">ato</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">compromete-se</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">a</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">reembolsar</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">todos</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">os</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">valores</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">razoavelmente</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">e
eventualmente desembolsados pelo CREDOR PIGNORAT&Iacute;CIO ou pelo AGENTE DE GARANTIA.</FONT></P>

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<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0 0pt 7.1pt; text-align: justify"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">XIII.</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">PRAZO</FONT></P>

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<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0 0pt 7.1pt; text-align: justify"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">13.1.</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT>
<FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">O</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT>
<FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">presente</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT>
<FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">Instrumento</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT>
<FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">&eacute;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT>
<FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">celebrado</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT>
<FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">de</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT>
<FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">modo</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT>
<FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">irrevog&aacute;vel</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT>
<FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">e</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT>
<FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">irretrat&aacute;vel, obrigando as PARTES e seus sucessores a qualquer
t&iacute;tulo, permanecendo em vigor at&eacute; o cumprimento integral das OBRIGA&Ccedil;&Otilde;ES GARANTIDAS.</FONT></P>

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<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0 0pt 7.1pt; text-align: justify"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">13.2.</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT>
<FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">Ap&oacute;s</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT>
<FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">a</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT>
<FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">quita&ccedil;&atilde;o</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT>
<FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">integral</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT>
<FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">das</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT>
<FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">OBRIGA&Ccedil;&Otilde;ES</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT>
<FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">GARANTIDAS,</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT>
<FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">as</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT>
<FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">PARTES tomar&atilde;o todas as medidas e firmar&atilde;o todos os documentos
necess&aacute;rios para libera&ccedil;&atilde;o dos BENS</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">EMPENHADOS
de qualquer gravame que ainda esteja em vigor de acordo com o aqui disposto. Neste caso CREDOR PIGNORAT&Iacute;CIO</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">dever&aacute;,
em at&eacute; 10 (dez) dias corridos a contar do recebimento de solicita&ccedil;&atilde;o enviada pela EMPENHANTE nesse sentido,
emitir o respectivo termo de quita&ccedil;&atilde;o e libera&ccedil;&atilde;o de garantia.</FONT></P>

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<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0 0pt 7.1pt; text-align: justify"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">XIV.</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif">  </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">DEFINI&Ccedil;&Otilde;ES</FONT></P>

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<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0 0pt 7.1pt; text-align: justify"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">14.1.</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">Termos
iniciados em letra mai&uacute;scula, que n&atilde;o s&atilde;o aqui definidos, ter&atilde;o os significados a eles atribu&iacute;dos
pelo Contrato de Pr&eacute;-pagamento de Exporta&ccedil;&atilde;o. O Contrato</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">de</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">Pr&eacute;-pagamento
de</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">Exporta&ccedil;&atilde;o,
o</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">presente
Instrumento, a</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">Escritura
de Hipoteca, o Assignment and Security Agreement e a Nota Promiss&oacute;ria (conforme definidos no Contrato de Pr&eacute;-pagamento
de Exporta&ccedil;&atilde;o) s&atilde;o, em conjunto, designados de &ldquo;Documentos da Opera&ccedil;&atilde;o&rdquo;.</FONT></P>

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<!-- Field: Page; Sequence: 145; Value: 2 -->
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    <DIV STYLE="page-break-before: always; margin-top: 6pt"><P STYLE="margin: 0pt"></P><TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 99%; border-collapse: collapse; margin-left: 7.1pt"><TR STYLE="vertical-align: top"><TD STYLE="width: 100%; border-bottom: Black 1pt solid; font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: -1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Export Prepayment Facility Agreement dated as of August 3, 2015 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: 0pt"></P></DIV>
    <!-- Field: /Page -->

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<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0 0pt 7.1pt; text-align: justify"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">XV.</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">RESPONSABILIDADE</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif">  </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">S&Oacute;CIO</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif">  </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">AMBIENTAL,</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif">  </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">TRABALHISTA</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif">  </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">E
PREVIDENCI&Aacute;RIA</FONT></P>

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<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0 0pt 7.1pt; text-align: justify"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">15.1.</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">Independentemente
de culpa, a EMPENHANTE ressarcir&aacute; os CREDORES e o AGENTE DE GARANTIA de qualquer quantia que estes sejam compelidos a pagar
por conta de dano socioambiental, trabalhista ou previdenci&aacute;rio que, de qualquer forma, esteja</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">diretamente</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">relacionado</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">a</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">este</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">Instrumento,</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">assim</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">como</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">indenizar&aacute;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">os
CREDORES e o AGENTE DE</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">GARANTIA
por qualquer perda ou dano direto que o os CREDORES e o AGENTE DE</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">GARANTIA
venham a experimentar em decorr&ecirc;ncia de dano socioambiental, trabalhista ou previdenci&aacute;rio.</FONT></P>

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<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0 0pt 7.1pt; text-align: justify"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">15.2.</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT>
<FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">A EMPENHANTE declara, ainda, que todas as suas atividades s&atilde;o
conduzidas de</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif">  </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">acordo</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif">
</FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">com</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT>
<FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">a</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT>
<FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">Legisla&ccedil;&atilde;o</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif">
</FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">Ambiental</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT>
<FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">e</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif">
</FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">Trabalhista-Previdenci&aacute;ria</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT>
<FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">brasileira</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT>
<FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">em vig&ecirc;ncia atualmente e que, portanto, obteve todas as licen&ccedil;as,
autoriza&ccedil;&otilde;es e outorgas necess&aacute;rias ao regular desempenho de suas atividades.</FONT></P>

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<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0 0pt 7.1pt; text-align: justify"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">XVI.</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT>
<FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">LEI DE REG&Ecirc;NCIA</FONT></P>

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<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0 0pt 7.1pt; text-align: justify"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">16.1.</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT>
<FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">O</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">presente</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">Instrumento
ser&aacute;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">regido</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">e</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">interpretado
de</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">acordo</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">com</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">as</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">leis</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">do
Brasil,</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">especialmente</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">com</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">os</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">artigos</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">461,</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">466-B</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">e</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">632</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">do</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">C&oacute;digo</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">de</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">Processo</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">Civil,
sendo</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">permitida</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">a</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">tutela</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">espec&iacute;fica</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">das</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">obriga&ccedil;&otilde;es</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">de</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">fazer</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">e</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">de</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">n&atilde;o</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">fazer</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">aqui
pactuadas.</FONT></P>

<P STYLE="font: 10pt Verdana, Helvetica, Sans-Serif; margin: 0pt 0 0pt 7.1pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0 0pt 7.1pt; text-align: justify"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">16.2.</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT>
<FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">Para que produza os devidos efeitos legais, o presente Instrumento, assinado
por duas testemunhas, constitui t&iacute;tulo executivo extrajudicial que poder&aacute; ser objeto de processo de execu&ccedil;&atilde;o
nos termos do artigo 585, inciso II do C&oacute;digo de Processo Civil.</FONT></P>

<P STYLE="font: 10pt Verdana, Helvetica, Sans-Serif; margin: 0pt 0 0pt 7.1pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0 0pt 7.1pt; text-align: justify"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">XVII.</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif">       </FONT>
<FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">SOLU&Ccedil;&Atilde;O DE CONTROV&Eacute;RSIAS</FONT></P>

<P STYLE="font: 10pt Verdana, Helvetica, Sans-Serif; margin: 0pt 0 0pt 7.1pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0 0pt 7.1pt; text-align: justify"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">17.1.</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">Quaisquer
disputas ou controv&eacute;rsias oriundas do presente Instrumento ser&atilde;o dirimidas pelo foro central da Cidade de S&atilde;o
Paulo, Estado de S&atilde;o Paulo, que tamb&eacute;m ser&aacute; o foro competente para fazer valer as obriga&ccedil;&otilde;es
aqui estabelecidas.</FONT></P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0 0pt 7.1pt; text-align: justify">&nbsp;</P>


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    <DIV STYLE="page-break-before: always; margin-top: 6pt"><P STYLE="margin: 0pt"></P><TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 99%; border-collapse: collapse; margin-left: 7.1pt"><TR STYLE="vertical-align: top"><TD STYLE="width: 100%; border-bottom: Black 1pt solid; font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: -1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Export Prepayment Facility Agreement dated as of August 3, 2015 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: 0pt"></P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Verdana, Helvetica, Sans-Serif; margin: 0pt 0 0pt 7.1pt; text-align: justify">E por estarem assim justas e
contratadas, as PARTES firmam o presente Instrumento em 3 (tr&ecirc;s) vias de igual teor e forma, na presen&ccedil;a das 2 (duas)
testemunhas abaixo assinadas:</P>

<P STYLE="font: 10pt Verdana, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Verdana, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center">S&atilde;o Paulo, [ ] de [ ] de 2015.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>


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    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt">~ <!-- Field: Sequence; Type: Arabic; Name: PageNo -->146<!-- Field: /Sequence --> ~</P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt"><P STYLE="margin: 0pt"></P><TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 99%; border-collapse: collapse; margin-left: 7.1pt"><TR STYLE="vertical-align: top"><TD STYLE="width: 100%; border-bottom: Black 1pt solid; font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: -1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Export Prepayment Facility Agreement dated as of August 3, 2015 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: 0pt"></P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Verdana, Helvetica, Sans-Serif; margin: 0pt 0 0pt 7.1pt">(p&aacute;gina de assinaturas do Instrumento Particular
de Penhor Agr&iacute;cola e Mercantil de Cana-de-A&ccedil;&uacute;car, por e entre Adecoagro Vale do Ivinhema S.A., ING Bank N.V.,
ING Bank N.V. &ndash; Filial S&atilde;o Paulo e Leonardo Ra&uacute;l Berridi, celebrado em [ ] de [ ] de 2015)</P>

<P STYLE="font: 10pt Verdana, Helvetica, Sans-Serif; margin: 0pt 0 0pt 7.1pt">&nbsp;</P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0 0pt 7.1pt"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">ADECOAGRO
VALE</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">DO
IVINHEMA S.A.</FONT></P>

<P STYLE="font: 10pt Verdana, Helvetica, Sans-Serif; margin: 0pt 0 0pt 7.1pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; width: 90%; border-collapse: collapse; margin-left: 7.1pt">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 45%; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="width: 10%">&nbsp;</TD>
    <TD STYLE="width: 45%; border-bottom: Black 1pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 10pt">Nome:</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 10pt">Nome:</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 10pt">Cargo:</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 10pt">Cargo:</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Verdana, Helvetica, Sans-Serif; margin: 0pt 0 0pt 7.1pt">&nbsp;</P>

<P STYLE="font: 10pt Verdana, Helvetica, Sans-Serif; margin: 0pt 0 0pt 7.1pt">ING BANK N.V.</P>

<P STYLE="font: 10pt Verdana, Helvetica, Sans-Serif; margin: 0pt 0 0pt 7.1pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; width: 90%; border-collapse: collapse; margin-left: 7.1pt">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 45%; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="width: 10%">&nbsp;</TD>
    <TD STYLE="width: 45%; border-bottom: Black 1pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 10pt">Nome:</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 10pt">Nome:</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 10pt">Cargo:</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 10pt">Cargo:</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Verdana, Helvetica, Sans-Serif; margin: 0pt 0 0pt 7.1pt">&nbsp;</P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0 0pt 7.1pt"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">ING
BANK N.V., filial S&atilde;o</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">Paulo</FONT></P>

<P STYLE="font: 10pt Verdana, Helvetica, Sans-Serif; margin: 0pt 0 0pt 7.1pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; width: 90%; border-collapse: collapse; margin-left: 7.1pt">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 45%; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="width: 10%">&nbsp;</TD>
    <TD STYLE="width: 45%; border-bottom: Black 1pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 10pt">Nome:</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 10pt">Nome:</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 10pt">Cargo:</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 10pt">Cargo:</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Verdana, Helvetica, Sans-Serif; margin: 0pt 0 0pt 7.1pt">&nbsp;</P>

<P STYLE="font: 10pt Verdana, Helvetica, Sans-Serif; margin: 0pt 0 0pt 7.1pt">LEONARDO RA&Uacute;L BERRIDI</P>

<P STYLE="font: 10pt Verdana, Helvetica, Sans-Serif; margin: 0pt 0 0pt 7.1pt">&nbsp;</P>

<P STYLE="font: 10pt Verdana, Helvetica, Sans-Serif; margin: 0pt 0 0pt 7.1pt">Testemunhas:</P>

<P STYLE="font: 10pt Verdana, Helvetica, Sans-Serif; margin: 0pt 0 0pt 7.1pt">&nbsp;&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; width: 90%; border-collapse: collapse; margin-left: 7.1pt">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 6%"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 10pt">1.-</FONT></TD>
    <TD STYLE="width: 37%; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="width: 15%">&nbsp;</TD>
    <TD STYLE="width: 6%"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 10pt">2.-</FONT></TD>
    <TD STYLE="width: 36%; border-bottom: Black 1pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 10pt">Nome</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 10pt">:</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 10pt">Nome:</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 10pt">RG:</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 10pt">RG:</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


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    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt">~ <!-- Field: Sequence; Type: Arabic; Name: PageNo -->147<!-- Field: /Sequence --> ~</P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt"><P STYLE="margin: 0pt"></P><TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 99%; border-collapse: collapse; margin-left: 7.1pt"><TR STYLE="vertical-align: top"><TD STYLE="width: 100%; border-bottom: Black 1pt solid; font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: -1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Export Prepayment Facility Agreement dated as of August 3, 2015 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: 0pt"></P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Verdana, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center">ANEXO I</P>

<P STYLE="font: 10pt Verdana, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">RELA&Ccedil;&Atilde;O
DOS BENS</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">EMPENHADOS</FONT></P>

<P STYLE="font: 10pt Verdana, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0 0pt 16.1pt"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">EMPENHANTE:
Adecoagro Vale</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">do
Ivinhema S.A. sociedade an&ocirc;nima 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.</FONT></P>

<P STYLE="font: 10pt Verdana, Helvetica, Sans-Serif; margin: 0pt 0 0pt 16.1pt">&nbsp;</P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0 0pt 16.1pt"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">1.</FONT>
<FONT STYLE="font-family: Times New Roman, Times, Serif">   &nbsp;</FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">Descri&ccedil;&atilde;o
dos BENS</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">EMPENHADOS:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 11pt Calibri, Helvetica, Sans-Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top; background-color: #E5E5E5">
    <TD STYLE="width: 77%; border-top: black 1.5pt solid; border-left: black 1pt solid; border-bottom: black 1.5pt solid; border-right: black 1pt solid">
        <P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>
        <P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>
        <P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.45pt"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">Descri&ccedil;&atilde;o
        dos</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">bens</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">(&ldquo;Lavouras&rdquo;)</FONT></P></TD>
    <TD STYLE="width: 23%; border-top: #E5E5E5 1pt solid; border-right: black 1pt solid; border-bottom: black 1.5pt solid; padding-left: 2.5pt"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 10pt">Quantidade<BR>
estimada de cana-<BR>
de-a&ccedil;&uacute;car</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid">
        <P STYLE="font: 10pt Verdana, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.45pt">a totalidade da lavoura pendente de cana-de-a&ccedil;&uacute;car
        da safra de [ ],</P>
        <P STYLE="font: 6pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>
        <P STYLE="font: 10pt Verdana, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.45pt">bem como suas respectivas ra&iacute;zes e subprodutos
        decorrentes do beneficiamento da cana-de-a&ccedil;&uacute;car em quest&atilde;o</P></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-left: 2.5pt">
        <P STYLE="font: 8pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>
        <P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>
        <P STYLE="font: 10pt Verdana, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.3pt">[ ]toneladas</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 0.45pt"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 10pt">a totalidade da lavoura pendente de cana-de-a&ccedil;&uacute;car da safra de [ ], bem como suas respectivas ra&iacute;zes e subprodutos decorrentes do beneficiamento da cana-de-a&ccedil;&uacute;car em quest&atilde;o</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-left: 2.5pt">
        <P STYLE="font: 9pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>
        <P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>
        <P STYLE="font: 10pt Verdana, Helvetica, Sans-Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt">[ ]toneladas</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 0.45pt"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 10pt">a totalidade da lavoura pendente de cana-de-a&ccedil;&uacute;car da safra de [ ], bem como suas respectivas ra&iacute;zes e subprodutos decorrentes do beneficiamento da cana-de-a&ccedil;&uacute;car em quest&atilde;o</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-left: 2.5pt">
        <P STYLE="font: 8.5pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>
        <P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>
        <P STYLE="font: 10pt Verdana, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.3pt">[ ]toneladas</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 0.45pt"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 10pt">a totalidade da lavoura pendente de cana-de-a&ccedil;&uacute;car da safra de [ ], bem como suas respectivas ra&iacute;zes e subprodutos decorrentes do beneficiamento da cana-de-a&ccedil;&uacute;car em quest&atilde;o</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-left: 2.5pt">
        <P STYLE="font: 8.5pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>
        <P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>
        <P STYLE="font: 10pt Verdana, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.3pt">[ ]toneladas</P></TD></TR>
</TABLE>



<P STYLE="font: 9pt Sans-Serif; margin: 0pt 0; color: Red">&nbsp;</P>

<P STYLE="font: 9pt Sans-Serif; margin: 0pt 0; color: Red"></P>

<!-- Field: Page; Sequence: 149; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt">~ <!-- Field: Sequence; Type: Arabic; Name: PageNo -->148<!-- Field: /Sequence --> ~</P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt"><P STYLE="margin: 0pt"></P><TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 99%; border-collapse: collapse; margin-left: 7.1pt"><TR STYLE="vertical-align: top"><TD STYLE="width: 100%; border-bottom: Black 1pt solid; font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: -1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Export Prepayment Facility Agreement dated as of August 3, 2015 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: 0pt"></P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 9pt Sans-Serif; margin: 0pt 0; color: Red">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 11pt Calibri, Helvetica, Sans-Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 7%; border: black 1pt solid">&nbsp;</TD>
    <TD STYLE="width: 19%; border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #BFBFBF; text-align: center"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 10pt">Fazenda/Im&oacute;vel<BR>
onde</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 10pt">a Lavoura<BR>
encontra-ser&aacute;<BR>
plantada</FONT></TD>
    <TD STYLE="width: 25%; border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: silver">
        <P STYLE="font: 9pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>
        <P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>
        <P STYLE="font: 10pt Verdana, Helvetica, Sans-Serif; margin: 0pt 0 0pt 27.8pt">Matr&iacute;culas</P></TD>
    <TD STYLE="width: 14%; border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: silver">
        <P STYLE="font: 9pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>
        <P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>
        <P STYLE="font: 10pt Verdana, Helvetica, Sans-Serif; margin: 0pt 0 0pt 23.1pt">CRI</P></TD>
    <TD STYLE="width: 16%; border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: silver">
        <P STYLE="font: 13pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>
        <P STYLE="font: 10pt Verdana, Helvetica, Sans-Serif; margin: 0pt 0 0pt 5.6pt; text-align: center">Contrato de</P>
        <P STYLE="font: 10pt Verdana, Helvetica, Sans-Serif; margin: 0pt 0 0pt 15.35pt; text-align: center">Parceria</P></TD>
    <TD STYLE="width: 19%; border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: silver">
        <P STYLE="font: 7pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>
        <P STYLE="font: 10pt Verdana, Helvetica, Sans-Serif; margin: 0pt 0 0pt 9.45pt; text-align: center">&Aacute;reas<BR>
Empenhadas<BR>
(h&aacute;)</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: center; vertical-align: middle; padding-top: 12pt; padding-bottom: 12pt">
        <P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"></P>
        <P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;1.</P></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center; padding-top: 12pt; padding-bottom: 12pt; vertical-align: middle">
        <P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin-top: 0pt; text-align: right; margin-bottom: 0pt"></P>
        <P STYLE="font: 10pt Verdana, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">[ ]</P></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center; padding-top: 12pt; padding-bottom: 12pt; vertical-align: middle">
        <P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin-top: 0pt; text-align: right; margin-bottom: 0pt"></P>
        <P STYLE="font: 10pt Verdana, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">[ ]</P></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center; padding-top: 12pt; padding-bottom: 12pt; vertical-align: middle">
        <P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin-top: 0pt; text-align: right; margin-bottom: 0pt"></P>
        <P STYLE="font: 10pt Verdana, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">[ ]</P></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center; padding-top: 12pt; padding-bottom: 12pt; vertical-align: middle">
        <P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin-top: 0pt; text-align: right; margin-bottom: 0pt"></P>
        <P STYLE="font: 10pt Verdana, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">[ ]</P></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center; padding-top: 12pt; padding-bottom: 12pt; vertical-align: middle">
        <P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin-top: 0pt; text-align: right; margin-bottom: 0pt"></P>
        <P STYLE="font: 10pt Verdana, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">[ ]</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="4" STYLE="border-right: black 1pt solid; padding-top: 12pt; padding-bottom: 12pt"><FONT STYLE="font-size: 11pt">&nbsp;</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #D8D8D8; text-align: center; vertical-align: middle; padding-top: 12pt; padding-bottom: 12pt"><P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 11pt">&nbsp;TOTAL</FONT></P></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #D8D8D8; padding-top: 12pt; padding-bottom: 12pt"><P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt"><FONT STYLE="font-size: 11pt">&nbsp;<FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">[
        ]</FONT></FONT></P></TD></TR>
</TABLE>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Page; Sequence: 150; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt">~ <!-- Field: Sequence; Type: Arabic; Name: PageNo -->149<!-- Field: /Sequence --> ~</P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt"><P STYLE="margin: 0pt"></P><TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 99%; border-collapse: collapse; margin-left: 7.1pt"><TR STYLE="vertical-align: top"><TD STYLE="width: 100%; border-bottom: Black 1pt solid; font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: -1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Export Prepayment Facility Agreement dated as of August 3, 2015 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: 0pt"></P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Verdana, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">ANEXO II</P>

<P STYLE="font: 10pt Verdana, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">DESCRI&Ccedil;&Atilde;O
DAS</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">UNIDADES
INDUSTRIAIS ONDE</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">FICAR&Aacute;
ARMAZENADO</FONT></P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">O A&Ccedil;&Uacute;CAR E/OU ETANOL</FONT></P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"></P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif"></FONT></P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif"></FONT></P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif"></FONT></P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif"></FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse">
<TR>
    <TD STYLE="vertical-align: top; width: 34%; border: black 1pt solid; font: normal 11pt/115% Arial, Helvetica, Sans-Serif; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt; font-weight: normal; font-style: normal">Localiza&ccedil;&atilde;o
    das<BR>
    Unidades Industriais</FONT></TD>
    <TD STYLE="vertical-align: top; width: 33%; border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; font: normal 11pt Arial, Helvetica, Sans-Serif"><P STYLE="font: normal 11pt/normal Arial, Helvetica, Sans-Serif; margin: 0; text-align: center; text-indent: 0.5in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt; font-weight: normal; font-style: normal">&nbsp;</FONT></P>
        <P STYLE="font: normal 11pt/normal Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt; font-weight: normal; font-style: normal">Bem
        Empenhado</FONT></P></TD>
    <TD STYLE="width: 33%; border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; font: normal 11pt/115% Arial, Helvetica, Sans-Serif; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt; font-weight: normal; font-style: normal">Quantidade
    do Bem<BR>
    Empenhado</FONT></TD></TR>
<TR STYLE="font: normal 11pt Arial, Helvetica, Sans-Serif">
    <TD ROWSPAN="2" STYLE="vertical-align: top; border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; font: normal 11pt Arial, Helvetica, Sans-Serif"><P STYLE="font: normal 11pt/normal Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt; font-weight: normal; font-style: normal">[Adecoagro
                                         Vale do&nbsp;</FONT></P>
        <P STYLE="font: normal 11pt/normal Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt; font-weight: normal; font-style: normal">Ivinhema
        S.A., Unidade Ang&eacute;lica, localizada 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;</FONT></P>
        <P STYLE="font: normal 11pt/normal Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt; font-weight: normal; font-style: normal">07.903.169/0001-09]</FONT></P></TD>
    <TD STYLE="border-bottom: black 1pt solid; font: normal 11pt/115% Arial, Helvetica, Sans-Serif; border-right: black 1pt solid; text-align: center; vertical-align: middle"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt; font-weight: normal; font-style: normal">A&ccedil;&uacute;car
    [VHP/Cristal]</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; font: normal 11pt Arial, Helvetica, Sans-Serif; border-right: black 1pt solid; text-align: center; vertical-align: middle"><P STYLE="font: normal 11pt/normal Arial, Helvetica, Sans-Serif; margin: 0; text-indent: 0.5in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt; font-weight: normal; font-style: normal">&nbsp;</FONT></P>
        <P STYLE="font: normal 11pt/normal Arial, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt; font-weight: normal; font-style: normal">[
        ]</FONT></P></TD></TR>
<TR STYLE="font: normal 11pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="vertical-align: middle; border-bottom: black 1pt solid; font: normal 11pt/115% Arial, Helvetica, Sans-Serif; border-right: black 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt; font-weight: normal; font-style: normal">Etanol<BR>
    [Anidro/Hidratado]</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; font: normal 11pt Arial, Helvetica, Sans-Serif; border-right: black 1pt solid; text-align: center; vertical-align: middle"><P STYLE="font: normal 11pt/normal Arial, Helvetica, Sans-Serif; margin: 0; text-indent: 0.5in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt; font-weight: normal; font-style: normal">&nbsp;</FONT></P>
        <P STYLE="font: normal 11pt/normal Arial, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt; font-weight: normal; font-style: normal">[
        ]</FONT></P></TD></TR>
<TR STYLE="font: normal 11pt Arial, Helvetica, Sans-Serif">
    <TD ROWSPAN="2" STYLE="vertical-align: top; border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; font: normal 11pt Arial, Helvetica, Sans-Serif"><P STYLE="font: normal 11pt/normal Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt; font-weight: normal; font-style: normal">[Adecoagro
                                         Vale do</FONT></P>
        <P STYLE="font: normal 11pt/normal Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt; font-weight: normal; font-style: normal">Ivinhema
        S.A., Unidade Ivinhema, localizada na cidade de Ivinhema, Estado de Mato Grosso do Sul, na Rodovia 141,</FONT></P>
        <P STYLE="font: normal 11pt/normal Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt; font-weight: normal; font-style: normal">KM
        10, Fazenda Carmen, s/n, Zona Rural, inscrita no CNPJ/MF sob n&ordm;</FONT></P>
        <P STYLE="font: normal 11pt/normal Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt; font-weight: normal; font-style: normal">07.903.169/0017-68]</FONT></P></TD>
    <TD STYLE="vertical-align: middle; border-bottom: black 1pt solid; font: normal 11pt/115% Arial, Helvetica, Sans-Serif; border-right: black 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt; font-weight: normal; font-style: normal">A&ccedil;&uacute;car
    [VHP/Cristal]</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; font: normal 11pt Arial, Helvetica, Sans-Serif; border-right: black 1pt solid; text-align: center; vertical-align: middle">[&nbsp;]<P STYLE="font: normal 11pt/normal Arial, Helvetica, Sans-Serif; margin: 0; text-indent: 0.5in"></P>
        <P STYLE="font: normal 11pt/normal Arial, Helvetica, Sans-Serif; margin: 0; text-indent: 0.5in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt; font-weight: normal; font-style: normal">&nbsp;</FONT></P></TD></TR>
<TR STYLE="font: normal 11pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="vertical-align: middle; border-bottom: black 1pt solid; font: normal 11pt/115% Arial, Helvetica, Sans-Serif; border-right: black 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt; font-weight: normal; font-style: normal">Etanol<BR>
    [Anidro/Hidratado]</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; font: normal 11pt/115% Arial, Helvetica, Sans-Serif; border-right: black 1pt solid; text-align: center; vertical-align: middle"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt; font-weight: normal; font-style: normal">[
    ]</FONT></TD></TR>
</TABLE>




<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt">&nbsp;</P>

<!-- Field: Page; Sequence: 151; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt">~ <!-- Field: Sequence; Type: Arabic; Name: PageNo -->150<!-- Field: /Sequence --> ~</P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt"><P STYLE="margin: 0pt"></P><TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 99%; border-collapse: collapse; margin-left: 7.1pt"><TR STYLE="vertical-align: top"><TD STYLE="width: 100%; border-bottom: Black 1pt solid; font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: -1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Export Prepayment Facility Agreement dated as of August 3, 2015 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: 0pt"></P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Verdana, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">ANEXO III</P>

<P STYLE="font: 10pt Verdana, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Verdana, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">MODELO DE INSTRUMENTO DE ADITAMENTO
AO INSTRUMENTO PARTICULAR DE PENHOR AGR&Iacute;COLA E MERCANTIL DE CANA-DE-A&Ccedil;&Uacute;CAR</P>

<P STYLE="font: 10pt Verdana, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Verdana, Helvetica, Sans-Serif; margin: 0pt 0 0pt 7.1pt; text-align: justify">Pelo presente instrumento:</P>

<P STYLE="font: 10pt Verdana, Helvetica, Sans-Serif; margin: 0pt 0 0pt 7.1pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0 0pt 7.1pt; text-align: justify"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">ADECOAGRO
VALE</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">DO</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">IVINHEMA
S.A.,</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">sociedade
an&ocirc;nima 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, doravante denominada &ldquo;EMPENHANTE&rdquo;; e</FONT></P>

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<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0 0pt 7.1pt; text-align: justify"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">ING
BANK N.V.,</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">institui&ccedil;&atilde;o
financeira constitu&iacute;da de acordo com as leis da Holanda, com sede na cidade de Amsterd&atilde;, em Bijlmerplein 888 (ING
House), 1102 MG, neste ato</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">representada</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">nos</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">termos</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">de</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">seus</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">documentos</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">constitutivos,</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">doravante
denominado &ldquo;CREDOR PIGNORAT&Iacute;CIO&rdquo;, e, em conjunto com a EMPENHANTE, as &ldquo;PARTES&rdquo;;</FONT></P>

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<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0 0pt 7.1pt; text-align: justify"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">ING</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT>
<FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">BANK</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT>
<FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">N.V.,</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif">  </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">FILIAL</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT>
<FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">DE</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT>
<FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">S&Atilde;O</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif">  </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">PAULO,</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT>
<FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">institui&ccedil;&atilde;o</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT>
<FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">financeira</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT>
<FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">devidamente organizada e constitu&iacute;da segundo as leis da Holanda,
neste ato representado por sua filial localizada em S&atilde;o Paulo, a qual &eacute; devidamente organizada e constitu&iacute;da
segundo as leis da Rep&uacute;blica Federativa do Brasil e com endere&ccedil;o localizado na Av. Presidente Juscelino Kubitschek,
510, 3&ordm; andar, na Cidade de S&atilde;o Paulo, Estado de S&atilde;o Paulo, CNPJ/MF n&ordm; 49.336.860/0001-90, na qualidade
de credor fiduci&aacute;rio e agente administrativo e de garantia local, atuando em benef&iacute;cio dos CREDORES, conforme abaixo
definidos (&ldquo;AGENTE DE GARANTIA&rdquo;); e</FONT></P>

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<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0 0pt 7.1pt; text-align: justify"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">LEONARDO
RA&Uacute;L BERRIDI, brasileiro, casado, engenheiro, residente e domiciliado na Cidade de S&atilde;o Paulo, Estado de S&atilde;o
Paulo, com escrit&oacute;rio na Rua Iguatemi, n&deg; 192, 12&ordm; andar, Itaim Bibi, CEP 01451-010, portador da C&eacute;dula
de Identidade n&ordm;</FONT> 58.831.136-4 e inscrito no CPF sob n&ordm;. 231.115.108-83, doravante denominado &ldquo;FIEL DEPOSIT&Aacute;RIO&rdquo;.</P>

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<!-- Field: Page; Sequence: 152; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt">~ <!-- Field: Sequence; Type: Arabic; Name: PageNo -->151<!-- Field: /Sequence --> ~</P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt"><P STYLE="margin: 0pt"></P><TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 99%; border-collapse: collapse; margin-left: 7.1pt"><TR STYLE="vertical-align: top"><TD STYLE="width: 100%; border-bottom: Black 1pt solid; font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: -1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Export Prepayment Facility Agreement dated as of August 3, 2015 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: 0pt"></P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Verdana, Helvetica, Sans-Serif; margin: 0pt 0 0pt 7.1pt; text-align: justify">CONSIDERANDO QUE:</P>

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<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0 0pt 7.1pt; text-align: justify"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">(1)
em garantia das obriga&ccedil;&otilde;es principais e acess&oacute;rias assumidas pela EMPENHANTE sob</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">o</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">contrato</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">de</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">financiamento</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">na</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">modalidade</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">de</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">recebimento</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">antecipado</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">&agrave;
exporta&ccedil;&atilde;o denominado &ldquo;Export Prepayment Finance Agreement&rdquo; (&ldquo;Contrato de Pr&eacute;- pagamento
de</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">Exporta&ccedil;&atilde;o&rdquo;),</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">nos</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">termos
da</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">qual</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">a</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">EMPENHANTE</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">concordou
em tomar</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">d&iacute;vida</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">no</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">valor</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">total</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">de</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">US$110.000.000,00</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">(cento</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">e</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">dez</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">milh&otilde;es</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">de</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">d&oacute;lares
norte-americanos),equivalentes, para</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">fins</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">de</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">refer&ecirc;ncia,
a</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">R$[
]</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">([
]),</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">com</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">base</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">na
taxa de c&acirc;mbio de US$1/R$[ ], utilizando-se da Taxa de Convers&atilde;o , na data de [ ] de [ ]</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">de</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">2015,</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">a</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">EMPENHANTE</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">empenhou</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">em</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">favor</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">dos</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">CREDORES,</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">por</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">meio</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">do
CREDOR PIGNORAT&Iacute;CIO,</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">a
totalidade das lavouras de cana-de-a&ccedil;&uacute;car das safras de [ ],</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">as</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">quais</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">representar&atilde;o
uma</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">quantidade
estimada</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">de</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">[
]</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">toneladas</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">de</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">cana-de-
a&ccedil;&uacute;car,</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">respectivamente</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">ressalvados</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">os</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">direitos</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">dos</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">CREDORES,
por</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">meio</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">do
CREDOR</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">PIGNORAT&Iacute;CIO,</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">na</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">qualidade</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">de</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">credor</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">solid&aacute;rio</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">com</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">os</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">demais
CREDORES,</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">decorrentes</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">do</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">artigo</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">1.443,</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">do</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">C&oacute;digo</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">Civil,</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">no</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">tocante</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">&agrave;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">prioridade
sobre a safra subsequente, qual seja, [ ], na hip&oacute;tese de a EMPENHANTE n&atilde;o ter cumprido a integralidade de suas obriga&ccedil;&otilde;es
ou frustrarem-se ou se tornarem insuficientes</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">as</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">safras</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">ali</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">empenhadas,</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">bem</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">como</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">sobre</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">os</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">seus</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">produtos
transformados (a&ccedil;&uacute;car e/ou etanol), bem como suas respectivas ra&iacute;zes e subprodutos decorrentes do beneficiamento
da cana-de-a&ccedil;&uacute;car em quest&atilde;o, todos livres e desembara&ccedil;ados</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">de</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">quaisquer</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">&ocirc;nus</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">(&ldquo;BENS</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">EMPENHADOS&rdquo;),</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">por</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">meio</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">do
Instrumento Particular de Penhor Agr&iacute;cola e Mercantil de Cana-de-A&ccedil;&uacute;car celebrado em [ ] de [ ] de 2015 (&ldquo;CONTRATO
DE PENHOR&rdquo;);</FONT></P>

<P STYLE="font: 10pt Verdana, Helvetica, Sans-Serif; margin: 0pt 0 0pt 7.1pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0 0pt 7.1pt; text-align: justify"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">(2)
nos termos da Cl&aacute;usula 5(l)(i) do Contrato de</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">Pr&eacute;-pagamento
de</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">Exporta&ccedil;&atilde;o,
a</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT> <FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">EMPENHANTE</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT>
<FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">comprometeu-se</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">a</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT>
<FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">aditar</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">referido</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">instrumento</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">para</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif">
</FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">refor&ccedil;ar</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">a
garantia ali constitu&iacute;da, por meio da consitui&ccedil;&atilde;o de penhor sobre novas lavouras, caso n&atilde;o</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">fosse</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">observado</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">o</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">&iacute;ndice</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">de</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">Cobertura</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">de</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">Garantia</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">(Collateral</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">Coverage),</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">ali
definido; e</FONT></P>

<P STYLE="font: 10pt Verdana, Helvetica, Sans-Serif; margin: 0pt 0 0pt 7.1pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Verdana, Helvetica, Sans-Serif; margin: 0pt 0 0pt 7.1pt; text-align: justify">(3) os CREDORES PIGNORAT&Iacute;CIOS
est&atilde;o de acordo com o refor&ccedil;o da garantia constitu&iacute;da sob o CONTRATO DE PENHOR;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0 0pt 7.1pt; text-align: justify"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">RESOLVEM,</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">ASSIM,</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">a</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">EMPENHANTE</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">e</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">o</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">CREDOR</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">PIGNORAT&Iacute;CIO</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT>
<FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">(&ldquo;Partes&rdquo;) celebrar este Instrumento de Aditamento ao Instrumento
Particular de Penhor Agr&iacute;cola e</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">Mercantil</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">de</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">Cana-De-A&ccedil;&uacute;car</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">(&ldquo;ADITAMENTO&rdquo;),</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">que</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">se</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">reger&aacute;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">pelos</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">seguintes
termos e condi&ccedil;&otilde;es:</FONT></P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0 0pt 7.1pt; text-align: justify">&nbsp;</P>


<!-- Field: Page; Sequence: 153; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt">~ <!-- Field: Sequence; Type: Arabic; Name: PageNo -->152<!-- Field: /Sequence --> ~</P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt"><P STYLE="margin: 0pt"></P><TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 99%; border-collapse: collapse; margin-left: 7.1pt"><TR STYLE="vertical-align: top"><TD STYLE="width: 100%; border-bottom: Black 1pt solid; font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: -1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Export Prepayment Facility Agreement dated as of August 3, 2015 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: 0pt"></P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Verdana, Helvetica, Sans-Serif; margin: 0pt 0 0pt 7.1pt; text-align: justify">Cl&aacute;usula 1&ordf; - Para
fins deste Aditamento, todos os termos iniciados em letras mai&uacute;sculas, n&atilde;o definidos neste ADITAMENTO, t&ecirc;m
o significado a eles atribu&iacute;dos no CONTRATO DE PENHOR.</P>

<P STYLE="font: 10pt Verdana, Helvetica, Sans-Serif; margin: 0pt 0 0pt 7.1pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0 0pt 7.1pt; text-align: justify"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">Cl&aacute;usula</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">2&ordf;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT>
<FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">&ndash;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT>
<FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">Em</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">vista</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">da</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">constitui&ccedil;&atilde;o</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">de</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">penhor</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">as</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">novas</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">lavouras</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">a</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">serem
empenhadas pela EMPENHANTE, em favor do CREDOR PRIGNORAT&Iacute;CIO, as quais incorporar-se-&atilde;o automaticamente ao penhor
e passar&atilde;o, para todos os fins de direito, a integrar a defini&ccedil;&atilde;o de &ldquo;BENS</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">EMPENHADOS&rdquo;,
as Partes decidem alterar a reda&ccedil;&atilde;o da</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">Cl&aacute;usula</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">1.1</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">do</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">CONTRATO</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">DE</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">PENHOR,</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">assim</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">como</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">o</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">Anexo</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">I</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">do</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">referido
contrato.</FONT></P>

<P STYLE="font: 10pt Verdana, Helvetica, Sans-Serif; margin: 0pt 0 0pt 7.1pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0 0pt 7.1pt; text-align: justify"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">Cl&aacute;usula</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">3&ordf;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT>
<FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">&ndash;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT>
<FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">Em</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">vista</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">do</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">acima</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">exposto,</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">a</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">Cl&aacute;usula</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">1.1.</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">do</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">CONTRATO</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">DE
PENHOR passa a ter a seguinte reda&ccedil;&atilde;o:</FONT></P>

<P STYLE="font: 10pt Verdana, Helvetica, Sans-Serif; margin: 0pt 0 0pt 7.1pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0 0pt 7.1pt; text-align: justify"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">&ldquo;1.1.</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif">  </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">De</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif">
</FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">acordo</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif">
</FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">com</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT>
<FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">o</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif">
</FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">aqui</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT>
<FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">disposto,</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT>
<FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">a</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT>
<FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">fim</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT>
<FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">de</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif">
</FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">garantir</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif">
</FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">o</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif">
</FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">fiel</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT>
<FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">e</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif">
</FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">tempestivo cumprimento</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">de</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">todas</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">as</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">obriga&ccedil;&otilde;es</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">da</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">EMPENHANTE</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">nos</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">termos</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">do</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">Contrato</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">de
Pr&eacute;-pagamento</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">de</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">Exporta&ccedil;&atilde;o</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">(&ldquo;OBRIGA&Ccedil;&Otilde;ES</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">GARANTIDAS&rdquo;),</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif">
</FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">a</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">EMPENHANTE
neste ato</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">empenha
aos</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">CREDORES,</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">representados
pelo CREDOR</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">PIGNORAT&Iacute;CIO,
na qualidade de credor solid&aacute;rio dos CREDORES, a totalidade das lavouras de cana- de-a&ccedil;&uacute;car</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">das</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">safras</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">de</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">[
].</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">(&ldquo;Lavouras&rdquo;),</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">conforme</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">especificado</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">no</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">Anexo</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">I</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">ao
presente</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT> <FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">Instrumento,</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT>
<FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">as</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif">
</FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">quais</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif">
</FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">representar&atilde;o</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif">
</FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">uma</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT>
<FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">quantidade</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif">
</FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">estimada</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT>
<FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">de</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif">
</FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">[&bull;] toneladas de cana-de-a&ccedil;&uacute;car, respectivamente,
bem como suas respectivas ra&iacute;zes (as quais</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif">  </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">foram</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT>
<FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">e</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT>
<FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">ser&atilde;o</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT>
<FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">plantadas</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT>
<FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">nos</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT>
<FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">im&oacute;veis</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT>
<FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">descritos</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif">
</FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">no</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT>
<FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">Anexo</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT>
<FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">I</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif">
</FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">ao</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT>
<FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">presente Instrumento, com &aacute;rea total correspondente a [&bull;]
hectares por safra e subprodutos decorrentes do beneficiamento da cana-de-a&ccedil;&uacute;car em quest&atilde;o, todos livres
e desembara&ccedil;ados de quaisquer &ocirc;nus (os &ldquo;BENS EMPENHADOS&rdquo;). O penhor constitu&iacute;do por</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">este</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">Instrumento</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">gravar&aacute;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">cont&iacute;nua</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">e</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">ininterruptamente</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">todos</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">os</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">BENS
EMPENHADOS at&eacute; a satisfa&ccedil;&atilde;o total das OBRIGA&Ccedil;&Otilde;ES GARANTIDAS e ser&aacute; regido pelos artigos
1.438, 1.442 al&iacute;neas II e III, 1.447 e seguintes do C&oacute;digo Civil Brasileiro (Lei n&ordm; 10.406, de 10 de janeiro
de 2002, conforme alterada).&rdquo;</FONT></P>

<P STYLE="font: 10pt Verdana, Helvetica, Sans-Serif; margin: 0pt 0 0pt 7.1pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0 0pt 7.1pt; text-align: justify"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">Cl&aacute;usula
4&ordf; &ndash; Adicionalmente, as Partes expressamente concordam em substituir o Anexo I originalmente anexo ao CONTRATO DE</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">PENHOR
pelo novo Anexo I, anexo ao</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">presente
aditamento na</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">forma</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">de</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">Anexo
A,</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">que
inteiramente altera</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">e</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">substitui
a</FONT></P>

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<!-- Field: Page; Sequence: 154; Value: 2 -->
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    <DIV STYLE="page-break-before: always; margin-top: 6pt"><P STYLE="margin: 0pt"></P><TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 99%; border-collapse: collapse; margin-left: 7.1pt"><TR STYLE="vertical-align: top"><TD STYLE="width: 100%; border-bottom: Black 1pt solid; font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: -1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Export Prepayment Facility Agreement dated as of August 3, 2015 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: 0pt"></P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Verdana, Helvetica, Sans-Serif; margin: 0pt 0 0pt 7.1pt; text-align: justify">rela&ccedil;&atilde;o dos BENS
EMPENHADOS entregues pela EMPENHANTE ao CREDOR PGNORAT&Iacute;CIO nos termos do CONTRATO DE PENHOR.</P>

<P STYLE="font: 10pt Verdana, Helvetica, Sans-Serif; margin: 0pt 0 0pt 7.1pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0 0pt 7.1pt; text-align: justify"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">Cl&aacute;usula
5&ordf;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">&ndash;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">Nos</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">termos</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">da</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">Cl&aacute;usula</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">XI</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">do</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">CONTRATO
DE</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">PENHOR,
a EMPENHANTE obriga-se a levar a efeito e registrar o presente ADITAMENTO, nos cart&oacute;rios competentes e &agrave; margem do
registro do CONTRATO DE PENHOR, no prazo de</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">40</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">(quarenta)</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">dias</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">corridos</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">contados</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">a</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">partir</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">da</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">presente</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">data,</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">devendo
encaminhar uma via original do instrumento registrado ao AGENTE DE</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">GARANTIA,
no prazo de 5 (cinco) dias &uacute;teis a contar da data do &uacute;ltimo registro.</FONT></P>

<P STYLE="font: 10pt Verdana, Helvetica, Sans-Serif; margin: 0pt 0 0pt 7.1pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0 0pt 7.1pt; text-align: justify"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">Cl&aacute;usula
6&ordf;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">-
Todos os demais termos e condi&ccedil;&otilde;es do CONTRATO DE</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">PENHOR
n&atilde;o expressamente alterados ou modificados por este ADITAMENTO est&atilde;o, atrav&eacute;s deste e na presente data, integralmente
ratificados pelas Partes e dever&atilde;o permanecer em pleno vigor e efeito conforme previsto no CONTRATO DE PENHOR.</FONT></P>

<P STYLE="font: 10pt Verdana, Helvetica, Sans-Serif; margin: 0pt 0 0pt 7.1pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0 0pt 7.1pt; text-align: justify"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">Cl&aacute;usula</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT>
<FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">7&ordf;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT>
<FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">-</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT>
<FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">O</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT>
<FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">presente</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT>
<FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">ADITAMENTO</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT>
<FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">ser&aacute;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT>
<FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">regido</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT>
<FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">pelas</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT>
<FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">leis</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT>
<FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">da</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT>
<FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">Rep&uacute;blica</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Verdana, Helvetica, Sans-Serif; margin: 0pt 0 0pt 7.1pt; text-align: justify">Federativa do Brasil.</P>

<P STYLE="font: 10pt Verdana, Helvetica, Sans-Serif; margin: 0pt 0 0pt 7.1pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0 0pt 7.1pt; text-align: justify"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">Cl&aacute;usula
8&ordf;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">-
As partes elegem o foro da cidade de S&atilde;o Paulo, Estado de S&atilde;o Paulo, com exclus&atilde;o de todos os outros, por
mais privilegiados que sejam, para dirimir quaisquer quest&otilde;es decorrentes do presente ADITAMENTO.</FONT></P>

<P STYLE="font: 10pt Verdana, Helvetica, Sans-Serif; margin: 0pt 0 0pt 7.1pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0 0pt 7.1pt; text-align: justify"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">E,</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">por</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">estarem</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">assim</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">justas</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">e</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">contratadas,</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">as</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">partes</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">assinam</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">o</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">presente
ADITAMENTO em 03 (tr&ecirc;s) vias de igual forma e teor, para um s&oacute; efeito, na presen&ccedil;a das 2 (duas) testemunhas
abaixo.</FONT></P>

<P STYLE="font: 10pt Verdana, Helvetica, Sans-Serif; margin: 0pt 0 0pt 7.1pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Verdana, Helvetica, Sans-Serif; margin: 0pt 0 0pt 7.1pt; text-align: justify">S&atilde;o Paulo, [&bull;] de
[&bull;] de [&bull;].</P>

<P STYLE="font: 10pt Verdana, Helvetica, Sans-Serif; margin: 0pt 0 0pt 7.1pt; text-align: justify">&nbsp;</P>


<!-- Field: Page; Sequence: 155; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt">~ <!-- Field: Sequence; Type: Arabic; Name: PageNo -->154<!-- Field: /Sequence --> ~</P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt"><P STYLE="margin: 0pt"></P><TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 99%; border-collapse: collapse; margin-left: 7.1pt"><TR STYLE="vertical-align: top"><TD STYLE="width: 100%; border-bottom: Black 1pt solid; font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: -1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Export Prepayment Facility Agreement dated as of August 3, 2015 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: 0pt"></P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0 0pt 7.1pt; text-align: justify"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">(p&aacute;gina
de assinaturas do Instrumento de Aditamento ao Instrumento Particular de Penhor</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">Agr&iacute;cola</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">e</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT>
<FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">Mercantil</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">de</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">Cana-de-A&ccedil;&uacute;car,</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">por</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">e</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT>
<FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">entre</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">Adecoagro</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">Vale</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">do
Ivinhema S.A., ING Bank N.V., ING Bank N.V. - Filial de S&atilde;o Paulo e Leonardo Ra&uacute;l Berridi, celebrado em [&bull;]
de [&bull;] de [ ])</FONT></P>

<P STYLE="font: 10pt Verdana, Helvetica, Sans-Serif; margin: 0pt 0 0pt 7.1pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0 0pt 7.1pt; text-align: justify"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">ADECOAGRO
VALE</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">DO
IVINHEMA S.A.</FONT></P>

<P STYLE="font: 10pt Verdana, Helvetica, Sans-Serif; margin: 0pt 0 0pt 7.1pt; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; width: 80%; border-collapse: collapse; margin-left: 7.1pt">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 45%; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="width: 10%">&nbsp;</TD>
    <TD STYLE="width: 45%; border-bottom: Black 1pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 10pt">Nome:</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 10pt">Nome:</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 10pt">Cargo:</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 10pt">Cargo:</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Verdana, Helvetica, Sans-Serif; margin: 0pt 0 0pt 7.1pt">&nbsp;</P>

<P STYLE="font: 10pt Verdana, Helvetica, Sans-Serif; margin: 0pt 0 0pt 7.1pt">ING BANK N.V.</P>

<P STYLE="font: 10pt Verdana, Helvetica, Sans-Serif; margin: 0pt 0 0pt 7.1pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; width: 80%; border-collapse: collapse; margin-left: 7.1pt">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 45%; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="width: 10%">&nbsp;</TD>
    <TD STYLE="width: 45%; border-bottom: Black 1pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 10pt">Nome:</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 10pt">Nome:</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 10pt">Cargo:</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 10pt">Cargo:</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Verdana, Helvetica, Sans-Serif; margin: 0pt 0 0pt 7.1pt">&nbsp;</P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0 0pt 7.1pt"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">ING
BANK N.V., FILIAL S&Atilde;O</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">PAULO</FONT></P>

<P STYLE="font: 10pt Verdana, Helvetica, Sans-Serif; margin: 0pt 0 0pt 7.1pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; width: 80%; border-collapse: collapse; margin-left: 7.1pt">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 45%; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="width: 10%">&nbsp;</TD>
    <TD STYLE="width: 45%; border-bottom: Black 1pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 10pt">Nome:</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 10pt">Nome:</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 10pt">Cargo:</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 10pt">Cargo:</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Verdana, Helvetica, Sans-Serif; margin: 0pt 0 0pt 7.1pt">&nbsp;</P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0 0pt 7.1pt"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 10pt">LEONARDO
RA&Uacute;L BERRIDI</FONT></P>

<P STYLE="font: 10pt Verdana, Helvetica, Sans-Serif; margin: 0pt 0 0pt 7.1pt">&nbsp;</P>

<P STYLE="font: 10pt Verdana, Helvetica, Sans-Serif; margin: 0pt 0 0pt 7.1pt">Testemunhas:</P>

<P STYLE="font: 10pt Verdana, Helvetica, Sans-Serif; margin: 0pt 0 0pt 7.1pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; width: 80%; border-collapse: collapse; margin-left: 7.1pt">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 6%"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 10pt">1.-</FONT></TD>
    <TD STYLE="width: 37%; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="width: 15%">&nbsp;</TD>
    <TD STYLE="width: 6%"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 10pt">2.-</FONT></TD>
    <TD STYLE="width: 36%; border-bottom: Black 1pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 10pt">Nome</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 10pt">:</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 10pt">Nome:</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 10pt">RG:</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 10pt">RG:</FONT></TD></TR>
</TABLE>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Page; Sequence: 156; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt">~ <!-- Field: Sequence; Type: Arabic; Name: PageNo -->155<!-- Field: /Sequence --> ~</P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt"><P STYLE="margin: 0pt"></P><TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 99%; border-collapse: collapse; margin-left: 7.1pt"><TR STYLE="vertical-align: top"><TD STYLE="width: 100%; border-bottom: Black 1pt solid; font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: -1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Export Prepayment Facility Agreement dated as of August 3, 2015 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: 0pt"></P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Verdana, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">ANEXO A AO INSTRUMENTO DE ADITAMENTO
AO INSTRUMENTO PARTICULAR</P>

<P STYLE="font: 10pt Verdana, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">DE PENHOR AGR&Iacute;COLA E MERCANTIL DE CANA-DE-A&Ccedil;&Uacute;CAR</P>

<P STYLE="font: 10pt Verdana, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">MODELO
DE ANEXO I RELA&Ccedil;&Atilde;O</FONT></P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">DOS BENS</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">EMPENHADOS</FONT></P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0 0pt 17.1pt">&nbsp;</P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0 0pt 17.1pt"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">EMPENHANTE:
Adecoagro Vale</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">do
Ivinhema S.A. sociedade an&ocirc;nima 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.</FONT></P>

<P STYLE="font: 10pt Verdana, Helvetica, Sans-Serif; margin: 0pt 0 0pt 17.1pt">&nbsp;</P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0 0pt 17.1pt"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">1.</FONT>
<FONT STYLE="font-family: Times New Roman, Times, Serif">   &nbsp;</FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">Descri&ccedil;&atilde;o
dos BENS</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">EMPENHADOS:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 11pt Calibri, Helvetica, Sans-Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top; background-color: #E5E5E5">
    <TD COLSPAN="2" STYLE="border-top: black 2.25pt solid; border-right: black 1pt solid; border-left: black 1pt solid; border-bottom: black 1.5pt solid">
        <P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>
        <P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>
        <P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.2pt"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">Descri&ccedil;&atilde;o
        dos</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">bens</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">(&ldquo;Lavouras&rdquo;)</FONT></P></TD>
    <TD STYLE="border-top: black 2.25pt solid; border-right: black 1pt solid; border-bottom: black 1.5pt solid; padding-left: 0.3pt"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 10pt">Quantidade<BR>
estimada de cana-<BR>
de-a&ccedil;&uacute;car</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid">
        <P STYLE="font: 10pt Verdana, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.2pt">a totalidade da lavoura pendente de cana-de-a&ccedil;&uacute;car
        da safra de [ ],</P>
        <P STYLE="font: 6pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>
        <P STYLE="font: 10pt Verdana, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.2pt">bem como suas respectivas ra&iacute;zes e subprodutos
        decorrentes do beneficiamento da cana-de-a&ccedil;&uacute;car em quest&atilde;o</P></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid">
        <P STYLE="font: 8pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>
        <P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>
        <P STYLE="font: 10pt Verdana, Helvetica, Sans-Serif; margin: 0pt 0 0pt 3.8pt">[ ] toneladas</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 0.2pt"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 10pt">a totalidade da lavoura pendente de cana-de-a&ccedil;&uacute;car da safra de [ ], bem como suas respectivas ra&iacute;zes e subprodutos decorrentes do beneficiamento da cana-de-a&ccedil;&uacute;car em quest&atilde;o</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid">
        <P STYLE="font: 8.5pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>
        <P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>
        <P STYLE="font: 10pt Verdana, Helvetica, Sans-Serif; margin: 0pt 0 0pt 3.8pt">[ ] toneladas</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 0.2pt"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 10pt">a totalidade da lavoura pendente de cana-de-a&ccedil;&uacute;car da safra de [ ], bem como suas respectivas ra&iacute;zes e subprodutos decorrentes do beneficiamento da cana-de-a&ccedil;&uacute;car em quest&atilde;o</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid">
        <P STYLE="font: 9pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>
        <P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>
        <P STYLE="font: 10pt Verdana, Helvetica, Sans-Serif; margin: 0pt 0 0pt 3.8pt">[ ] toneladas</P></TD></TR>
<TR STYLE="vertical-align: top; background-color: #E5E5E5">
    <TD STYLE="width: 6%; border-left: black 1pt solid; border-bottom: black 1pt solid; padding-left: 0.2pt"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 10pt">Total:</FONT></TD>
    <TD ROWSPAN="2" STYLE="width: 71%; border-bottom: black 1pt solid; border-right: black 1pt solid">&nbsp;</TD>
    <TD ROWSPAN="2" STYLE="width: 23%; border-bottom: black 1pt solid; border-right: black 1pt solid; padding-left: 3.8pt"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 10pt">[ ] toneladas</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: #E5E5E5">
    <TD STYLE="border-bottom: black 1pt solid; border-left: black 1pt solid"><FONT STYLE="font-size: 3pt">&nbsp;</FONT></TD></TR>
</TABLE>



<P STYLE="font: 9pt Sans-Serif; margin: 0pt 0; color: Red">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Page; Sequence: 157; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt">~ <!-- Field: Sequence; Type: Arabic; Name: PageNo -->156<!-- Field: /Sequence --> ~</P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt"><P STYLE="margin: 0pt"></P><TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 99%; border-collapse: collapse; margin-left: 7.1pt"><TR STYLE="vertical-align: top"><TD STYLE="width: 100%; border-bottom: Black 1pt solid; font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: -1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Export Prepayment Facility Agreement dated as of August 3, 2015 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: 0pt"></P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 11pt Calibri, Helvetica, Sans-Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 7%; border: black 1pt solid; text-align: center">&nbsp;</TD>
    <TD STYLE="width: 19%; border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #BFBFBF; text-align: center"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 10pt">Fazenda/Im&oacute;vel<BR>
onde</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 10pt">a Lavoura<BR>
encontra-ser&aacute;<BR>
plantada</FONT></TD>
    <TD STYLE="width: 25%; border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: silver; text-align: center">
        <P STYLE="font: 9pt Calibri, Helvetica, Sans-Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt">&nbsp;</P>
        <P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt">&nbsp;</P>
        <P STYLE="font: 10pt Verdana, Helvetica, Sans-Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt">Matr&iacute;culas</P></TD>
    <TD STYLE="width: 14%; border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: silver; text-align: center">
        <P STYLE="font: 9pt Calibri, Helvetica, Sans-Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt">&nbsp;</P>
        <P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt">&nbsp;</P>
        <P STYLE="font: 10pt Verdana, Helvetica, Sans-Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt">CRI</P></TD>
    <TD STYLE="width: 16%; border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: silver; text-align: center">
        <P STYLE="font: 13pt Calibri, Helvetica, Sans-Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt">&nbsp;</P>
        <P STYLE="font: 10pt Verdana, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">Contrato de<BR>
Parceria</P></TD>
    <TD STYLE="width: 19%; border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: silver; text-align: center">
        <P STYLE="font: 7pt Calibri, Helvetica, Sans-Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt">&nbsp;</P>
        <P STYLE="font: 10pt Verdana, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">&Aacute;reas<BR>
Empenhadas<BR>
(h&aacute;)</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: center; padding-bottom: 12pt">
        <P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt">&nbsp;</P>
        <P STYLE="font: 10pt Verdana, Helvetica, Sans-Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt">1.</P></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center; padding-bottom: 12pt">
        <P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt"></P>
        <P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt">&nbsp;</P>
        <P STYLE="font: 10pt Verdana, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">[ ]</P></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center; padding-bottom: 12pt">
        <P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt">&nbsp;&nbsp;</P>
        <P STYLE="font: 10pt Verdana, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">[ ]</P></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center; padding-bottom: 12pt">
        <P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt">&nbsp;&nbsp;</P>
        <P STYLE="font: 10pt Verdana, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">[ ]</P></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center; padding-bottom: 12pt">
        <P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt">&nbsp;&nbsp;</P>
        <P STYLE="font: 10pt Verdana, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">[ ]</P></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center; padding-bottom: 12pt">
        <P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt">&nbsp;&nbsp;</P>
        <P STYLE="font: 10pt Verdana, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">[ ]</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="4" STYLE="border-right: black 1pt solid; text-align: center; padding-bottom: 6pt">&nbsp;</TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #D8D8D8; text-align: center; padding-bottom: 6pt">
        <P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt">&nbsp;</P>
        <P STYLE="font: 10pt Verdana, Helvetica, Sans-Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt">TOTAL</P></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #D8D8D8; text-align: center; padding-bottom: 6pt">
        <P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt">&nbsp;</P>
        <P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">[</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">]</FONT></P></TD></TR>
</TABLE>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Page; Sequence: 158; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt">~ <!-- Field: Sequence; Type: Arabic; Name: PageNo -->157<!-- Field: /Sequence --> ~</P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt"><P STYLE="margin: 0pt"></P><TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 99%; border-collapse: collapse; margin-left: 7.1pt"><TR STYLE="vertical-align: top"><TD STYLE="width: 100%; border-bottom: Black 1pt solid; font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: -1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Export Prepayment Facility Agreement dated as of August 3, 2015 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: 0pt"></P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Verdana, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">ANEXO
IV</P>

<P STYLE="font: 10pt Verdana, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Verdana, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">PROCURA&Ccedil;&Atilde;O</P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0 0pt 7.1pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0 0pt 7.1pt; text-align: justify"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">Pelo
presente instrumento particular de mandato, ADECOAGRO VALE</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">DO
IVINHEMA S.A.,</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">sociedade
an&ocirc;nima 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 (doravante &ldquo;OUTORGANTE&rdquo;), irrevogavelmente nomeia e
constitui como seus bastantes procuradores ING BANK N.V., institui&ccedil;&atilde;o financeira</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">constitu&iacute;da</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">de</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">acordo</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">com</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">as</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">leis</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">da</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">Holanda,</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">com</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">sede</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">na</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">cidade</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">de
Amsterd&atilde;, em Bijlmerplein 888 (ING House), 1102 MG (doravante &ldquo;CREDOR PIGNORAT&Iacute;CIO&rdquo;), e ING BANK N.V.,</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">FILIAL
DE S&Atilde;O</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">PAULO,
institui&ccedil;&atilde;o financeira devidamente organizada e constitu&iacute;da segundo as leis da Holanda, neste ato representado
por sua filial localizada em S&atilde;o Paulo, a qual &eacute; devidamente organizada e constitu&iacute;da</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT>
<FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">segundo</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif">
</FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">as</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif">
</FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">leis</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif">
</FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">da</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT>
<FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">Rep&uacute;blica</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif">
</FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">Federativa</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif">
</FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">do</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif">
</FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">Brasil</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT>
<FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">e</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif">
</FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">com</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT>
<FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">endere&ccedil;o localizado</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">na</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">Av.</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">Presidente</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">Juscelino</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">Kubitschek,</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">510,</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">3&ordm;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">andar,</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">na</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">Cidade</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">de</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">S&atilde;o
Paulo,</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">Estado</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">de</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">S&atilde;o</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">Paulo,</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">CNPJ/MF</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">n&ordm;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">49.336.860/0001-90</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">(doravante</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">&ldquo;AGENTE
DE</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">GARANTIA&rdquo;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">e,</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">em</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">conjunto</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">com</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">o</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">CREDOR</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">PIGNORAT&Iacute;CIO,</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">os
&ldquo;OUTORGADOS&rdquo;), de acordo com o Instrumento Particular de Penhor Agr&iacute;cola e Mercantil</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT>
<FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">de</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT>
<FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">Cana-de-A&ccedil;&uacute;car,</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT>
<FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">datado</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT>
<FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">de</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT>
<FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">[ ]</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT>
<FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">de</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT>
<FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">[ ]</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT>
<FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">de</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT>
<FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">[ ],</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT>
<FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">celebrado</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT>
<FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">entre OUTORGANTE e os OUTORGADOS, dentre outros (o &ldquo;Contrato de
Penhor&rdquo;), conferindo</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">aos</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">OUTORGADOS,</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">irrevog&aacute;vel</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">e</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">irretratavelmente,</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">de</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">acordo</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">com</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">os
artigos 684, 685 e 1433, item IV, do C&oacute;digo Civil Brasileiro, poderes gerais e especiais para, em conjunto ou separadamente,
no lugar e em nome do OUTORGANTE, realizar qualquer dos atos mencionados a seguir: 1. praticar, no lugar e em nome do OUTORGANTE,
todos e quaisquer atos que se fizerem necess&aacute;rios ou se tornarem exig&iacute;veis para fazer valer extrajudicialmente o
Contrato de Penhor, inclusive os que seguem: (a) alienar, transferir e excutir os BENS EMPENHADOS (ou qualquer parte destes)</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">ou</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">alienar</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">de</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">outro</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">modo</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">e</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">entregar</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">os</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">BENS</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">EMPENHADOS</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">ou</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">qualquer
parte</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">destes</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">consoante</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">termos</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">e</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">condi&ccedil;&otilde;es</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">que</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">possam</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">ser</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">considerados
convenientes, de acordo com o Contrato de Penhor, e aplicar o produto assim recebido ao</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">pagamento</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">das</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">OBRIGA&Ccedil;&Otilde;ES</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">GARANTIDAS,</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">de</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">acordo</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">com</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">o</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">Contrato</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">de
Penhor; (b) assinar, formalizar e/ou entregar quaisquer instrumentos para a transfer&ecirc;ncia ou outro tipo de aliena&ccedil;&atilde;o
dos BENS EMPENHADOS de acordo com o Contrato</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">de</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT>
<FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">Penhor,</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">e</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">praticar</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">todos</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">os</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">atos</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">correlatos,</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">inclusive,</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">entre</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">outros,</FONT></P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0 0pt 7.1pt; text-align: justify">&nbsp;</P>


<!-- Field: Page; Sequence: 159; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt">~ <!-- Field: Sequence; Type: Arabic; Name: PageNo -->158<!-- Field: /Sequence --> ~</P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt"><P STYLE="margin: 0pt"></P><TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 99%; border-collapse: collapse; margin-left: 7.1pt"><TR STYLE="vertical-align: top"><TD STYLE="width: 100%; border-bottom: Black 1pt solid; font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: -1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Export Prepayment Facility Agreement dated as of August 3, 2015 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: 0pt"></P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0 0pt 7.1pt; text-align: justify"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">executar
quaisquer contratos e outros instrumentos ou acordos e instaurar a&ccedil;&otilde;es com respeito aos BENS</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">EMPENHADOS
e representar o OUTORGANTE perante terceiros;</FONT></P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0 0pt 7.1pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0 0pt 7.1pt; text-align: justify"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">2.</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">assinar,
formalizar e/ou entregar quaisquer documentos e praticar quaisquer atos que se fizerem necess&aacute;rios para o pleno, fiel e
integral cumprimento deste mandato;</FONT></P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0 0pt 7.1pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0 0pt 7.1pt; text-align: justify"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">3.
na medida necess&aacute;ria ao exerc&iacute;cio dos poderes ora conferidos, representar o OUTORGANTE perante terceiros, institui&ccedil;&otilde;es
financeiras e &oacute;rg&atilde;os e autoridades governamentais</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">brasileiros,</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">nas</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">esferas</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">federal,</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">estadual</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">e</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">municipal,</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">inclusive
Tesouro Nacional, Banco Central do Brasil, Juntas Comerciais do Estado de S&atilde;o Paulo ou autoridades tribut&aacute;rias; e
4. na medida necess&aacute;ria para garantir o aperfei&ccedil;oamento, registro ou prioridade dos direitos conferidos ao OUTORGADO
em rela&ccedil;&atilde;o aos BENS EMPENHADOS,</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">representar
o OUTORGANTE</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">perante
qualquer Cart&oacute;rio de Registro de Im&oacute;veis nos quais o Contrato de Penhor ou suas respectivas altera&ccedil;&otilde;es
estejam registrados. O presente instrumento &eacute; lavrado com o fim espec&iacute;fico do cumprimento dos termos do Contrato
de</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">Penhor
e ser&aacute; v&aacute;lido pelo per&iacute;odo necess&aacute;rio para que e at&eacute; que as obriga&ccedil;&otilde;es estabelecidas
no Contrato de Penhor sejam cumpridas integralmente pela OUTORGANTE.</FONT></P>

<P STYLE="font: 10pt Verdana, Helvetica, Sans-Serif; margin: 0pt 0 0pt 7.1pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Verdana, Helvetica, Sans-Serif; margin: 0pt 0 0pt 7.1pt">Os termos grafados em letras mai&uacute;sculas usados,
por&eacute;m, n&atilde;o definidos neste instrumento assumir&atilde;o os significados a eles atribu&iacute;dos no Contrato de Penhor.</P>

<P STYLE="font: 10pt Verdana, Helvetica, Sans-Serif; margin: 0pt 0 0pt 7.1pt">&nbsp;</P>

<P STYLE="font: 10pt Verdana, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">Ang&eacute;lica, [ ] de [
] de 2015.</P>

<P STYLE="font: 10pt Verdana, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0 0pt 7.1pt; text-align: justify"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">ADECOAGRO
VALE</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">DO
IVINHEMA S.A.</FONT></P>

<P STYLE="font: 10pt Verdana, Helvetica, Sans-Serif; margin: 0pt 0 0pt 7.1pt; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; width: 90%; border-collapse: collapse; margin-left: 7.1pt">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 45%; border-bottom: Black 1pt solid; text-align: justify">&nbsp;</TD>
    <TD STYLE="width: 10%; text-align: justify">&nbsp;</TD>
    <TD STYLE="width: 45%; border-bottom: Black 1pt solid; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 10pt">Nome:</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 10pt">Nome:</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 10pt">Cargo:</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 10pt">Cargo:</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


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    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt">~ <!-- Field: Sequence; Type: Arabic; Name: PageNo -->159<!-- Field: /Sequence --> ~</P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt"><P STYLE="margin: 0pt"></P><TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 99%; border-collapse: collapse; margin-left: 7.1pt"><TR STYLE="vertical-align: top"><TD STYLE="width: 100%; border-bottom: Black 1pt solid; font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: -1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Export Prepayment Facility Agreement dated as of August 3, 2015 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: 0pt"></P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>ANNEX H</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><U>FORM OF MERCANTILE PLEDGE AGREEMENT</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">(begins on next page)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">&nbsp;</P>


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    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt">~ <!-- Field: Sequence; Type: Arabic; Name: PageNo -->160<!-- Field: /Sequence --> ~</P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt"><P STYLE="margin: 0pt"></P><TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 99%; border-collapse: collapse; margin-left: 7.1pt"><TR STYLE="vertical-align: top"><TD STYLE="width: 100%; border-bottom: Black 1pt solid; font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: -1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Export Prepayment Facility Agreement dated as of August 3, 2015 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: 0pt"></P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Verdana, Helvetica, Sans-Serif; margin: 0pt 0 0pt 7.1pt; text-align: justify">INSTRUMENTO PARTICULAR DE PENHOR
MERCANTIL DE A&Ccedil;&Uacute;CAR E ETANOL</P>

<P STYLE="font: 10pt Verdana, Helvetica, Sans-Serif; margin: 0pt 0 0pt 7.1pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Verdana, Helvetica, Sans-Serif; margin: 0pt 0 0pt 7.1pt; text-align: justify">Pelo presente instrumento:</P>

<P STYLE="font: 10pt Verdana, Helvetica, Sans-Serif; margin: 0pt 0 0pt 7.1pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0 0pt 7.1pt; text-align: justify"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">ADECOAGRO
VALE</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">DO</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">IVINHEMA
S.A.,</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">sociedade
an&ocirc;nima 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, doravante denominado &ldquo;EMPENHANTE&rdquo;; e</FONT></P>

<P STYLE="font: 10pt Verdana, Helvetica, Sans-Serif; margin: 0pt 0 0pt 7.1pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0 0pt 7.1pt; text-align: justify"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">ING
BANK N.V.,</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">institui&ccedil;&atilde;o
financeira constitu&iacute;da de acordo com as leis da Holanda, com sede na cidade de Amsterd&atilde;, em Bijlmerplein 888 (ING
House), 1102 MG, neste ato</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">representada</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">nos</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">termos</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">de</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">seus</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">documentos</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">constitutivos,</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">doravante
denominado &ldquo;CREDOR PIGNORAT&Iacute;CIO&rdquo;;</FONT></P>

<P STYLE="font: 10pt Verdana, Helvetica, Sans-Serif; margin: 0pt 0 0pt 7.1pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0 0pt 7.1pt; text-align: justify"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">ING</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT>
<FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">BANK</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT>
<FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">N.V.,</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif">  </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">FILIAL</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT>
<FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">DE</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT>
<FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">S&Atilde;O</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif">  </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">PAULO,</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT>
<FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">institui&ccedil;&atilde;o</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT>
<FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">financeira</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT>
<FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">devidamente organizada e constitu&iacute;da segundo as leis da Holanda,
neste ato representado por sua filial localizada em S&atilde;o Paulo, a qual &eacute; devidamente organizada e constitu&iacute;da
segundo as leis da Rep&uacute;blica Federativa do Brasil e com endere&ccedil;o localizado na Av. Presidente Juscelino Kubitschek,
510, 3&ordm; andar, na Cidade de S&atilde;o Paulo, Estado de S&atilde;o Paulo, CNPJ/MF</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">n&ordm;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">49.336.860/0001-90,</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">na</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">qualidade</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">agente</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">administrativo</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">e</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">de</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">garantia
local, atuando em benef&iacute;cio dos CREDORES, conforme abaixo definidos (&ldquo;AGENTE DE GARANTIA&rdquo;, e, em conjunto com
a EMPENHANTE e o CREDOR PIGNORAT&Iacute;CIO, as &ldquo;PARTES&rdquo;); e</FONT></P>

<P STYLE="font: 10pt Verdana, Helvetica, Sans-Serif; margin: 0pt 0 0pt 7.1pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0 0pt 7.1pt; text-align: justify"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">LEONARDO
RA&Uacute;L BERRIDI, brasileiro, casado, engenheiro, residente e domiciliado na Cidade de S&atilde;o Paulo, Estado de S&atilde;o
Paulo, com escrit&oacute;rio na Rua Iguatemi, n&deg; 192, 12&ordm; andar, Itaim Bibi, CEP 01451-010, portador da C&eacute;dula
de Identidade n&ordm;</FONT> 58.831.136-4 e inscrito no CPF sob n&ordm;. 231.115.108-83, doravante denominado &ldquo;FIEL DEPOSIT&Aacute;RIO&rdquo;.</P>

<P STYLE="font: 10pt Verdana, Helvetica, Sans-Serif; margin: 0pt 0 0pt 7.1pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Verdana, Helvetica, Sans-Serif; margin: 0pt 0 0pt 7.1pt; text-align: justify">CONSIDERANDO QUE:</P>

<P STYLE="font: 10pt Verdana, Helvetica, Sans-Serif; margin: 0pt 0 0pt 7.1pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0 0pt 7.1pt; text-align: justify"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">(1)
na data de 3 de agosto] de 2015, a EMPENHANTE celebrou com o CREDOR PIGNORAT&Iacute;CIO,</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">o</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">Rabobank</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">Cura&ccedil;ao</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">N.V.</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">(&ldquo;Rabobank&rdquo;),</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">o</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">Cr&eacute;dit</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">Agricole
Corporate and Investment Bank, London Branch (&ldquo;CA-CIB&rdquo;), o Banco Latinoamericano</FONT></P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0 0pt 7.1pt; text-align: justify">&nbsp;</P>


<!-- Field: Page; Sequence: 162; Value: 2 -->
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    <DIV STYLE="page-break-before: always; margin-top: 6pt"><P STYLE="margin: 0pt"></P><TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 99%; border-collapse: collapse; margin-left: 7.1pt"><TR STYLE="vertical-align: top"><TD STYLE="width: 100%; border-bottom: Black 1pt solid; font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: -1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Export Prepayment Facility Agreement dated as of August 3, 2015 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: 0pt"></P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0 0pt 7.1pt; text-align: justify"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">de
Comercio Exterior S.A. (&ldquo;Bladex&rdquo;), o ABN AMRO Bank N.V. (&ldquo;ABN&rdquo;), e o Banco Votorantim, Nassau Branch (&ldquo;Votorantim&rdquo;
e, em conjunto com o CREDOR PIGNORAT&Iacute;CIO, Rabobank, CA-CIB, Bladex e ABN, os &ldquo;CREDORES&rdquo;) e com o AGENTE</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT>
<FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">DE</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT>
<FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">GARANTIA,</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT>
<FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">entre</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT>
<FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">outras</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT>
<FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">partes,</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT>
<FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">o</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT>
<FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">contrato</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT>
<FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">de</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT>
<FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">financiamento</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">na
modalidade de recebimento antecipado &agrave; exporta&ccedil;&atilde;o denominado &ldquo;Export Prepayment Finance Agreement&rdquo;
(&ldquo;Contrato</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">de</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">Pr&eacute;-pagamento
de</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">Exporta&ccedil;&atilde;o&rdquo;),</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">nos</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">termos
da qual a EMPENHANTE concordou em tomar d&iacute;vida no valor total de at&eacute; US$110.000.000,00 (cento e dez milh&otilde;es
de d&oacute;lares norte-americanos), equivalentes, para fins de refer&ecirc;ncia, a R$[ ] ([ ]), com base na taxa de c&acirc;mbio
de US$1/R$[ ], utilizando-se da taxa de c&acirc;mbio apurada pelo Banco Central, segundo crit&eacute;rios por ele definidos e por
ele divulgada atrav&eacute;s da p&aacute;gina http://www4.bcb.gov.br/pec/conversao/conversao.asp</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT>
<FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">(&ldquo;Taxa</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT>
<FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">de</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT>
<FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">Convers&atilde;o&rdquo;),</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif">
</FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">na data de [ ] de [ ] de 2015; e</FONT></P>

<P STYLE="font: 10pt Verdana, Helvetica, Sans-Serif; margin: 0pt 0 0pt 7.1pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0 0pt 7.1pt; text-align: justify"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">(2)
nos termos do Contrato de Pr&eacute;-pagamento de Exporta&ccedil;&atilde;o, o CREDOR PIGNORAT&Iacute;CIO foi nomeado pelos CREDORES,
na qualidade de credor solid&aacute;rio dos CREDORES,</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">como</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">AGENTE</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">DE</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">GARANTIA</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">para</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">(i)</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">celebrar</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">todos</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">os</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">contratos</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">e
demais instrumentos para a devida constitui&ccedil;&atilde;o de toda e qualquer garantia a ser constitu&iacute;da sob as leis da
Rep&uacute;blica Federativa do Brasil em benef&iacute;cio dos CREDORES atuando</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">em</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">nome</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">pr&oacute;prio</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">e,</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">ainda,</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">em</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">nome</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">e</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">por</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">conta</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">dos</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">CREDORES,</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">na
qualidade de mandat&aacute;rio destes, e (ii) para prestar assist&ecirc;ncia aos CREDORES na administra&ccedil;&atilde;o</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">e</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">controle</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">de</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">toda</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">e</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">qualquer</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">garantia</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">a</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">ser</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">constitu&iacute;da</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">em</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">benef&iacute;cio
dos CREDORES, de acordo com as leis da Rep&uacute;blica Federativa do Brasil;</FONT></P>

<P STYLE="font: 10pt Verdana, Helvetica, Sans-Serif; margin: 0pt 0 0pt 7.1pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0 0pt 7.1pt; text-align: justify"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">(3)
a EMPENHANTE deseja outorgar a garantia pignorat&iacute;cia a ser constitu&iacute;da neste instrumento</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">para</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">os</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">CREDORES,
por</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">meio</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">do</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">CREDOR
PIGNORAT&Iacute;CIO, na qualidade de credor solid&aacute;rio com os demais CREDORES, de maneira que ela seja compartilhada de forma
pari passu e em igualdade de condi&ccedil;&otilde;es, proporcionalmente ao valor do cr&eacute;dito de cada um dos CREDORES, de
forma a garantir o integral e pontual cumprimento</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">de</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">todas</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">as</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">obriga&ccedil;&otilde;es</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">da</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">EMPENHANTE</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">previstas</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">no</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">Contrato</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">de
Pr&eacute;-pagamento de</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">Exporta&ccedil;&atilde;o,
no presente Instrumento e nos demais Documentos da Opera&ccedil;&atilde;o (conforme abaixo definido); e</FONT></P>

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<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0 0pt 7.1pt; text-align: justify"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">(4)</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif">
</FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">em</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT>
<FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">vista</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT>
<FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">do</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT>
<FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">acima</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT>
<FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">exposto,</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT>
<FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">as</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT>
<FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">Partes</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT>
<FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">acordaram</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT>
<FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">a</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT>
<FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">constitui&ccedil;&atilde;o</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT>
<FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">de</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT>
<FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">penhor mercantil sobre o a&ccedil;&uacute;car e etanol advindos da cana-de-a&ccedil;&uacute;car
produzida nas safras de</FONT></P>

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    <DIV STYLE="page-break-before: always; margin-top: 6pt"><P STYLE="margin: 0pt"></P><TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 99%; border-collapse: collapse; margin-left: 7.1pt"><TR STYLE="vertical-align: top"><TD STYLE="width: 100%; border-bottom: Black 1pt solid; font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: -1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Export Prepayment Facility Agreement dated as of August 3, 2015 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: 0pt"></P></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Verdana, Helvetica, Sans-Serif; margin: 0pt 0 0pt 7.1pt; text-align: justify">[ ], ressalvados os direitos
dos CREDORES, por meio do CREDOR PIGNORAT&Iacute;CIO, na qualidade de credor solid&aacute;rio com os demais CREDORES, em garantia
do integral e pontual pagamento das OBRIGA&Ccedil;&Otilde;ES GARANTIDAS (conforme abaixo definido);</P>

<P STYLE="font: 10pt Verdana, Helvetica, Sans-Serif; margin: 0pt 0 0pt 7.1pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Verdana, Helvetica, Sans-Serif; margin: 0pt 0 0pt 7.1pt; text-align: justify">RESOLVEM, ASSIM, as Partes firmar
o presente Instrumento Particular de Penhor Mercantil de A&ccedil;&uacute;car e Etanol, consoante as seguintes cl&aacute;usulas
e condi&ccedil;&otilde;es (&ldquo;Instrumento&rdquo;):</P>

<P STYLE="font: 10pt Verdana, Helvetica, Sans-Serif; margin: 0pt 0 0pt 7.1pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0 0pt 7.1pt; text-align: justify"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">I.</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif">    </FONT>
<FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">OBJETO</FONT></P>

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<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0 0pt 7.1pt; text-align: justify"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">1.1.</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif">   </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">De</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT>
<FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">acordo</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT>
<FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">com</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT>
<FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">o</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT>
<FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">aqui</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT>
<FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">disposto,</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT>
<FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">a</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT>
<FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">fim</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT>
<FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">de</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT>
<FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">garantir</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT>
<FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">o</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT>
<FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">fiel</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT>
<FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">e</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT>
<FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">tempestivo cumprimento de todas as obriga&ccedil;&otilde;es da EMPENHANTE
nos termos do Contrato de Pr&eacute;-pagamento de</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">Exporta&ccedil;&atilde;o</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">(&ldquo;OBRIGA&Ccedil;&Otilde;ES
GARANTIDAS&rdquo;), a EMPENHANTE neste ato empenha aos</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">CREDORES,
representados pelo CREDOR PIGNORAT&Iacute;CIO, na</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">qualidade</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">de</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">credor</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">solid&aacute;rio</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">dos</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">CREDORES,</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">certas</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">quantidades</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">de</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">a&ccedil;&uacute;car</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">e
etanol advindos da cana-de-a&ccedil;&uacute;car produzida nas safras de [ ], conforme especificado no</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">Anexo</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">I</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">ao</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">presente</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">Instrumento,</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">sendo</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">uma</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">quantidade</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">de</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">[
]</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">toneladas</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">de
a&ccedil;&uacute;car</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">e</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">[
]</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">metros
c&uacute;bicos de</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">etanol,
todos</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">livres</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">e</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">desembara&ccedil;ados
de</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">quaisquer
&ocirc;nus (os &ldquo;BENS</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">EMPENHADOS&rdquo;).
O penhor constitu&iacute;do por este Instrumento gravar&aacute; cont&iacute;nua e ininterruptamente todos os BENS</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">EMPENHADOS
at&eacute; a satisfa&ccedil;&atilde;o total das OBRIGA&Ccedil;&Otilde;ES</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">GARANTIDAS</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">e</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">ser&aacute;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">regido</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">pelos</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">artigos</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">1.438,</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">1.447</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">a</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">1.450</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">do
C&oacute;digo Civil Brasileiro (Lei n&ordm; 10.406, de 10 de janeiro de 2002, conforme alterada).</FONT></P>

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<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0 0pt 7.1pt; text-align: justify"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">1.2.</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif">  </FONT>
<FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">As OBRIGA&Ccedil;&Otilde;ES GARANTIDAS incluem todas as obriga&ccedil;&otilde;es
de pagamento futuras, atuais, acess&oacute;rias e do principal assumidas ou que venham a ser assumidas pela EMPENHANTE com rela&ccedil;&atilde;o
ao Contrato de Pr&eacute;-pagamento de Exporta&ccedil;&atilde;o, assim como posteriores altera&ccedil;&otilde;es, se houver.</FONT></P>

<P STYLE="font: 10pt Verdana, Helvetica, Sans-Serif; margin: 0pt 0 0pt 7.1pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Verdana, Helvetica, Sans-Serif; margin: 0pt 0 0pt 7.1pt; text-align: justify">1.2.1. As OBRIGA&Ccedil;&Otilde;ES
GARANTIDAS tem as seguintes caracter&iacute;sticas:</P>

<P STYLE="font: 10pt Verdana, Helvetica, Sans-Serif; margin: 0pt 0 0pt 7.1pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Verdana, Helvetica, Sans-Serif; margin: 0pt 0 0pt 7.1pt; text-align: justify">(a) Credores: ING Bank N.V.,
Rabobank Cura&ccedil;ao N.V., Cr&eacute;dit Agricole Corporate and Investment Bank, London Branch, Banco Latinoamericano de Comercio
Exterior S.A., ABN AMRO Bank N.V. e Banco Votorantim, Nassau Branch</P>

<P STYLE="font: 10pt Verdana, Helvetica, Sans-Serif; margin: 0pt 0 0pt 7.1pt; text-align: justify">&nbsp;</P>


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    <DIV STYLE="page-break-before: always; margin-top: 6pt"><P STYLE="margin: 0pt"></P><TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 99%; border-collapse: collapse; margin-left: 7.1pt"><TR STYLE="vertical-align: top"><TD STYLE="width: 100%; border-bottom: Black 1pt solid; font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: -1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Export Prepayment Facility Agreement dated as of August 3, 2015 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: 0pt"></P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0 0pt 7.1pt; text-align: justify"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">(b)</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">Valor
do</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">Principal:
at&eacute;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">US$110.000.000,00,
equivalentes a</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">R$[
],</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">calculado
com base na taxa de c&acirc;mbio de US$1/R$[ ], conforme Taxa de Convers&atilde;o, na data de [ ] de [ ] de 2015</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Verdana, Helvetica, Sans-Serif; margin: 0pt 0 0pt 7.1pt; text-align: justify">(c) Prazo: at&eacute; 20 de
dezembro de 2019</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0 0pt 7.1pt; text-align: justify"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">Datas
de Pagamento do Principal: 20 de junho, 20 de setembro e 20 de dezembro dos anos de 2017, 2018 e 2019, sendo que (a) em 20 de
junho de 2017 ser&aacute; amortizado o equivalente a 10% do Valor do Principal, (b) em 20 de setembro de 2017 ser&aacute; amortizado
o equivalente a 10% do Valor do Principal, (c) em 20 de dezembro de 2017 ser&aacute; amortizado o equivalente a 10% do Valor do
Principal, (d) em 20 de junho de 2018 ser&aacute; amortizado o equivalente a 10% do Valor do Principal, (e) em 20 de setembro
de 2018 ser&aacute; amortizado o equivalente a 10% do Valor do Principal, (f) em 20 de dezembro de 2018 ser&aacute;
amortizado o equivalente a 10% do Valor do Principal, (g) em 20 de junho de 2019 ser&aacute; amortizado o equivalente a 13,3333%
do Valor do Principal, (h) em 20 de setembro de 2019 ser&aacute; amortizado o equivalente a 13,3333% do Valor do Principal e (i)
em 20 de dezembro de 2019 ser&aacute; amortizado o equivalente a 13,3334% do Valor do Principal.</FONT> </P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0 0pt 7.1pt; text-align: justify"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">(e)</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">Taxa</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">de</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">Juros:</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">taxa</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">LIBOR</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">adicionada</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">a</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">uma</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">margem</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">anual</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">de</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">4,65%</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">(quatro
inteiros e sessenta e cinco d&eacute;cimos por cento).</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Verdana, Helvetica, Sans-Serif; margin: 0pt 0 0pt 7.1pt; text-align: justify">(f) Pagamento dos Juros: 20
de setembro e 20 de dezembro do ano de 2015; 20 de mar&ccedil;o, 20 de junho, 20 de setembro e 20 de dezembro dos anos de 2016,
2017, 2018 e 2019.</P>

<P STYLE="font: 10pt Verdana, Helvetica, Sans-Serif; margin: 0pt 0 0pt 7.1pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0 0pt 7.1pt; text-align: justify"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">1.3.</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif">   </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">Os</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">BENS</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT>
<FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">EMPENHADOS</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">ser&atilde;o</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">armazenados</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">em</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">dep&oacute;sitos</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">localizados</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">nas
unidades industriais descritas no Anexo I ao presente Contrato, sendo que n&atilde;o poder&atilde;o ser alterados sem a autoriza&ccedil;&atilde;o
pr&eacute;via do AGENTE DE GARANTIA.</FONT></P>

<P STYLE="font: 10pt Verdana, Helvetica, Sans-Serif; margin: 0pt 0 0pt 7.1pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0 0pt 7.1pt; text-align: justify"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">1.4.</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif">   </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">A
EMPENHANTE dever&aacute; tomar todas as provid&ecirc;ncias para, &agrave;s suas expensas, levar a efeito o registro do presente
Instrumento, conforme estipulado na Cl&aacute;usula XI, abaixo.</FONT></P>

<P STYLE="font: 10pt Verdana, Helvetica, Sans-Serif; margin: 0pt 0 0pt 7.1pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0 0pt 7.1pt; text-align: justify"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">1.5.</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif">   </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">O
presente Instrumento vigorar&aacute; at&eacute; o cumprimento integral das OBRIGA&Ccedil;&Otilde;ES GARANTIDAS, de modo que os
BENS</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">EMPENHADOS
ser&atilde;o dados em garantia at&eacute; o cumprimento integral das OBRIGA&Ccedil;&Otilde;ES GARANTIDAS.</FONT></P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0 0pt 7.1pt; text-align: justify">&nbsp;</P>


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    <DIV STYLE="page-break-before: always; margin-top: 6pt"><P STYLE="margin: 0pt"></P><TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 99%; border-collapse: collapse; margin-left: 7.1pt"><TR STYLE="vertical-align: top"><TD STYLE="width: 100%; border-bottom: Black 1pt solid; font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: -1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Export Prepayment Facility Agreement dated as of August 3, 2015 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: 0pt"></P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0 0pt 7.1pt; text-align: justify"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">1.6.</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif">   </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">Desde</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">que</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">observados</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">os</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">termos</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">e</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">condi&ccedil;&otilde;es</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">estabelecidos</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">no</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">Contrato</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">de
Pr&eacute;-pagamento de Exporta&ccedil;&atilde;o com rela&ccedil;&atilde;o aos &iacute;ndices m&iacute;nimos de garantia decorrentes
do presente Instrumento e do Contrato de Penhor Agr&iacute;cola, a EMPENHANTE poder&aacute; solicitar a libera&ccedil;&atilde;o
parcial ou total dos BENS</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">EMPENHADOS,
a</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT> <FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">ser</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT>
<FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">realizada</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT>
<FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">mediante</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT>
<FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">emiss&atilde;o</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT>
<FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">pelo</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT>
<FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">CREDOR</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif">
</FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">PIGNORAT&Iacute;CIO</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT>
<FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">de</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT>
<FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">carta</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT>
<FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">de libera&ccedil;&atilde;o parcial ou total, conforme o caso, de BENS
EMPENHADOS, observados os c&aacute;lculos</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">previstos
no</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">Contrato</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">de</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">Pr&eacute;-pagamento
de</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">Exporta&ccedil;&atilde;o,</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">a</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">qual</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">dever&aacute;
ser registrada pela EMPENHANTE no Cart&oacute;rio de Registro de Im&oacute;veis competente.</FONT></P>

<P STYLE="font: 10pt Verdana, Helvetica, Sans-Serif; margin: 0pt 0 0pt 7.1pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0 0pt 7.1pt; text-align: justify"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">1.7.</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif">   </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">A
EMPENHANTE se obriga a manter bens empenhados nos prazos e montantes estabelecidos nos termos do &iacute;ndice de Cobertura de
Garantia (Collateral Coverage) estabelecido na Cl&aacute;usula [&bull;] do Contrato de Pr&eacute;-pagamento de Exporta&ccedil;&atilde;o,
at&eacute; o t&eacute;rmino da vig&ecirc;ncia das OBRIGA&Ccedil;&Otilde;ES GARANTIDAS.</FONT></P>

<P STYLE="font: 10pt Verdana, Helvetica, Sans-Serif; margin: 0pt 0 0pt 7.1pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0 0pt 7.1pt; text-align: justify"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">II.</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif">    </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">DO
FIEL DEPOSIT&Aacute;RIO</FONT></P>

<P STYLE="font: 10pt Verdana, Helvetica, Sans-Serif; margin: 0pt 0 0pt 7.1pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0 0pt 7.1pt; text-align: justify"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">2.1.</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif">   </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">O
FIEL DEPOSIT&Aacute;RIO neste ato recebe a fun&ccedil;&atilde;o de fiel deposit&aacute;rio dos BENS EMPENHADOS, nos termos do artigo
627 e seguintes do C&oacute;digo Civil Brasileiro (com exce&ccedil;&atilde;o do artigo 644, ao qual o FIEL DEPOSIT&Aacute;RIO,
neste ato, expressamente renuncia). O FIEL DEPOSIT&Aacute;RIO dever&aacute; manter-se como deposit&aacute;rio dos BENS EMPENHADOS
at&eacute; a efetiva satisfa&ccedil;&atilde;o das OBRIGA&Ccedil;&Otilde;ES GARANTIDAS.</FONT></P>

<P STYLE="font: 10pt Verdana, Helvetica, Sans-Serif; margin: 0pt 0 0pt 7.1pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0 0pt 7.1pt; text-align: justify"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">2.2.</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif">  </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">O
FIEL DEPOSIT&Aacute;RIO, a partir da assinatura do presente Instrumento, compromete-se a, sem nenhuma remunera&ccedil;&atilde;o,
(i) defender os BENS</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">EMPENHADOS
e zelar pela sua integridade, respondendo civil e criminalmente pelo fiel desempenho do encargo assumido e obrigando-se a entregar
ou restituir os BENS</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">EMPENHADOS
t&atilde;o logo o AGENTE DE</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">GARANTIA
assim o exija em benef&iacute;cio dos CREDORES, e (ii) prestar todas as informa&ccedil;&otilde;es solicitadas pelo AGENTE DE GARANTIA,
a respeito dos BENS</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">EMPENHADOS,
no prazo m&aacute;ximo de 3 (tr&ecirc;s) dias &uacute;teis.</FONT></P>

<P STYLE="font: 10pt Verdana, Helvetica, Sans-Serif; margin: 0pt 0 0pt 7.1pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0 0pt 7.1pt; text-align: justify"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">III.</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif">   </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">DAS</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">INSPE&Ccedil;&Otilde;ES
E DO MONITORAMENTO</FONT></P>

<P STYLE="font: 10pt Verdana, Helvetica, Sans-Serif; margin: 0pt 0 0pt 7.1pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0 0pt 7.1pt; text-align: justify"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">3.1.</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif">   </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">A
EMPENHANTE, neste ato, concede ao AGENTE DE GARANTIA, assim como &agrave;s empresas expressamente autorizadas por ele, acesso,
mediante pr&eacute;vio aviso de 72 (setenta</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif">   </FONT>
<FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">e</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif">   </FONT>
<FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">duas) horas,</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif">   </FONT>
<FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">em</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif">   </FONT>
<FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">dia</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif">   </FONT>
<FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">&uacute;til</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif">   </FONT>
<FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">e</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif">   </FONT>
<FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">hor&aacute;rio</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif">   </FONT>
<FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">comercial,</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif">   </FONT>
<FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">ao</FONT></P>

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    <DIV STYLE="page-break-before: always; margin-top: 6pt"><P STYLE="margin: 0pt"></P><TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 99%; border-collapse: collapse; margin-left: 7.1pt"><TR STYLE="vertical-align: top"><TD STYLE="width: 100%; border-bottom: Black 1pt solid; font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: -1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Export Prepayment Facility Agreement dated as of August 3, 2015 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: 0pt"></P></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0 0pt 7.1pt; text-align: justify"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">empreendimento/propriedade
rural e/ou mercadoria, com a finalidade de fiscalizar a condi&ccedil;&atilde;o dos BENS EMPENHADOS, bem como avaliar a situa&ccedil;&atilde;o
das garantias reais constantes deste Instrumento. Caso se verifique irregularidades, ou qualquer situa&ccedil;&atilde;o que n&atilde;o
esteja em conformidade com o declarado neste Instrumento ou no Contrato de Pr&eacute;-pagamento de Exporta&ccedil;&atilde;o, poder&aacute;
o AGENTE DE GARANTIA, solicitar &agrave; EMPENHANTE</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">que</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">regularize</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">tal</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">situa&ccedil;&atilde;o</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">em</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">um</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">prazo</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">de</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">5</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">(cinco)</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">dias</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">&uacute;teis
contados</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT> <FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">desde</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT>
<FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">o</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT>
<FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">recebimento</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT>
<FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">de</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT>
<FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">tal</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT>
<FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">solicita&ccedil;&atilde;o,</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT>
<FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">e</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT>
<FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">caso</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT>
<FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">a</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT>
<FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">situa&ccedil;&atilde;o</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT>
<FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">n&atilde;o</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT>
<FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">seja regularizada</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">nesse</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">prazo,</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">poder&aacute;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">o</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">AGENTE</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">DE</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT>
<FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">GARANTIA</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">impetrar</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">quaisquer
medidas preventivas, administrativas, judiciais e/ou extrajudiciais ao fiel cumprimento das</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">obriga&ccedil;&otilde;es</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">assumidas</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">neste</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">Instrumento,</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">independentemente</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">de</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">aviso,
interpela&ccedil;&atilde;o ou notifica&ccedil;&atilde;o, judicial ou extrajudicial.</FONT></P>

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<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0 0pt 7.1pt; text-align: justify"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">3.2.</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT>
<FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">Al&eacute;m</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">disso,</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">a</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">EMPENHANTE</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">se</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">compromete</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">a</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">contratar</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">empresa
independente de inspe&ccedil;&atilde;o e/ou de avalia&ccedil;&atilde;o, aceit&aacute;vel aos CREDORES, representados pelo AGENTE
DE GARANTIA, para (i) simultaneamente com a celebra&ccedil;&atilde;o deste Instrumento,</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">e</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">(ii)</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">posteriormente,</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">semestralmente,</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">verificar</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">os</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">armaz&eacute;ns</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">em</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">que
ser&atilde;o armazenados os BENS EMPENHADOS e apresentar relat&oacute;rio ao AGENTE DE GARANTIA.</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">Ademais,</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">se</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">forem</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">verificadas</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">discrep&acirc;ncias</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">relevantes,</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">tal</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">empresa
dever&aacute; tamb&eacute;m levar a efeito inspe&ccedil;&otilde;es e avalia&ccedil;&otilde;es adicionais que venham a ser solicitadas
pelo AGENTE DE GARANTIA. A EMPENHANTE obriga-se a arcar com os custos referentes &agrave;s inspe&ccedil;&otilde;es e avalia&ccedil;&otilde;es
semestrais, incluindo o pagamento de comiss&otilde;es adicionais cobradas pela empresa avaliadora contratada, bem como a reembolsar
o AGENTE DE GARANTIA por quaisquer despesas que tiverem com tais inspe&ccedil;&otilde;es e avalia&ccedil;&otilde;es semestrais.</FONT></P>

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<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0 0pt 7.1pt; text-align: justify"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">IV.</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif">   </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">OBRIGA&Ccedil;&Otilde;ES
DA EMPENHANTE</FONT></P>

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<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0 0pt 7.1pt; text-align: justify"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">4.1.</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif">   </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">A
EMPENHANTE obriga-se a:</FONT></P>

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<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0 0pt 7.1pt; text-align: justify"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">(i)   &nbsp;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT>
<FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">abster-se</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif">
</FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">de</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif">
</FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">vender</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif">
</FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">(exceto</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif">
</FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">sob</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT>
<FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">os</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif">
</FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">termos</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT>
<FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">dos</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif">
</FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">Contratos</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif">
</FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">de</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif">
</FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">Exporta&ccedil;&atilde;o cedidos fiduciariamente sob o Assignment
and Security Agreement, a ser firmado ou firmado entre a EMPENHANTE, o CREDOR PIGNORAT&Iacute;CIO e o AGENTE DE GARANTIA), ceder,
transferir, onerar ou de outro modo criar gravame sobre os BENS EMPENHADOS, exceto pelo penhor aqui pactuado, sujeito &agrave;s
implica&ccedil;&otilde;es criminais prescritas</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">no</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">artigo</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">171,</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">inciso</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">III,</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">do</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">Decreto-lei</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">n&ordm;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">2.848,</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">de</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">7</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">de</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">dezembro</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">de</FONT></P>

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    <DIV STYLE="page-break-before: always; margin-top: 6pt"><P STYLE="margin: 0pt"></P><TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 99%; border-collapse: collapse; margin-left: 7.1pt"><TR STYLE="vertical-align: top"><TD STYLE="width: 100%; border-bottom: Black 1pt solid; font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: -1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Export Prepayment Facility Agreement dated as of August 3, 2015 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: 0pt"></P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0 0pt 7.1pt; text-align: justify"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">1940,
conforme alterado (C&oacute;digo Penal Brasileiro), ressalvado na hip&oacute;tese de pr&eacute;via autoriza&ccedil;&atilde;o do
AGENTE DE GARANTIA ou na hip&oacute;tese de venda e entrega dos BENS EMPENHADOS. A EMPENHANTE defender&aacute; a sua titularidade
sobre os BENS EMPENHADOS e a n&atilde;o exist&ecirc;ncia de quaisquer outros &ocirc;nus ou gravames com rela&ccedil;&atilde;o aos</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">BENS</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT>
<FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">EMPENHADOS,</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">que</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">n&atilde;o</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">sejam</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">os</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">estabelecidos</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">por</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">este</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">Instrumento,
contra as reivindica&ccedil;&otilde;es e demandas que quaisquer terceiros possam fazer;</FONT></P>

<P STYLE="font: 10pt Verdana, Helvetica, Sans-Serif; margin: 0pt 0 0pt 7.1pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0 0pt 7.1pt; text-align: justify"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">(ii)  </FONT><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">cumprir
tempestivamente todas as suas obriga&ccedil;&otilde;es previstas neste Instrumento e</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">nos</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">demais</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">Documentos</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">da</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">Opera&ccedil;&atilde;o,</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">sob</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">pena</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">de</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">vencimento</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">antecipado</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">do
Contrato</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">de</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT>
<FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">Pr&eacute;-pagamento</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">de</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT>
<FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">Exporta&ccedil;&atilde;o,</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">sem</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">preju&iacute;zo</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">de</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT>
<FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">qualquer</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">outro
rem&eacute;dio que o CREDOR PIGNORAT&Iacute;CIO</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">ou</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">o</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">AGENTE
DE</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">GARANTIA
possa ter a fim de defender seus interesses e dos demais CREDORES, incluindo a busca de tutela espec&iacute;fica para cumprimento
de obriga&ccedil;&atilde;o de fazer nos termos do artigo 461, 461-A e seguintes do C&oacute;digo de Processo Civil Brasileiro;</FONT></P>

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<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0 0pt 7.1pt; text-align: justify"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">(iii)  prestar
todas as informa&ccedil;&otilde;es e apresentar todas as evid&ecirc;ncias solicitadas pelo AGENTE</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">DE</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">GARANTIA
a</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">fim</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">de</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">comprovar</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">que</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">os</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">BENS</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">EMPENHADOS
encontram-se localizados nos lugares estipulados no presente Instrumento, sendo que a EMPENHANTE ora compromete-se a n&atilde;o
alterar o local dos BENS</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">EMPENHADOS
sem a pr&eacute;via e expressa autoriza&ccedil;&atilde;o do AGENTE DE GARANTIA.</FONT></P>

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<P STYLE="font: 10pt Verdana, Helvetica, Sans-Serif; margin: 0pt 0 0pt 7.1pt; text-align: justify">(iv)  pagar
imediatamente, antes de qualquer multa, penalidade, juros ou custos a eles vinculados, todos os impostos, contribui&ccedil;&otilde;es
e outros encargos governamentais ou n&atilde;o governamentais agora ou futuramente lan&ccedil;ados ou incidentes sobre os BENS
EMPENHADOS, ressalvadas eventuais autua&ccedil;&otilde;es ou lan&ccedil;amentos indevidos pass&iacute;veis de defesa administrativa
ou contesta&ccedil;&atilde;o judicial;</P>

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<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0 0pt 7.1pt; text-align: justify"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">(v)  manter,</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">&agrave;s</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">suas</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">custas,</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">at&eacute;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">o</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">total</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">cumprimento</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">das</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">OBRIGA&Ccedil;&Otilde;ES
GARANTIDAS,</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">os</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">BENS</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT>
<FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">EMPENHADOS,</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">quando</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">armazenado</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">nos</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">dep&oacute;sitos,</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">nos
termos</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">da</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">cl&aacute;usula</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">1.3</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">acima,</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">segurado</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">contra</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">todos</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">os</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">riscos</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">usuais</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">aplic&aacute;veis</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">&agrave;
ap&oacute;lice em quest&atilde;o em sociedade seguradora id&ocirc;nea e com s&oacute;lida situa&ccedil;&atilde;o financeira comprometendo-se</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif">
</FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">a</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT>
<FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">contratar</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif">
</FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">e</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif">
</FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">tempestivamente</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif">
</FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">pagar</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif">
</FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">o</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif">
</FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">pr&ecirc;mio</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif">
</FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">referente</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif">
</FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">ao seguro, devendo constar da ap&oacute;lice de seguro que as
coberturas n&atilde;o poder&atilde;o ser canceladas sem a pr&eacute;via e expressa anu&ecirc;ncia do AGENTE DE GARANTIA;</FONT></P>

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<!-- Field: Page; Sequence: 168; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt">~ <!-- Field: Sequence; Type: Arabic; Name: PageNo -->167<!-- Field: /Sequence --> ~</P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt"><P STYLE="margin: 0pt"></P><TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 99%; border-collapse: collapse; margin-left: 7.1pt"><TR STYLE="vertical-align: top"><TD STYLE="width: 100%; border-bottom: Black 1pt solid; font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: -1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Export Prepayment Facility Agreement dated as of August 3, 2015 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: 0pt"></P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0 0pt 7.1pt; text-align: justify"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">(vi)  obter,</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">em</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">rela&ccedil;&atilde;o</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">aos</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">BENS</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">EMPENHADOS,</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">todos</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">os</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">documentos</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">(laudos,
estudos, relat&oacute;rios, licen&ccedil;as, autoriza&ccedil;&otilde;es, outorgas, etc.) previstos nas normas de prote&ccedil;&atilde;o
ambiental, atestando o seu cumprimento, e a informar ao AGENTE DE GARANTIA, imediatamente, a exist&ecirc;ncia de manifesta&ccedil;&atilde;o
desfavor&aacute;vel de qualquer autoridade caso tenha conhecimento;</FONT></P>

<P STYLE="font: 10pt Verdana, Helvetica, Sans-Serif; margin: 0pt 0 0pt 7.1pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0 0pt 7.1pt; text-align: justify"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">(vii)
arcar</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">com</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">todas</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">as</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">despesas</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">e</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">custos</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">incorridos</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">em</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">rela&ccedil;&atilde;o</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">ao</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">registro</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">do
presente</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">Instrumento</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">de</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">penhor</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">dos</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">BENS</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT>
<FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">EMPENHADOS</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">e</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">de</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">seus</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">respectivos
aditivos</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">e</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">prorroga&ccedil;&otilde;es,</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">bem</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">como</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">com</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">a</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">excuss&atilde;o</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">do</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">direito</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">de</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">garantia</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">aqui
conferido, incluindo despesas com honor&aacute;rios advocat&iacute;cios razoavelmente incorridos e devidamente comprovados; e</FONT></P>

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<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0 0pt 7.1pt; text-align: justify"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">(viii)</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif">
</FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">informar imediatamente ao AGENTE DE GARANTIA, por escrito, sobre
a ocorr&ecirc;ncia</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">de:</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">(i)</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">qualquer</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">evento</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">que</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">possa</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">razoavelmente</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">provocar</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">um</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">efeito
adverso relevante sobre o direito de garantia concedido nos termos do presente Instrumento;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT>
<FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">ou</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT>
<FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">(ii)</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif">
</FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">qualquer</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT>
<FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">outro</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT>
<FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">evento</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT>
<FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">conhecido</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT>
<FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">que</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT>
<FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">possa</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT>
<FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">razoavelmente provocar um efeito adverso relevante sobre o valor total
dos BENS</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">EMPENHADOS.</FONT></P>

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<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0 0pt 7.1pt; text-align: justify"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">4.2.</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif">  </FONT>
<FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">A EMPENHANTE celebrar&aacute;, &agrave; sua pr&oacute;pria custa e periodicamente,
os demais documentos e instrumentos que possam ser necess&aacute;rios para autorizar o CREDOR PIGNORAT&Iacute;CIO ou o AGENTE DE
GARANTIA a proteger os direitos criados pelo presente Instrumento em rela&ccedil;&atilde;o aos BENS</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">EMPENHADOS,
no todo ou em parte, ou o</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">exerc&iacute;cio,</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">pelo</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">CREDOR</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">PIGNORAT&Iacute;CIO</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT>
<FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">ou</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">pelo</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">AGENTE</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">DE</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT>
<FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">GARANTIA</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">de
qualquer dos direitos, poderes, compet&ecirc;ncias que lhes forem conferidos pelos CREDORES.</FONT></P>

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<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0 0pt 7.1pt; text-align: justify"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">V.</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif">    </FONT>
<FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">VENCIMENTO ANTECIPADO E EXCUSS&Atilde;O DA GARANTIA PIGNORAT&Iacute;CIA</FONT></P>

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<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0 0pt 7.1pt; text-align: justify"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">5.1.</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif">   </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">Em</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT>
<FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">caso</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT>
<FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">de</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT>
<FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">inadimplemento,</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">pela</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT>
<FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">EMPENHANTE,</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">de</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT>
<FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">qualquer</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT>
<FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">obriga&ccedil;&atilde;o prevista</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT>
<FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">no</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT>
<FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">presente</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT>
<FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">Instrumento</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT>
<FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">ou</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT>
<FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">em</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT>
<FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">qualquer</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT>
<FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">dos</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif">
</FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">demais</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT>
<FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">Documentos</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT>
<FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">da Opera&ccedil;&atilde;o, n&atilde;o sanado no prazo concedido sob o
respectivo instrumento, poder&atilde;o o CREDOR PIGNORAT&Iacute;CIO ou o AGENTE DE GARANTIA, atuando em benef&iacute;cio dos CREDORES,</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">excutir</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">a</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">presente</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">garantia</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">sobre</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">os</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">BENS</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">EMPENHADOS,</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">podendo,
para tanto, praticar todos os atos assegurados pela lei aplic&aacute;vel, com a possibilidade de alienar, converter, vender ou
ceder por instrumento privado, opera&ccedil;&atilde;o ou de outro</FONT></P>

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<!-- Field: Page; Sequence: 169; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt">~ <!-- Field: Sequence; Type: Arabic; Name: PageNo -->168<!-- Field: /Sequence --> ~</P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt"><P STYLE="margin: 0pt"></P><TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 99%; border-collapse: collapse; margin-left: 7.1pt"><TR STYLE="vertical-align: top"><TD STYLE="width: 100%; border-bottom: Black 1pt solid; font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: -1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Export Prepayment Facility Agreement dated as of August 3, 2015 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: 0pt"></P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0 0pt 7.1pt; text-align: justify"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">modo,</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">no</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">todo</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">ou</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">em</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">parte,</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">os</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">BENS</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT>
<FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">EMPENHADOS,</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">de</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">acordo</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">com</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">os</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">pre&ccedil;os</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">e
termos e condi&ccedil;&otilde;es de mercado no momento da aliena&ccedil;&atilde;o, dar quita&ccedil;&atilde;o e assinar qualquer
documento ou instrumento, independentemente de sua natureza especial, conforme</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">necess&aacute;rio</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">para</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">fazer</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">valer</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">os</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">atos</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">aqui</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">mencionados,</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">independentemente
de leil&atilde;o, hasta p&uacute;blica, avalia&ccedil;&atilde;o pr&eacute;via ou qualquer medida judicial ou extrajudicial, bem</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">como</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">independentemente</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">de</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">qualquer</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">autoriza&ccedil;&atilde;o</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">ou</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">aviso</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">pr&eacute;vio</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">&agrave;
EMPENHANTE. Os recursos resultantes ser&atilde;o utilizados para pagamento de despesas razo&aacute;veis</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">resultantes</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">da</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">venda</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">dos</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">BENS</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">EMPENHADOS</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">e</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">pagamento</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">das
OBRIGA&Ccedil;&Otilde;ES GARANTIDAS nos termos do Contrato de Pr&eacute;-pagamento de Exporta&ccedil;&atilde;o.</FONT></P>

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<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0 0pt 7.1pt; text-align: justify"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">5.2.
A EMPENHANTE, por este ato, outorga, irrevog&aacute;vel e irretratavelmente, ao CREDOR PIGNORAT&Iacute;CIO e ao AGENTE DE
GARANTIA, atuando em conjunto ou separadamente, em benef&iacute;cio dos CREDORES, de acordo com os artigos 684, 685 e 1.433,
item IV, do C&oacute;digo Civil Brasileiro, a procura&ccedil;&atilde;o, nos moldes do Anexo II, anexo a este instrumento
(&ldquo;Procura&ccedil;&atilde;o&rdquo;), para atuar em nome da EMPENHANTE, exclusivamente para o cumprimento da
Cl&aacute;usula 5.1 acima.</FONT></P>

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<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0 0pt 7.1pt; text-align: justify"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">5.3.</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif">  </FONT>
<FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">Se o montante recebido pelo CREDOR PIGNORAT&Iacute;CIO ou pelo AGENTE
DE GARANTIA na venda dos BENS</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">EMPENHADOS
n&atilde;o for suficiente para pagamento de todos</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">os</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">valores</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">devidos</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">nos</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">termos</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">da</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">Cl&aacute;usula</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">5.1.,</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">acima,</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">o</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">saldo</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">devedor,
conforme calculado pelo CREDOR PIGNORAT&Iacute;CIO ou pelo AGENTE DE GARANTIA, dever&aacute; ser imediatamente quitado pela EMPENHANTE,
mediante dep&oacute;sito de recursos imediatamente</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">dispon&iacute;veis</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">nas</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">respectivas</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">contas</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">dos</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">CREDORES,</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">no</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">prazo</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">de</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">2
(dois)</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">dias</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">&uacute;teis</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">a</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">contar</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">da</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">data</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">da</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">notifica&ccedil;&atilde;o</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">enviada</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">pelo</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">CREDOR
PIGNORAT&Iacute;CIO ou pelo AGENTE DE GARANTIA &agrave; EMPENHANTE indicando o saldo devedor a ser quitado e as contas banc&aacute;rias
dos CREDORES para dep&oacute;sito.</FONT></P>

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<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0 0pt 7.1pt; text-align: justify"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">5.4</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif">
</FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">Se o montante recebido pelo CREDOR PIGNORAT&Iacute;CIO ou pelos
CREDORES, conforme o caso, for superior ao saldo devedor a ser quitado nos termos do Contrato de Pr&eacute;-pagamento de Exporta&ccedil;&atilde;o,
dever&atilde;o o CREDOR PIGNORAT&Iacute;CIO e os CREDORES</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">devolver</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">&agrave;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">EMPENHANTE</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">o</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">saldo</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">remanescente,</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">no</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">prazo</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">de</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">2</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">(dois)
dias &uacute;teis.</FONT></P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0 0pt 7.1pt; text-align: justify">&nbsp;</P>


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    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt">~ <!-- Field: Sequence; Type: Arabic; Name: PageNo -->169<!-- Field: /Sequence --> ~</P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt"><P STYLE="margin: 0pt"></P><TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 99%; border-collapse: collapse; margin-left: 7.1pt"><TR STYLE="vertical-align: top"><TD STYLE="width: 100%; border-bottom: Black 1pt solid; font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: -1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Export Prepayment Facility Agreement dated as of August 3, 2015 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: 0pt"></P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0 0pt 7.1pt; text-align: justify"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">VI.</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif">   </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">DECLARA&Ccedil;&Otilde;ES</FONT></P>

<P STYLE="font: 10pt Verdana, Helvetica, Sans-Serif; margin: 0pt 0 0pt 7.1pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0 0pt 7.1pt; text-align: justify"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">6.1.</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif">   </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">O
CREDOR PIGNORAT&Iacute;CIO</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">e
o AGENTE DE</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">GARANTIA
neste ato declaram que:</FONT></P>

<P STYLE="font: 10pt Verdana, Helvetica, Sans-Serif; margin: 0pt 0 0pt 7.1pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0 0pt 7.1pt; text-align: justify"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">(a)  </FONT><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">possuem</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">plenos</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">poderes,</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">autoriza&ccedil;&atilde;o</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">e</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">capacidade</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">para</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">firmar</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">o</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">presente</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Verdana, Helvetica, Sans-Serif; margin: 0pt 0 0pt 7.1pt; text-align: justify">Instrumento e para cumprir com
suas obriga&ccedil;&otilde;es contratuais aqui previstas; e</P>

<P STYLE="font: 10pt Verdana, Helvetica, Sans-Serif; margin: 0pt 0 0pt 7.1pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Verdana, Helvetica, Sans-Serif; margin: 0pt 0 0pt 7.1pt; text-align: justify">(b)  o
presente Instrumento constitui uma obriga&ccedil;&atilde;o legal, v&aacute;lida e opon&iacute;vel contra eles de acordo com seus
termos.</P>

<P STYLE="font: 10pt Verdana, Helvetica, Sans-Serif; margin: 0pt 0 0pt 7.1pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0 0pt 7.1pt; text-align: justify"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">6.2.</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif">   </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">A
EMPENHANTE neste ato declara e garante que:</FONT></P>

<P STYLE="font: 10pt Verdana, Helvetica, Sans-Serif; margin: 0pt 0 0pt 7.1pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0 0pt 7.1pt; text-align: justify"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">(a)  </FONT><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">possui</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT>
<FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">plenos</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT>
<FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">poderes,</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT>
<FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">autoriza&ccedil;&atilde;o</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT>
<FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">e</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT>
<FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">capacidade</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT>
<FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">para</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT>
<FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">firmar</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT>
<FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">o</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT>
<FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">presente Instrumento e empenhar os BENS EMPENHADOS, bem como para cumprir
com suas obriga&ccedil;&otilde;es contratuais aqui assumidas;</FONT></P>

<P STYLE="font: 10pt Verdana, Helvetica, Sans-Serif; margin: 0pt 0 0pt 7.1pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0 0pt 7.1pt; text-align: justify"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">(b)  o</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">presente</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">Instrumento</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">constitui</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">uma</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">obriga&ccedil;&atilde;o</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">legal,</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">v&aacute;lida</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">e</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">opon&iacute;vel</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">&agrave;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Verdana, Helvetica, Sans-Serif; margin: 0pt 0 0pt 7.1pt; text-align: justify">EMPENHANTE, segundo seus termos;</P>

<P STYLE="font: 10pt Verdana, Helvetica, Sans-Serif; margin: 0pt 0 0pt 7.1pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0 0pt 7.1pt; text-align: justify"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">(c)  </FONT><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">a
celebra&ccedil;&atilde;o do presente Instrumento e o cumprimento de suas obriga&ccedil;&otilde;es aqui pactuadas n&atilde;o violam
qualquer disposi&ccedil;&atilde;o legal ou contratual ou qualquer obriga&ccedil;&atilde;o anteriormente assumida pela EMPENHANTE;</FONT></P>

<P STYLE="font: 10pt Verdana, Helvetica, Sans-Serif; margin: 0pt 0 0pt 7.1pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0 0pt 7.1pt; text-align: justify"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">(d)  os
BENS</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">EMPENHADOS
s&atilde;o de sua leg&iacute;tima propriedade e se encontram livres de &ocirc;nus reais ou pessoais, judiciais ou extrajudiciais,
penhoras, arrestos e sequestros e de</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">qualquer</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">comprometimento</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">em</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">quaisquer</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">modalidades</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">de</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">cr&eacute;dito</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">ou</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">seguros
abertos atrav&eacute;s de institui&ccedil;&otilde;es financeiras ou seguradoras, assim como comprometidos em</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">quaisquer</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">tipos</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">de</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">contratos</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">particulares,</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">excetuando</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">os</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">gravames</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">decorrentes
deste Instrumento, inexistindo qualquer impedimento para a sua venda, judicial ou extrajudicialmente, pelo CREDOR PIGNORAT&Iacute;CIO</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">ou
pelo AGENTE DE</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">GARANTIA,
em caso de excuss&atilde;o da presente garantia;</FONT></P>

<P STYLE="font: 10pt Verdana, Helvetica, Sans-Serif; margin: 0pt 0 0pt 7.1pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Verdana, Helvetica, Sans-Serif; margin: 0pt 0 0pt 7.1pt; text-align: justify">(e)  o
presente Instrumento constitui, para todos os fins de direito, t&iacute;tulo executivo extrajudicial;</P>

<P STYLE="font: 10pt Verdana, Helvetica, Sans-Serif; margin: 0pt 0 0pt 7.1pt; text-align: justify">&nbsp;</P>


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    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt">~ <!-- Field: Sequence; Type: Arabic; Name: PageNo -->170<!-- Field: /Sequence --> ~</P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt"><P STYLE="margin: 0pt"></P><TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 99%; border-collapse: collapse; margin-left: 7.1pt"><TR STYLE="vertical-align: top"><TD STYLE="width: 100%; border-bottom: Black 1pt solid; font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: -1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Export Prepayment Facility Agreement dated as of August 3, 2015 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: 0pt"></P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0 0pt 7.1pt; text-align: justify"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">(f)  </FONT><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">est&aacute;
ciente de que qualquer eventual ato de toler&acirc;ncia por parte do CREDOR PIGNORAT&Iacute;CIO ou pelo AGENTE DE GARANTIA n&atilde;o
importar&aacute; em nova&ccedil;&atilde;o ou altera&ccedil;&atilde;o das condi&ccedil;&otilde;es aqui estipuladas, constituindo-se
tal ato mera liberalidade do CREDOR PIGNORAT&Iacute;CIO</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">ou
do AGENTE DE GARANTIA; e</FONT></P>

<P STYLE="font: 10pt Verdana, Helvetica, Sans-Serif; margin: 0pt 0 0pt 7.1pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0 0pt 7.1pt; text-align: justify"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">(g)  </FONT><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">nenhum</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT>
<FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">registro,</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT>
<FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">solicita&ccedil;&atilde;o,</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT>
<FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">autoriza&ccedil;&atilde;o</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT>
<FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">ou</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT>
<FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">protocolo</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT>
<FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">perante</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT>
<FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">&oacute;rg&atilde;os</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT>
<FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">ou ag&ecirc;ncias</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT>
<FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">governamentais</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT>
<FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">ou</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT>
<FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">terceiros</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT>
<FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">&eacute;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif">
</FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">necess&aacute;rio</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif">
</FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">no</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif">
</FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">tocante</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif">
</FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">&agrave;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT>
<FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">celebra&ccedil;&atilde;o</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT>
<FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">do presente</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">Instrumento,</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">ou</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">com</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">rela&ccedil;&atilde;o</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">&agrave;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">sua</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">validade</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">e</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">exequibilidade,</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">salvo</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">os
registros do presente Instrumento nos Cart&oacute;rios de Registro de Im&oacute;veis competentes.</FONT></P>

<P STYLE="font: 10pt Verdana, Helvetica, Sans-Serif; margin: 0pt 0 0pt 7.1pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0 0pt 7.1pt; text-align: justify"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">VII.</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif">  </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">INDEPEND&Ecirc;NCIA
DAS</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">CL&Aacute;USULAS</FONT></P>

<P STYLE="font: 10pt Verdana, Helvetica, Sans-Serif; margin: 0pt 0 0pt 7.1pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0 0pt 7.1pt; text-align: justify"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">7.1.</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif">   </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">As
disposi&ccedil;&otilde;es do presente Instrumento s&atilde;o independentes. Salvo se de outro modo aqui especificamente disposto,
se qualquer cl&aacute;usula ou disposi&ccedil;&atilde;o do presente Instrumento</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT>
<FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">for</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif">
</FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">considerada</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT>
<FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">inv&aacute;lida</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT>
<FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">ou</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif">
</FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">inexequ&iacute;vel,</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif">
</FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">no</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif">
</FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">todo</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif">
</FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">ou</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT>
<FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">em</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT>
<FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">parte,</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif">
</FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">por autoridade governamental com jurisdi&ccedil;&atilde;o sobre
as PARTES, ou for considerada ilegal devido</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">a</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">uma</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">altera&ccedil;&atilde;o</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">legal,</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">ent&atilde;o,</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">essa</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">invalidade</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">ou</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">inexequibilidade</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">afetar&aacute;
somente</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">essa</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">cl&aacute;usula</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">ou</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">disposi&ccedil;&atilde;o</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">ou</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">parte</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">da</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">mesma,</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">n&atilde;o</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">afetando</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">de</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">nenhum
modo qualquer outra cl&aacute;usula ou disposi&ccedil;&atilde;o do presente Instrumento. Ademais, na medida em que uma cl&aacute;usula
ou disposi&ccedil;&atilde;o for considerada inv&aacute;lida ou inexequ&iacute;vel, conforme disposto na frase acima, as PARTES
envidar&atilde;o seus melhores esfor&ccedil;os para acordar um m&eacute;todo alternativo exequ&iacute;vel e legal para atingir
um resultado que seria atingido sen&atilde;o pela determina&ccedil;&atilde;o ou constata&ccedil;&atilde;o da ilegalidade ou inexequibilidade
de tal cl&aacute;usula ou disposi&ccedil;&atilde;o.</FONT></P>

<P STYLE="font: 10pt Verdana, Helvetica, Sans-Serif; margin: 0pt 0 0pt 7.1pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0 0pt 7.1pt; text-align: justify"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">VIII.</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT>
<FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">ADITIVOS, SUCESSORES E CESSION&Aacute;RIOS</FONT></P>

<P STYLE="font: 10pt Verdana, Helvetica, Sans-Serif; margin: 0pt 0 0pt 7.1pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0 0pt 7.1pt; text-align: justify"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">8.1.</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif">  </FONT>
<FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">O presente Instrumento obriga e reverte em benef&iacute;cio das PARTES
e de seus respectivos sucessores e cession&aacute;rios. A EMPENHANTE n&atilde;o poder&aacute; ceder ou transferir qualquer de seus
direitos ou obriga&ccedil;&otilde;es nos termos do presente Instrumento sem o consentimento pr&eacute;vio e por escrito do AGENTE
DE GARANTIA. Qualquer cess&atilde;o ou transfer&ecirc;ncia pela EMPENHANTE de qualquer de seus direitos e obriga&ccedil;&otilde;es
aqui estipulados sem o consentimento pr&eacute;vio e por escrito do AGENTE DE GARANTIA ser&aacute; nulo e inoperante. Todo e qualquer
aditivo ou altera&ccedil;&atilde;o dos termos e disposi&ccedil;&otilde;es aqui pactuados somente ser&aacute; v&aacute;lido se efetuado
por escrito e assinado pelas PARTES.</FONT></P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0 0pt 7.1pt; text-align: justify">&nbsp;</P>


<!-- Field: Page; Sequence: 172; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt">~ <!-- Field: Sequence; Type: Arabic; Name: PageNo -->171<!-- Field: /Sequence --> ~</P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt"><P STYLE="margin: 0pt"></P><TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 99%; border-collapse: collapse; margin-left: 7.1pt"><TR STYLE="vertical-align: top"><TD STYLE="width: 100%; border-bottom: Black 1pt solid; font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: -1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Export Prepayment Facility Agreement dated as of August 3, 2015 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: 0pt"></P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0 0pt 7.1pt; text-align: justify"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">IX.</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif">   </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">DIREITOS
CUMULATIVOS</FONT></P>

<P STYLE="font: 10pt Verdana, Helvetica, Sans-Serif; margin: 0pt 0 0pt 7.1pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0 0pt 7.1pt; text-align: justify"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">9.1.</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT>
<FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">Os</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">direitos,</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">rem&eacute;dios,</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">poderes</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">e</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">prerrogativas</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">aqui</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">estipulados</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">s&atilde;o
cumulativos,</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">n&atilde;o</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">excluindo</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">quaisquer</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">outros</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">direitos,</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">poderes</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">ou</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">rem&eacute;dios
estabelecidos por leis aplic&aacute;veis.</FONT></P>

<P STYLE="font: 10pt Verdana, Helvetica, Sans-Serif; margin: 0pt 0 0pt 7.1pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0 0pt 7.1pt; text-align: justify"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">X.</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif">    </FONT>
<FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">AVISOS</FONT></P>

<P STYLE="font: 10pt Verdana, Helvetica, Sans-Serif; margin: 0pt 0 0pt 7.1pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0 0pt 7.1pt; text-align: justify"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">10.1.</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">Os</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">avisos</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">ou</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">outras</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">comunica&ccedil;&otilde;es</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">exigidos</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">ou</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">permitidos</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">no</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">presente
Instrumento ser&atilde;o efetuados por escrito e enviados pessoalmente ou por servi&ccedil;o de entrega expressa reconhecido nacionalmente,
por meio eletr&ocirc;nico, por carta a&eacute;rea registrada ou carta registrada ou protocolada, com aviso de recebimento, endere&ccedil;ada
da seguinte forma:</FONT></P>

<P STYLE="font: 10pt Verdana, Helvetica, Sans-Serif; margin: 0pt 0 0pt 7.1pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0 0pt 7.1pt"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">(a)</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">Se
para</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">a
EMPENHANTE:</FONT></P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0 0pt 7.1pt"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">Adecoagro Vale</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">do
Ivinhema S.A.</FONT></P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0 0pt 7.1pt"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">Rua Iguatemi, n&ordm; 192, 12&ordm; andar</FONT></P>

<P STYLE="font: 10pt Verdana, Helvetica, Sans-Serif; margin: 0pt 0 0pt 7.1pt">CEP 01451-010 &ndash; S&atilde;o Paulo &ndash; SP</P>

<P STYLE="font: 10pt Verdana, Helvetica, Sans-Serif; margin: 0pt 0 0pt 7.1pt">At.: Nicolas Schaeffter</P>

<P STYLE="font: 10pt Verdana, Helvetica, Sans-Serif; margin: 0pt 0 0pt 7.1pt; text-align: justify">Tel.: (55 11) 2678-5600</P>

<P STYLE="font: 10pt Verdana, Helvetica, Sans-Serif; margin: 0pt 0 0pt 7.1pt; text-align: justify">Fax: (55 11) 2678-5647</P>

<P STYLE="font: 10pt Verdana, Helvetica, Sans-Serif; margin: 0pt 0 0pt 7.1pt; text-align: justify">E-mail: financeiro_spo@adecoagro.com</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0 0pt 7.1pt"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">(b)</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">Se
para</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">o
CREDOR PIGNORAT&Iacute;CIO:</FONT></P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0 0pt 7.1pt"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0 0pt 7.1pt"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">ING Bank</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">N.V.</FONT></P>

<P STYLE="font: 10pt Verdana, Helvetica, Sans-Serif; margin: 0pt 0 0pt 7.1pt; text-align: justify">Av. Pres. Juscelino Kubitschek,
n&ordm; 510 &ndash; 3&ordm; andar</P>

<P STYLE="font: 10pt Verdana, Helvetica, Sans-Serif; margin: 0pt 0 0pt 7.1pt; text-align: justify">S&atilde;o Paulo 04543-000</P>

<P STYLE="font: 10pt Verdana, Helvetica, Sans-Serif; margin: 0pt 0 0pt 7.1pt; text-align: justify">Tel.: +55-11-4504-6471/6282</P>

<P STYLE="font: 10pt Verdana, Helvetica, Sans-Serif; margin: 0pt 0 0pt 7.1pt; text-align: justify">Fax: +55-11-4504-6302</P>

<P STYLE="font: 10pt Verdana, Helvetica, Sans-Serif; margin: 0pt 0 0pt 7.1pt; text-align: justify">Attn: Alcides Santos/Katia
Garcia</P>

<P STYLE="font: 10pt Verdana, Helvetica, Sans-Serif; margin: 0pt 0 0pt 7.1pt; text-align: justify">e-mail: alcides.santos@americas.ing.co
/ katia.garcia@americas.ing.com</P>

<P STYLE="font: 10pt Verdana, Helvetica, Sans-Serif; margin: 0pt 0 0pt 7.1pt; text-align: justify">&nbsp;</P>


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    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt">~ <!-- Field: Sequence; Type: Arabic; Name: PageNo -->172<!-- Field: /Sequence --> ~</P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt"><P STYLE="margin: 0pt"></P><TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 99%; border-collapse: collapse; margin-left: 7.1pt"><TR STYLE="vertical-align: top"><TD STYLE="width: 100%; border-bottom: Black 1pt solid; font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: -1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Export Prepayment Facility Agreement dated as of August 3, 2015 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: 0pt"></P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0 0pt 7.1pt; text-align: justify"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">(c)</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">Se
para</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">o
AGENTE DE GARANTIA:</FONT></P>

<P STYLE="font: 10pt Verdana, Helvetica, Sans-Serif; margin: 0pt 0 0pt 7.1pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0 0pt 7.1pt; text-align: justify"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">ING
Bank N.V., filial S&atilde;o Paulo</FONT></P>

<P STYLE="font: 10pt Verdana, Helvetica, Sans-Serif; margin: 0pt 0 0pt 7.1pt; text-align: justify">Av. Pres. Juscelino Kubitschek,
510 &ndash; 3&ordm; andar</P>

<P STYLE="font: 10pt Verdana, Helvetica, Sans-Serif; margin: 0pt 0 0pt 7.1pt; text-align: justify">S&atilde;o Paulo 04543-000</P>

<P STYLE="font: 10pt Verdana, Helvetica, Sans-Serif; margin: 0pt 0 0pt 7.1pt; text-align: justify">Tel.: +55-11-4504-6471/6282</P>

<P STYLE="font: 10pt Verdana, Helvetica, Sans-Serif; margin: 0pt 0 0pt 7.1pt; text-align: justify">Fax: +55-11-4504-6302</P>

<P STYLE="font: 10pt Verdana, Helvetica, Sans-Serif; margin: 0pt 0 0pt 7.1pt; text-align: justify">Attn: Alcides Santos/Katia
Garcia</P>

<P STYLE="font: 10pt Verdana, Helvetica, Sans-Serif; margin: 0pt 0 0pt 7.1pt; text-align: justify">e-mail: alcides.santos@americas.ing.com
/ katia.garcia@americas.ing.com</P>

<P STYLE="font: 10pt Verdana, Helvetica, Sans-Serif; margin: 0pt 0 0pt 7.1pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0 0pt 7.1pt; text-align: justify"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">(d)</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">Se
para</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">o
FIEL DEPOSIT&Aacute;RIO:</FONT></P>

<P STYLE="font: 10pt Verdana, Helvetica, Sans-Serif; margin: 0pt 0 0pt 7.1pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Verdana, Helvetica, Sans-Serif; margin: 0pt 0 0pt 7.1pt; text-align: justify">Rua Iguatemi, n&deg; 192, 12&ordm;
andar</P>

<P STYLE="font: 10pt Verdana, Helvetica, Sans-Serif; margin: 0pt 0 0pt 7.1pt; text-align: justify">S&atilde;o Paulo 01451-010</P>

<P STYLE="font: 10pt Verdana, Helvetica, Sans-Serif; margin: 0pt 0 0pt 7.1pt; text-align: justify">Tel.: (55 11) 2678-5600</P>

<P STYLE="font: 10pt Verdana, Helvetica, Sans-Serif; margin: 0pt 0 0pt 7.1pt; text-align: justify">Fax: (55 11) 2678-5647</P>

<P STYLE="font: 10pt Verdana, Helvetica, Sans-Serif; margin: 0pt 0 0pt 7.1pt">Attn: Leonardo Ra&uacute;l Berridi / Nicolas Schaeffter</P>

<P STYLE="font: 10pt Verdana, Helvetica, Sans-Serif; margin: 0pt 0 0pt 7.1pt">e-mail: financeiro_spo@adecoagro.com</P>

<P STYLE="font: 10pt Verdana, Helvetica, Sans-Serif; margin: 0pt 0 0pt 7.1pt">&nbsp;</P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0 0pt 7.1pt; text-align: justify"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">10.2.</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">Todo
e qualquer aviso, instru&ccedil;&atilde;o e comunica&ccedil;&atilde;o aqui descrito ser&aacute; considerado v&aacute;lido e entregue
na data do respectivo recebimento, conforme comprovado pelo protocolo assinado pelo destinat&aacute;rio ou, em caso de transmiss&atilde;o
de e-mail ou correspond&ecirc;ncia, pelo aviso de recebimento.</FONT></P>

<P STYLE="font: 10pt Verdana, Helvetica, Sans-Serif; margin: 0pt 0 0pt 7.1pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0 0pt 7.1pt; text-align: justify"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">XI.</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif">   </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">REGISTRO
DESTE</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">INSTRUMENTO
E ADITIVOS</FONT></P>

<P STYLE="font: 10pt Verdana, Helvetica, Sans-Serif; margin: 0pt 0 0pt 7.1pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0 0pt 7.1pt; text-align: justify"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">11.1.</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT>
<FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">Sujeito &agrave;s demais disposi&ccedil;&otilde;es deste Instrumento,
a EMPENHANTE registrar&aacute;, &agrave;s suas expensas, o presente Instrumento e qualquer de suas altera&ccedil;&otilde;es nos
Registros de Im&oacute;veis com jurisdi&ccedil;&atilde;o sobre os locais onde os BENS EMPENHADOS forem armazenados, no prazo de
40 (quarenta) dias corridos a partir de sua celebra&ccedil;&atilde;o ou da respectiva altera&ccedil;&atilde;o, sendo que o protocolo
de referido documento perante os cart&oacute;rios competentes dever&aacute; ser realizado pela EMPENHANTE</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">em</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">at&eacute;
5</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">(cinco)
dias &uacute;teis a contar da assinatura do referido instrumento.</FONT></P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0 0pt 7.1pt; text-align: justify">&nbsp;</P>


<!-- Field: Page; Sequence: 174; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt">~ <!-- Field: Sequence; Type: Arabic; Name: PageNo -->173<!-- Field: /Sequence --> ~</P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt"><P STYLE="margin: 0pt"></P><TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 99%; border-collapse: collapse; margin-left: 7.1pt"><TR STYLE="vertical-align: top"><TD STYLE="width: 100%; border-bottom: Black 1pt solid; font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: -1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Export Prepayment Facility Agreement dated as of August 3, 2015 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: 0pt"></P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0 0pt 7.1pt; text-align: justify"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">11.2.</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">A
EMPENHANTE obriga-se, ainda, a encaminhar uma via original do presente Instrumento, devidamente registrado nos cart&oacute;rios
competentes, para o AGENTE DE GARANTIA, no prazo de 5 (cinco) dias a contar da data do &uacute;ltimo registro.</FONT></P>

<P STYLE="font: 10pt Verdana, Helvetica, Sans-Serif; margin: 0pt 0 0pt 7.1pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0 0pt 7.1pt; text-align: justify"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">11.3.</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT>
<FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">Da</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">mesma</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">forma,</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">a</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">EMPENHANTE</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">obriga-se</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">a</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">levar</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">a</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">efeito</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">e</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">registrar
eventuais</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif">  </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">aditamentos</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT>
<FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">ao</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif">
</FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">presente</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT>
<FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">Instrumento,</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif">
</FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">nos</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT>
<FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">cart&oacute;rios</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif">
</FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">competentes</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT>
<FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">e</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif">
</FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">&agrave; margem do registro do presente Instrumento, no prazo
de 40 (quarenta) dias corridos a contar da assinatura do instrumento em quest&atilde;o, sendo que o protocolo de referido documento
perante os cart&oacute;rios competentes dever&aacute; ser realizado pela EMPENHANTE em at&eacute; 5 (cinco) dias &uacute;teis a
contar da assinatura do referido instrumento, devendo encaminhar uma via original do instrumento registrado ao AGENTE DE</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">GARANTIA,
no prazo de 5 (cinco) dias &uacute;teis a contar da data do &uacute;ltimo</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">registro.</FONT></P>

<P STYLE="font: 10pt Verdana, Helvetica, Sans-Serif; margin: 0pt 0 0pt 7.1pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0 0pt 7.1pt; text-align: justify"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">XII.</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif">  </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">DESPESAS</FONT></P>

<P STYLE="font: 10pt Verdana, Helvetica, Sans-Serif; margin: 0pt 0 0pt 7.1pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0 0pt 7.1pt; text-align: justify"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">12.1.</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">Todas
as despesas diretas incorridas pelo CREDOR PIGNORAT&Iacute;CIO ou pelo AGENTE</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">DE</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT>
<FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">GARANTIA</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">nos</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT>
<FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">termos</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">do</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT>
<FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">presente</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">Instrumento,</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">inclusive</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">com</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT>
<FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">a excuss&atilde;o</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">da</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">presente</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">garantia</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">ou</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">com</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">a</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT>
<FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">prote&ccedil;&atilde;o,</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">registro</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">ou</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">regulariza&ccedil;&atilde;o</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">do
presente Instrumento ou dos BENS EMPENHADOS, que sejam devidamente comprovadas,</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">ser&atilde;o</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">de</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">total</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">e</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">exclusiva</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">responsabilidade</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">da</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">EMPENHANTE,</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">que
neste</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">ato</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">compromete-se</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">a</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">reembolsar</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">todos</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">os</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">valores</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">razoavelmente</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">e
eventualmente desembolsados pelo CREDOR PIGNORAT&Iacute;CIO ou pelo AGENTE DE GARANTIA.</FONT></P>

<P STYLE="font: 10pt Verdana, Helvetica, Sans-Serif; margin: 0pt 0 0pt 7.1pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0 0pt 7.1pt; text-align: justify"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">XIII.</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">PRAZO</FONT></P>

<P STYLE="font: 10pt Verdana, Helvetica, Sans-Serif; margin: 0pt 0 0pt 7.1pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0 0pt 7.1pt; text-align: justify"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">13.1.</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT>
<FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">O</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT>
<FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">presente</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT>
<FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">Instrumento</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT>
<FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">&eacute;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT>
<FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">celebrado</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT>
<FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">de</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT>
<FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">modo</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT>
<FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">irrevog&aacute;vel</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT>
<FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">e</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT>
<FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">irretrat&aacute;vel, obrigando as PARTES e seus sucessores a qualquer
t&iacute;tulo, permanecendo em vigor at&eacute; o cumprimento integral das OBRIGA&Ccedil;&Otilde;ES GARANTIDAS.</FONT></P>

<P STYLE="font: 10pt Verdana, Helvetica, Sans-Serif; margin: 0pt 0 0pt 7.1pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0 0pt 7.1pt; text-align: justify"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">13.2.</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">Sem
preju&iacute;zo ao disposto na cl&aacute;usula 1.6 acima, ap&oacute;s a quita&ccedil;&atilde;o integral das OBRIGA&Ccedil;&Otilde;ES</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">GARANTIDAS,</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">as</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">PARTES</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">tomar&atilde;o</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">todas</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">as</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">medidas</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">e</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">firmar&atilde;o
todos</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT> <FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">os</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT>
<FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">documentos</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT>
<FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">necess&aacute;rios</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT>
<FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">para</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT>
<FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">libera&ccedil;&atilde;o</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT>
<FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">dos</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT>
<FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">BENS</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif">  </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">EMPENHADOS</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT>
<FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">de qualquer</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">gravame</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">que</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">ainda</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">esteja</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">em</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">vigor</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">de</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">acordo</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">com</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">o</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">aqui</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">disposto.</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">Neste
caso</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">CREDOR
PIGNORAT&Iacute;CIO</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">dever&aacute;,</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">em</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">at&eacute;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">10</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">(dez)</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">dias</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">corridos</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">a</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">contar</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">do</FONT></P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0 0pt 7.1pt; text-align: justify">&nbsp;</P>


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    <DIV STYLE="page-break-before: always; margin-top: 6pt"><P STYLE="margin: 0pt"></P><TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 99%; border-collapse: collapse; margin-left: 7.1pt"><TR STYLE="vertical-align: top"><TD STYLE="width: 100%; border-bottom: Black 1pt solid; font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: -1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Export Prepayment Facility Agreement dated as of August 3, 2015 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: 0pt"></P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Verdana, Helvetica, Sans-Serif; margin: 0pt 0 0pt 7.1pt; text-align: justify">recebimento de solicita&ccedil;&atilde;o
enviada pela EMPENHANTE nesse sentido, emitir o respectivo termo de quita&ccedil;&atilde;o e libera&ccedil;&atilde;o de garantia.</P>

<P STYLE="font: 10pt Verdana, Helvetica, Sans-Serif; margin: 0pt 0 0pt 7.1pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0 0pt 7.1pt; text-align: justify"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">XIV.</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif">  </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">DEFINI&Ccedil;&Otilde;ES</FONT></P>

<P STYLE="font: 10pt Verdana, Helvetica, Sans-Serif; margin: 0pt 0 0pt 7.1pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0 0pt 7.1pt; text-align: justify"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">14.1.</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">Termos
iniciados em letra mai&uacute;scula, que n&atilde;o s&atilde;o aqui definidos, ter&atilde;o os significados a eles atribu&iacute;dos
pelo Contrato de Pr&eacute;-pagamento de Exporta&ccedil;&atilde;o. O Contrato</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">de</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">Pr&eacute;-pagamento
de</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">Exporta&ccedil;&atilde;o,
o</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">presente
Instrumento, a</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">Escritura
de Hipoteca, o Assignment and Security Agreement e a Nota Promiss&oacute;ria (conforme definidos no Contrato de Pr&eacute;-pagamento
de Exporta&ccedil;&atilde;o) s&atilde;o, em conjunto, designados de &ldquo;Documentos da Opera&ccedil;&atilde;o&rdquo;.</FONT></P>

<P STYLE="font: 10pt Verdana, Helvetica, Sans-Serif; margin: 0pt 0 0pt 7.1pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0 0pt 7.1pt; text-align: justify"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">XV.</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">RESPONSABILIDADE</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif">  </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">S&Oacute;CIO</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif">  </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">AMBIENTAL,</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif">  </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">TRABALHISTA</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif">  </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">E
PREVIDENCI&Aacute;RIA</FONT></P>

<P STYLE="font: 10pt Verdana, Helvetica, Sans-Serif; margin: 0pt 0 0pt 7.1pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0 0pt 7.1pt; text-align: justify"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">15.1.</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">Independentemente
de culpa, a EMPENHANTE ressarcir&aacute; os CREDORES e o AGENTE DE GARANTIA de qualquer quantia que estes sejam compelidos a pagar
por conta de dano socioambiental, trabalhista ou previdenci&aacute;rio que, de qualquer forma, esteja</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">diretamente</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">relacionado</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">a</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">este</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">Instrumento,</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">assim</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">como</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">indenizar&aacute;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">os
CREDORES e o AGENTE DE</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">GARANTIA
por qualquer perda ou dano direto que o os CREDORES e o AGENTE DE</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">GARANTIA
venham a experimentar em decorr&ecirc;ncia de dano socioambiental, trabalhista ou previdenci&aacute;rio.</FONT></P>

<P STYLE="font: 10pt Verdana, Helvetica, Sans-Serif; margin: 0pt 0 0pt 7.1pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0 0pt 7.1pt; text-align: justify"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">15.2.</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT>
<FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">A EMPENHANTE declara, ainda, que todas as suas atividades s&atilde;o
conduzidas de</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif">  </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">acordo</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif">
</FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">com</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT>
<FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">a</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT>
<FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">Legisla&ccedil;&atilde;o</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif">
</FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">Ambiental</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT>
<FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">e</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif">
</FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">Trabalhista-Previdenci&aacute;ria</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT>
<FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">brasileira</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT>
<FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">em vig&ecirc;ncia atualmente e que, portanto, obteve todas as licen&ccedil;as,
autoriza&ccedil;&otilde;es e outorgas necess&aacute;rias ao regular desempenho de suas atividades.</FONT></P>

<P STYLE="font: 10pt Verdana, Helvetica, Sans-Serif; margin: 0pt 0 0pt 7.1pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0 0pt 7.1pt; text-align: justify"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">XVI.</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT>
<FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">LEI DE REG&Ecirc;NCIA</FONT></P>

<P STYLE="font: 10pt Verdana, Helvetica, Sans-Serif; margin: 0pt 0 0pt 7.1pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0 0pt 7.1pt; text-align: justify"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">16.1.</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT>
<FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">O</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">presente</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">Instrumento
ser&aacute;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">regido</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">e</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">interpretado
de</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">acordo</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">com</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">as</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">leis</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">do
Brasil,</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">especialmente</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">com</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">os</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">artigos</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">461,</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">466-B</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">e</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">632</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">do</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">C&oacute;digo</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">de</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">Processo</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">Civil,
sendo</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">permitida</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">a</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">tutela</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">espec&iacute;fica</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">das</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">obriga&ccedil;&otilde;es</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">de</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">fazer</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">e</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">de</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">n&atilde;o</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">fazer</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">aqui
pactuadas.</FONT></P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0 0pt 7.1pt; text-align: justify">&nbsp;</P>


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    <DIV STYLE="page-break-before: always; margin-top: 6pt"><P STYLE="margin: 0pt"></P><TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 99%; border-collapse: collapse; margin-left: 7.1pt"><TR STYLE="vertical-align: top"><TD STYLE="width: 100%; border-bottom: Black 1pt solid; font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: -1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Export Prepayment Facility Agreement dated as of August 3, 2015 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: 0pt"></P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0 0pt 7.1pt; text-align: justify"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">16.2.</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT>
<FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">Para que produza os devidos efeitos legais, o presente Instrumento, assinado
por duas testemunhas, constitui t&iacute;tulo executivo extrajudicial que poder&aacute; ser objeto de processo de execu&ccedil;&atilde;o
nos termos do artigo 585, inciso II do C&oacute;digo de Processo Civil.</FONT></P>

<P STYLE="font: 10pt Verdana, Helvetica, Sans-Serif; margin: 0pt 0 0pt 7.1pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0 0pt 7.1pt; text-align: justify"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">XVII.</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">SOLU&Ccedil;&Atilde;O
DE CONTROV&Eacute;RSIAS</FONT></P>

<P STYLE="font: 10pt Verdana, Helvetica, Sans-Serif; margin: 0pt 0 0pt 7.1pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0 0pt 7.1pt; text-align: justify"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">17.1.</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">Quaisquer
disputas ou controv&eacute;rsias oriundas do presente Instrumento ser&atilde;o dirimidas pelo foro central da Cidade de S&atilde;o
Paulo, Estado de S&atilde;o Paulo, que tamb&eacute;m ser&aacute; o foro competente para fazer valer as obriga&ccedil;&otilde;es
aqui estabelecidas.</FONT></P>

<P STYLE="font: 10pt Verdana, Helvetica, Sans-Serif; margin: 0pt 0 0pt 7.1pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Verdana, Helvetica, Sans-Serif; margin: 0pt 0 0pt 7.1pt; text-align: justify">E por estarem assim justas e
contratadas, as PARTES firmam o presente Instrumento em 3 (tr&ecirc;s) vias de igual teor e forma, na presen&ccedil;a das 2 (duas)
testemunhas abaixo assinadas:</P>

<P STYLE="font: 10pt Verdana, Helvetica, Sans-Serif; margin: 0pt 0 0pt 7.1pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Verdana, Helvetica, Sans-Serif; margin: 0pt 0 0pt 7.1pt; text-align: justify">S&atilde;o Paulo, [ ] de [ ]
de 2015.</P>

<P STYLE="font: 10pt Verdana, Helvetica, Sans-Serif; margin: 0pt 0 0pt 7.1pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Verdana, Helvetica, Sans-Serif; margin: 0pt 0 0pt 7.1pt; text-align: justify">[p&aacute;gina de assinaturas
a seguir]</P>

<P STYLE="font: 10pt Verdana, Helvetica, Sans-Serif; margin: 0pt 0 0pt 7.1pt; text-align: justify">&nbsp;</P>


<!-- Field: Page; Sequence: 177; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt">~ <!-- Field: Sequence; Type: Arabic; Name: PageNo -->176<!-- Field: /Sequence --> ~</P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt"><P STYLE="margin: 0pt"></P><TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 99%; border-collapse: collapse; margin-left: 7.1pt"><TR STYLE="vertical-align: top"><TD STYLE="width: 100%; border-bottom: Black 1pt solid; font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: -1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Export Prepayment Facility Agreement dated as of August 3, 2015 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: 0pt"></P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0 0pt 7.1pt; text-align: justify"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">(p&aacute;gina</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">de</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">assinaturas</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">do</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">Instrumento</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">Particular</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">de</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">Penhor</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">Mercantil</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">de</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">A&ccedil;&uacute;car</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">e
Etanol, por e entre Adecoagro Vale do Ivinhema S.A., ING Bank N.V., ING Bank N.V. &ndash; Filial S&atilde;o Paulo e Leonardo Ra&uacute;l
Berridi, celebrado em [ ] de [ ] de 2015)</FONT></P>

<P STYLE="font: 10pt Verdana, Helvetica, Sans-Serif; margin: 0pt 0 0pt 7.1pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0 0pt 7.1pt; text-align: justify"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">ADECOAGRO
VALE</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">DO
IVINHEMA S.A.</FONT></P>

<P STYLE="font: 10pt Verdana, Helvetica, Sans-Serif; margin: 0pt 0 0pt 7.1pt; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; width: 80%; border-collapse: collapse; margin-left: 7.1pt">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 45%; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="width: 10%">&nbsp;</TD>
    <TD STYLE="width: 45%; border-bottom: Black 1pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 10pt">Nome:</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 10pt">Nome:</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 10pt">Cargo:</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 10pt">Cargo:</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Verdana, Helvetica, Sans-Serif; margin: 0pt 0 0pt 7.1pt">&nbsp;</P>

<P STYLE="font: 10pt Verdana, Helvetica, Sans-Serif; margin: 0pt 0 0pt 7.1pt">ING BANK N.V.</P>

<P STYLE="font: 10pt Verdana, Helvetica, Sans-Serif; margin: 0pt 0 0pt 7.1pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; width: 80%; border-collapse: collapse; margin-left: 7.1pt">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 45%; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="width: 10%">&nbsp;</TD>
    <TD STYLE="width: 45%; border-bottom: Black 1pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 10pt">Nome:</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 10pt">Nome:</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 10pt">Cargo:</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 10pt">Cargo:</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Verdana, Helvetica, Sans-Serif; margin: 0pt 0 0pt 7.1pt">&nbsp;</P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0 0pt 7.1pt"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">ING
BANK N.V., filial S&atilde;o</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">Paulo</FONT></P>

<P STYLE="font: 10pt Verdana, Helvetica, Sans-Serif; margin: 0pt 0 0pt 7.1pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; width: 80%; border-collapse: collapse; margin-left: 7.1pt">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 45%; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="width: 10%">&nbsp;</TD>
    <TD STYLE="width: 45%; border-bottom: Black 1pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 10pt">Nome:</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 10pt">Nome:</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 10pt">Cargo:</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 10pt">Cargo:</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Verdana, Helvetica, Sans-Serif; margin: 0pt 0 0pt 7.1pt">&nbsp;</P>

<P STYLE="font: 10pt Verdana, Helvetica, Sans-Serif; margin: 0pt 0 0pt 7.1pt">LEONARDO RA&Uacute;L BERRIDI</P>

<P STYLE="font: 10pt Verdana, Helvetica, Sans-Serif; margin: 0pt 0 0pt 7.1pt">&nbsp;</P>

<P STYLE="font: 10pt Verdana, Helvetica, Sans-Serif; margin: 0pt 0 0pt 7.1pt">Testemunhas:</P>

<P STYLE="font: 10pt Verdana, Helvetica, Sans-Serif; margin: 0pt 0 0pt 7.1pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; width: 90%; border-collapse: collapse; margin-left: 7.1pt">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 6%"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 10pt">1.-</FONT></TD>
    <TD STYLE="width: 36%; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="width: 15%">&nbsp;</TD>
    <TD STYLE="width: 6%"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 10pt">2.-</FONT></TD>
    <TD STYLE="width: 37%; border-bottom: Black 1pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 10pt">Nome</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 10pt">:</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 10pt">Nome:</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 10pt">RG:</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 10pt">RG:</FONT></TD></TR>
</TABLE>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Page; Sequence: 178; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt">~ <!-- Field: Sequence; Type: Arabic; Name: PageNo -->177<!-- Field: /Sequence --> ~</P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt"><P STYLE="margin: 0pt"></P><TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 99%; border-collapse: collapse; margin-left: 7.1pt"><TR STYLE="vertical-align: top"><TD STYLE="width: 100%; border-bottom: Black 1pt solid; font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: -1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Export Prepayment Facility Agreement dated as of August 3, 2015 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: 0pt"></P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Verdana, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">ANEXO I</P>

<P STYLE="font: 10pt Verdana, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0 0pt 11.1pt"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">RELA&Ccedil;&Atilde;O</FONT>
<FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">DOS</FONT>
<FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">BENS</FONT>
<FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">EMPENHADOS</FONT>
<FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">E</FONT>
<FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">DESCRI&Ccedil;&Atilde;O</FONT>
<FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">DAS</FONT>
<FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">UNIDADES
INDUSTRIAIS ONDE</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">OS
BENS</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">EMPENHADOS
FICAR&Atilde;O ARMAZENADOS</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 11pt Calibri, Helvetica, Sans-Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top; background-color: #D9D9D9">
    <TD STYLE="width: 34%; border: black 1pt solid">
        <P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0 0pt 5.1pt"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">Localiza&ccedil;&atilde;o</FONT>
        <FONT STYLE="font-family: Times New Roman, Times, Serif">     </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">das</FONT></P>
        <P STYLE="font: 6pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>
        <P STYLE="font: 10pt Verdana, Helvetica, Sans-Serif; margin: 0pt 0 0pt 5.1pt">Unidades Industriais</P></TD>
    <TD STYLE="width: 33%; border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; padding-left: 5.1pt; text-align: left; vertical-align: middle"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 10pt">Bem</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 10pt">Empenhado</FONT></TD>
    <TD STYLE="width: 33%; border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid">
        <P STYLE="font: 10pt Verdana, Helvetica, Sans-Serif; margin: 0pt 0 0pt 5.1pt">Quantidade  &nbsp;do   Bem</P>
        <P STYLE="font: 6pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>
        <P STYLE="font: 10pt Verdana, Helvetica, Sans-Serif; margin: 0pt 0 0pt 5.1pt">Empenhado</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD ROWSPAN="4" STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid">
        <P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0 0pt 5.1pt; text-align: justify"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">Adecoagro</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif">    </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">Vale</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif">    </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">do</FONT></P>
        <P STYLE="font: 6pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>
        <P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0 0pt 5.1pt; text-align: justify"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">Ivinhema
        S.A., Unidade Ang&eacute;lica, localizada na cidade</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">de</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">Ang&eacute;lica,
        Estado</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif">  </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">de</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT>
        <FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">Mato</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT>
        <FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">Grosso do Sul, na Estrada Continental, km 15, Fazenda Takuar&ecirc;,
        s/n. Zona Rural, inscrita no CNPJ/MF</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif">     </FONT>
        <FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">sob</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif">     </FONT>
        <FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">n&ordm;</FONT></P>
        <P STYLE="font: 10pt Verdana, Helvetica, Sans-Serif; margin: 0pt 0 0pt 5.1pt; text-align: justify">07.903.169/0001-09</P></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: left; vertical-align: middle">
        <P STYLE="font: 6.5pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>
        <P STYLE="font: 10pt Verdana, Helvetica, Sans-Serif; margin: 0pt 0 0pt 5.1pt">A&ccedil;&uacute;car VHP</P></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid">
        <P STYLE="font: 5.5pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>
        <P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>
        <P STYLE="font: 10pt Verdana, Helvetica, Sans-Serif; margin: 0pt 0 0pt 5.1pt">[ ]</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: left; vertical-align: middle">
        <P STYLE="font: 5.5pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>
        <P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>
        <P STYLE="font: 10pt Verdana, Helvetica, Sans-Serif; margin: 0pt 0 0pt 5.1pt">A&ccedil;&uacute;car Cristal</P></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid">
        <P STYLE="font: 5.5pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>
        <P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>
        <P STYLE="font: 10pt Verdana, Helvetica, Sans-Serif; margin: 0pt 0 0pt 5.1pt">[ ]</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: left; vertical-align: middle">
        <P STYLE="font: 5.5pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>
        <P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>
        <P STYLE="font: 10pt Verdana, Helvetica, Sans-Serif; margin: 0pt 0 0pt 5.1pt">Etanol Anidro</P></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid">
        <P STYLE="font: 5.5pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>
        <P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>
        <P STYLE="font: 10pt Verdana, Helvetica, Sans-Serif; margin: 0pt 0 0pt 5.1pt">[ ]</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: left; vertical-align: middle">
        <P STYLE="font: 5.5pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>
        <P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>
        <P STYLE="font: 10pt Verdana, Helvetica, Sans-Serif; margin: 0pt 0 0pt 5.1pt">Etanol Hidratado</P></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid">
        <P STYLE="font: 5.5pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>
        <P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>
        <P STYLE="font: 10pt Verdana, Helvetica, Sans-Serif; margin: 0pt 0 0pt 5.1pt">[ ]</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD ROWSPAN="4" STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid">
        <P STYLE="font: 5.5pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>
        <P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0 0pt 5.1pt; text-align: justify"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">Adecoagro
        Vale do Ivinhema S.A., Unidade Ivinhema, localizada na cidade de Ivinhema, Estado</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif">
        </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">de</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT>
        <FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">Mato</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT>
        <FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">Grosso do Sul, na Rodovia 141, KM 10, Fazenda Carmen, s/n, Zona Rural,
        inscrita no</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif">  </FONT> <FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">CNPJ/MF</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif">  </FONT>
        <FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">sob</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif">  </FONT>
        <FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">n&ordm;</FONT></P>
        <P STYLE="font: 10pt Verdana, Helvetica, Sans-Serif; margin: 0pt 0 0pt 5.1pt; text-align: justify">07.903.169/0017-68</P></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: left; vertical-align: middle">
        <P STYLE="font: 6.5pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>
        <P STYLE="font: 10pt Verdana, Helvetica, Sans-Serif; margin: 0pt 0 0pt 5.1pt">A&ccedil;&uacute;car VHP</P></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid">
        <P STYLE="font: 5.5pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>
        <P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>
        <P STYLE="font: 10pt Verdana, Helvetica, Sans-Serif; margin: 0pt 0 0pt 5.1pt">[ ]</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: left; vertical-align: middle">
        <P STYLE="font: 5.5pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>
        <P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>
        <P STYLE="font: 10pt Verdana, Helvetica, Sans-Serif; margin: 0pt 0 0pt 5.1pt">A&ccedil;&uacute;car Cristal</P></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid">
        <P STYLE="font: 5.5pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>
        <P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>
        <P STYLE="font: 10pt Verdana, Helvetica, Sans-Serif; margin: 0pt 0 0pt 5.1pt">[ ]</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: left; vertical-align: middle">
        <P STYLE="font: 5.5pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>
        <P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>
        <P STYLE="font: 10pt Verdana, Helvetica, Sans-Serif; margin: 0pt 0 0pt 5.1pt">Etanol Anidro</P></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid">
        <P STYLE="font: 5.5pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>
        <P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>
        <P STYLE="font: 10pt Verdana, Helvetica, Sans-Serif; margin: 0pt 0 0pt 5.1pt">[ ]</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: left; vertical-align: middle">
        <P STYLE="font: 8pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>
        <P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>
        <P STYLE="font: 10pt Verdana, Helvetica, Sans-Serif; margin: 0pt 0 0pt 5.1pt">Etanol Hidratado</P></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid">
        <P STYLE="font: 8pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>
        <P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>
        <P STYLE="font: 10pt Verdana, Helvetica, Sans-Serif; margin: 0pt 0 0pt 5.1pt">[ ]</P></TD></TR>
</TABLE>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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    <DIV STYLE="page-break-before: always; margin-top: 6pt"><P STYLE="margin: 0pt"></P><TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 99%; border-collapse: collapse; margin-left: 7.1pt"><TR STYLE="vertical-align: top"><TD STYLE="width: 100%; border-bottom: Black 1pt solid; font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: -1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Export Prepayment Facility Agreement dated as of August 3, 2015 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: 0pt"></P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Verdana, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">ANEXO
II</P>

<P STYLE="font: 10pt Verdana, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Verdana, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">PROCURA&Ccedil;&Atilde;O</P>

<P STYLE="font: 10pt Verdana, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0 0pt 7.1pt; text-align: justify"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">Pelo
presente instrumento particular de mandato, ADECOAGRO VALE DO IVINHEMA S.A., sociedade an&ocirc;nima 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 (doravante &ldquo;OUTORGANTE&rdquo;), irrevogavelmente nomeia e constitui como seus bastantes procuradores
ING BANK N.V., institui&ccedil;&atilde;o financeira constitu&iacute;da de acordo com as leis da Holanda, com sede na cidade de
Amsterd&atilde;, em Bijlmerplein 888 (ING House), 1102 MG (doravante &ldquo;CREDOR PIGNORAT&Iacute;CIO&rdquo;), e ING BANK N.V.,
FILIAL DE S&Atilde;O PAULO, institui&ccedil;&atilde;o financeira devidamente organizada e constitu&iacute;da segundo as leis da
Holanda, neste ato representado por sua filial localizada em S&atilde;o Paulo, a qual &eacute; devidamente organizada e constitu&iacute;da
segundo as leis da Rep&uacute;blica Federativa do Brasil e com endere&ccedil;o localizado na Av. Presidente Juscelino Kubitschek,
510, 3&ordm; andar, na Cidade de S&atilde;o Paulo, Estado de S&atilde;o Paulo, CNPJ/MF n&ordm; 49.336.860/0001-90 (doravante &ldquo;AGENTE
DE GARANTIA&rdquo; e, em conjunto com o CREDOR PIGNORAT&Iacute;CIO, os &ldquo;OUTORGADOS&rdquo;), de acordo com o Instrumento
Particular de Penhor Mercantil de A&ccedil;&uacute;car e Etanol, datado de [ ] de [ ] de 2015, celebrado entre OUTORGANTE e os
OUTORGADOS, dentre outros (o &ldquo;Contrato de Penhor&rdquo;), conferindo aos OUTORGADOS, irrevog&aacute;vel e irretratavelmente,
de acordo com os artigos 684, 685 e 1433, item IV, do C&oacute;digo Civil Brasileiro, poderes gerais e especiais para, em conjunto
ou separadamente, no lugar e em nome do OUTORGANTE, realizar qualquer dos atos mencionados a seguir: 1. praticar, no lugar e em
nome do OUTORGANTE, todos e quaisquer atos que se fizerem necess&aacute;rios ou se tornarem exig&iacute;veis para fazer valer
extrajudicialmente o Contrato de Penhor, inclusive os que seguem: (a) alienar, transferir e excutir os BENS EMPENHADOS (ou qualquer
parte destes) ou alienar de outro modo e entregar os BENS EMPENHADOS ou qualquer parte destes consoante termos e condi&ccedil;&otilde;es
que possam ser considerados convenientes, de acordo com o Contrato de Penhor, e aplicar o produto assim recebido ao pagamento
das OBRIGA&Ccedil;&Otilde;ES GARANTIDAS, de acordo com o Contrato de Penhor; (b) assinar, formalizar e/ou entregar quaisquer instrumentos
para a transfer&ecirc;ncia ou outro tipo de aliena&ccedil;&atilde;o dos BENS EMPENHADOS de acordo com o Contrato de Penhor, e
praticar todos os atos correlatos, inclusive, entre outros, executar quaisquer contratos e outros</FONT></P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0 0pt 7.1pt; text-align: justify">&nbsp;</P>


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    <DIV STYLE="page-break-before: always; margin-top: 6pt"><P STYLE="margin: 0pt"></P><TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 99%; border-collapse: collapse; margin-left: 7.1pt"><TR STYLE="vertical-align: top"><TD STYLE="width: 100%; border-bottom: Black 1pt solid; font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: -1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Export Prepayment Facility Agreement dated as of August 3, 2015 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: 0pt"></P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0 0pt 7.1pt; text-align: justify"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">instrumentos
ou acordos e instaurar a&ccedil;&otilde;es com respeito aos BENS EMPENHADOS e representar o OUTORGANTE perante terceiros; 2. assinar,
formalizar e/ou entregar quaisquer</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">documentos</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">e</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">praticar</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">quaisquer</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">atos</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">que</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">se</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">fizerem</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">necess&aacute;rios</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">para</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">o
pleno,</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT> <FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">fiel</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT>
<FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">e</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT>
<FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">integral</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT>
<FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">cumprimento</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT>
<FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">deste</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT>
<FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">mandato;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT>
<FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">3.</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT>
<FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">na</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT>
<FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">medida</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif">
</FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">necess&aacute;ria</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT>
<FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">ao exerc&iacute;cio dos poderes ora conferidos, representar o OUTORGANTE
perante terceiros, institui&ccedil;&otilde;es financeiras e &oacute;rg&atilde;os e autoridades governamentais brasileiros, nas
esferas federal,</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">estadual</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">e</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">municipal,</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">inclusive</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">Tesouro</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">Nacional,</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">Banco</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">Central</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">do</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">Brasil,
Juntas Comerciais do Estado de S&atilde;o Paulo ou autoridades tribut&aacute;rias; e 4. na medida necess&aacute;ria</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT>
<FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">para</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT>
<FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">garantir</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif">
</FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">o</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif">
</FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">aperfei&ccedil;oamento,</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT>
<FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">registro</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT>
<FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">ou</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT>
<FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">prioridade</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif">
</FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">dos</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif">
</FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">direitos conferidos ao OUTORGADO em rela&ccedil;&atilde;o aos
BENS EMPENHADOS, representar o OUTORGANTE perante qualquer Cart&oacute;rio de Registro de Im&oacute;veis nos quais o Contrato de
Penhor ou suas respectivas altera&ccedil;&otilde;es estejam registrados. O presente instrumento &eacute; lavrado com o fim espec&iacute;fico
do cumprimento dos termos do Contrato de Penhor e ser&aacute; v&aacute;lido pelo per&iacute;odo necess&aacute;rio para que e at&eacute;
que as obriga&ccedil;&otilde;es estabelecidas no Contrato de Penhor sejam cumpridas integralmente pela OUTORGANTE.</FONT></P>

<P STYLE="font: 10pt Verdana, Helvetica, Sans-Serif; margin: 0pt 0 0pt 7.1pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Verdana, Helvetica, Sans-Serif; margin: 0pt 0 0pt 7.1pt; text-align: justify">Os termos grafados em letras
mai&uacute;sculas usados, por&eacute;m, n&atilde;o definidos neste instrumento assumir&atilde;o os significados a eles atribu&iacute;dos
no Contrato de Penhor.</P>

<P STYLE="font: 10pt Verdana, Helvetica, Sans-Serif; margin: 0pt 0 0pt 7.1pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Verdana, Helvetica, Sans-Serif; margin: 0pt 0 0pt 7.1pt; text-align: justify">Ang&eacute;lica, [ ] de [ ]
de 2015.</P>

<P STYLE="font: 10pt Verdana, Helvetica, Sans-Serif; margin: 0pt 0 0pt 7.1pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0 0pt 7.1pt; text-align: justify"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">ADECOAGRO
VALE</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">DO
IVINHEMA S.A.</FONT></P>

<P STYLE="font: 10pt Verdana, Helvetica, Sans-Serif; margin: 0pt 0 0pt 7.1pt; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; width: 90%; border-collapse: collapse; margin-left: 7.1pt">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 45%; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="width: 10%">&nbsp;</TD>
    <TD STYLE="width: 45%; border-bottom: Black 1pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 10pt">Nome:</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 10pt">Nome:</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 10pt">Cargo:</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 10pt">Cargo:</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Verdana, Helvetica, Sans-Serif; margin: 0pt 0 0pt 7.1pt">&nbsp;</P>

<P STYLE="font: 10pt Verdana, Helvetica, Sans-Serif; margin: 0pt 0 0pt 7.1pt"></P>

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<DOCUMENT>
<TYPE>EX-8.1
<SEQUENCE>6
<FILENAME>t1701194_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">&nbsp;</P>

<P STYLE="font: 10.5pt/11.9pt Times New Roman, Times, Serif; margin: 0; text-align: right"><B>Exhibit 8.1</B></P>

<P STYLE="font: 11pt/11pt Calibri, Helvetica, Sans-Serif; margin: 0.95pt 0 0">&nbsp;</P>

<P STYLE="font: 10.5pt/11.9pt Times New Roman, Times, Serif; margin-top: 1.75pt; margin-bottom: 0; text-align: center"><B>Subsidiaries
of Adecoagro S.A.</B></P>

<P STYLE="font: 11pt/11pt Calibri, Helvetica, Sans-Serif; margin: 0.95pt 0 0">&nbsp;</P>

<P STYLE="font: 10.5pt/normal Times New Roman, Times, Serif; margin-top: 1.75pt; text-align: justify; margin-bottom: 0"><B>Majority Owned Subsidiaries:</B></P>

<P STYLE="font: 13pt/13pt Calibri, Helvetica, Sans-Serif; margin: 0.55pt 0 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 5%; padding-right: -1pt; line-height: 115%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 53%; padding-right: -1pt; line-height: 115%"><FONT STYLE="font: 10.5pt Times New Roman, Times, Serif"><B>Name</B></FONT></TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 40%; padding-right: -1pt; line-height: 115%"><FONT STYLE="font: 10.5pt Times New Roman, Times, Serif"><B>Place of Incorporation</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 0.75pt; padding-right: -1pt; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10.5pt">1</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: -1pt; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10.5pt">Adecoagro GP S.&agrave; r.l.</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: -1pt; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10.5pt">Luxembourg</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 0.75pt; padding-right: -1pt; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10.5pt">2</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: -1pt; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10.5pt">Adecoagro LP S.C.S</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: -1pt; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10.5pt">Luxembourg</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 0.75pt; padding-right: -1pt; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10.5pt">3 </FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: -1pt; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10.5pt">Kadesh Hispania S.L.U.</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: -1pt; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10.5pt">Spain</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 0.75pt; padding-right: -1pt; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10.5pt">4 </FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: -1pt; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10.5pt">Leterton Espa&ntilde;a S.L.U.</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: -1pt; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10.5pt">Spain</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 0.75pt; padding-right: -1pt; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10.5pt">5</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: -1pt; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10.5pt">Global Calidon S.L.</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: -1pt; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10.5pt">Spain</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 0.75pt; padding-right: -1pt; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10.5pt">6</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: -1pt; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10.5pt">Global Acamante S.L.</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: -1pt; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10.5pt">Spain</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 0.75pt; padding-right: -1pt; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10.5pt">7</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: -1pt; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10.5pt">Global Mirabilis S.L.</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: -1pt; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10.5pt">Spain</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 0.75pt; padding-right: -1pt; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10.5pt">8</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: -1pt; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10.5pt">Global Carelio S.L.</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: -1pt; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10.5pt">Spain</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 0.75pt; padding-right: -1pt; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10.5pt">9</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: -1pt; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10.5pt">Global Asterion S.L.U.</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: -1pt; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10.5pt">Spain</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 0.75pt; padding-right: -1pt; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10.5pt">10</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: -1pt; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10.5pt">Global Pindaro S.L.U.</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: -1pt; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10.5pt">Spain</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 0.75pt; padding-right: -1pt; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10.5pt">11</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: -1pt; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10.5pt">Global Acasto S.L.U.</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: -1pt; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10.5pt">Spain</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 0.75pt; padding-right: -1pt; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10.5pt">12</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: -1pt; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10.5pt">Global Pileo S.L.U.</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: -1pt; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10.5pt">Spain</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 0.75pt; padding-right: -1pt; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10.5pt">13</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: -1pt; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10.5pt">Global Anceo S.L.</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: -1pt; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10.5pt">Spain</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 0.75pt; padding-right: -1pt; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10.5pt">14</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: -1pt; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10.5pt">Global Laertes S.L.U.</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: -1pt; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10.5pt">Spain</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 0.75pt; padding-right: -1pt; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10.5pt">15</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: -1pt; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10.5pt">Global Seward S.L.U.</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: -1pt; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10.5pt">Spain</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 0.75pt; padding-right: -1pt; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10.5pt">16</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: -1pt; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10.5pt">Peak Texas S.L.U.</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: -1pt; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10.5pt">Spain</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 0.75pt; padding-right: -1pt; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10.5pt">17</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: -1pt; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10.5pt">Peak City S.L.U.</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: -1pt; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10.5pt">Spain</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 0.75pt; padding-right: -1pt; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10.5pt">18</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: -1pt; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10.5pt">Global Hisingen S.L.</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: -1pt; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10.5pt">Spain</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 0.75pt; padding-right: -1pt; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10.5pt">19</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: -1pt; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10.5pt">Global Neimoidia S.L.U.</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: -1pt; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10.5pt">Spain</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 0.75pt; padding-right: -1pt; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10.5pt">20</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: -1pt; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10.5pt">Adeco Agropecuaria S.A.</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: -1pt; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10.5pt">Argentina</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 0.75pt; padding-right: -1pt; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10.5pt">21</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: -1pt; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10.5pt">Pilag&aacute; S.A.</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: -1pt; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10.5pt">Argentina</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 0.75pt; padding-right: -1pt; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10.5pt">22</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: -1pt; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10.5pt">Cavok S.A.</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: -1pt; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10.5pt">Argentina</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 0.75pt; padding-right: -1pt; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10.5pt">23</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: -1pt; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10.5pt">Establecimientos El Orden S.A.</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: -1pt; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10.5pt">Argentina</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 0.75pt; padding-right: -1pt; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10.5pt">24</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: -1pt; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10.5pt">Agro Invest S.A.</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: -1pt; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10.5pt">Argentina</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 0.75pt; padding-right: -1pt; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10.5pt">25</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: -1pt; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10.5pt">Forsalta S.A.</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: -1pt; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10.5pt">Argentina</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 0.75pt; padding-right: -1pt; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10.5pt">26</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: -1pt; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10.5pt">Ba&ntilde;ado del Salado S.A.</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: -1pt; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10.5pt">Argentina</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 0.75pt; padding-right: -1pt; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10.5pt">27</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: -1pt; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10.5pt">Dinaluca S.A.</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: -1pt; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10.5pt">Argentina</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 0.75pt; padding-right: -1pt; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10.5pt">28</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: -1pt; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10.5pt">Compa&ntilde;&iacute;a Agroforestal de Servicios y Mandatos S.A.</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: -1pt; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10.5pt">Argentina</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 0.75pt; padding-right: -1pt; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10.5pt">29</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: -1pt; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10.5pt">Simoneta S.A.</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: -1pt; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10.5pt">Argentina</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 0.75pt; padding-right: -1pt; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10.5pt">30</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: -1pt; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10.5pt">Ladelux S.A.</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: -1pt; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10.5pt">Uruguay</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 0.75pt; padding-right: -1pt; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10.5pt">31</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: -1pt; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10.5pt">Kelizer S.A.</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: -1pt; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10.5pt">Uruguay</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 0.75pt; padding-right: -1pt; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10.5pt">32</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: -1pt; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10.5pt">Agroglobal S.A.</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: -1pt; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10.5pt">Uruguay</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 0.75pt; padding-right: -1pt; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10.5pt">33</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: -1pt; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10.5pt">Adecoagro Brasil Participa&ccedil;&otilde;es S.A.</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: -1pt; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10.5pt">Brazil</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 0.75pt; padding-right: -1pt; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10.5pt">34</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: -1pt; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10.5pt">Adeco Agropecu&aacute;ria Brasil Ltda.</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: -1pt; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10.5pt">Brazil</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 0.75pt; padding-right: -1pt; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10.5pt">35</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: -1pt; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10.5pt">Usina Monte Alegre Ltda.</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: -1pt; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10.5pt">Brazil</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 0.75pt; padding-right: -1pt; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10.5pt">36</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: -1pt; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10.5pt">Adecoagro Vale do Ivinhema S.A.</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: -1pt; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10.5pt">Brazil</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 0.75pt; padding-right: -1pt; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10.5pt">37</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: -1pt; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10.5pt">Adecoagro Commodities Ltda.</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: -1pt; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10.5pt">Brazil</FONT></TD></TR>
</TABLE>



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<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 5%; padding-right: -1pt; line-height: 115%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 53%; padding-right: -1pt; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10.5pt"><B>Non
    - consolidated Affiliated Entities</B></FONT></TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 40%; padding-right: -1pt; line-height: 115%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: -1pt; line-height: 115%">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: -1pt; line-height: 115%"><FONT STYLE="font: 10.5pt Times New Roman, Times, Serif"><B>Name</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: -1pt; line-height: 115%"><FONT STYLE="font: 10.5pt Times New Roman, Times, Serif"><B>Place of Incorporation</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: -1pt; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10.5pt">1</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: -1pt; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10.5pt">CHS Agro S.A.</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: -1pt; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10.5pt">Argentina</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: -1pt; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10.5pt">2</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: -1pt; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10.5pt">Avicola del Plata S.A.</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: -1pt; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10.5pt">Argentina</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10.5pt/normal Times New Roman, Times, Serif; margin: 0.75pt 0 0">&nbsp;</P>

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<DOCUMENT>
<TYPE>EX-12.1
<SEQUENCE>7
<FILENAME>t1701194_ex12-1.htm
<DESCRIPTION>EXHIBIT 12.1
<TEXT>
<HTML>
<HEAD>
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<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right"><B>Exhibit 12.1</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>CERTIFICATION PURSUANT TO SECTION 302</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>OF THE SARBANES-OXLEY ACT OF 2002 (18 U.S.C.
&sect;1350)</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">I, Mariano Bosch, certify that:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 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: top">
    <TD STYLE="width: 4%"><FONT STYLE="font-size: 10pt">1.</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">I have reviewed this annual report on Form 20-F of Adecoagro, S.A. for the fiscal year ended December 31, 2016; </FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 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: top">
    <TD STYLE="width: 4%"><FONT STYLE="font-size: 10pt">2.</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">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="font: 10pt Times New Roman, Times, Serif; margin: 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: top">
    <TD STYLE="width: 4%"><FONT STYLE="font-size: 10pt">3.</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">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="font: 10pt Times New Roman, Times, Serif; margin: 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: top">
    <TD STYLE="width: 4%"><FONT STYLE="font-size: 10pt">4.</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">The company&rsquo;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="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR>
    <TD STYLE="width: 4%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 4%"><FONT STYLE="font-size: 10pt">(a)</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 10pt">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="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR>
    <TD STYLE="width: 4%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 4%"><FONT STYLE="font-size: 10pt">(b)</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 10pt">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="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR>
    <TD STYLE="width: 4%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 4%"><FONT STYLE="font-size: 10pt">(c)</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 10pt">Evaluated the effectiveness of the company&rsquo;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="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR>
    <TD STYLE="width: 4%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 4%"><FONT STYLE="font-size: 10pt">(d)</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 10pt">Disclosed in this report any change in the company&rsquo;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&rsquo;s internal control over financial reporting; and </FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 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: top">
    <TD STYLE="width: 4%"><FONT STYLE="font-size: 10pt">5.</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">The company&rsquo;s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the company&rsquo;s auditors and the audit committee of the company&rsquo;s board of directors (or persons performing the equivalent functions): </FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR>
    <TD STYLE="width: 4%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 4%"><FONT STYLE="font-size: 10pt">(a)</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 10pt">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&rsquo;s ability to record, process, summarize and report financial information; and </FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR>
    <TD STYLE="width: 4%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 4%"><FONT STYLE="font-size: 10pt">(b)</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 10pt">Any fraud, whether or not material, that involves management or other employees who have a significant role in the company&rsquo;s internal control over financial reporting. </FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Date: April 27, 2017</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%; text-align: justify">&nbsp;</TD>
    <TD STYLE="width: 50%; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: justify"><FONT STYLE="font-size: 10pt">/s/ Mariano Bosch</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 12pt; text-align: justify; text-indent: -12pt">&nbsp;</TD>
    <TD>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 12pt; text-align: justify; text-indent: -12pt">Mariano Bosch</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 12pt; text-align: justify; text-indent: -12pt">Chief Executive
        Officer</P></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right"><B>&nbsp;</B></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>&nbsp;&nbsp;</B>&nbsp;</P>


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</DOCUMENT>
<DOCUMENT>
<TYPE>EX-12.2
<SEQUENCE>8
<FILENAME>t1701194_ex12-2.htm
<DESCRIPTION>EXHIBIT 12.2
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right"><B>Exhibit 12.2</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>CERTIFICATION PURSUANT TO SECTION 302</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>OF THE SARBANES-OXLEY ACT OF 2002 (18 U.S.C.
&sect;1350)</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">I, Carlos A. Boero Hughes, certify that:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 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: top">
    <TD STYLE="width: 4%"><FONT STYLE="font-size: 10pt">1.</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">I have reviewed this annual report on Form 20-F of Adecoagro S.A. for the fiscal year ended December 31, 2016; </FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 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: top">
    <TD STYLE="width: 4%"><FONT STYLE="font-size: 10pt">2.</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">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="font: 10pt Times New Roman, Times, Serif; margin: 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: top">
    <TD STYLE="width: 4%"><FONT STYLE="font-size: 10pt">3.</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">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="font: 10pt Times New Roman, Times, Serif; margin: 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: top">
    <TD STYLE="width: 4%"><FONT STYLE="font-size: 10pt">4.</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">The company&rsquo;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="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR>
    <TD STYLE="width: 4%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 4%"><FONT STYLE="font-size: 10pt">(a)</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 10pt">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="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR>
    <TD STYLE="width: 4%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 4%"><FONT STYLE="font-size: 10pt">(b)</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 10pt">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="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR>
    <TD STYLE="width: 4%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 4%"><FONT STYLE="font-size: 10pt">(c)</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 10pt">Evaluated the effectiveness of the company&rsquo;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="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR>
    <TD STYLE="width: 4%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 4%"><FONT STYLE="font-size: 10pt">(d)</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 10pt">Disclosed in this report any change in the company&rsquo;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&rsquo;s internal control over financial reporting; and </FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 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: top">
    <TD STYLE="width: 4%"><FONT STYLE="font-size: 10pt">5.</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">The company&rsquo;s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the company&rsquo;s auditors and the audit committee of the company&rsquo;s board of directors (or persons performing the equivalent functions): </FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR>
    <TD STYLE="width: 4%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 4%"><FONT STYLE="font-size: 10pt">(a)</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 10pt">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&rsquo;s ability to record, process, summarize and report financial information; and </FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR>
    <TD STYLE="width: 4%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 4%"><FONT STYLE="font-size: 10pt">(b)</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 10pt">Any fraud, whether or not material, that involves management or other employees who have a significant role in the company&rsquo;s internal control over financial reporting. </FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Date: April 27, 2017</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%">&nbsp;</TD>
    <TD STYLE="width: 50%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">/s/ Carlos A, Boero Hughes</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 12.25pt; text-indent: -12.25pt">&nbsp;</TD>
    <TD STYLE="padding-left: 12.25pt; text-indent: -12.25pt"><FONT STYLE="font-size: 10pt">Carlos A. Boero Hughes</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 12.25pt; text-indent: -12.25pt">&nbsp;</TD>
    <TD STYLE="padding-left: 12.25pt; text-indent: -12.25pt"><FONT STYLE="font-size: 10pt">Chief Financial Officer</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>


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<DOCUMENT>
<TYPE>EX-13.1
<SEQUENCE>9
<FILENAME>t1701194_ex13-1.htm
<DESCRIPTION>EXHIBIT 13.1
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right"><B>Exhibit 13.1</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Officer Certifications</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Pursuant to Section&nbsp;906 of the Sarbanes-Oxley
Act of 2002</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>(Subsections&nbsp;(a)&nbsp;and (b)&nbsp;of
Section&nbsp;1350, Chapter 63 of Title 18, United States Code)</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.5pt">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 &ldquo;Company&rdquo;), does hereby certify to such officer&rsquo;s
knowledge that:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.5pt">The annual report on Form&nbsp;20-F
for the fiscal year ended December 31, 2016 (the &ldquo;Form&nbsp;20-F&rdquo;) 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="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Dated: April 27, 2017</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 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: top">
    <TD STYLE="width: 50%">&nbsp;</TD>
    <TD STYLE="width: 50%; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">/s/ Mariano Bosch</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 12.25pt; text-indent: -12.25pt">&nbsp;</TD>
    <TD STYLE="padding-left: 12.25pt; text-indent: -12.25pt"><FONT STYLE="font-size: 10pt">Name: Mariano Bosch</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 12.25pt; text-indent: -12.25pt">&nbsp;</TD>
    <TD STYLE="padding-left: 12.25pt; text-indent: -12.25pt"><FONT STYLE="font-size: 10pt">Title: Chief Executive Officer</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 24.5pt">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="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left">&nbsp;</P>

</BODY>
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</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-13.2
<SEQUENCE>10
<FILENAME>t1701194_ex13-2.htm
<DESCRIPTION>EXHIBIT 13.2
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right"><B>Exhibit 13.2</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Officer Certifications</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Pursuant to Section&nbsp;906 of the Sarbanes-Oxley
Act of 2002</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>(Subsections&nbsp;(a)&nbsp;and (b)&nbsp;of
Section&nbsp;1350, Chapter 63 of Title 18, United States Code)</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.5pt">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 &ldquo;Company&rdquo;), does hereby certify to such officer&rsquo;s
knowledge that:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.5pt">The annual report on Form&nbsp;20-F
for the fiscal year ended December 31, 2016 (the &ldquo;Form&nbsp;20-F&rdquo;) 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="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Dated: April 27, 2017</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 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: top">
    <TD STYLE="width: 50%">&nbsp;</TD>
    <TD STYLE="width: 50%; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">/s/ Carlos A, Boero Hughes</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 12.25pt; text-indent: -12.25pt">&nbsp;</TD>
    <TD STYLE="padding-left: 12.25pt; text-indent: -12.25pt"><FONT STYLE="font-size: 10pt">Name: Carlos A. Boero Hughes</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 12.25pt; text-indent: -12.25pt">&nbsp;</TD>
    <TD STYLE="padding-left: 12.25pt; text-indent: -12.25pt"><FONT STYLE="font-size: 10pt">Title:&nbsp;&nbsp;Chief Financial Officer</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 24.5pt">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="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left"></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: 25%">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left"><SUP>i</SUP></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; text-align: left; margin-bottom: 0">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; text-align: left; margin-bottom: 0">&nbsp;</P>

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</DOCUMENT>
<DOCUMENT>
<TYPE>EX-15.1
<SEQUENCE>11
<FILENAME>t1701194_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"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right"><B>Exhibit 15.1</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>CONSENT OF CUSHMAN &amp; WAKEFIELD ARGENTINA
S.A.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; 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,
2016 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 report dated September 30, 2016 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: 0; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Dated: April 27, 2017</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right">&#9;&#9;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE BORDER="0" CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD COLSPAN="2">Cushman &amp; Wakefield Argentina S.A.</TD></TR>
<TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; width: 50%">&nbsp;</TD>
    <TD STYLE="width: 4%">By:</TD>
    <TD STYLE="vertical-align: top; width: 46%; border-bottom: Black 1pt solid">/s/ Julio C. Speroni</TD>
</TR>
<TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD>Name:&nbsp;</TD>
    <TD STYLE="vertical-align: top">Julio C. Speroni</TD>
</TR>
<TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD>Title:</TD>
    <TD STYLE="vertical-align: top">Valuation
Manager</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 6pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>



<P STYLE="margin: 0"></P>

</BODY>
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</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-15.2
<SEQUENCE>12
<FILENAME>t1701194_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">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right"><B>Exhibit 15.2</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><U>CONSENT OF INDEPENDENT REGISTERED PUBLIC
ACCOUNTING FIRM</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">We hereby consent to the incorporation by reference
in the Registration Statement on Form&nbsp;S-8 (No.&nbsp;333-173327 and 333-217141) and Form&nbsp;F-3 (No.&nbsp;333-191325) of
Adecoagro S.A. of our report dated April&nbsp;27,&nbsp;2017 relating to the financial statements and the effectiveness of internal
control over financial reporting, which appears in this Form 20-F.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">PRICE WATERHOUSE &amp; CO. S.R.L.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 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: top">
    <TD NOWRAP STYLE="width: 4%; text-align: center; font-size: 10pt; padding-bottom: 1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">By:</FONT></TD>
    <TD NOWRAP STYLE="width: 30%; text-align: center; font-size: 10pt; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;/s/&nbsp;Marcelo
    de Nicola&nbsp;&nbsp; &nbsp;&nbsp;(Partner)</FONT></TD>
    <TD STYLE="width: 66%; font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD NOWRAP COLSPAN="2" STYLE="text-align: center; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">Marcelo de Nicola</FONT></TD>
    <TD STYLE="text-align: justify; font-size: 10pt">&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 49.65pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Buenos Aires, Argentina</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">April&nbsp;27,&nbsp;2017</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

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<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>13
<FILENAME>t1701194_20fpg107.jpg
<DESCRIPTION>GRAPHIC
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end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
